Golden Band Revamps Golden Heart In Saskatchewan

Golden Band Resources (GBN-V) wants to be seen as the key junior gold play for Saskatchewan.

To better lay claim to such a title, the Saskatoon, Sask.-based company decided to revamp its geological model for its wholly owned Golden Heart deposit, which is part of the much larger La Ronge Gold Belt properties.

The revamp allows Golden Band to define a much higher-grade deposit as it zeroed in on drill results from higher-grade zones at the deposit.

The company says inferred resources now come in at 671,650 tonnes grading 9.1 grams gold per tonne for 196,549 contained ounces at a cutoff grade of 4 grams gold.

Until recently, Golden Band had been defining Golden Heart as a larger tonnage but lower-grade deposit — as evidenced by a resource estimate finished back in 2006.

That estimate outlined measured and indicated resources of 4.5 million tonnes grading 1.8 grams gold for 260,000 oz. with additional inferred resources of 598,000 tonnes grading 1.66 grams gold for 32,000 oz. gold.

The company says it has spent the better part of the last five months homing in on higher-grade zones so Golden Heart would become “a key deposit for contributing future high-grade mill feed for the company’s planned gold production.”

In all, Golden Band says the new geological model outlines seven high-grade gold zones, which it hopes will contribute to lower operating costs on a per-ounce basis.

And more tonnage could soon be accompanying those already defined higher grades. Golden Heart is still open at depth and along strike and the area immediately surrounding the deposit hosts other gold showings that Golden Band plans to explore.

Golden Heart is part of the junior’s wholly owned La Ronge Gold Belt properties, which stretch over 750 sq. km in north-central Saskatchewan.

The overall project contains 12 gold deposits, five former producing mines, and a licensed gold mill.

Along with Golden Heart, Golden Band is looking to get its Bingo, Komis, and EP deposits into production with processing being done at its Jolu mill.

The company recently showed up on INK Research’s list of material companies with heavy insider buying. The report says company insiders bought roughly $213,000 worth of stock over the last 60 days.

At presstime, Golden Band shares were trading for 25¢. The company has 152.6 million shares outstanding.