Tuesday 6th December 2016

Resource Clips


Posts tagged ‘Golden Band Resources Inc (GBN)’

Saskatchewan’s core values

March 5th, 2013

La Ronge Gold hopes high grades will propel it into production

by Greg Klein

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According to the company, it’s “the best gold grade drilled to date” in northeastern Saskatchewan’s La Ronge gold camp. Expansion drilling by the eponymous La Ronge Gold TSXV:LAR on its Preview property hit an exceptional intercept shown by assays released on March 4:

La Ronge Gold hopes high grades will propel it into production

More drill results are pending from La Ronge Gold’s Preview property.

  • 633.61 grams per tonne gold over 4.08 metres
  • (including 1,123.25 g/t over 2.3 metres)
  • (which includes 5.14 g/t over 0.77 metres)
  • (and includes 13.03 over 0.9 metres)
  • (and includes 4,279 g/t over 0.6 metres).

True widths weren’t provided. No topcut was applied. The intercept began at a down-hole depth of 203.78 metres.

The hole was one of 20 drilled so far to test for northeast and southwest extensions of the Preview SW deposit, as well as near-surface potential within the deposit. Preview SW has a December 2012 resource estimate which uses a 0.5 g/t cutoff to show:

  • an indicated category of 1.96 million tonnes averaging 2.12 g/t gold for 138,100 gold ounces
  • an inferred category of 3.71 million tonnes averaging 2.09 g/t for 257,300 ounces.

Contained within 400 metres of strike and to a depth of 200 metres, the resource shows open pit potential, La Ronge stated, adding that the deposit remains open in all directions.

Assays from five other northeast and southwest expansion holes released February 26 show:

  • 2.57 g/t gold over 6.25 metres
  • (including 4.98 g/t over 2.99 metres)
  • 4.03 g/t over 2.27 metres
  • 3.28 g/t over 5.24 metres
  • 1.71 g/t over 6.95 metres
  • (including 2.4 g/t over 5.26 metres)
  • 8.06 g/t over 1.15 metres
  • 5.76 g/t over 12.59 metres
  • (including 12.35 g/t over 4.24 metres).

Again, true widths weren’t provided. The top-most intercept started at 77 metres while the deepest stopped at 177 metres down hole.

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Going it alone

November 12th, 2012

Micro-cap Gowest Gold aims for 2015 production

by Greg Klein

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Not all companies follow the same path to production. In fact they can diverge radically, as two November 12 announcements show.

Queenston Mining TSX:QMI is poised to follow the more common route. A smaller company develops and de-risks a deposit until it’s all but irresistible to a bigger company. The latter then makes an offer shareholders rarely refuse. In this case, Osisko Mining TSX:OSK is offering 0.611 of one of its shares for each Queenston share. Based on Osisko’s November 9 close of $9.82, the offer was worth $6 per Queenston share. Queenston had closed that day at $5.01. The November 12 announcement then saw Osisko drop to a $9.02 close, making its 0.611 offer worth $5.51. Queenston, meanwhile, closed November 12 at $5.75. Nevertheless Queenston seems ready for acquisition, whether by Osisko or another mid-tier outfit.

But for another company, the path to production might not require wealthy suitors or even large capitalization. Gowest Gold TSXV:GWA closed November 12 at $0.095 for a market cap of $12.53 million. Even so, it’s determined to take its Frankfield East gold deposit into production by Q1 2015, and to do so itself—well, with a little help from some friends.

Micro-cap Gowest Gold aims for 2015 production

Gowest Gold plans to use high-tech ore-sorting and
third-party processing to begin mining quicker and cheaper.

The company hopes to shorten the path and lower the capex by contracting a third party to produce high-grade concentrate. That, in turn, would be sold to a customer who would refine it further. Gowest’s location in the Timmins mining camp helped the company find a processor with sufficient capacity, which led to the memorandum of understanding announced November 12.

“It’s a matter of building the mine a couple of years sooner and putting less than a third of the capital into it than if we tried to do it ourselves,” says IR manager Greg Taylor. “That would mean generating cash flow a couple of years early, and then we’d make a separate decision on whether to continue doing it that way or to build our own plant after we’ve already started mining.”

To that end, Gowest is now working on engineering, metallurgical and mine development studies prior to hammering out a final agreement with the mill operator next year. A report announced last February suggests the mill would produce concentrate grading over 90 grams per tonne gold.

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Cross-continent quest

October 4th, 2012

News from Saskatchewan, Mexico, Yukon and the Dominican Republic

by Greg Klein
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A third mine has begun operations at penny-stock gold-producer Golden Band Resources’ TSXV:GBN central Saskatchewan La Ronge Gold Project. The first ore shipment left the Komis open pit on October 3 for the company’s Jolu Mill, 32 kilometres southwest. Komis is expected to produce 340,000 tonnes grading an average 6.62 grams per tonne gold over an 18-month life.

“The Komis orebody remains open along strike and at depth,” company President Rob Garden said in an October 4 news release. “More drilling is planned that we believe will delineate an increased resource.”

The company began commercial production from its Roy Lloyd underground mine in April 2011, with additional production from its EP open pit starting in December 2011. Golden Band’s La Ronge land package covers 870 square kilometres.

News from Saskatchewan, Mexico, Yukon and the Dominican Republic

Crew members examine drill core at GoGold’s flagship San Diego Project in Mexico.

But cash costs of $1,377 an ounce during fiscal 2013 Q1 (ending July 31, 2012) contributed to a quarterly net loss of $3.6 million. The company projects fiscal 2013’s cash costs between $1,000 and $1,150 an ounce. Golden Band expects to produce about 40,000 to 45,000 ounces during that year.

Golden Band shares closed October 4 at $0.185 after opening the day at $0.175, half a cent below their October 3 close. The company’s 52-week high and low are $0.35 and $0.14.

Among companies reporting assays on October 4, GoGold Resources TSXV:GGD announced some long intervals from the Chispa De Oro Target of its flagship San Diego Project in Durango State, Mexico. Some highlights include

  • 56.9 grams per tonne silver, 0.21 g/t gold and 0.65% copper over 129.7 metres
  • (including 111.5 g/t silver, 0.42 g/t gold and 1.08% copper over 70.1 metres)
  • (including 96.3 g/t silver, 0.28 g/t gold and 3.37% copper over 22 metres)
  • 33.4 g/t silver, 0.09 g/t gold and 0.25% copper over 83.5 metres
  • (including 43 g/t silver, 0.13 g/t gold and 0.28% copper over 47.5 metres)
  • (including 35 g/t silver, 0.11 g/t gold and 0.32% copper over 17 metres)
  • 12.6 g/t silver, 0.02 g/t gold and 0.31% copper over 118.6 metres
  • (including 70.5 g/t silver, 0.1 g/t gold and 1.3% copper over 18.5 metres)
  • 11 g/t silver, 0.02 g/t gold and 0.36% copper over 104.2 metres
  • (including 17 g/t silver, 0.02 g/t gold and 0.48% copper over 55.1 metres)

True widths have yet to be determined. Depths extend to 130 metres.

An additional drill is now focusing on the Chispa South Target, within the 3.5-kilometre Chispa De Oro Target, which the company describes as a “large high-sulphidation epithermal system potentially underlined by a silver-gold-copper porphyry.” Chispa South shows an intrusive quartz diorite and injection breccia which GoGold believes is part of a porphyry system in the area. The breccia and the quartz diorite intrusive are exposed on surface, the company stated.

GoGold has an April 2012 resource estimate for its Parral Tailings Project to the north, in Chihuahua State. Using a cutoff of 0.4 g/t gold-equivalent, the measured category shows 34,000 gold ounces and 4.7 million silver ounces, while the indicated category shows 180,000 gold ounces and 21.7 million silver ounces.

GoGold shares held steady at $1.40 on October 4 after closing the previous day at $1.38. The company’s 52-week high and low were $1.78 and $1.11.
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High gold grades

September 13th, 2012

Results from Golden Band’s Roy Lloyd Mine in Saskatchewan

By Greg Klein

Golden Band Resources Inc TSXV:GBN today released assays from its Roy Lloyd Mine in central Saskatchewan. The work is part of La Ronge Gold Project, which includes two operating mines and a near-term goal of bringing three additional deposits into commercial production.

All intercepts from today’s results are true widths. Highlights from shallow drilling on Roy Lloyd’s Bingo Structure include

Results from Golden Band’s Roy Lloyd Mine in Sask

Chairman/Director Ronald Netolitzky at the company’s first gold pour.

  • 15.06 grams per tonne gold over 3.3 metres
  • 9.15 g/t over 3.36 metres
  • 3.17 g/t over 7.56 metres
  • 2.88 g/t over 1.76 metres
  • 2.52 g/t over 1.07 metres
  • 2.31 g/t over 0.8 metres

Depths extend to 34 metres.

Bingo Structure deep-drilling from surface shows results including

  • 19.8 g/t gold over 11.73 metres(including 33.29 g/t over 5.93 metres)
    (including 99.13 g/t over 0.93 metres)
    (including 25.73 g/t over 2.07 metres)
  • 10.61 g/t over 2.13 metres
  • 4.95 g/t over 4.15 metres
  • 15.68 g/t over 1.89 metres

Depths extend to 418 metres.

An underground hole announced September 5 showed

  • 66.85 g/t over 5.32 metres(including 80.12 g/t over 4.42 metres)
    (including 128.37 g/t over 1.73 metres)

The company states that shallow drilling focused on defining near-surface open-pit mineralization for a surface mining operation. Deep drilling was conducted for mine planning and to explore continuity of the Roy Lloyd underground mine mineralization to depth.

The company adds that drilling confirms gold mineralization both laterally to the north and deeper within the Bingo Structure. With confirmation of near-surface mineralization, a small surface mine program is underway. Within the drilling area, Golden Band hopes to upgrade the underground resource inferred category to measured and indicated resources.

Golden Band’s La Ronge Gold Project is a past-producing gold camp with 12 known deposits. Commercial production from Roy Lloyd began in April 2011, with more limited production from the EP open pit starting in December 2011. Development of the Golden Heart open pit is scheduled for completion in mid-2013. Underground development and surface drilling are underway at the former Komis Mine.

The company’s near-term goal includes commercial production of its Bingo, Komis and EP deposits, with eventual production of at least 75,000 gold ounces over a 10-year life. Golden Band’s 700 tpd Jolu Mill sits within 75 kilometres of all the company’s deposits.

Golden Band reports Saskatchewan Gold Results as high as 18.05 g/t over 7.3m

May 4th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGolden Band Resources Inc TSXV:GBN announced assays from its Roy Lloyd Gold Mine in northern Saskatchewan. Results include

18.05 g/t gold over 7.3 metres
10.02 g/t over 9.1 metres
15.61 g/t over 3.5 metres
9.48 g/t over 4.5 metres
10.61 g/t over 2.6 metres
7.39 g/t over 2.3 metres
12.22 g/t over 1 metre

President/CEO Rob Garden commented, “These initial diamond-drilling results for Golden Band’s Roy Lloyd Gold Mine confirm the down-plunge continuation of the Bingo Zone for another 150 metres below the current level of mining. With the completion of this program in late May and the changeover to an underground drilling program, we are confident that the results will expand the known mineable resources to 15 months of production, with further drilling likely to add to this.”

View Company Profile

Contact:
Rodney Orr
VP of Corporate Development
306.385.7123

by Greg Klein

Golden Band reports Saskatchewan Gold Assays including 4.4 g/t over 90m

February 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGolden Band Resources Inc TSXV:GBN announced results from its Komis gold deposit in northern Saskatchewan. Assays include

26.3 g/t gold over 2 metres (including 48.9 g/t over 1 metre)
4.4 g/t over 90 metres (including 19.4 g/t over 18 metres)
2.9 g/t over 24 metres (including 46.4 g/t over 1 metre)

Chairman Ron Netolitzky remarked, “These drilling results confirm that the Komis gold deposit remains open on-strike and to depth and also identifies that gold mineralization extends beyond the currently known deposit. With further definition, this newly recognized, near-surface potential along strike may serve to expand the current resource, with higher grade mineralization beyond the currently defined deposit possibly forming the basis of an expanded mining operation.”

View Company Profile

Contact:
Rodney Orr
VP Corporate Development
306.385.7123

or Raju Wani
Investor Relations
403.240.0555

by Ted Niles

Golden Band COO Gary Haywood on Sask gold assays of 119.86 g/t over 1.5 m

February 21st, 2011

“Komis has been around for a while. It’s a previously mined deposit that was mined back in ’96 and ’97. At the time, the company that had it shut it down on account of the low gold price.

“We’ve always been very encouraged by what we’ve seen at Komis, in terms of samples and the core that we have. This was actually the very first drilling program that we’ve done on the deposit. So all of the information we’ve had has been historical information. One of the things that really struck us with this deposit is that it has very good potential for hosting high grade gold, and it’s never really been tested to depth. The deepest hole that’s been drilled into it was only 125 or 150 metres, and that was done from underground. So we see its potential as being very deep-rooted, and for that reason we wanted to see what we had at depth. That was the intent of this program—to drill it with a bit of an exploratory view to test the waters and see what we came up with it. And based on these results, we’re extremely pleased with what we came up with. And I think that’s the encouragement we need to, now, go back in and do a full-fledged drilling program to prove up the resource.

“We’ve done a preliminary mine plan for the Komis Deposit on the known resource. One of the things we need to do is test the assumptions that we have made about the resource but also about the existing infrastructure that’s underground. The only way we can really do that is get it de-watered, get underground, refurbish the decline and then take a good look at what we’ve got. That would also give us an opportunity in 2011 to do some development underground. The decline goes down to a 125-metre depth, and from the bottom of that decline we’d be able to develop out into the deposit, then do a small exploration program actually drifting on the ore. We’ve got that slated for this year, and if those things prove up in terms of the exploration, plus also the drilling that we do, then we can make an informed decision about whether to put this into production.

“We see this as being a replacement for the EP Deposit, which is actually adjacent to Komis. EP is a fairly small deposit which could be mined by open pit—it’s not a long-term proposition, and it never has been. It’s always been a short-life pit. We want to take the mill capacity up to 700 tonnes per day later this year using the EP Deposit ore, and then Komis would be a direct replacement for that. So it would give us sustained mill production at 700 tonnes per day. Our Roy Lloyd Mine is currently producing 350 tonnes per day providing 50% of the mill feed, and Komis would, later on this year, also provide 50% of the mill feed at 350 tonnes per day.”

View Company Profile

See press release summary

Golden Band reports Sask Gold Assays as high as 119.86 g/t over 1.5m

February 17th, 2011

Golden Band Resources Inc TSXV:GBN announced assay results from its Komis Gold Deposit in Saskatchewan. Highlights include 31.1 g/t gold over 0.8 metres, 12.02 g/t over 2.7 metres (including 77.6 g/t over 0.4 metres), 4.18 g/t over 4.6 metres (including 11.23 g/t over 1.5 metres), 15.69 g/t over 2 metres (including 87.6 g/t over 0.2 metres), 3.36 g/t over 10.5 metres (including 16.44 g/t over 1.6 metres), 119.86 g/t over 1.5 metres (including 907 g/t over 0.2 metres), 2.68 g/t over 8.7 metres and 23.42 g/t over 1 metre (including 111 g/t over 0.2 metres).

COO Gary Haywood tells ResourceClips.com, “Komis has been around for a while. It’s a previously mined deposit that was mined back in ’96 and ’97. At the time, the company that had it shut it down on account of the low gold price.

“We’ve always been very encouraged by what we’ve seen at Komis, in terms of samples and the core that we have. This was actually the very first drilling program that we’ve done on the deposit. So all of the information we’ve had has been historical information. One of the things that really struck us with this deposit is that it has very good potential for hosting high grade gold, and it’s never really been tested to depth. The deepest hole that’s been drilled into it was only 125 or 150 metres, and that was done from underground. So we see its potential as being very deep-rooted, and for that reason we wanted to see what we had at depth. That was the intent of this program—to drill it with a bit of an exploratory view to test the waters and see what we came up with it. And based on these results, we’re extremely pleased with what we came up with. And I think that’s the encouragement we need to, now, go back in and do a full-fledged drilling program to prove up the resource.

“We’ve done a preliminary mine plan for the Komis Deposit on the known resource,” Haywood continues. “One of the things we need to do is test the assumptions that we have made about the resource but also about the existing infrastructure that’s underground. The only way we can really do that is get it de-watered, get underground, refurbish the decline and then take a good look at what we’ve got. That would also give us an opportunity in 2011 to do some development underground. The decline goes down to a 125-metre depth, and from the bottom of that decline we’d be able to develop out into the deposit, then do a small exploration program actually drifting on the ore. We’ve got that slated for this year, and if those things prove up in terms of the exploration, plus also the drilling that we do, then we can make an informed decision about whether to put this into production.

“We see this as being a replacement for the EP Deposit, which is actually adjacent to Komis. EP is a fairly small deposit which could be mined by open pit—it’s not a long-term proposition, and it never has been. It’s always been a short-life pit. We want to take the mill capacity up to 700 tonnes per day later this year using the EP Deposit ore, and then Komis would be a direct replacement for that. So it would give us sustained mill production at 700 tonnes per day,” Haywood concludes. “Our Roy Lloyd Mine is currently producing 350 tonnes per day providing 50% of the mill feed, and Komis would, later on this year, also provide 50% of the mill feed at 350 tonnes per day.”

View Company Profile

Contact:
Gary Haywood
COO
306.955.0787 x 7124

or Raju Wani
Investor Relations
403.240.0555

by Ted Niles