Kaminak Gold Corporation

Kaminak Gold Corporation

January 18, 2008 08:30 ET

Kaminak Provides Joint Venture Updates on its British Columbia Gold Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2008) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the company has received final 2007 results from its Voigtberg and Nizi Creek gold properties located in northwest British Columbia. The Voigtberg project is currently under option to BCGold Corp. (TSX VENTURE:BCG), and the Nizi Creek project is under option to Romios Gold Resources (TSX VENTURE:RG). Both of these programs were solely funded by the respective option holder.

Voigtberg Project

In 2007, BCGold Corp. funded a $500,000 exploration program which included a property-wide, 404 line kilometre airborne geophysical survey and a 4-hole, 587 m drill program. One new geophysical and geochemical target (North Zone) was tested during the 2007 drill program and last year's (2006) significant "Gold Zone" drill hole intercept of 51.15 m @ 1.03 g/t Au, including 18.17 m @ 1.87 g/t Au in drill hole VGT06-05, was also followed up. Significant results are tabulated below.

Voigtberg Property
2007 Significant Drill Hole Intersections

From To Interval Au Cu Mo
Drill Hole (metres) (metres) (metres) (g/t) (ppm) (ppm)
VGT07-08 3.64 31.10 27.46 0.16 203.30 4.82
36.48 113.10 76.62 0.22 488.29 12.76
169.15 194.80 25.65 0.22 219.69 4.63

VGT07-09 4.26 45.60 41.34 0.18 144.49 190.79
Including 4.26 18.26 14.00 0.15 117.75 508.62
64.71 100.32 35.61 0.14 167.52 18.86

VGT07-10 40.00 116.40 76.40 0.41 168.48 31.56
Including 51.68 91.2 39.52 0.48 155.50 27.21
Including 54.72 71.5 16.78 0.72 14.70 45.79
Estimates of true widths of mineralized zones are not known due to the
preliminary nature of the drill program.

A Gold Zone step-out hole to the west and a North Zone drill hole (VGT07-11) were cancelled and abandoned respectively, owing to difficult pad building and drilling conditions. The Gold Zone has now been partially defined by 6 drill holes over a strike length of 300 m and remains open along strike and at depth.

Gold Zone Drilling Results

Drill hole VGT07-10 was collared 75 m north-eastward of Gold Zone drill hole VGT06-05 and intersected a series of pyritic andesite / dacite flows and lapilli tuff, cut by a multitude of narrow monzonite dykes. A broad interval of low grade gold mineralization averaging 0.41 g/t Au was observed associated with this geology over 76.40 m. Within this interval, a 16.78 m segment averaged 0.72 g/t Au.

Drill hole VGT07-08 was collared 250 m south of hole VGT06-05 to test the southern limits of the Gold Zone. This hole intersected similar geology and mineralization with comparably low gold grades (0.16 - 0.22 g/t Au) over appreciable widths (25.65 m to 76.62 m).

North Zone Drilling Results

Drill hole VGT07-09 was collared in the middle of the North Zone copper-molybdenum soil geochemical anomaly and coincidental induced polarization (I.P.) chargeability anomaly. This hole intersected mainly pyrite-bearing dacite / andesite flows with little in the way of monzonite dykes. A near-surface interval of 41.34 m averaged 0.18 g/t Au and 0.019% Mo, including 14 m of 0.05% Mo from 4.26 m to 18.26 m. The North Zone I.P. anomaly remains open to the north.

Every aspect of the 2007 Voigtberg exploration program was supervised by Equity Engineering Ltd. of Vancouver, British Columbia. All samples were analyzed by ALS Chemex, North Vancouver, BC, using ICP-AES (ME-ICP41) analyses for trace element geochemistry and fire assay for gold (Au-AA23). Murray Jones, P.Geo. is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release.

Nizi Creek Project

Romios mobilized a 4-person field crew to the Nizi Creek property in September, 2007. Property-wide geological mapping was augmented by a detailed petrographic and spectroscopic study of clay alteration minerals from several mineralized occurrences. This work successfully identified drill targets for 2008 and indicates further drilling is needed at the Discovery vein / Surprise vein. This is the most advanced prospect on the property with historical chip samples yielding 27.09 g/t Au plus 1220.6 g/t Ag over 2.0 m and 15.09 g/t Au plus 1073.2 g/t Ag over 3.5 m. Minor shallow drilling on this zone in the mid-1990's confirmed surface assays and yielded 5.68 g/t Au over 13.77 m and 3.54 g/t Au plus 27.21 g/t Ag over 6.1 m; however, no deep drilling (greater than 120 m) has ever been completed. Structural mapping combined with alteration studies completed by Romios in 2007, suggest known "stockwork-style" mineralization could represent the upper portion of a larger vein system at depth. Work plans and budgets for the 2008 field season at Nizi are expected to be completed over the coming months.

Kaminak's disclosure of a technical or scientific nature is prepared under the supervision of Rob Carpenter, Ph.D., P.Geo., Kaminak's President and CEO and is the Qualified Person under the definition of National Instrument 43-101. Historical gold assays from previous surface sampling and drilling were obtained from reports written and supervised by Professional Geologists. Although this data cannot be confirmed, it is considered reliable. Certified laboratory assay sheets accompanied these reports.

About Kaminak

Kaminak Gold Corporation is a prospect generator employing a joint venture strategy that maximizes opportunities for discovery while attempting to minimize exploration risk to Kaminak. A critical component of Kaminak's business model is working with strong project partners to advance Kaminak's exploration projects. Covering several million acres, Kaminak holds one of the largest land positions in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.

On behalf of the Board of Directors

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

Kaminak Gold Corporation

Certain disclosures in this release, including management's assessment of Kaminak's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kaminak Gold Corporation
    Rob Carpenter, Ph.D., P.Geo.
    President and CEO
    (604) 646-4534
    Website: www.kaminak.com