Golden Band Resources Inc. is pleased to update our shareholders with further results from the summer exploration program and the initial follow-up diamond drilling on the newly discovered Fireweed Prospect (see news release of September 7, 2011). The Company is very encouraged by these initial follow-up results and is planning additional follow-up this fall and winter.
Channel samples at Fireweed were collected over approximately 35 metres of strike length that was exposed by overburden stripping, with the best initial assay returning 5.61 gram/tonne gold (g/t Au) over 3 metres, including 8.17 g/t Au over one metre. The previously reported channel sample assays were from our in-house unaccredited Jolu Lab (see news release of September 7, 2011). Twinned channel samples also sent to the Saskatchewan Research Council’s Geoanalytical Laboratory (SRC), an accredited assay lab in Saskatoon, are included in Table 1 (and below). These assay results indicate a very nuggety gold distribution, as is often present in La Ronge Gold Belt deposits.
Four diamond-drillholes (335.5 m) were completed on the Fireweed target, comprising two fences approximately 50 metres apart. Assay results of one g/t Au or better are reported in Table 2 (and below). Of particular note is the intersection of a hanging-wall mineralized zone in drillhole FF-1.
The Fireweed trend was traced for a minimum of 250 metres based on the bulk till sampling program. Additional diamond drilling is planned to test the on-strike continuity of Fireweed, as well as possible footwall and hanging wall gold mineralization. This drilling is to commence immediately after the current Komis drilling that is testing that deposit for extensions to depth and on strike.
Two drillholes (300 m) were also completed to test the 301 Pit target in the Round lake area and the extensive till anomaly situated south of Round Lake (see news release of September 7, 2011). With assay results of 1.0 g/t Au or less, these indicate that the sources of the basal till anomalies have not been located. Mineralized quartz vein till cobbles obtained from Pit 301 have returned assays of 186 and 8,810 ppb Au, with additional samples being assayed in the lab.
In addition to the further Fireweed diamond drilling, two drillholes are planned to test the Big M prospect (see news release of September 7, 2011), and the Company is considering a winter overburden drilling program and geophysical work to assist in pinpointing the location of these exciting targets in the Round Lake area.
QA/QC: Assays were completed at both the Company’s non-accredited Jolu Mill assay lab and at the Saskatchewan Research Council Geoanalytical Laboratories.
The Company's Jolu Lab assay lab is a non-accredited facility. Results are based on the Standard Fire Assay method and utilization of a 30-gram assay charge. The final results for this program include check assays of the significant intervals. The quality assurance/quality control of the assay results was monitored by a series of sample standards and sample blanks that Golden Band routinely inserts into the sample sequences.
The Standard Fire assays done by the Saskatchewan Research Council Geoanalytical Laboratories are in accordance with ISO/IEC 17025:2005 (CAN-P-4E) Standards. The quality assurance/quality control of the assay results was monitored by a series of sample standards and sample blanks that Golden Band routinely inserts into the sample sequences.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now also its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (TSX-V: GBN) 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 875 km2, including 12 known gold deposits, four former producing mines, and a licensed 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 of being a sustainable gold producer. The Company is 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. Other longer-term objectives include the continuation of its highly successful exploration and acquisition strategies.
On behalf of the Board of Directors of Golden Band Resources Inc.,
Ronald K. Netolitzky
Ronald K. Netolitzky, Chairman
For further information please contact:
Rodney Orr, VP of Corporate Development,
Golden Band Resources Inc.
Phone: 306 385 7123
Fax: 306 955 0788
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852