Banks Island Gold Ltd. Reports Strong VTEM Conductors Identified on Banks Island
02 Novembre 2011 - 2:30PM
Marketwired
Banks Island Gold Ltd. (the "Company") (TSX VENTURE:BOZ) is pleased
to announce that it has received the final report from Geotech Ltd.
on the VTEM plus time-domain airborne geophysical survey flown in
September 2011.
The Company views the VTEM plus survey to be highly successful.
Conductive anomalies appear to correlate to several of the known
mineralized zones on Banks Island. Importantly, new targets with
strong conductive anomalies in unexplored areas have been
identified by the survey.
The strongest conductor, with a strike length of approximately
700m, is in an unexplored area under Witness Lake and marsh. A
strong anomaly is present north of Sproatt Lake along strike and to
the east of the Crossbreak showing. Several conductors were
identified in the Arseno Lake area where known mineralization
occurs, including the Discovery and Kim Zones, and where a large
geochemical soil anomaly was outlined by previous operators.
Several strong anomalies ranging from 300m to 700m in strike
length were identified on the Waller Peninsula over a 2km2 area.
There are no records of exploration on the Waller Peninsula by
previous operators or in the public domain. In addition to steeply
dipping "structural" conductors similar to the known mineralized
zones on Banks Island, flat or slightly dipping conductors ranging
from "thin" to "thick" were identified.
The Company is encouraged that conductive anomalies appear to
coincide in location and orientation over the Tel and the Discovery
Zones. Several conductive anomalies correlate with other known
mineralized showings on Banks Island. A 300m long northwest
trending anomaly under Hepler Lake at the Island prospect is
present and a 500m long northwest trending anomaly is present on
the southwest shore of Crazy Lakes.
Principal geophysical sensors used in the survey included a
versatile time domain electromagnetic (VTEMplus) system and
horizontal magnetic gradiometer. A total of 978 line-kilometers of
geophysical data were acquired during the survey. Data analysis was
performed by Geotech Ltd.
The Company is currently evaluating and prioritizing the
geophysical targets outlined by Geotech Ltd. A program of
geological mapping followed by drill testing is contemplated.
Geophysical maps, reports, and summaries will be available on
www.banksislandgold.com.
Dr. Dirk Meckert, PhD, P.Geo 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
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.
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.
Contacts: Banks Island Gold Ltd. Benjamin W. Mossman
604-245-0066www.banksislandgold.com
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