Golden Band Resources Inc. – Bingo gold deposit underground exploration significantly boosts grade
GBN: TSX Venture Exchange
Saskatoon, July 13 – Golden Band Resources Inc. (GBN: TSXV) is pleased to provide additional assays and a progress update for the Bingo gold deposit underground exploration program (see news releases of May 11, June 15, and June 22, 2010).
The Company is very pleased to report that assay data received from face chip samples have been used to calculate an updated grade estimate of the development muck stockpile. To date, a total of 8,100 tonnes of high-grade mineralized material has been stockpiled with an average grade of 15.68 g/t gold based on face chip sample assays.The Company now estimates a stockpile gold content of 4,000 ounces. A further 670 tonnes of high-grade material from the current exploration program that has been stockpiled is waiting assay data.
Gary Haywood, VP Operations and COO stated, “This Bingo underground exploration program has produced high-grade gold material that has nearly doubled the previously estimated stockpile grade. Our development technique and the expertise of our mining contractor, Kitsaki Procon, has proven that we can effectively mine this high grade narrow vein gold deposit. Our proven and probable reserve estimate from January 2009 for the 1355 Level and 1340 Level ore drifts was 6,921 tonnes at a combined grade of 9.14 g/t gold. To date, on these two drift horizons, we have extracted 4,350 tonnes at a grade of 22.3 g/t gold, an outstanding achievement that bodes well for the future of the Bingo deposit mining operation.”
This is a significant upgrade from the previously estimated stockpile grade of 8.00 g/t gold calculated from the 2007/2008 underground exploration program (see news release of July 28, 2008), and which formed part of the proven and probable reserve calculation for the Bingo deposit (see news release of January 20, 2009).
Face sample locations for each level can be viewed on the Company website (http://www.goldenbandresources.com/gbn-nr-13-july-10.html), with each plan showing the top of face sample line and bottom of face sample line, and the mineralized structure of the Bingo deposit. A continuous chip sampling method was used for each development face, using a pneumatic hammer to collect a 1 to 2 Kg sample from each discreet sample intersection across the face. Upper and lower sample lines on each face, usually consisting of several 1-metre long samples, resulted in at least 6 assays per face. The faces are usually 3 to 4 metres apart along the ore drift. Samples were sent to TSL Laboratories in Saskatoon and assayed for gold content using the screened metallics method for all face chip samples.
Composite assay data from the sampling program are shown in Tables 1 and 2 for each ore drift, specifically from those faces that were included in the reserves, and are calculated for a minimum mining width of 2.0 metres. Where the mineralization exceeded the minimum mining width, the actual measured mineralized width was used to calculate the composite assay grade.
Assay results for the North area of the ore drifts on 1355 Level and 1340 Level will be released once data has been received and compiled so that a complete data set for that reserve block will be complete. The assay results for the South section of the 1340L will also be released at that time.
Ore drifting on the 1355L and 1340L levels was completed on June 30th, and dewatering of the decline was completed on July 1st. The next phase of development has commenced which includes deepening of the existing decline down to the 1265 Level, to a depth of 120 metres below surface. This development program also includes the establishment of underground infrastructure such as a fresh air intake ventilation shaft, and access to that shaft on each level. This phase of development is expected to be completed by October 31st, 2010.
Read more: http://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203210
This article comes from NationTalk:
https://nationtalk.ca
The permalink for this story is:
https://nationtalk.ca/story/golden-band-resources-inc-bingo-gold-deposit-underground-exploration-significantly-boosts-grade
Comments are closed.