Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

October 04, 2010 16:00 ET

Kaminak Continues to Intersect Wide Intervals of Gold Mineralization at Latte

Upper Latte:

CFD-35: 1.4 g/t Au over 81m, including 2.0 g/t Au over 21m

CFD-44: 1.8 g/t Au over 58m, including 2.3 g/t Au over 37m

CFD-45: 1.1 g/t Au over 93m, including 1.3 g/t Au over 49m

Lower Latte:

CFD-40: 8.1 g/t Au over 2m and 10.5 g/t Au over 1m

CFD-48: 5.5 g/t Au over 9m, including 15.4 g/t Au over 2m

CFD-50: 8.2 g/t Au over 5m, including 18.5 g/t Au over 1m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) is pleased to report assays from step-out drilling on the Latte trend, located on the Company's 100% owned Coffee property (White Gold District, Yukon Territory). The Latte trend is one of three significant gold discoveries made to date by Kaminak in 2010 on the Coffee property. The other two discoveries are the Supremo and Double Double trends, which are located approximately 1.5km north and east of the Latte trend, respectively. To date, 17 drill holes have been completed at the Latte Zone over 600m strike length and all holes have intersected gold mineralization.

Key Point Summary

  • Mineralized areas are assigned to an Upper Latte bulk-tonnage gold zone and a Lower Latte high-grade gold zone.
  • The Latte gold zones begin at surface, dip steeply to the south and are open in all directions for at least 600m along trend.
  • Latte is located along a regionally-significant greater than 8 km structure, of which several hundred meters have been tested.
  • The 2010 drill season is now complete and a total of 76 holes were drilled. Additional assays from Kona, Americano, Espresso and the Supremo-Latte Areas are pending.

"Drilling has confirmed a high-grade zone is present at Latte," stated Rob Carpenter, Kaminak's President & CEO. "Both the upper and lower zones begin at surface and can be traced for at least 600m along trend while remaining open at depth. Furthermore, the most westerly holes of the upper zone appear to have the widest mineralized intervals to date suggesting the system may be larger than currently known."

The Latte Zone is associated with a regionally-significant, east-west trending structural corridor co-incident with a 1km long by 100m wide gold-in-soil anomaly. Gold mineralization is preferentially concentrated in the structural corridor, associated with silicification and (oxidized) sulphides hosted in brittle fractures and breccia zones that overprint older strain fabrics. Two gold environments are described as follows:

Upper Latte: Wide gold intervals are hosted in high-strain feldspar-muscovite-quartz rocks associated with silicification, brecciation and extensive limonite microfracture networks (after pyrite).

Lower Latte: Narrow, high-grade gold intervals are hosted in structurally-lower intervals of biotite-feldspar schist associated with brecciation, clay alteration and abundant fine-grained sulphide (dominated by pyrite).

The high-grade zones (Lower Latte) are interpreted as possible feeder structures below bulk-tonnage-style mineralized zones (Upper Latte). Contrasting mineralization styles may be related to host rock composition and/or rock competency differences.

    From To Length Weighted
Drill Hole # Zone (m) (m) (m)* Grade (g/t)
CFD-31 Upper Latte 90 114 24 1.20
           
CFD-32 Lower Latte 129 131 2 2.32
           
CFD-35 Upper Latte 117 198 81 1.39
  incl.   117 154 37 1.74
  and   171 192 21 2.00
           
CFD-38 Upper Latte 71 90 19 1.00
           
CFD-40 Lower Latte 114 116 2 8.05
  and   207 208 1 10.45
  and   226 228 2 4.28
           
CFD-41 Upper Latte 187 204 17 0.49
           
CFD-44 Upper Latte 99 157 58 1.83
  incl.   99 136 37 2.32
  and   152 157 5 3.85
           
CFD-45 Upper Latte 110.7 203.7 93 1.10
  incl.   110.7 160 49.30 1.28
           
CFD-48 Lower Latte 90 99 9 5.55
  incl.   90 92 2 15.38
  and   97 98 1 9.93
           
CFD-50 Lower Latte 169 174 5 8.15
  incl.   169 170 1 18.45
*true width is estimated at 70-100% of core length

A detailed plan map, cross-sections, a long-section, assay sheets and a photo montage of select core samples are available on the Kaminak website at www.kaminak.com.

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 by charter plane to the ALS CHEMEX 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

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds 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.

Contact Information

  • Kaminak Gold Corporation
    Tony Reda
    Vice-President of Corporate Development
    Toll Free: 1.888.331.2269 or Direct: 604.646.4534
    info@kaminak.com
    www.kaminak.com