SASKATOON, Nov. 26 /CNW/ - Golden Band Resources Inc. (GBN: TSX-V) is pleased to provide an update on the 2008 summer/fall exploration program on the Company's Bingo, Jolu, Decade, Golden Heart gold deposits and the RKN gold prospect. Golden Band is also pleased to report that it has launched its new mobile website. Simply connect to www.goldenbandresources.com/ from your handheld device and you will be directed to the Company mobile Web page.
BINGO GOLD DEPOSIT:
Surface Diamond Drilling
------------------------
A total of twenty-two diamond drillholes totalling 5,435 metres were completed by late October 2008 on the Bingo gold deposit and in the general area. Eleven of those holes targeted the down-plunge extension of the high-grade gold mineralization (see previous news release dated September 10, 2008). See Figure 1 at http://www.goldenbandresources.com/nov2608NR.html for the location, in plan view, of all surface drillholes, and Figure 2 at http://www.goldenbandresources.com/nov2608NR.html for the longitudinal section view of all the drillholes.
Eleven NQ drillholes (WD-164 to WD-174) totalling 4,537 metres were completed on the Bingo gold deposit (see previous news releases dated September 10 and October 21, 2008). The objective of this program was to test for the down-plunge continuation of the high-grade gold mineralization and to upgrade the existing inferred resources. All of the drillholes intersected their targets at approximately the planned target depth and the drilling and the assay results received to date are very encouraging (see Table 1 below).
Frank Hrdy, Golden Band's Vice President of Exploration stated "We are very pleased with the results from this surface drill program at the Bingo gold deposit as they prove that the high-grade gold mineralization continues to depths at least 120 metres beneath and 100-125 metres along strike of the previously-tested levels. These initial results will increase the Inferred Resource and, with further definition, may extend the life of the deposit beyond what is currently considered for a production start in 2009. Based on these encouraging results, a follow-up campaign designed to extend the Bingo deposit to the north, south, and to depth is warranted. We also need to plan an underground drill program to upgrade the Inferred Resource to the Indicated category once the underground operations at Bingo have started."
The complete assay results for the Bingo deposit's part of the program have been received. Approximately 10% of the samples will now be sent to a second laboratory as a quality control measure. Please note that the results provided in Table 1 are therefore preliminary. It must also be noted that the results in Table 1 are based on the standard fire assay method utilizing a 1 kg sample derived from approximately 3 kg of split NQ drill core and utilization of a 50g standard fire assay charge. Previously, the mineralized intervals were assayed via the screened metallic method. The final results for this program will include check assay results of the significant intervals and screened metallic assay results for the significant intervals.
Table 1: Bingo Summer/Fall Surface Drill Program Preliminary Significant
Results.
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Planned Drillhole Sample Sample Sample Fire
Azimuth/ Depth From To Interval Assay
Drillhole Inclination (m) (m) (m) (m) (g/t Au)
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WD-164 235 degrees/ 352.7 312.70 313.70 1.00 7.38
-48 degrees --------------------------------------
313.70 314.70 1.00 14.50
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314.70 315.70 1.00 4.24
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WD-165 240 degrees/ 420.0 333.00 334.00 1.00 0.66
-51 degrees --------------------------------------
334.00 335.00 1.00 0.66
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WD-166 240 degrees/ 346.6 332.50 333.50 1.00 49.40
-45 degrees --------------------------------------
333.50 334.50 1.00 2.15
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334.50 335.50 1.00 1.62
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335.40 336.30 0.90 11.95
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WD-167 242 degrees/ 380.1 357.90 358.90 1.00 15.70
-50 degrees
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WD-168 232 degrees/ 389.2 352.10 353.00 0.90 5.91
-53 degrees --------------------------------------
353.00 353.70 0.70 5.00
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WD-169 232 degrees/ 450.2 434.10 439.10 5.00 pending
-58 degrees
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WD-170 232 degrees/ 340.5 304.50 305.50 1.00 49.40
-46 degrees --------------------------------------
305.50 306.50 1.00 1.62
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306.50 307.50 1.00 11.95
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WD-171 245 degrees/ 506.6 385.10 385.60 0.50 5.76
-58 degrees --------------------------------------
385.60 386.60 1.00 0.51
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WD-172 245 degrees/ 372.0 359.75 360.75 1.00 12.40
-54 degrees --------------------------------------
360.75 361.25 0.50 15.15
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361.25 362.10 0.85 0.57
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WD-173 048 degrees/ 486.8 477.45 477.90 0.45 268.00
-55 degrees --------------------------------------
477.90 478.90 1.00 8.93
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478.90 479.25 0.35 2.44
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479.25 479.75 0.50 1.82
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WD-174 050 degrees/ 492.9 460.33 460.61 0.28 1.47
-47 degrees --------------------------------------
460.61 461.07 0.46 1.06
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Down- Weighted
Hole Average
Length Grade
Drillhole (m) g/t Au Comment
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WD-164 2.00 10.94 Intersects the Bingo
----------------- Zone at approximately
1.00 4.24 210 metres below surface.
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WD-165 2.00 0.66 Bingo-style of mineralization
at approximately 300 metres
below surface.
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WD-166 3.90 16.39 Bingo-style of mineralization
at approximately 210 metres below
surface and approximately 25 metres
north of hole WD-164.
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WD-167 1.00 15.70 Bingo-style of mineralization
approximately 240 metres below surface.
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WD-168 1.60 5.51 Bingo-style of mineralization
approximately 250 metres below surface.
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WD-169 5.00 pending *Strong Bingo-style mineralization
in core. Original samples sent for
re-assay and mineralized core "quartered"
and sent for re-assay as original assay
results indicate an unexpected grade of
less than 1 g/t Au. At approximately
350 metres below surface and approximately
40 metres north of hole WD-164.
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WD-170 3.00 20.99 Bingo-style of mineralization
approximately 190 metres below surface
(BS).
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WD-171 0.50 5.76 Bingo-style of mineralization was
intersected approximately 100 metres
shallower than expected.
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WD-172 1.50 13.32 Bingo-style of mineralization
----------------- approximately 270 metres below surface.
0.85 0.57
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WD-173 2.30 57.08 Bingo-style of mineralization
approximately 370 metres below surface.
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WD-174 0.74 1.21
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Other Bingo Targets:
--------------------
Four drillholes (NQ: WD-179, WD-180 and Bazooka: WDB-007, WDB-009) totalling 360 metres tested for mineralization at the newly discovered Quarry gold showing and for the existence of its projected north extension, which could represent a north extension of the Bingo Gold deposit. Assay results are pending.
Seven drillholes (NQ: WD-175 to WD-177 and Bazooka: WDB-002 to WDB-005) totalling 468 metres were drilled to test for gold mineralization at the Cockrum Zone (a sub-parallel zone to the Bingo deposit that outcrops approximately 50 metres to the southeast of the portal entrance). Assay results are pending.
Two Bazooka drillholes (69 metres: WDB-008 and WDB-009) were drilled to test for gold mineralization at the Bingo East Zone (a sub-parallel zone to the Bingo deposit located approximately 250 metres east of the northern portion of the Bingo zone). Assay results are pending.
Soil Gas Hydrocarbon (SGH) Soil Sampling
----------------------------------------
Historic information on gold showings and soil and bulk till sampling indicate the existence of numerous gold anomalies over a large area around the Bingo gold deposit. SGH samples were collected over an area 4 km long by 3 km wide to see if this new analytical method could better define new drill targets. The samples will be considered for analysis in 2009.
Prospecting
-----------
Several historic gold showings were re-located and their significance
evaluated. Where appropriate, the showings were re-sampled, including channel
sampling, and mapped. Several locations were spotted to be drill-tested at a
later date. Existing showings that show the most promise include:
1. Cockrum Zone: This zone occurs approximately 50 metres from the
existing underground entrance and has historic high-grade gold values
from surface grab samples and 2 drillholes. This zone was drilled
this fall to determine the orientation and extent of the gold
mineralization (see above).
2. Bingo East Zone: This zone occurs approximately 250-300 metres
northeast of the underground entrance and has historic high-grade
gold values from surface grab samples. This zone was drilled this
fall with 2 short drillholes to test for significant gold
mineralization (see above).
3. 88 Showing: This zone occurs approximately 4 km northeast of the
Bingo site, is exposed on surface for 160 metres, and is typified by
heavy shearing, quartz veining with historic gold grades of up to 5
oz/t Au (172 g/t Au) in surface grab samples. Six locations have been
spotted for drilling at a later date.
4. Arseno Showing: This zone occurs approximately 700 metres east of the
Bingo site, has a known strike length of approximately 250 metres,
and has historic anomalous gold values ((greater than)1 g/t Au).
Other showings that require further work include the Pond Lake Showing, BMS Showing, Northeast Prospect, and the Thunder Hills Prospect.
JOLU-ALIMAK-DECADE GOLD DEPOSITS AND AREA:
Surface Diamond Drilling
------------------------
Thirty-nine NQ diamond drillholes totalling 4,316 metres were completed by late early November 2008 on the Decade and Jolu/Alimak projects. Assay results are pending.
Alimak Zone
Twenty-nine drillholes (2,903 m) were completed in the vicinity of the historic Jolu gold mine. These holes were designed to test for the existence of high-grade gold mineralization to the southwest of the main mineralized zone at the former Jolu gold mine (here called the Alimak zone due to it's proximity to the mine's "Alimak vent raise"). Nineteen holes were designed to intersect near-surface mineralization which could be developed by open pit, and ten holes tested for possible mineralization at depth. Assay results are pending.
Decade Zone
Ten diamond drillholes totalling 1,414 metres were completed in the vicinity of the historic Decade gold mine. Seven drillholes were designed to test for the western down-plunge extension of the Decade, Roberts, and North mineralized zones which were previously intersected by Golden Band (see press releases dated February 7 and March 11, 2008). Three holes were completed to test for the continuation of gold mineralization related to the Hangingwall (HW) zone intersected by holes DC-04-07, DC-06-08 and DC-07-07 in November 2007. Assay results are pending.
Surface Exploration
-------------------
In addition to the drilling campaign described above, an extensive SGH sampling program was conducted over the Jolu-Decade area (approximately 2.5 km by 4.3 km) to see if this new analytical method could define new drill targets. The samples will be considered for analysis in 2009.
A prospecting program was also conducted over an area south of the Jolu mill between the historic Rush Lake and Star Lake gold mines. Assay results from surface grab and channel samples are pending.
RKN/GOLDEN HEART DEPOSIT AREA
Surface Diamond Drilling
------------------------
A camp has been set up on the west shore of Weedy Lake and two NQ diamond drillholes totalling 404 metres have been completed on the RKN Zone and a third drillhole (200 metres in length) is planned as an initial follow-up. The intent of this program is to confirm the orientation of the gold mineralization at the RKN Zone by stepping out from the existing drill holes and increase the level of confidence of the near surface gold mineralization at Golden Heart by adding some infill drillholes (see press release dated September 10, 2008). Four drillholes (800 metres) will be drilled on the Golden Heart gold deposit.
An additional 201 SGH samples have been taken to the east of the RKN Zone's 6/6 Anomaly (see press releases dated June 26, April 16 and January 21, 2008) to cover the area between the anomaly and the western shore of Weedy Lake. The samples will be considered for analysis in 2009.
The RKN/Golden Heart exploration program has been reduced from the original plan so that the results from the current drillholes can be used to aid with the planning of future follow-up.
Quality Control
The quality assurance/quality control of the assay results is monitored by a series of sample standards and sample blanks which are routinely inserted into the sample sequences that are consigned for assaying to ALS Chemex Laboratory located in Vancouver, British Columbia. ALS Chemex is an ISO/IEC guideline 17025 accredited facility. The check-assays will be performed by TSL Laboratories located in Saskatoon, Saskatchewan which is also a ISO/IEC guideline 17025 accredited facility.
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 well-financed, 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 km(2), 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 to becoming a sustainable gold producer. The Company is aggressively pursuing its near-term goal for the development and production of its 100%-owned Bingo, Komis, and EP deposits with processing at the 100%-owned Jolu mill - a project that received a positive expanded Preliminary Economic Assessment (scoping study) on February 26, 2008 (filed on SEDAR on April 10, 2008). 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.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo.,
President & CEO
All of Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. 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 statements made in this News Release may contain certain forward-looking information. Actual results may differ materially from those currently anticipated in such statements. Certain risk factors may also materially affect the actual results achieved by the Company. Potential and current shareholders are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events, or other such factors that may affect this information, except as required by law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
ContactsRodney Orr
President & CEO
Golden Band Resources Inc.
Phone: (306) 955-0787 x7123
Fax: (306) 955-0788
Email: rodney.orr@goldenbandresources.com
www.goldenbandresources.com motivia communications: Roger Francis
(306) 242-0694 x5
Toll free: 1-866-501-5651
Email: info@goldenbandresources.com
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