TSX.V: GBN
SASKATOON, Nov. 6, 2015 /CNW/ - Golden Band Resources Inc.
(Golden Band or Company) (TSXV: GBN)
announces that further to the news releases dated May 1, 2015 and July 7,
2015, it has filed a technical report dated November 3, 2015 entitled "NI 43-101 Technical
Report and Mineral Resource Estimate Update, Bingo Gold Deposit,
Roy Lloyd Mine Project Area" (the "Technical Report") prepared
by Frank Hrdy, P. Geo., Eugene
Puiritch, P. Eng, and Mike
Yakimchuk, P. Eng, all independent Qualified Persons under
National Instrument 43-101 ("NI43-101").
The updated Indicated Resource estimate for the Bingo Gold
deposit (Roy Lloyd Mine) is 268,184
tonnes grading 9.60 g/t gold and the Inferred Resource is 194,634
tonnes grading 11.47 g/t gold (see Table 1). This update to
the mineral resource estimate for the Bingo deposit (Roy Lloyd mine site) takes into account mined
areas and 100 new exploration drill holes since the May 26, 2009 resource update.
Resource Estimate
Table 1: Resource Estimate
for the Bingo Gold Deposit (Roy Lloyd
Mine). A 5 g/t gold cutoff grade was used for this
estimation.
5g/t Au
Cut
|
tonnes
(t)
|
Grade g/t
Au
|
Au
Ounces
|
Indicated
|
268,184
|
9.60
|
82,817
|
Inferred
|
194,634
|
11.47
|
71.773
|
Note: Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
Please note that this mineral resource update (dated
October 26, 2015) supersedes the
technical report entitled "Technical Report and Mineral Resource
Update – Bingo Gold Deposit, Roy Lloyd
Mine, Dickens West Project" dated May
2, 2013. The amended report dated October 26, 2015 also includes the results from
the most recent underground drill program (Press Release dated
April 24, 2014).
QA/QC
Mr. Hrdy carried out validation prior to resource modeling
including visual inspection of the data files, statistical analysis
and 3D computer visualizations of data. During the course of
this investigation many errors in the post 2008 channel sample
database were found so this database was not used. Some
drillhole id's occurred more than once in drillholes added since
late 2009 and this was corrected. The Author also read
through all of the Company's press releases located on their
website to verify the number of drillholes, meters drilled, etc.
matched what was in the database and to review the QA/QC
discussions in these releases. Drill logs from 2006 to late
2009 (WD-113 to WD-188B) were also reviewed as the earlier drilling
was verified by the 2006 Technical Report and Resource Estimate by
GeoSim Services Inc. Drill logs for holes drilled in 2012
were not available as this was the time period when a deviation
from the QA/QC occurred; however, the database supplied by the
Company did include these drillholes. To ensure appropriate
quality assurance exists for samples collected from this time
period the Author only used assays derived from drillcore and
selected the critical samples (that fall in this time period) used
for the estimation for check analysis at an external lab.
Table 2 lists the sample rejects that were sent to TSL Laboratories
in Saskatoon as a check quality
assurance measure. In addition, no channel samples taken from
underground were used.
Table 2- Check Samples sent to TSL Laboratories in
Saskatoon.
Original Sample
Number
|
Drillhole
Collar
|
Assay (g/t
gold)
|
Check Sample
Number
|
Check Assay (g/t
gold)
|
Check Assay Repeat
(g/t gold)
|
637028
|
RLUG-02
|
19.23
|
637028
|
27.5
|
23.73
|
533444
|
WD-204
|
0.23
|
533444
|
0.27
|
|
637258
|
RLUB-04
|
20.8
|
637258
|
11.76
|
11.87
|
636895
|
RLUG-01
|
10.63
|
636895
|
11.66
|
10.7
|
680734
|
RLUG-10
|
3.47
|
680734
|
<.03
|
|
681054
|
RLUG-12
|
<0.03
|
681054
|
<.03
|
|
681057
|
RLUG-15
|
<0.03
|
681057
|
0.03
|
|
Estimation Method
As of 2014 the total exploration drill holes completed on the
property since 1991 is 290 drill holes (47,260.8 m). There
are a total of 211 drillholes that intersect the grade shell that
represents the main resource and 773 composite samples (each 1.0 m
in length) that are hosted within the grade shell and were used for
the resource estimation.
The entire resource estimation disclosed in Table 4 of the
technical report was constrained by two three-dimensional grade
shells that have a minimum horizontal width of 2 meters and were
used independently to better constrain the higher grade ore
chutes. Block size is 2 x 2 x 2 meters (with sub-blocks to 1
x 1 x 1 meter) and grade estimation was carried out by the inverse
distance cubed method (ID3) using 1.0 meter down-hole
composite samples. A cap (upper cut) of 31 g/t gold and a
lower cut grade of 5 g/t gold were used for all resource
classes. Blocks were estimated using a search ellipse at an
orientation of 340 degrees, -65 degrees plunge, and -10 degree dip
and with a search ellipse major/semi-major ratio 3, major-minor
ratio 3. Maximum search distance of 50 meters for Indicated
and 100 meters for Inferred class categories. Tonnages were
calculated using an average specific gravity of 2.75
g/cm3, based on 773 composite samples (each 1.0 meters
in length). In order to be included in the estimate, a block
was required to have a minimum of 2 and a maximum of 15 composite
samples within the given search radius. Surpac version 6.4.1
was the software used to create the geological model and to
estimate the resource.
Please refer to the Technical report, which is available under
the Company's profile at www.sedar.com for further details
including Estimation Method and QA/QC and Data Verification
overview.
Frank Hrdy, P., Geo, a Geologist
of CanMine Consultants and an independent consultant to the
Company, is the Qualified Person as defined in NI 43-101 for this
disclosure and has reviewed and approved the scientific and
technical information contained in this release.
The technical reports for the Company's other Material
Properties (the Jolu Area and Greywacke properties) are in progress
and the Company is working with its consultants and Qualified
Persons (as that term is defined under NI 43-101) to file the
revised technical reports as soon as possible.
About Golden
Band
Golden Band Resources Inc. is a gold producer operating in
the La Ronge gold belt in northern
Saskatchewan and is listed on the
TSX Venture Exchange in Canada
under the symbol GBN. Commercial production was declared on
April 1, 2011. The Company has
recently suspended mining operations (see news release of
June 30, 2014) but has been actively
exploring the La Ronge Gold Belt since 1994 and has assembled a
land package of 870 km2, including 13 known gold
deposits and five former producing mines, being Jolu, Decade,
Star Lake, EP and Komis.
On behalf of the Board of Directors of Golden Band Resources
Inc.,
"Paul Saxton"
Paul Saxton, 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 regarding the updated
technical reports, operational plans, estimates and costs of
production, 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
operations, current exploration activities, fluctuating gold
prices, possibility of equipment breakdowns and delays, cost
overruns, 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. The Company makes all reasonable
efforts to update its corporate information on a timely basis.
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.