TSX.V: GBN |
VANCOUVER, Aug. 4, 2016 /CNW/ - Golden Band Resources Inc.
("Golden Band" or the "Company") (TSXV (NEX Board): GBN.H)
announces that further to the news releases dated May 1, 2015 and July 7, 2015, it has
filed a technical report dated August 1,
2016 entitled NI 43-101 TECHNICAL REPORT JOLU PROJECT
AREA (the "Technical Report") prepared by Frank Hrdy, P. Geo., Eugene Puritch, P. Eng, and Mike Yakimchuk, P. Eng, all independent
Qualified Persons under National Instrument 43-101 ("NI
43-101").
At the time of writing this report all exploration activity on
the Jolu Project is on hold and the infrastructure is on care and
maintenance due to economic factors. Subject to court approval,
Procon Resources Inc. or its nominee is expected to acquire the
shares of Golden Band on
August 12, 2016 (see news release of
July 22, 2016).
The Technical Report:
A number of named prospects are
still considered to have significant potential to lead to a new
discovery, namely:
- Decade gold deposit down-plunge and along strike
extensions;
- Rod Zone Extension (Pam, Blindman and East Zones);
- Star – Kahn Structural Trend;
- Pointy Lake and Thin Lake Structures;
- Blindman Structures;
- Soil Anomaly Target A, B, C.
NOTE: THERE ARE NO CURRENT MINERAL RESOURCES IN THE
JOLU PROJECT AREA.
QP Conclusions and Recommendations:
The Decade gold
deposit is the most advanced exploration target on the Jolu Project
at present and the last drill program conducted in 2014 indicates
good potential to establish a significant mineralized zone if
additional drilling focuses on expanding the know extents of the
gold mineralization. A database exists and includes all mine
workings, topography, surface trenching, surface sampling,
underground and surface drill holes and sample results all
converted to UTM grid coordinates. There is also recommendations
for a 815 m (6-hole) surface drill program designed to test
for:
- The possible existence of additional higher grade
mineralization down-plunge and beneath the existing mine
workings;
- The possible existence of an extension to higher grade
mineralization recently intersected in drill hole DC-60-14;
- The possible existence of an extension to higher grade
mineralization recently intersected in drill hole DC-64-14.
Once this proposed drill program is completed, and if it is
successful, a geological model and resource estimation should be
completed. The geological model and resource estimate would serve
as a foundation to guide future drill programs with the goal to
outline a mineral reserve.
The most notable historic mineral prospects are the Rod
Structural Zone and the Kahn-Star Structural Zone. These were
extensively drill tested at shallow depths, generally under 100 m
depth, in the 1980's. Significant but localized areas of
mineralization were identified at various locations along their
strike length. All of these areas have mineralization that is open
at depth, along strike and to some extent, internally.
Regardless of what targets are chosen (with the exception of the
Decade deposit), the existing drill data will need further
compilation and brought into a usable geological database for the
creation of new sections and plans. The historic logging was done
by a variety of individuals and using a variety of longhand and
early stage computerized logging forms; therefore, translation of
the logs into something more coherent will be required. The level
of detail need not be onerous, but consistency and usability of the
updated information is an absolute requirement. Ground checking of
old drill sites and proper tie-in of the Blindman grid should also
be undertaken. It is understood that most of the drill sites will
be unrecognizable but those that can be identified should be
located more accurately.
The other two areas of interest include the Pointy Lake and Thin
Lake features. Although neither area has yielded any economically
significant mineralization, the limited drilling to date has
identified significant structural zones accompanied by ribbony
quartz and anomalous gold values. The exact orientation and
dimensions of these target areas are unknown at this time due to
the constraints of limited drill information. Because of the
limited information available and their admittedly tenuous on
strike length with known mineralization in the vicinity of the
Tamar Zone, these zones remain prospective early stage drill
targets.
The most prospective drill targets (besides the Decade deposit)
from an immediate exploration point of view would be the Pam,
Blindman, East Zone (Rod Zone Structural Trend). The best of
these from the perspective of grades and proximity to the tailings
pond area is the Pam Zone.
Please refer to the Technical report, which is available under
the Company's profile at www.sedar.com for further
details.
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) have been
issued.
About Golden
Band:
Golden Band Resources Inc. is a former gold
producer operating in the La Ronge
gold belt in northern Saskatchewan
and is listed on the NEX Board of the TSX Venture Exchange in
Canada under the symbol GBN.H.
Commercial production was declared on April
1, 2011. The Company has suspended mining operations (see
news release of June 30, 2014);
but has been exploring the La Ronge Gold Belt since 1994 and has
assembled a land package of 870 km2, including 13 known
gold prospects and five former producing mines, being Jolu, Decade,
Star Lake, EP and Komis. On
April 15, 2016, the Company filed a
Notice of Intention to make a Proposal to its Creditors under
section 50.4 of the Bankruptcy and Insolvency Act
(Canada) to assist its
restructuring efforts (see news release of April 15, 2016). On July 22, 2016, the Bankruptcy and Insolvency
Act proposal by Golden Band to
its creditors was approved by creditors (see news release of
July 22, 2016).
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, restructuring 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.