Jun 3 2015
Banks Island Gold Ltd. (the "Company") reports an update on regional exploration at the Company's 100% owned Yellow Giant Gold Project ("Yellow Giant"), located on Banks Island British Columbia.
The Company recently completed a lake sediment geochemical orientation study to assess the application of regional lake sediment surveying to target structurally controlled Au-Ag veins, and other undiscovered mineralization styles. Lake sediments are an ideal sample medium due to the low relief and poorly developed drainage systems on Banks Island, where the Company holds over 16,000 ha of virtually unexplored mineral claims.
Lake sediment geochemistry has proven to be a successful exploration tool for gold deposits in BC and the Canadian Shield. For example, in north-central BC, elevated Au anomalies in lake sediments led to the discovery of epithermal Au-Ag mineralization at the Wolf Prospect in the Blackwater-Davidson area.
During the orientation survey, samples were collected from lakes in barren and mineralized drainage catchments. All major inflows, major outflows and sub-basins were sampled and analyzed for a suite of 41 elements and LOI (Loss on Ignition, used as a proxy for organic content). Samples typically consist of dark brown, organic material from below the water-sediment interface, and contain varying amounts of organic matter and inorganic sediment.
Design of the regional survey has been aided by REFLEX Geosciences. Britt Bluemel, Geochemist at REFLEX Geosciences, stated that the "initial results from the lake sediment orientation survey, where samples were collected over both barren and mineralized zones, show clear differentiation in gold and associated pathfinder elements." Furthermore, she commented that "the anomalism is spatially coincident with known mineralisation as metal transport appears to be minimal, and anomalies are very likely to be immediately adjacent to mineralisation".
The result of the orientation survey is displayed in Figure 1. To view Figure 1, visit the following link: http://media3.marketwire.com/docs/BanksIslandGold_Figure1.jpg
The Company is encouraged by the initial results and is planning a comprehensive regional survey over the mineral claim on Banks Island this summer.
Benjamin Mossman, P.Eng. is the qualified person who reviewed and approved the contents of this news release.
The Company is a mining company focused on gold production, exploration, and development of 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