Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

November 18, 2010 08:30 ET

Kaminak Drilling at Americano Yields New Gold Discovery of 2.36 g/t Au Over 18m and Step-Out Hole Successfully Intersects Latte Gold Zone 900m Along Trend from Known Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced drill results from widely-spaced exploration holes from the Americano and Espresso gold-in-soil trends, as well as, assays from Latte Zone step-out drilling, all of which occur on the Company's 100% owned Coffee property, located in the White Gold District, Yukon Territory. All zones begin at surface and remain open along trend and at depth.

Key Point Summary:

  • Nine of the ten holes drilled at Americano successfully intersected gold mineralization. Key intercepts include 2.36 g/t Au over 18m from CFD-64 and 6.53 g/t Au over 3m from CFD-55.
  • The discoveries at Americano and at the previously announced Kona Zone are both hosted in granites; the primary host rock in the western and southern portion of the Coffee property. The gold-bearing potential of these rocks has been validated and will be a key focus of next year's program. 
  • Latte Extension (B52 Zone) drill hole CFD-61 successfully intersected rocks correlated with the Latte shear zone and extends the Latte Zone 900m to the west. Highlights include: 3.04 g/t Au over 6m including a high-grade interval of 10.25 g/t Au over 1m.  

"Our 2010 drill program was the first ever drilling on the Coffee property, and we successfully intersected significant near-surface gold over a distance exceeding 10 kilometers, resulting in a half dozen bona fide gold discoveries," stated Rob Carpenter, Kaminak's President and CEO. "Our exploration philosophy of drilling below high-quality gold-in-soil anomalies is delivering results, and with only 10% of the property systematically soil sampled, we expect to continue to generate additional gold targets."

Americano and Espresso Zones

The Americano area is underlain by granite and comprises two parallel northeast trending linear gold-in-soil trends totaling over 4km in length. These two trends become linked to the east by a north by northeast trending gold-in-soil anomaly informally known as the Americano "link" structure. This link structure is at least 700m long. A total of 10 widely-spaced holes were drilled at Americano in order to test for the presence of steeply-dipping gold-bearing brittle structures analogous to the nearby Kona gold zone where CFD-53 returned 2.2 g/t Au over 57m (see Kaminak news release dated October 12, 2010).

Nine of the ten holes drilled at Americano successfully intersected gold mineralization hosted in sulphidic and clay altered brittle fault zones cross-cutting granite. Notable intercepts occur in the north by northeast trending "link" structure where four holes were drilled over 300m. All four holes intersected significant gold mineralization including 2.36 g/t Au over 18m from CFD-64 and 6.5 g/t Au over 3m from CFD-55. Gold zones at the link structure remain open at depth and along trend. The interpreted length of the entire gold-in-soil trend at the Americano link area exceeds 700m.

Three holes were drilled into the Espresso gold-in-soil trend located approximately 1km south of Americano link structure and 1.5 kilometers southeast of the Kona gold zone discovered earlier in 2010. Two of the three holes successfully intersected gold-bearing granitic host rocks characterized by clay and sulphide alteration including CFD-70 that yielded 1.36 g/t Au over 8m.

Latte Extension (B52 Zone)

Initial drilling at the Latte Zone by Kaminak in 2010 successfully intersected gold mineralization in all 17 holes over a strike length of at least 600m. Ground magnetic data acquired over the Coffee property suggests the main structural feature that hosts gold mineralization at the Latte Zone extends well beyond the limit of drilling in 2010. To test this theory, Kaminak drilled a "wildcat" step-out exploration hole 900m west of the Latte Zone in order to intercept the projected extension of the Latte gold mineralization in a region informally labeled the "B52 Zone".

Drill hole CFD-61 was drilled to the north at a -50 degree angle and successfully intersected rocks correlated with the Latte shear zone located 900m to the east. Three discrete gold zones were intersected over a core length of approximately 32m (starting at 85m depth). Highlights include 3.04 g/t Au over 6m including a high-grade interval of 10.25 g/t Au over 1m. Mineralization is interpreted to occur within an east-west trending and steep south-dipping shear zone structure believed to be the extension of the Latte gold structure. This result confirms that the gold-bearing structure at Latte continues well beyond the limits of Kaminak's 2010 drilling and future exploration work in this area will focus on expanding these zones.

Drill Results
Drill Hole # Zone From (m) To (m) Length (m)* Weighted Grade (g/t)
CFD-55 Americano 9 11 2 2.76
    65 78 13 1.87
incl.   75 78 3 6.53
           
CFD-56 Americano 21 26 5 1.55
           
CFD-58 Americano 35 37 2 1.65
    120 122 2 6.50
           
CFD-59 Americano 29 49 20 1.02
    70 77 7 1.48
           
CFD-61 B52 85 88 3 1.09
    101 103 2 1.09
    111 117 6 3.04
incl.   113 114 1 10.25
           
CFD-62 Americano 38 42 4 2.42
           
CFD-63 Americano 49 85 36 0.92
incl.   61 73 12 1.43
           
CFD-64 Americano 150 168 18 2.36
incl.   155 156 1 11.1
           
CFD-66 Americano   No Significant Values
           
CFD-68 Americano 3.87 6 2.13 1.28
           
CFD-70 Espresso 179 187 8 1.36
           
CFD-72 Espresso   No Significant Values
           
CFD-74 Espresso 6 8 2 2.29
           
CFD-76 Americano 68 71 3 2.24
    78 80 2 1.73
    124 129 5 2.18
*true widths are estimated at 50-70% of core length

Detailed plan maps, cross-sections, and assay sheets of Americano, Espresso and Latte Extension holes 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

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com. 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.

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