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Thread: gold news today

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    Default gold news today

    Mon May 14, 2007
    Golden Band Extends Gold Zones at Birch Crossing Deposit


    Saskatoon, May 14, 2007 -- Golden Band Resources Inc. is pleased to announce the final results of its 2007 winter drilling program on the Company's 100%-owned Birch Crossing gold deposit in the La Ronge Gold Belt of northern Saskatchewan. The purpose of these drillholes was to provide an indication of the on-strike extent of the deposit to the east and to test the depth limit of the mineralization. Significantly, the drilling has indicated that the gold mineralization extends to at least 205 metres vertical depth and up to 260 metres along strike.

    The standard fire assay results for the final seven coreholes (BC-81 to 87: 941.7 m of drilling) completed during the winter corehole drilling evaluation of the Birch Crossing deposit are summarized in Table 1. All assay intervals reported are as measured along the core axis and may not represent true lengths. An earlier press release dated March 12, 2007 provided the results for the initial 15 coreholes BC-66 to 80 (1,963.0 m of drilling) completed in the Birch Crossing area earlier in the winter. The locations of all the drillholes are shown in Figure 1.

    As seen in Figure 1, five of the final seven coreholes (DH's BC-81 to 85: 429.7 m) were collared as a series of single 25-metre step-out holes intended to test the easterly strike extension of the Red Cube Zone quartz vein hosted gold mineralization up to 140 metres beyond its previously defined limits. The Red Cube North-2 quartz vein was intersected in four of five holes, save for one (BC-85) that very likely under-drilled the target and therefore failed to intersect the Red Cube mineralization.

    Gold values within the newly defined, eastern extension of the Red Cube zone range from 1.64 g/t Au/1.0 m (BC-81) up to 10.40 g/t Au/1.8 m and 11.48 g/t Au/1.1 m in drillhole BC-82. Drillhole intersections indicate the following strike lengths for the various Red Cube gold-mineralized structures: Red Cube South: 160 m; Red Cube North: 170 m; Red Cube North-2: 260 m.

    Two additional holes were also completed during the recent drill program as undercut holes in the centre of the deposit (DH's BC-86 and 87, Figure 1). The intention of both undercut holes was to provide information on the continuity of the Red Cube-hosted gold mineralization at depth.

    Both of the undercut drillholes encountered variable quantities of gold ranging from 2.26 g/t Au/1.0 m (BC-86) up to 15.40 g/t Au/1.0 m with quartz vein-hosted mineralization associated with the Red Cube South quartz vein in drillhole BC-87. Significantly, the deepest intersection of the Red Cube-hosted mineralization in the deposit is currently 205 m vertical depth (BC-87) with the deposit inferred to be open at depth. A schematic cross-section of the deposit is presented as Figure 2.

    To date, the Birch Crossing deposit has identified three subparallel, vertical to steeply south dipping, gold mineralized quartz vein systems which are termed the Red Cube South, Red Cube North, and Red Cube North-2 mineralized zones. The quartz veins form late-stage, dilational infillings within the northern marginal phases of the Brindson Lake Pluton adjacent to the regionally extensive Byers Tectonic Zone which transects the area immediately to the north of the deposit area.

    Golden Band is pleased with these results and remains very encouraged about the potential for the Birch Crossing deposit. An independent resource estimate for the Birch Crossing deposit will be undertaken as soon as 20 additional metallic screen assay samples are completed. These additional assays are to check for the possible presence of nuggety gold in samples where standard fire assays had reported gold values ranging from 10.39 to 251.41 g/t Au from this winter's drilling. Sample preparation and assaying are conducted by Accurassay Laboratories of Thunder Bay, Ont., an ISO/IEC guideline 17025 accredited facility. Golden Band utilizes industry best practices in quality control and quality assurance with insertions of assay standards, blanks, and duplicates, in addition to the quality assurance and quality control practiced by the assay laboratory.

    About Golden Band
    Golden Band Resources is a well-financed, Saskatchewan-based, publicly-listed company (GBN:TSXV) whose focus is the long-term, systematic exploration and development of its 100%-owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 750 km2, including ten known gold deposits, four former producing mines, and a licensed gold mill. The Company's near-term goals call for development and production from the Bingo, Komis, and EP deposits with processing at the Company's 100%-owned Jolu mill -- a project that has received a positive Preliminary Economic Assessment (scoping study) on April 19, 2007. Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful exploration strategy.

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    1803 GMT [Dow Jones] Comex June gold settled $2.20 lower to $670.10 an ounce. "Some of the base-metals weakness has leaked into the precious-metals sector, probably more in silver than it has gold," says Dave Meger, senior metals analyst with Alaron Trading. However, the slightly softer tone in the dollar may have kept gold from falling further, says Liberty Trading analyst Michael Gross. Some of the recent profit-taking in the metals has continued, he adds. A key chart area still a ways below the market will be the 200-day moving average in the $650 area, says Ralph Preston, senior market analyst with Heritage West Financial. (ALS)

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