SASKATOON, Sept. 12, 2012 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) (OTCQX: GBRIF) is pleased to announce that both shallow and deep drilling have intercepted significant gold mineralization on its Roy Lloyd Mine in the La Ronge Gold Belt of Saskatchewan.
Shallow drilling from surface on Bingo focused on defining near-surface open pit mineralization for inclusion into a surface mining operation. See Table 1 (http://www.goldenbandresources.com/gbn-nr-12-sep-12.html#table1) for summary results; highlights include:
| HOLE No. |
INTERVAL m |
CORE LENGTH m |
TRUE WIDTH m |
g/t GOLD |
| OPN-08 |
14.00 - 19.85 |
5.85 |
3.30 |
15.06 |
| OPN-10 |
15.25 - 20.00 |
4.75 |
3.36 |
9.15 |
Deep drilling from surface was completed for mine planning purposes and to explore the continuation of the Roy Lloyd underground mine mineralization to depth. See Table 2 (http://www.goldenbandresources.com/gbn-nr-12-sep-12.html#table2) for summary results, which include the following excellent hole:
| HOLE No. |
|
INTERVAL m |
CORE LENGTH m |
TRUE WIDTH m |
g/t GOLD |
| WD-206 |
|
394.20 - 407.84 |
13.64 |
11.73 |
19.80 |
| including |
395.00 - 401.09 |
6.09 |
5.93 |
33.29 |
| including |
397.07 - 398.15 |
1.08 |
0.93 |
99.13 |
| including |
405.31 - 407.54 |
2.23 |
2.07 |
25.73 |
As announced on September 5, 2012, the last hole of the underground drill program, RLUG-27, intercepted bonanza gold mineralization, further confirming potential for deep extension of economic mineralization in the Roy Lloyd Mine; see Table 3 (http://www.goldenbandresources.com/gbn-nr-12-sep-12.html#table3) for summary results (note that final calculations for true widths in this news release differ slightly from the September 5, 2012 news release):
| HOLE No. |
|
INTERVAL m |
CORE LENGTH m |
TRUE WIDTH m |
g/t GOLD |
| RLUG-27 |
|
233.06 - 241.23 |
8.17 |
5.32 |
66.85 |
| including |
234.00 - 240.79 |
6.79 |
4.42 |
80.12 |
| including |
238.14 - 240.79 |
2.23 |
1.73 |
128.37 |
RLUG-27 is the deepest intersection obtained in the Bingo deposit in this drill cycle, some 45 metres deeper than the nearest hole (RLUG-19). The deepest holes historically, WD-184 and WD-188B, are 157 to 200 metres north and 70 to 80 metres deeper and returned the following true-width intercepts: 1.99 g/t gold over 4.4 m, including 19 g/t gold over 0.3 m; and 1.16 g/t gold over 0.38 m, respectively.
The recent drilling confirmed gold mineralization both laterally to the north and deeper within the Bingo Structure. The near-surface mineralization was confirmed and Golden Band has proceeded with a small surface mine program to extract it. Potential for significantly increasing the underground resource has been verified within the drilling area with studies underway to define Measured and Indicated Resources over the area that is currently covered by Inferred Resources only. The updated resource estimate is expected soon, with mining potential to be defined in the coming weeks.
Further results are provided in Tables 1, 2, and 3, are also available on Golden Band's website, along with a longitudinal section (Figure 1 (http://www.goldenbandresources.com/gbn-nr-12-sep-12.html#figure1)). Additional discussions of prior results are provided in news releases of May 3 and September 5, 2012.
All samples from these drilling programs were assayed in the Company's Jolu Lab. The Jolu Lab is a non-accredited facility. Results are based upon a Standard Fire Assay method utilization of a 30-gram assay charge. Fire Assay results greater than 5 g/t gold were re-assayed using the Screened Metallic Assay method. Quality assurance/quality control of the assay results were monitored with a series of sample standards and sample blanks that Golden Band inserted into the sample sequences.
Mr. Saimon Ngindi, P.Geo., Senior Resource Geologist and Qualified Person as defined by National Instrument 43-101, is responsible for the accuracy of the technical data and information contained in this press release.
About Golden Band
Golden Band Resources is Saskatchewan's leading gold explorer and its newest gold producer. A Saskatchewan-based, publicly listed company (TSXV: GBN) (OTCQX: GBRIF) Golden Band's focus is the systematic exploration and development of its 100% owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled a land package of more than 870 km2, including 12 known gold deposits, four former producing mines, and a licensed gold mill. Golden Band's key value drivers are the systematic targeting of primary to advanced-stage exploration while aggressively pursuing its near-term goal of commercial production of its Bingo, Komis, and EP deposits with processing at the 100% owned Jolu mill. The Company's objective is the annual production of at least 75,000 ounces of gold over a ten-year project life and the continuation of its highly successful exploration and acquisition strategies.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Rob Garden"
A.Robson Garden, QC
President and CEO
Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the mine properties, estimates of production, costs of production, the sufficiency and availability of capital and financing and other future plans, objectives or expectations of Golden Band Resources Inc. (Company) are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Band Resources Inc.
For further information:
Rodney Orr, P.Geo., VP Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7123 | Fax: 306 955 0788
Email: rodney.orr@goldenbandresources.com
Investor Relations:
Raju Wani: 403 240 0555 | Tony Perri: 604 682 6852
Email: info@goldenbandresources.com
www.goldenbandresources.com
