Banks Island Gold Ltd. Intersects 10gpt Gold over 12.7m at Kim Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 2, 2013) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") announces that it has received assay results from the Yellow Giant Gold Project located near Prince Rupert, BC.
Diamond drilling at the Kim Zone is focused on definition drilling and expansion of the current Inferred Resource. Assay results for thirteen holes additional holes have been received. Diamond drilling was completed at section spacing of 20m to follow up on results from ring K5 which was reported in a previous news release dated July 4th, 2013.
Highlights from the recent drilling include an intercept of 9.8gpt Au over 12.7m in drillhole KIM-13-05 and 15.5gpt Au over 5.1m in drillhole KIM-13-07. Significant mineralized intersections are displayed in Table 1. Drill section K4 is displayed in Figure 1.
| Table 1 - Significant Mineralized Intersections at Kim Zone |
| Hole | Drill Ring | | From (m) | To (m) | Core Interval (m) | | Estimated True Width (m) | Au (gpt) | ||||
| KIM-13-07 | K2 | 47.3 | 52.4 | 5.1 | 5.0 | 15.5 | ||||||
| KIM-13-01 | K3 | 56.9 | 60.3 | 3.4 | 3.3 | 10.3 | ||||||
| KIM-13-02 | K3 | 59.3 | 69.15 | 9.8 | 7.3 | 2.8 | ||||||
| KIM-13-03 | K3 | 70.9 | 81.0 | 10.1 | 6.4 | 1.9 | ||||||
| KIM-13-04 | K4 | 64.8 | 72.2 | 7.3 | 6.1 | 7.3 | ||||||
| KIM-13-05 | K4 | 78.3 | 91.0 | 12.7 | 8.0 | 9.8 | ||||||
| KIM-13-06 | K4 | 93 | 100.6 | 7.6 | 5.3 | 0.5 | ||||||
| KIM-13-15 | K6 | 97.4 | 102.6 | 5.2 | 4.0 | 13.8 |
To view FIGURE 1, please visit the following link: http://media3.marketwire.com/docs/BOZfig_1.pdf.
The Company is currently diamond drilling at the Kim Zone and will report additional assays when received. Drill productivity remains excellent and continues to improve with 3,634m drilled in July (117m/day) and 9,763m of drilling completed since commencing exploration in mid-April.
Dr. Dirk Meckert, P.Geo is the qualified person who reviewed and approved the contents of this news release.
Analytical work was carried out by AGAT Laboratories Ltd. in Mississauga, Ontario. Quality assurance and quality control programs include the use of analytical blanks, standards, and duplicates in addition to the lab's own internal quality assurance program. Samples are fire assayed with an ICP-EOS finish to determine gold values. Samples containing greater than 10 gpt gold are fire assayed with a gravimetric finish.
The Company is a junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company's mineral properties are 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.