Kaminak Gold Corporation

Kaminak Gold Corporation

June 06, 2006 09:15 ET

Kaminak Reports Gold Results from Churchill Drill Program; Quartz Vein with Visible Gold Assays 7.06 g/t Au Over 0.69m

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2006) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced drill results from the 100% owned Churchill property located near Rankin Inlet, Nunavut. Five drill holes, totaling 459 metres tested the first three of several geophysical and geochemical targets in the Sedna area. This was the first ever drill program designed to evaluate the gold potential of the multi-million acre Churchill property.

The most significant result came from drill hole KCF-01. This hole collared in banded-iron-formation and intersected a number of sulphide-bearing quartz veins. Visible gold was noted along the margin of one such vein at a depth of 30m. An assay of this material yielded 7.06 g/t Au over a core length of 0.69m. Poor drilling conditions caused the hole to be shut down prematurely at a depth of 45m while still within banded iron formation. This target is modeled to have a length of approximately 800m and occurs on the same trend of banded-iron-formation as the Aklak and Aqpik Gold Zones located on the adjacent Meliadine Property, where surface assays of greater than 30.0 g/t Au have been reported (See Comaplex Minerals Corp. Press Release, September 1, 2005).

"We successfully defined a gold target using technical datasets that were originally collected for diamond exploration," stated Rob Carpenter, President and CEO of Kaminak. "Our data sharing agreement with Shear Minerals allows us to focus right in on worthy gold targets yet spend only a fraction of the time and money typically required. These results will give us added confidence for the future when we evaluate the numerous targets across the vast property."

Kaminak is planning a detailed geological mapping and prospecting program this summer designed to further evaluate these drill results and also generate new targets across the multi-million acre Churchill property.

Banded-iron-formation was also encountered in the other two targets tested and anomalous gold values were encountered in sulphidic quartz veins in hole KD-467-2 (up to 0.50 g/t Au). Archived drill core that was originally drilled for diamond exploration in 2005 was also sampled due to the presence of banded-iron-formation and sulphides. Several intervals of anomalous gold values were obtained from this core (up to 0.22 g/t Au). Table 1 summarizes results from all drilling and sampling.

Table 1 - Summary of Drill Results
Hole From (m) To (m) Interval (m) Au (g/t)
KCF-01A No Significant Values
KCF-01B 26.30 27.05 0.75 0.17
29.00 29.52 0.52 0.21
29.52 30.21 0.69 7.06
39.00 40.00 1.00 0.12
KD-448-1 No Significant Values
KD-467-1 No Significant Values
KD-467-2 32.00 32.62 0.62 0.26
43.60 44.47 0.87 0.50
(i)KD-601-01 19.00 20.00 1.00 0.18
21.09 21.77 0.68 0.22
22.17 23.30 1.13 0.20
(i) Sampled from archived drill core originally drilled in 2005 by
diamond explorers.
Due to variable drilling angles, true thickness of zones range
from 50% to 60% of reported core length.

Kaminak retains non-diamond rights to the multi-million acre Churchill Project currently operated by diamond explorer Shear Minerals Ltd. As part of this agreement, Kaminak has access to most past and future geological datasets collected by Shear, including over 70,000 line kilometers of detailed airborne geophysics, 9,500 archived till samples and drilling information.

Kaminak's disclosure of a technical or scientific nature are prepared under the supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO, who serves as the Qualified Person under the definition of National Instrument 43-101. Assays from Kaminak's 2006 program were obtained from TSL Laboratories of Saskatoon, Saskatchewan, a certified laboratory. Core sample preparation comprises crushing to approximately 70% passing 10 mesh (1.7mm), the storage of remaining material as a 'coarse reject', and the pulverization of approximately 1000g of the -10 mesh material to approximately 95% passing 150 mesh (106 micron). The resulting pulp is then analysed by a 50g fire assay with AA finish. Samples assaying greater than 1.0 g/t Au were also analysed with a screened metallic fire assay. Kaminak also maintains an extensive quality control program in the preparation, shipping, and checking of all samples.

Kaminak Gold Corporation holds one of the largest land positions, covering several million acres, 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) 646-4521