« Back to list of all Press Releases
View this Press Release as printable PDF
(108KB)
Golden Band Resources - Bingo Gold Deposit Assays Confirm High Grade Mineralization
Saskatoon, June 22, 2010 – Golden Band Resources Inc. (GBN: TSXV) is pleased to report that partial gold assays have been received for the current underground exploration program on the Bingo gold deposit and that they contain intervals of bonanza-grade gold values.
Assay highlights of the sampling program are shown in Tables 1 and 2 for each exploration drift, specifically from those faces that were included in the reserves. Please refer to the Company’s news release of May 26, 2009 for the most recent resource estimate and of January 20, 2009 for reserve estimates for the Bingo deposit.
Assay results within each face vary from trace amounts of gold to the highlights shown in the Tables. Corresponding figures for the two exploration drift levels are available on the Company’s website.
The underground exploration development program included drifting on the 1355L and 1340L levels (see news releases of February 17, and June 15, 2010). A continuous chip sampling method was used for each development face using a pneumatic hammer to collect a 1 to 2 kilogram sample from each sample across the face. Upper and lower sample lines on each face, usually consisting of several 1-metre long samples, resulted in at least 6 assays per face. The faces are usually 3 to 4 metres apart along the ore drift.
These reported assay highlights are for selected intervals and do not fully represent the widths of the mineralization (see Figures). In some cases, the samples stop at the bounding wall of the face so the mineralized width may not have been completely sampled. Level plans showing assay data for the top-of-face and bottom-of-face sample lines will be available on the company’s website. The samples were sent to TSL Laboratories in Saskatoon and assayed for gold content using the screened metallics method.
The Company is also pleased to report that high-grade gold samples were received from the development area to the south of the reserve block on 1355L, which may enable the reserves to be extended. Highlights of the sampling program are shown in Table 3 and the figure for the 1355 Level drift. Assay results within each face vary from trace amounts of gold to the highlights shown.
| TABLE 3: 1355 LEVEL FACE SAMPLING PARTIAL ASSAY RESULTS |
||
|---|---|---|
| Face Number | Sample Length (m) | Assay (g/t Au) |
| 0S | 1.0 | 27.19 |
| 1S | 1.0 | 12.42 |
| 2S | 0.5 | 31.34 |
| 3S | 0.7 | 42.33 |
Gary Haywood, VP Operations and COO stated, “These initial assay results are confirming our estimates on resource and reserves. There is no doubt that we have a deposit that will provide high-grade ore feed for our Jolu mill. Once we have received all of the assay data we will update our resource model and reserves classification. We now have 8,500 tonnes of high-grade material stockpiled at Bingo and are ready to move this project into the pre-production phase. We are on schedule to commence production operations in the 4th quarter of 2010.”
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now poised to also become a gold producer. Golden Band is a Saskatchewan-based, publicly listed company (GBN: TSXV) whose focus is the long-term, systematic exploration and development of its 100%-owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 750 km2, including twelve known gold deposits, four former producing gold mines, and the licensed Jolu gold mill. Golden Band's key value drivers are the methodical and systematic targeting of primary to advanced-stage exploration while progressing along a parallel path to becoming a sustainable gold producer. The Company is aggressively pursuing its near-term goal for the development and production of its Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. Longer-term objectives include production from the Company’s other deposits and the continuation of its highly successful exploration and acquisition strategy.
On behalf of the Board of Directors of Golden Band Resources Inc.,
“Ronald K. Netolitzky”
Ronald K. Netolitzky, Executive Chairman
For further information please contact:
Gary Haywood, P.Eng., COO
Golden Band Resources Inc.
Phone: 306 955 0787 x7124
Fax: 306 955 0788
Email: gary.haywood@goldenbandresources.com
Investor Relations:
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852
Email: info@goldenbandresources.com
www.goldenbandresources.com
All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations and COO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Cautionary Statements on Forward-Looking Information: The news release includes certain “forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").” All statements other than statements of historical fact included in this release, including, without limitation, statements regarding planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Golden Band 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
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.
View this Press Release as printable PDF
(108KB)
« Back to list of all Press Releases
