Golden Band to update Tower East estimate

Vancouver – An active winter drilling program has kept Golden Band Resources (GBN-V, GBRIF-O) busy on a number of its La Ronge gold belt projects in northern Saskatchewan.

Interim results tabled for 20 holes from the Tower East deposit, the Phantom zone and Charlie’s Eye Crossing prospect delivered a number of significant gold-mineralized intervals.

Nine vertical holes completed on the northeast portion of the Tower East were collared to discern whether a higher-grade starter pit could be defined on the land portion of the deposit. The company is looking for a nearer-term source of feed for its Jolu mill.

Hole T-216 intersected almost 8 metres (from 24.7- metres depth) of 6.8 grams gold per tonne including a 1.5-metre interval of 13.3 grams gold. A wide mineralized section was encountered in hole T-220 that cut 81 metres of 3.1 grams gold including several narrower, higher-grade sections.

Happy with its Tower East drill results, Golden Band plans to incorporate them into an updated resource model and estimate. The deposit has a current measured and indicated resource of 4.8 million tonnes grading 2.1 grams gold (318,600 contained oz.) plus and additional 568,000 inferred tonnes at 1.5 grams gold (27,200 contained oz.).

At the Phantom zone, where the company was testing for the source of a gold-in-till anomaly south of Tower Lake, four holes were drilled on the ice covered western portion of Tower Lake. Intervals of up to 6 metres averaging 5.25 grams gold were encountered within mineralized quartz diorite and granodiorites.

Seven holes drilled on the Charlie’s Eye Crossing prospect were to delineate structural controls of the shallow, southerly dipping Charlie’s Eye breccia that forms a 3.2-to-5-metre wide mineralized “tabular panel”. Intersections of up to 5 metres grading 4.4 grams gold were cored in hole CE-25.Golden Band also reports results from seven holes recently drilled on its Birch Crossing deposit are anticipated by the end of April.

The company is also awaiting a draft version of the scoping study on proposed development of higher-grade portions of its Bingo, Komis, and EP deposits in the La Ronge belt.

Additionally, an indicated resource estimate of 22,700 tonnes grading 7.2 grams gold (5,240 contained oz.) was recently tabled for the EP deposit on its Waddy Lake project. An additional 62,600 inferred tonnes of 3.8 grams gold (7,729 contained oz.) was also estimated in the shallow, nearly flat lying deposit.

Golden Band has assembled a land position of more than 750 sq. km in the La Ronge gold belt that includes ten gold deposits, four past producing mines and its Jolu mill.

Given its 97.5-million shares outstanding, the company posts a $58-million market capitalization at its recent 60 per share trading level. The stock has a 52-week range of 27.5-to-68.