Banks Island Gold Ltd. Provides Corporate Update
- Underground mining development in mineralization in first
level at Bob Zone
- Addition of grinding and flotation circuit at Yellow Giant in
progress.
- Focus of all Company resources to develop, explore, and expand
the Yellow Giant Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 15, 2014) -
Banks Island Gold Ltd. (TSX-VENTURE:BOZ) (the "Company") is pleased
to report a corporate update of its construction and project
development activities at the Yellow Giant Gold Property, located
on Banks Island, British Columbia.
The Company has completed 275m of underground development at the
Bob Zone to date. Underground development includes 14m in the
mineralization on the first level, generating approximately 800
tonnes of mineralized material. The Company will complete an
additional 20m of development in mineralization on the 1st level in
order to provide a drilling platform for production mining.
Development in the main decline is on-going with 150m of
development required to reach the 2nd level in the mineralized
vein. Longhole mining will commence once development of the 2nd
level is complete. The Company has acquired a mobile longhole drill
which is scheduled to arrive onsite in mid-February. A photo of the
mineralization in the first level is shown in Figure 1.
To view "FIGURE 1 - Bob 1st Level
Mineralization," please visit the following link:
http://media3.marketwire.com/docs/BOZimage.jpg.
The Company has processed approximately 1,500t of mineralized
material through the Dense Media Separation ("DMS") Plant to date
and is preparing an initial shipment of concentrate for shipping.
Further details will be provided when information is available.
The DMS Plant is fully operational and operating as designed.
Observation of initial concentrate assays and inspection of the
concentrates produced have determined that high density minerals,
including Garnet and Diopside, are diluting concentrate grades.
These heavy non-sulphide minerals, which are present in small
blocks of Skarn lithology, are located in proximity to
mineralization in some areas in the hangingwall of the Bob
Zone.
In order to ensure income and to optimize the overall economics
of the Yellow Giant project the Company has developed and
implemented a modified mining and processing plan.
Infill diamond drilling in planned stopes at the Bob Zone is
designed to identify areas with Skarn lithology in proximity to the
gold mineralization. Stopes without Skarn will be prioritized and
mined in order to provide mill feed able to produce high-grade DMS
concentrates. Gold mineralization with Skarn minerals present will
be kept in inventory until they can be processed by grinding and
flotation. The flotation process will allow the rejection of skarn
minerals.
The Company plans to add a grinding and flotation circuit to the
DMS plant to increase gold recovery and concentrate grades.
Increased concentrate grades will improve payable metals and
decrease costs associated with shipping and treatment of
concentrates.
The Company has recently invested approximately $1.5M in the
grinding and flotation plant circuits. New thickener tanks for the
circuit have been purchased and delivered to site. Installation of
the tanks is planned in February. The Company has ordered trailer
mounted grinding and flotation modules from Sepro Mineral Systems
Corp. (Sepro), based in Langley, BC. Manufacturing of the modules
is nearing completion, with testing of the units scheduled for late
January, and shipping to site in early February. Filter presses for
concentrate and tailings have been ordered and are scheduled for
delivery to site in early March.
Metallurgical testwork (news release dated October 22nd, 2012)
indicates that the addition of a rougher flotation circuit would
increase the grade of the concentrate to 109gpt Au with an increase
in gold recovery to 90%.
The Company has previously released a Preliminary Economic
Assessment (2013 PEA) for the Banks Island Mineral property which
is contained in the technical report "Technical Report &
Preliminary Economic Assessment" dated February 1st 2013
authored by Robert Baldwin, P.Eng. The 2013 PEA contemplated the
production of a concentrate using Dense Media Separation (DMS) with
a concentrate grade of 55gpt Au, gold recovery of 85%, and gold
payment of 87%.
As reported by news release on July 23rd, 2013 the Company has
an offtake agreement with Metallica Commodities Corp. ("MCC") for
the sale of concentrates produced at the Yellow Giant Gold
Property. The Company has drawn US$3,000,000 of the US$6,000,000
advance payment facility to date and anticipates further drawdowns
in the coming months as required.
The Company has decided to discontinue work on the Red Mountain
Gold Property, located near Stewart, BC. The Company has terminated
its option to purchase and returned the property to Seabridge Gold
Inc. The Company focus is to develop, explore, and expand its
Yellow Giant aggressively and all resources have been allocated
towards achievement of this goal.
Mr. Benjamin Mossman P.Eng, CEO of Banks Island Gold is the
qualified person who reviewed and approved the contents of this
news release.
The Company is a junior mining resource exploration company
focused on exploring for and developing economically viable mineral
resources. The Company's mineral property is located in British
Columbia. For more information, please refer to the Company's
website at www.banksislandgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Benjamin W. Mossman, P.Eng, President, Director, & Chief
Executive Officer
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the accuracy or adequacy of this release.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains forward-looking statements. All
statements, other than statements of historical fact, constitute
"forward-looking statements" and include any information that
addresses activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
including the Company's strategy, plans or future financial or
operating performance and other statements that express
management's expectations or estimates of future
performance.
Forward-looking statements are generally identifiable by the
use of the words "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project"
or the negative of these words or other variations on these words
or comparable terminology. These statements, however, are subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed, implied by or projected in the forward-looking
information or statements. Important factors that could cause
actual results to differ from these forward-looking statements
include but are not limited to: risks related to the exploration
and potential development of the Company's project, the actual
results of current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be
refined, future prices of gold, as well as those factors discussed
in the sections relating to risk factors of the Company prospectus
dated September 30, 2011 filed on SEDAR.
There can be no assurance that any forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader should not place any undue
reliance on forward-looking information or statements. Except as
required by law, the Company does not intend to revise or update
these forward-looking statements after the date of this document or
to revise them to reflect the occurrence of future unanticipated
events.
Banks Island Gold Ltd.Benjamin W. MossmanPresident, Director,
& Chief Executive
Officer604-245-0066www.banksislandgold.com
Banks Island Gold Ltd. (TSXV:BOZ)
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