Golden Band Resources: Increase in resources at Bingo gold deposit
Sponsored LinksGolden Band Resources Inc. is pleased to announce an updated NI 43-101 mineral resource estimate for the Bingo gold deposit. Gold resources (capped) now total 73,777 ounces in the Measured and Indicated category and 67,756 ounces in the Inferred category, using a cut-off of 5 g/t gold over a diluted minimum width of 2.0 metres. These figures represent an 18% increase in the Measured and Indicated resource and a 368% increase in the Inferred resource since the previous resource
estimate of November 5, 2008.
As previously announced, the high-grade gold mineralization in the Bingo
deposit now continues to depth along a steep plunge to the north for an
additional 200 m vertically, and it remains open to depth. In addition, the
nearby Cockrum zone, now incorporated into the resource model for the first
time, is also open in several directions (see Figures 1 and 2 at
http://www.goldenbandresources.com/26-05-09-figure1.cfm and
http://www.goldenbandresources.com/26-05-09-figure2.cfm, respectively).
Bingo is a high-grade quartz vein-hosted gold deposit located at the
southern end of Golden Band’s land package in northern Saskatchewan, and is 45
kilometres southwest of the Company’s Jolu gold mill. The initial disclosure
of a mineral resource for the Bingo deposit was made by the Company on June
29, 2006 and updated resource estimates were made by the Company on January 8,
2008 and November 5, 2008. This fourth mineral resource estimate was completed
by the Company and conforms to National Instrument 43-101 (NI 43-101)
standards for the reporting of mineral resources.
The Bingo deposit (including the Cockrum zone) is estimated to contain a
Measured plus Indicated Mineral resource of 174,668 tonnes grading 13.14 grams
per tonne (g/t) gold at a cut-off of 5 g/t gold over a diluted minimum width
of 2.0 metres. An additional 155,074 tonnes with an average grade of 13.89 g/t
gold is classified as an Inferred Mineral resource.
Golden Band is encouraged by the very positive results from the most
recent drill program and the 368% increase in the Inferred resource tonnes. In
addition, the Cockrum Zone has been identified as having the potential to
contribute a significant resource to the Bingo deposit with additional drill
testing.
The Cockrum zone, which is open to the northeast, southwest, and down
plunge, appears to be a potentially high-grade gold zone sub-parallel to the
Bingo deposit. Based on nine shallow drillhole intersections, the Cockrum zone
accounts for an Inferred resource of approximately 3,000 tonnes at an average
grade of 6.0 g/t Au. The Quarry showing represents the northern extension of
the Bingo deposit and is now included in the Bingo geological model.
Frank Hrdy, Golden Band’s Vice President of Exploration said “The results
from this first attempt in the fall of 2008 of a deeper drill program at Bingo
prove that the high grade gold mineralization continues to depth in a
continuous and geologically predictable way, and is open in this down-plunge
direction. It is also evident that other gold zones like Cockrum exist in
close proximity to the main Bingo gold mineralization and now that we have a
better understanding of the local structures we can target our exploration
more effectively. A drill program designed to continue testing the extent of
the high-grade gold mineralization at depth and other nearby structures is
recommended for the upcoming field season.”
Table 1 lists the estimated tonnes and grade for the Measured, Indicated,
and Inferred resources when a statistically derived cap grades of 105 g/t gold
for the Measured category and 70 g/t gold for the Indicated and Inferred
categories are applied. For comparison, the variation of tonnes and grade for
cut off grades of 4, 5 and 6 g/t gold is also reported.
source:http://www.newswire.ca
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