Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

November 20, 2013 08:00 ET

Kaminak Coffee Drilling Links Supremo T5 and T7 Gold Zones

New Results include: 6.2g/t Au over 12.2m, 5.7g/t over 6.1m and 2.8g/t Au over 12.2m

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 20, 2013) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the delineation of new extensions of shallow oxide gold mineralization on the Company's Coffee Gold Project, Yukon Territory linking the Supremo T5 and T7 zones. Drilling identified a new structure - the 'T5 Splay' - with strike extent of at least 450m trending northeast from the southern section of the T5 zone. Drilling also extended T7 up to 400m southwards along strike where it appears to intersect or merge with the T5 Splay. The total strike length of the Supremo T5 and T7 gold zones are 1.7km and 950m respectively. Furthermore, Kaminak has now delineated over 10km of mineralized strike within the Supremo-Latte-Double Double area, which is where the bulk of the inferred resource estimate resides. The T5 Splay is another example that proves that the Coffee deposits are all connected as part of a single, large, structurally controlled hydrothermal gold system.

Drill highlights from the T5 Splay structure include:

  • 6.23grams per tonne gold (g/t Au) over 12.19m from 80.77m down hole depth in CFR0545
  • 5.70g/t Au over 6.09m from 10.67m down hole depth in CFR0546
  • 2.78g/t Au over 12.19m from 4.57m down hole depth in CFR0549
  • 3.54g/t Au over 7m from 106m down hole depth in CFD0352

About the Supremo T5-7 Zone

Drilling targeted the broad contiguous north and northeast trending +25ppb gold-in-soil anomalies coincident with a NE trending magnetic lineament, located between the southern portion of the Supremo T5 and T7 gold zones. Drilling intersected multiple oxidized bedrock mineralized structures with both N-S and NE-SW strike orientations:

  1. Drilling delineated a northeasterly trending structural corridor parallel to gold-in-soil trends and a magnetic lineament. The 'T5 Splay' may connect with mineralization previously ascribed to Supremo T8, located an additional 250m northeast along strike.
  2. The Supremo T7 zone comprises up to four parallel N-S striking mineralized structures. Drilling earlier in the 2013 season extended the zone 200m southward along strike, with mineralization remaining open to the south. Additional follow-up drilling has further extended the structures southward 100-300m along strike where they appear to intersect or merge with the NE trending T5 Splay.
  3. Future drilling is planned to comprehensively test the remaining area of gold-in-soil anomalism and test the possible extension of the T5 Splay to the northeast and its linkage with the T8 Zone. Infill soil sampling completed in 2013 has further highlighted these trends, which represent over 1km strike length of untested high tenor soil anomalism, as a high priority target for 2014 exploration drilling.

Drill Results

Drill Hole Structure/Target From (m) To (m) Core Length (m)* Weighted Average Grade (g/t Au)
CFR0530 Supremo T5 Splay 160.02 163.07 3.05 1.94
CFR0531 Supremo T5 Splay 60.96 62.48 1.52 0.96
CFR0532 Supremo T5 Splay 173.74 175.26 1.52 1.91
CFR0533 Supremo T5 Splay No Significant Values
CFR0534 Supremo T5 Splay 62.48 65.53 3.05 3.41
CFR0535 Supremo T5 Splay 71.63 73.15 1.52 2.50
CFR0545 Supremo T5 Splay 80.77 92.96 12.19 6.23
CFR0546 Supremo T5 Splay 10.67 16.76 6.09 5.70
CFR0547 Supremo T7 150.88 153.92 3.04 2.36
CFR0548 Supremo T7 67.06 70.10 3.04 1.38
CFR0549 Supremo T5 Splay 4.57 16.76 12.19 2.78
And Supremo T7 86.87 91.44 4.57 1.46
And Supremo T7 111.25 118.87 7.62 2.11
CFR0550 Supremo T7 103.63 106.68 3.05 1.24
CFR0551 Supremo T7 No Significant Values
CFR0596 Supremo T5 Splay 51.82 53.34 1.52 7.6
And Supremo T5 Splay 64.01 68.58 4.57 1.81
And Supremo T5 Splay 73.15 79.25 6.1 0.83
CFR0597 Supremo T5 Splay 28.96 30.48 1.52 1.71
CFD0352 Supremo T5 Splay 106 113 7 3.54
CFD0312 Supremo T5 No Significant Values
CFD0332 Supremo T7 Infill 81.00 87.00 6.00 5.69
CFD0333 Supremo T7 Infill 37.00 39.00 2.00 2.83
And Supremo T7 Infill 151.00 155.00 4.00 2.13
CFD0334 Supremo T7 Infill 64.00 67.00 3.00 1.72
CFD0335 Supremo T7 Infill 53.00 57.00 4.00 3.11
And Supremo T7 Infill 95.00 97.00 2.00 5.19

*In general, the true width is estimated at approximately 2/3 of the core length.

All maps, sections and assay sheets are currently available on the Kaminak website, www.kaminak.com.

About Kaminak

Kaminak Gold Corporation (TSX VENTURE:KAM) is exploring the Coffee Gold Project, a high-grade oxidized gold project located in the emerging White Gold District of the Yukon Territory, Canada. Since 2010, Kaminak has drilled 16 separate and distinct gold discoveries and established a maiden National Instrument 43-101 Inferred Mineral Resource Estimate consisting of 64 million tonnes grading at 1.56 grams per tonne gold ("g/t Au) for 3,236,000 ounces of gold at a base case cut-off of 0.5g/t Au for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material. At an overall 1.5 g/t Au cut-off, the inferred resource estimate consists of 21 million tonnes grading at 2.93g/t Au for 1,988,000 ounces of gold. Coffee also hosts numerous drill discoveries and untested gold-in-soil anomalies outside of the resource that have the potential to yield new ounces.

All gold discoveries drilled at Coffee were made by drilling directly under gold-in-soil anomalies. The lack of glaciation over the Coffee property has allowed in-situ soil-sampling to be utilized as a highly effective and low cost exploration tool. All deposits within the resource remain open along strike and at depth and contain high-grade mineralization that comes to surface. Additionally there are over 25km of untested soil anomalies on the property that warrant drill testing; only 20% of the 150,000 acre property has been systematically soil sampled.

The objectives of the 2013 program have been to expand the inferred resource along strike, drill new discoveries and conduct a comprehensive metallurgical program that will validate heap leach processing of mineralization and determine its optimal crush size. The results from the program will lead to a resource update towards the end of 2013 and a preliminary engineering and economic scoping study in 2014.

The Company has approximately 91 million shares outstanding and $11 million in cash.

QA / QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Rory Kutluoglu, P.Geo., Exploration Manager of Kaminak Gold Corporation, 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 sample string. Samples are placed in sealed bags and shipped directly to the ALS Minerals preparatory laboratory in Whitehorse prior to gold fire assay.

On behalf of the Board of Directors of Kaminak

Eira Thomas, President and CEO, Kaminak Gold Corporation

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.

Caution Concerning Forward-Looking Statements

Certain disclosures in this release, including management's assessment of the future potential of the Coffee Project 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. Except as required by law, 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.

Cautionary Note concerning estimates of Inferred Resources:

This news release uses the term "inferred resources". Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Kaminak advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do not recognize it. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.

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