Welcome!

News Feed Item

Banks Island Gold Ltd. Provides Corporate Update

- Underground mining development in mineralization in first level at Bob Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- 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.

Contacts:
Banks Island Gold Ltd.
Benjamin W. Mossman
President, Director, & Chief Executive Officer
604-245-0066
www.banksislandgold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...