Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

October 15, 2012 16:00 ET

Kaminak Drilling Connects the Supremo T5 and Double Double Gold Zones and Successfully Demonstrates Continuity at Depth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced assay results from 71 drill holes located within the Supremo (T3, T4 and T5) and Double Double gold zones. Complete plan maps, cross sections and assay tables are now available on the Company website www.kaminak.com. The objectives of the drill programs were as follows:

  1. Supremo T5 zone connection with the Double Double zone (21 holes)
  2. Deep drilling beneath the Supremo T4/5 zones (8 holes)
  3. Extension of Supremo T3 zone to the north (20 holes)
  4. Deep drilling of the Double Double zone (22 holes)

"The final holes of the 2012 drill program are now being drilled, with a total of 337 holes and 67,500m drilled from March to October of 2012. Kaminak is in a strong financial position as the Company currently has C$17,900,000 cash and no debt," stated Rob Carpenter, Kaminak President & CEO. "Additional results are pending in the coming weeks from approximately 30 holes at the Supremo T4, 5 and 7 gold zones."

Key Results

  • Supremo T5 zone merges with Double Double zone: Supremo T5 zone extended 300m south along strike and appears to merge with the western portion of the Double Double zone. Results include: 8.49 grams per tonne gold (g/t Au) over 13.71m (from 3.05m core depth); 9.85 g/t Au over 4m (from 218m); 3.03 g/t Au over 12.19m (from 1.53m) and 1.24 g/t Au over 27.43 m (from 56.39m).
  • Supremo T4/5 zone undercuts: Deep drilling successfully extended mineralized zones beyond 200m vertical below surface. Results include: 11.86 g/t Au over 6.1m (from 190.5m); 3.01 g/t Au over 20m (from 165m); 3.44 g/t Au over 12.19m (from 141.73m) and 3.13 g/t Au over 14m (from 237m).
  • Supremo T3 zone successfully extended 300m north along trend: The T3 zone has now been traced for over 1900m and remains open along trend and at depth. Results include: 2.86 g/t Au over 18.28m (from 74.07m); 1.62 g/t Au over 19.81m (from 120.4m); 1.54 g/t Au over 15.24m (from 2.44m) and 1.58 g/t Au over 19.81m (from 152.4m).
  • Double Double deep drilling: Gold mineralization traced as deep as 400m vertical below surface. The mineralized structures are totally to partially oxidized as deep as 300m below surface. Key intercepts include: 4.33 g/t Au over 24m (from 304.5m) including 11.2 g/t Au over 2.5m (from 314m) and 11.8 g/t Au over 3.5m (from 325m). A separate hole intersected 1.65 g/t Au over 24.5m (from 395.5m).

Drill Results

A total of 33 diamond core and 38 RC percussion drill holes are reported from the Supremo (T3 and T5) and Double Double 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 on 100m spaced drill step-outs an additional 300m south along strike. Results include: 8.49 grams per tonne gold (g/t Au) over 13.71m (from 3.05m core depth); 9.85 g/t Au over 4m (from 218m); 3.03 g/t Au over 12.19m (from 1.53m); and 1.24 g/t Au over 27.43 m (from 56.39m). The T5 structure now totals 1500m of strike and remains open to the north along strike. The southward projection of the T5 structure is interpreted to intersect or merge with the western portion of the E-W trending Double Double structure, thereby providing additional evidence that the Coffee mineral system comprises a single widespread and continuous gold mineralizing event.

Drilling also targeted down-dip extensions of the central Supremo T4-5 zone (where T4 and T5 merge into a single broad structural corridor). Results include: 11.86 g/t Au over 6.1m (from 190.5m); 3.01 g/t Au over 20m (from 165m); 3.44 g/t Au over 12.19m (from 141.73m); and 3.13 g/t Au over 14m (from 237m). Mineralization was extended to a maximum depth of 250 metres below surface, and remains open down-dip along the entire T4-5 structural corridor.

Additional drilling on the northern Supremo T3 zone included infill and step-out drilling which extended gold mineralization an additional 300m north along strike. Results of the infill drilling include: 8.08g/t Au over 3.05m (from 54.25) and 1.65g/t over 15.24m (from 169.77). Results of the extensional drilling include: 2.86 g/t Au over 18.28m (from 74.07m); 1.62 g/t Au over 19.81m (from 120.4m); 1.54 g/t Au over 15.24m (from 2.44m) and 1.58 g/t Au over 19.81m (from 152.4m). The T3 zone now totals 1900m strike length and remains open to the north along strike as well as down-dip along the entire length of the structure as defined to date by drilling.

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 has 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.

Ongoing drilling continues to focus on expanding the Supremo T5 zone along trend. The final holes of the Supremo program are currently being drilled, which will conclude the 2012 Coffee Gold Project drilling program for an anticipated total of approximately 68,000 metres.

Double Double

Drilling targeted along-strike and down-dip extensions of the Double Double zone, which now comprises a total strike length of 600m and has been extended to a depth of up to 400 metres below surface. Deep drill results include: 4.33 g/t Au over 24m (from 304.5m) including 11.2 g/t Au over 2.5m (from 314m) and 11.8 g/t Au over 3.5m (from 325m); and 1.65 g/t Au over 24.5m (from 395.5m). Mineralization occurs in discrete east-northeast trending, steeply-dipping to vertical lodes characterized by intense fracturing and polyphase breccia zones accompanied by silicification, strong clay and sulphides. The mineralized structures are totally to partially oxidized as deep as 300m below surface. Double Double is open down-dip, remains open along strike in both directions and is interpreted to connect with the Latte structure approximately 600m to the west.

Table of Results

Drill Hole Number From (m) To (m) Width (m)* Weighted grade (g/t Au)
Supremo T3 North
CFR-289 35.66 40.23 4.57 2.19
CFR-291 Abandoned
CFR-292 73.15 76.20 3.05 6.77
CFR-293 79.86 84.43 4.57 1.0
CFR-294 74.68 80.77 6.09 2.04
And 108.20 115.82 7.62 3.9
CFR-295 76.81 79.86 3.05 2.09
CFR-296 120.40 140.21 19.81 1.62
Including 134.11 138.68 4.57 4.21
CFR-297 124.05 127.10 3.05 1.42
CFR-298 9.14 24.38 15.24 0.89
And 80.77 89.92 9.15 1.58
And 124.97 138.68 13.71 1.35
And 152.4 172.21 19.81 1.58
Including 166.12 170.69 4.57 4.18
CFR-299 169.77 185.01 15.24 1.65
CFR-300 99.06 108.20 9.14 3.24
CFR-301 70.10 80.77 10.67 1.22
And 158.5 163.07 4.57 5.99
CFR-302 102.11 106.68 4.57 6.65
CFR-303 24.38 32.00 7.62 0.8
CFR-304 18.29 24.38 6.09 4.3
CFR-305 28.35 31.39 3.04 4.71
And 54.25 57.30 3.05 8.08
CFR-306 100.58 103.63 3.05 2.33
CFR-308 43.59 55.78 12.19 0.56
CFR-310 74.07 92.35 18.28 2.86
Including 84.73 90.83 6.10 5.6
CFR-313 2.44 17.68 15.24 1.54
Supremo T4/5 Undercuts
CFD-274 131 135 4 2.47
CFD-276 141 143 2 2.78
And 248 265 17 1.65
And 311 314 3 3.73
CFD-278 165 185 20 3.01
Including 179 181 2 10.97
CFD-280 202 207 5 2.59
And 216 223 7 1.34
CFD-283 37 39 2 2.71
And 221 235 14 1.37
And 240 246 6 5.08
And 256 259 3 2.06
CFD-285 237 251 14 3.13
CFR-330 141.73 153.92 12.19 3.44
And 184.4 187.45 3.05 1.51
CFR-331 190.5 196.6 6.1 11.86
Supremo T5 South
CFD-281 80 81 1 0.8
CFD-282 80 81 1 1.76
And 155 158 3 0.76
CFD-284 128 130 2 2.61
And 218 222 4 9.85
CFD-286 47 51 4 1.38
CFD-287 69 75 6 1.1
CFR-307 135.64 138.68 3.04 2.25
CFR-309 56.39 83.82 27.43 1.24
CFR-311 89.92 97.54 7.62 0.92
CFR-312 56.39 57.91 1.52 2.35
CFR-314 137.16 141.73 4.57 1.38
CFR-315 Did not reach structure
CFR-316 99.06 102.11 3.05 2.89
CFR-317 Abandoned
CFR-318 77.72 82.3 4.58 8.16
CFR-319 6.1 9.14 3.04 3.5
CFR-320 1.53 13.72 12.19 3.03
Including 12.19 13.72 1.53 14.55
And 21.34 22.86 1.52 5.08
And 30.48 35.05 4.57 3.17
CFR-321 3.05 16.76 13.71 8.49
Including 3.05 7.62 4.57 22.29
And 53.34 57.91 4.57 6.25
CFR-322 115.82 117.35 1.53 2.61
CFR-323 83.82 91.44 7.62 2.82
CFR-324 6.10 15.24 9.14 2.64
CFR-325 Drilled over top of structure
Double Double
CFD-230 No Significant Result
CFD-233 No Significant Result
CFD-236 32 33.5 1.5 5.29
CFD-237 31 33 2 1.00
CFD-240 52 54 2 2.38
CFD-241 No Significant Result
CFD-243 96.5 102 5.5 3.92
CFD-245 149.5 158 8.5 2.97
CFD-246 No Significant Result
CFD-249 187 189 2 2.98
CFD-251 174 174.5 0.5 1.99
CFD-254 125.5 127 1.5 11.68
And 175.5 181.5 6 1.93
CFD-256 168 170 2 6.74
And 178 180 2 40.64
CFD-259 140 145.5 5.5 1.41
And 250 257 7 0.92
CFD-261 168 171.5 3.5 8.74
And 179.5 184 4.5 4.18
And 204.5 217 12.5 1.14
And 233.5 243.5 10 1.88
And 250 253.5 3.5 10.18
And 304.5 328.5 24 4.33
Including 314 316.5 2.5 11.18
And Including 325 328.5 3.5 11.75
CFD-265 137 139 2 3.52
And 176.5 178 1.5 3.36
CFD-268 143.5 147 3.5 1.79
And 178.5 181.5 3 5.09
CFD-271 79 81.5 2.5 3.69
And 189 191 2 6.58
CFD-273 53 55.5 2.5 5.08
And 294.5 296 1.5 21.41
And 327 334 7 2.02
And 395.5 420 24.5 1.65
Including 413 420 7 2.75
CFD-275 No Significant Result
CFD-277 299.5 300.5 1 1.77
CFD-279 110 111 1 1.22

*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 sample string. Samples are placed in sealed bags and shipped directly to the ALS Minerals preparatory laboratory in Whitehorse prior to gold fire assay. 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.

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.

Contact Information

  • Kaminak Gold Corporation
    Tony Reda
    Vice President of Corporate Development
    toll free at 1.888.331.2269, directly at 604.646.4534
    info@kaminak.com
    www.kaminak.com