Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

August 24, 2010 08:30 ET

Kaminak Discovers Second High-Grade Gold Zone at Double Double: Drill Hole CFD-28 Intersects 15.9 g/t Au over 5m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced assay results for drill hole CFD-28 from the Double Double Zone. This hole was drilled on the same section as CFD-27, which previously intersected 6.3 grams per tonne gold (g/t Au) over 35m (see Kaminak news release dated August 11th, 2010). Cross-section analysis aided by oriented core data suggests these two intercepts represent separate and parallel zones of mineralization that remain open in all directions.

The Double Double trend is one of three gold discoveries announced by Kaminak during the ongoing 2010 drill program on its 100% owned Coffee property located in the White District, Yukon Territory. Additional assay results from the Supremo and Latte Zones are expected in the coming weeks and initial drilling of the Kona trend is underway.

Drill Results

The Double Double Zone is associated with a regionally significant, east-northeast trending and steeply north-dipping structure co-incident with a 300m long by 100m wide gold-in-soil anomaly. The structure is comprised of shear zone and breccia fabrics overprinting variably-textured schist giving the overall appearance of a high-strain fault zone. Gold occurs in this fault zone and alteration typically consists of silicification, clay alteration, local sericite in addition to oxidized sulphides.

Drill hole CFD-27 and CFD-28 were drilled from the same set-up inclined to the north at -50 and -70, respectively. Results from CFD-27 were previously released by Kaminak on August 11th, 2010 and two significant gold zones were reported: an upper zone of 2.04 g/t Au over 9m (from 34m core depth) and a lower high-grade intercept of 6.3 g/t Au over 35m from 139m, including 18m grading 10.42 g/t Au from 156m.

New results from CFD-28 are highlighted by an intercept of 15.91 g/t Au over 5m starting from 213m core depth. Several discrete >1 g/t Au intervals also occur further down hole, including an intercept of 1.37 g/t Au over 3.4m at the bottom of the hole.

Drill Hole # From (m) To (m) Length (m) Weighted Grade (g/t)
CFD-28 213 218 5 15.91
and 299 302 3 2.13
and 327 330.4 3.4 1.37
*true width is estimated at 70-100% of core length

Data from oriented core measurements combined with detailed geological core logging from CFD-27 and CFD-28 suggest that this new high-grade intercept from CFD-28 is hosted in a separate and parallel structural zone from the high-grade CFD-27 intercept. The occurrence of anomalous (>1 g/t Au) gold values at the bottom of CFD-28 is consistent with these observations.

A detailed plan map, cross-section, assay sheet and photo montage of select core samples are available on the Kaminak website at www.kaminak.com.

QA/QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P.Geo., Kaminak's President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill core sample string. Samples are placed in sealed bags and shipped directly by charter plane to the ALS CHEMEX preparatory laboratory in Whitehorse prior to gold fire assay and ICP-MS analysis. The Coffee property is an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kaminak Gold Corporation
    Tony Reda
    Vice-President of Corporate Development
    Toll free 1.888.331.2269 or Directly at 604.646.4534
    info@kaminak.com
    www.kaminak.com