Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

November 22, 2007 08:30 ET

Kaminak Confirms Copper-Uranium-Silver Mineralization Along the BOG Trend: Geologic Evidence Validates "IOCG" Model on the Yathkyed Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced final surface assay results on claims and prospecting permits from its 200,000 acre Yathkyed IOCG (Iron-Oxide-Copper-Gold) project located in Nunavut, Canada.

Key Point Summary

- Separate outcrop grab samples from the BOG occurrence yield up to 2.45% Cu and 0.22% U3O8, respectively

- Distinctive zonation of copper, silver and uranium established at outcrop scale

- Textural and geochemical data suggests mineralization at Yathkyed is linked to similar processes as the IOCG class of mineral deposits

"In less than one year, Kaminak advanced the Yathkyed project from concept stage to become one of our core projects," stated Rob Carpenter, President and CEO of Kaminak. "Previous operators appear to have focused their efforts solely on uranium; Kaminak is focusing on unlocking the additional base and precious metal potential of the region."

The 2007 field work at Yathkyed focused on two separate and distinct copper + uranium + silver ± gold mineralized trends on the property named the BOG and YAT trends. Results from the YAT trend revealed the presence of previously unrecognized high-grade gold associated with copper, uranium and silver (see Kaminak news release dated November 5th, 2007). Today's news release highlights results from the BOG trend.

BOG Mineralized Trend

The main BOG trend is intermittently exposed over at least 5,000m and varies in width from 50m to 150m. In the late 1970s, Noranda Exploration Ltd. identified at least ten individual showings with significant uranium mineralization along a 1,000m long segment of the BOG trend. Noranda subsequently drilled several shallow holes along a less than 100m segment that appear to have targeted a high-grade uranium float boulder. The most easterly hole intersected 0.22% U3O8 over 1.0m and remains open.

Kaminak geologists visited key outcrops and observed intense brecciation and silicification of felsic intrusive rocks up to 30m in width. Six grab samples were collected from outcrops and boulders at the BOG zone proper (see Table 1). Two distinct styles of mineralization have been identified: "Type 1" mineralization is typically elevated in copper and silver only, whereas "Type 2" mineralization appears to have significant uranium only. Although geochemically distinct, these contrasting styles of mineralization occur within only a few metres of each other. Previous operators appear to have focused their exploration efforts primarily on "Type 2" occurrences and, as a consequence, largely overlooked or chose not to focus on the additional base and precious metal opportunities on the property. Representative field photographs of various mineralization styles are now available on Kaminak's website, www.kaminak.com.

Table 1: 2007 Surface Assay Results from the BOG Showing Area



---------------------------------------------------------------
Sample # Sample Type Style Cu (%) U3O8 (%)(i) Ag (g/t)
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CFP-502 Outcrop Type 1 2.45 0.06 46.0
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MDP-106 Outcrop Type 1 1.53 0.09 26.9
---------------------------------------------------------------
MDP-107 Boulder Type 1 0.56 0.04 19.6
---------------------------------------------------------------
CFP-500 Boulder Type 2 0.03 0.22 2.0
---------------------------------------------------------------
CFP-501 Outcrop Type 2 0.03 0.21 1.7
---------------------------------------------------------------
CFP-511 Outcrop Type 2 n.d. 0.17 0.7
---------------------------------------------------------------
(i)Lab results are reported in parts per million uranium U
(ppm). The conversion factor used to convert parts per
million uranium to % U3O8 is 10,000 ppm equals 1% U equals
1.18% U3O8. n.d. means not detected.


Applicability of the IOCG Model to the Yathkyed Property

A main goal of the field program was to evaluate the potential of the property to host an IOCG-style deposit. Previous exploration on Kaminak's current claim block occurred between 1977 and 1981, which was prior to the development of IOCG deposit models. The best known example of this class of ore deposit is the prolific Olympic Dam poly-metallic deposit located in Australia. The regional geology of the Yathkyed area shares many geological similarities with known IOCG districts, including: age of host rocks, the presence of an extensional tectonic regime that produced continental-derived mafic and felsic rocks, ultrapotassic magmatism and craton-scale structural breaks.

At the outcrop scale, Kaminak recognized key textural features of the IOCG deposit class, including the presence of brecciated and silicified felsic intrusive rocks displaying strong hematite and carbonate alteration. Kaminak's 2007 field work is complimented by microscope aided mineral identification and microprobe mineral chemical analyses of various mineralized samples from the property. Overall, metal content of the mineralized zones (Au-Cu-U-Ag) and trace element alteration assemblages (Si-Na-K-Ba-P) are consistent with accepted IOCG models.

QA / QC

Kaminak's technical team collected rock grab samples that are interpreted as being a fair representation of observed mineralization. Overall, assay results for metals of interest ranged from below detection level to significantly anomalous. Samples were shipped to ALS Chemex laboratories in North Vancouver and were analyzed for 48 elements by four acid digest ICP-MS. Over limit uranium was analyzed by XRF method and gold was analyzed by fire assay with an AA and GRAV finish.

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, who is a Qualified Person under the definition of National Instrument 43-101. Historical assays and previous sampling were obtained from government archived assessment reports, and although this data cannot be confirmed, they are considered reliable.

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