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Golden Band Resources Inc.
Summary
| Project: | Greywacke Lake | |
|---|---|---|
| Deposit: | Greywacke North | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 8/10/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 10-8-2016: Golden Band Resources Inc. announces a Supporting Acquisition report for its Greywacke North deposit at the Greywacke Lake project. JV with Golden Band Resources Inc. - re-filed tech report in support of acquisition. Frank Hrdy P.Geo., consulta | |
| Resources: | (Resource): 255500t @ 9.92g/t Au (Ind.) and 59130t @ 7.42g/t Au (Inf.) at Greywacke North deposit | |
| CP/QP: | [Resources]: Frank Hrdy, Eugene J. Puritch (CanMine Consultants;P&E Mining Consultants Inc.) | |
| ABSTRACT: | Frank Hrdy P.Geo., consultant to CanMine Consultants has conducted a technical review and mineral resource update of the Greywacke Lake North Zone as requested by Mr. Ronald K. Netolitzky, President & CEO, Director of Masuparia Gold Corporation. The Greywacke lake property is comprised of 15 claims totalling 5,786 hectares (Figure 2, Table 1). Masuparia Gold Corporation (Masuparia) holds 50% of the claims and Golden Band Resources Inc. (GBN) holds 50%. Masuparia is the operator. Other than the required assessment there are no known issues with respect to surface rights, legal access or obligations that must be met to retain the property. The Author is unaware of any terms of any back-in rights, payments, or other agreements and encumbrances to which Masuparia is subject nor are there any environmental liabilities, or any other significant factors and risks that may affect access, title, or the right or ability to perform work on the property (Masuparia was the owner of the property with 51% of the property. Golden Band purchased 49% of the property from JNR and Shane Resources - there were no royalties on the property prior to this transaction. In purchasing this interest GBN agreed to the royalty to the vendors on their portion of the property). GBN is subject to the following (Masuparia is not): 1. What is stated in the “La Ronge South Gold joint Venture Agreement” (Masuparia is operator) effective date June 29, 2012 between Masuparia and Golden Band. According to this agreement a 2% net smelter royalty (NSR) with a buy-down to 1% for $1 million in favour of Navis Resources exists (formerly Shane Resources Ltd., then Star Uranium Corp., then Star Minerals) and Dension Mines Corp (formerly JNR Resources Inc.) on the following mineral claims: S-106702, S-106711, S-106712, S-106713, S-106731, S-106732, S-106733 (partial), S-106785 (partial) and S-106786 (partial). There is also a 2% NSR with a buy-down to 1% for $500,000 in favour of Karoo Exploration (formerly United Uranium Corp) and Navis Resources on the following mineral claims: S-106625, S-106626 and S-106628. 2. At the time of writing this report Golden Band won a “Extension of Stay of Proceedings, Administrative Charge, Interim Financing, Stalking Horse Credit Bid, and SISP” “In the Matter of the Proposal of Golden Band Resources Inc. pursuant to Subsection 50.4 (1) of the Bankruptcy and Insolvency Act, RSC 1985, C B-3” issued at the City of Saskatoon, in the Province of Saskatchewan, on the 13th day of May, 2016 (Court Number BKY 116 of 2016; Estate Number 23-2111657. | |
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