Kaminak Gold Corporation

TSX VENTURE : KAM


Kaminak Gold Corporation

November 14, 2012 16:00 ET

Kaminak Completes 2012 Drill Program and Extends Supremo Zones Along Strike

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the final 2012 drill results from the Coffee Gold Project, Yukon Territory. The 2012 drill program concluded in mid-October and a total of 348 holes were drilled for 69,100 metres. Final assays have now been received for all 2012 drilling and will be applied to the upcoming maiden NI 43-101 Inferred Mineral Resource Estimate expected in Q1 of 2013.

Key Point Summary

  • Supremo T5 oxidized gold zone extended an additional 200m north along strike. Results include: 1.72 g/t Au over 57.91m (from 36.58m); 3.63 g/t Au over 22.86m (from 118.87m); 1.52 g/t Au over 36.58m (from 73.15m); and 4.96 g/t Au over 13.71m (from 44.2m); 3.2 g/t Au over 13.71m (from 120.4m).
  • Supremo T7 oxidized gold zone extended an additional 50m south along strike. Results include: 1.09 g/t Au over 21.34m (from 60.96m); 2.62 g/t Au over 12.19m (from 155.45m).

"Our objectives this year were to make new discoveries, expand the mineralized zones within the Supremo, Double Double and Latte area along strike and continue to target near-surface, oxide gold mineralization. We were successful on all fronts," stated Rob Carpenter, Kaminak President & CEO. "Discoveries were made at the Supremo T4, T5, T7 and Sugar zones, and over 8.5km of mineralized strike was established within the 2km by 2km Supremo, Double Double and Latte area. Furthermore, extensive deep oxide profiles were established at all zones drilled this year."

Drill Results

All assay results from the 2012 drill program have now been released. Approximately 69,100m were drilled continuously from March to October, comprising 125 diamond drill holes and 223 reverse circulation drill holes. Planning of the 2013 drilling program has commenced with drilling expected to recommence in early March.

A total of 5 diamond core and 30 RC percussion drill holes are reported in this news release from the Supremo (T2, T4-5 and T7), and Sugar gold zones. Drilling was conducted on 50m to 100m spaced fences and succeeded in extending the gold mineralized structures along strike and to depth.

Supremo Zone

The NNW to NNE trending Supremo T5 structure was extended an additional 100m south and 200m north along strike. Results include: 1.72 g/t Au over 57.91m (from 36.58m); 3.63 g/t Au over 22.86m (from 118.87m); 1.52 g/t Au over 36.58m (from 73.15m); and 4.96 g/t Au over 13.71m (from 44.2m); 3.2 g/t Au over 13.71m (from 120.4m). The T5 structure now totals 1850m of strike and remains open to the north along strike as well as open at depth. Additional drilling in the south lends further evidence that the southward projection of the T5 structure intersects or merges with the western portion of the E-W trending Double Double structure, and in the north part of the T5 structural zone appears to merge with T3 along strike and at depth. These coalescing mineralized structures provide additional evidence that the Coffee mineral system comprises a single widespread and continuous gold mineralizing event.

Drilling also targeted along strike extensions of the Supremo T4 South zone where T4 merges into the eastern portion of Latte (previously referred to as the "Connector Zone"). Results include: 1.9 g/t Au over 15m (from 257m); 10.65 g/t Au over 1m (from 85m); and 5.93 g/t over 1m (from 135m). The T4 structure is greater than 1650m in strike length coalescing with T3 in the north and Latte in the south. Mineralization was extended to a maximum depth of 250 metres below surface, and remains open down-dip along the entire T4-5 structural corridor.

Drilling at T7 consisted of an additional fence of four holes 50m south of previous drilling (see Kaminak news release September 5, 2012). Results include: 1.09 g/t Au over 21.34m (from 60.96m); 2.62 g/t Au over 12.19m (from 155.45m); 1.95 g/t Au over 12.19m (from 103.63m); and 0.81 g/t Au over 22.86m (from 18.29m). The T7 zone now has a strike length of 350m and has been extended to a maximum depth of 175m below surface. The T7 zone remains open along strike both to the north and south as well as down dip along the entire length of the structure.

Drilling at T2 comprised an additional fence of three holes 50m north of previous drilling completed in 2011 and extending the zone to 500m strike length. Results include: 1.17g/t Au over 9.14m (from 60.96m). T2 remains open along strike to the north and south.

The Supremo Zone consists of at least eight individual gold-in-soil trends (named T1 to T8) striking sub-parallel on a broadly north-south orientation within a 2km by 2km area. Drilling beneath these soil anomalies successfully identified gold-bearing brittle fractures and breccia zones within gneissic host rock and felsic-intermediate intrusive rocks, accompanied by silica flooding and pyrite (oxidized to limonite/hematite). Higher‐grade gold is associated with intense silica-sericite alteration and high pyrite/limonite content. The mineralized structures are totally to partially oxidized as deep as 200m below surface.

Sugar

In addition to the ten diamond core holes previously announced (see Kaminak news release September 5, 2012), which included 2.3g/t Au over 8m (from 30m) and 1.3g/t Au over 19.2m (from 180m), two diamond core holes were completed, testing a NW-SE striking coincident gold-in-soil anomaly and magnetic-low linear structure on the western edge of the Sugar soil grid. Results of drill holes SGD-11 & SGD-12 include: 0.93g/t Au over 1m (from 129m) and 0.83g/t over 1m (from 111m) respectively.

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

Assay Table

Drill Hole
Number
From
(m)
To
(m)
Width
(m)*
Weighted
grade
(g/t Au)
Supremo T7 Zone
CFR-326 Drilled over top of structure
CFR-327 18.29 41.15 22.86 0.81
And 147.83 152.40 4.57 2.31
CFR-328 60.96 82.30 21.34 1.09
CFR-329 88.39 89.92 1.53 2.76
And 103.63 115.82 12.19 1.95
And 129.54 134.11 4.57 2.10
And 155.45 167.64 12.19 2.62
Supremo T5 North Zone
CFR-332 108.20 123.44 15.24 1.74
And 158.50 167.64 9.14 1.23
CFR-333 Abandoned
CFR-334 100.58 102.11 1.53 7.32
CFR-335 10.67 36.58 25.91 2.38
And 140.21 141.73 1.52 2.58
CFR-336 112.78 120.40 7.62 1.80
CFR-337 147.83 149.35 1.52 2.85
CFR-338 Failed To Reach Structure
CFR-339 60.96 73.15 12.19 2.94
And 118.87 141.73 22.86 3.63
And 190.50 195.07 4.57 3.40
CFR-340 120.40 134.11 13.71 3.20
CFR-341 9.14 18.29 9.15 3.60
And 27.43 30.48 3.05 3.41
And 44.20 57.91 13.71 4.96
And 73.15 109.73 36.58 1.52
CFR-342 36.58 94.49 57.91 1.72
And 176.78 179.83 3.05 1.26
CFR-343 106.68 112.78 6.1 1.85
CFR-344 185.93 187.45 1.52 2.39
CFR-345 36.58 38.10 1.52 8.42
And 103.63 105.16 1.53 4.65
And 126.49 128.02 1.53 2.60
CFR-346 18.29 19.81 1.52 1.04
And 141.73 143.26 1.53 16.85
CFR-347 15.24 18.29 3.05 2.75
And 105.16 111.25 6.09 0.99
And 117.35 121.92 4.57 2.05
Supremo T5 South Zone
CFR-348 3.05 4.57 1.52 1.33
CFR-349 No Significant Results
CFR-350 No Significant Results
CFR-351 No Significant Results
CFR-352 No Significant Results
CFR-353 24.38 25.91 1.53 3.81
CFR-354 39.62 42.67 3.05 1.35
Supremo T2 North Zone
CFR-355 60.96 70.1 9.14 1.17
CFR-356 No Significant Results
CFR-357 No Significant Results
Supremo T4 South Zone
CFD-288 Abandoned
CFD-289 85 86 1 10.65
And 135 136 1 5.93
And 290 291 1 3.71
CFD-290 257 272 15 1.90
Sugar Zone
SGD-11 129 130 1 0.93
SGD-12 111 112 1 0.83
Drill holes prefixed CFD: diamond core holes. Drill holes prefixed CFR: reverse circulation holes.
* True width estimated at approximately 2/3 down-hole length.

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 to the ALS Minerals 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

Certain disclosures in this release, including management's assessment of plans, projects and intentions with respect to the Coffee Project drilling program 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.

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