Banks Island Gold Ltd. Intersects 29m of Mineralization 130m Below Current Resource at Tel Zone
24 April 2014 - 11:00PM
Marketwired
Banks Island Gold Ltd. Intersects 29m of Mineralization 130m Below
Current Resource at Tel Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) -
Banks Island Gold Ltd. (TSX-VENTURE:BOZ) (the "Company") announces
that it has received assay results from the Yellow Giant Gold
Project located near Prince Rupert, BC. Reported results include
diamond drilling completed at the Tel Zone.
Drilling at the Tel Zone is focused on testing the down dip
continuity of the currently modeled resource and following up on
encouraging intercepts from 2011 and 2012 drilling.
Drillhole BIG-14-59 intersected a sequence of stacked
mineralized quartz veins 130 m below the current resource at the
Tel Zone. The mineralization consists of up to 20% coarse-grained
pyrite aggregates and trace sphalerite-chalcopyrite within quartz
veins. Intersections are displayed in Table 1 and Figure 1.
Table 1.
Significant Mineralized Intersections in Drillhole BIG-14-59.
Hole |
From (m) |
To (m) |
Core Interval (m) |
Estimated True Width (m) |
Au (gpt) |
Ag (gpt) |
BIG-14-59 |
433.0 |
462.4 |
29.4 |
22.6 |
2.24 |
4 |
BIG-14-59 |
450.3 |
462.4 |
12.1 |
9.3 |
4.3 |
8 |
BIG-14-59 |
450.3 |
455.3 |
5.1 |
3.9 |
9.2 |
18 |
To view 'Figure 1. Cross Section Through BIG-14-59', please
visit the following link:
http://media3.marketwire.com/docs/bankfig10423.pdf
Drillhole BIG-14-59 is the deepest completed at the Tel Zone to
date and the Company is encouraged by the width of mineralization
encountered. Further drilling is planned in this area to determine
the extent of mineralization at the Tel Zone to depth.
Dr. Dirk Meckert, P.Geo, Chief Geologist, is the qualified
person who reviewed and approved the contents of this news
release.
Analytical work was carried out by AGAT Laboratories Ltd. in
Mississauga, Ontario. Quality assurance and quality control
programs include the use of analytical blanks, standards, and
duplicates in addition to the lab's own internal quality assurance
program. Samples are fire assayed with an ICP-EOS finish to
determine gold values. Samples containing greater than 10 gpt gold
are fire assayed with a gravimetric finish.
The Company is a mining company focused on gold production,
exploration, and development of economically viable mineral
resources. The Company's mineral property is located in British
Columbia. For more information, please refer to the Company's
website at www.banksislandgold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Benjamin W. Mossman, P.Eng, President, Director, & Chief
Executive Officer
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the accuracy or adequacy of this release.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains forward-looking statements. All
statements, other than statements of historical fact, constitute
"forward-looking statements" and include any information that
addresses activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
including the Company's strategy, plans or future financial or
operating performance and other statements that express
management's expectations or estimates of future
performance.
Forward-looking statements are generally identifiable by the
use of the words "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project"
or the negative of these words or other variations on these words
or comparable terminology. These statements, however, are subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed, implied by or projected in the forward-looking
information or statements. Important factors that could cause
actual results to differ from these forward-looking statements
include but are not limited to: risks related to the exploration
and potential development of the Company's project, the actual
results of current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be
refined, future prices of gold, as well as those factors discussed
in the sections relating to risk factors of the Company Annual
Information Form dated February 22, 2013 filed on SEDAR.
There can be no assurance that any forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader should not place any undue
reliance on forward-looking information or statements. Except as
required by law, the Company does not intend to revise or update
these forward-looking statements after the date of this document or
to revise them to reflect the occurrence of future unanticipated
events.
Banks Island Gold Ltd.Benjamin W. Mossman604-245-0066
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