Scoping StudyThe results of the scoping study should be out any day according to this News Release. Good Luck everyone
Wed Nov 23, 2005
Golden Band Starts Winter Exploration Programs and Bingo Scoping Study
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Saskatoon, Saskatchewan Golden Band Resources Inc. (GBN:TSXV) announced today that drilling has started for the 2005-2006 winter exploration program on its La Ronge gold belt projects in northern Saskatchewan. Golden Band has planned an aggressive drilling program to better-define several known deposits and to test new targets. The total program will be a minimum of 3,000 metres and is expected to be completed by March 2006.
Drilling Program:
Targets for the winter drilling program are:
Bingo Deposit: Seven drillholes will target the area between the known Bingo deposit and the well-mineralized step-out hole (WD-111) drilled this summer (see news release of August 22, 2005). That hole returned 6.02 g/t gold over 2.5 metres (uncut and undiluted) or 10.1 g/t gold over 1.13 m (cut and diluted). This mineralization is interpreted to represent the northern extension of the gold-hosting Bingo structure. The nearest hole is 105 metres to the south (WD-33) and it contains a cut and diluted intersection of 5.9 g/t gold over 1.9 m. A further 110 m south, hole WD-105 contains 16.6 g/t gold over 1.0 m (7.08 g/t gold over 2.5 m, cut and diluted).
Based upon the 2005 drilling, the Bingo deposit is presently interpreted as containing at least four higher-grade north-plunging shoots within the main north-south Bingo structure. If the upcoming drilling confirms the continuation of this structure, the overall Bingo deposit would be at least 600 metres long. The known true-vertical extent of these higher-grade shoots is at least 120 m, as based on drillholes WD-105 and WD-33 which are interpreted as being at the upper and lower levels, respectively, of one shoot. WD-111 may represent the upper end of a fifth, high-grade shoot. This winter's drilling will test both the strike extent and down-dip potential of the northern extension of the Bingo structure.
Birch Crossing Prospect: Thirteen drillholes were completed in 2005 at Birch Crossing, bringing the total number to 15. These drillholes extended the shear zone-hosted and quartz vein-hosted gold mineralization over an area of 210 by 150 metres. Intersections contained up to 7.1 g/t gold over 10.1 m. The Company is especially encouraged that every drillhole contains gold and that the mineralization remains open in every direction. This winter's follow-up drilling will attempt to better-delineate these gold-bearing zones. The drilling of 16 holes is planned in the initial program.
Other Targets: The Dog Creek gold-in-till anomaly that is located within two kilometres of the Company's Komis and EP gold deposits will be tested. Reconnaissance drilling will also be carried out at Halfmoon Lake, Burnt Rock, and Kruger Lake.
Bingo Project Update -- Start of Preliminary Economic Analysis Study
Golden Band is pleased to announce that a preliminary economic analysis (scoping study) is underway for the Bingo gold deposit. The study will address the viability of underground mining of the Bingo deposit, with the processing of the ore to use Golden Band's 100%-owned Jolu gold mill and tailings facility. An updated, NI 43-101 independent resource estimate is being prepared in conjunction by GeoSim Services Inc. The Company expects to receive the completed reports by January 2006.
The contract for the preliminary economic analysis NI 43-101 report has been awarded to P & E Mining Consultants Inc. P & E has provided independent resource estimates, scoping, and feasibility studies for a number of mining companies and professional clients including A.C.A. Howe International Ltd., Aker Kvaerner, Golder Associates, Micon International, Anaconda Gold Corp., Intrepid Minerals Corp., and Strathcona Mineral Services Ltd. P & E is also preparing the preliminary economic analysis for the Company's Greater Waddy project.
The planned underground bulk sampling program of the Bingo deposit has been deferred until 2006 to permit the results of further drilling of the mineralized structure and for the completion of the preliminary economic evaluation.
Greater Waddy Lake Preliminary Economic Analysis Study:
As announced on August 15, 2005, updated resource evaluations and a preliminary economic analysis (scoping study) are underway for four deposits in the Greater Waddy area: Komis, Golden Heart, Memorial, and Tower East. Work is proceeding and the final report is expected by January 2006.
About Golden Band
Golden Band Resources continues to advance towards its goal of re-establishing gold production in the La Ronge Gold Belt of northern Saskatchewan. Since 1994, Golden Band has assembled through staking and acquisition a land package in excess of 72,000 hectares, including seven known gold deposits, four former producing mines, and a licensed gold mill. Scoping studies are underway to assess potential production opportunities, both from renewed production at the Jolu mill of material from the Bingo deposit and from new production at a planned central complex in the Greater Waddy Lake area.
Another major asset is the data resulting from over $50 million of exploration undertaken by various companies across the project area since 1985. Exploration work also continues to expand the resource base of known deposits and identifying new targets. These land holdings, resource base, and ownership of a permitted mill present a unique opportunity to resume gold production at a low capital cost and low risk profile.
Golden Band's main objective is to advance its existing resource base towards commercial production. The Company's short-term plan is to bring the Bingo and other high-grade deposits into production and process the ore at the Company's 400 tonne per day Jolu mill. This fully licensed mill and tailings facility, presently on a standby mode, is 54 kilometres by road from the Bingo deposit.