Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

August 08, 2013 08:30 ET

Kaminak Drilling Extends Near-Surface Oxide Gold Mineralization Along Strike at Coffee

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 8, 2013) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced results for 54 drill holes from the ongoing 2013 drilling campaign at the Coffee Gold Project, Yukon Territory. Drilling successfully identified shallow, predominately oxidized gold-bearing structures within the Supremo-Latte-Double Double area, which is host to the majority of the 3.2Moz NI 43-101 Inferred Mineral Resource Estimate consisting of 64 million tonnes grading at 1.56 grams per tonne gold ("g/t Au") at a base case cut-off of 0.5g/t Au for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material. Drill results are presented from Supremo T1-7, Connector and Latte zones from drill campaigns that extended the known zones of mineralization along strike, across strike and to depth.

Highlights

  • Supremo 'T' Structures: Drilling continued to successfully extend additional, near surface oxide gold mineralization in the 'T' structures. Results include: 3.53 grams per tonne gold (g/t Au) over 18.28 metres from 158.50 metres downhole in T2; 9.84g/t Au over 6.10m from 134.11m in T5; 8.68g/t Au over 4.57m from 35.05m in T3; 2.06g/t Au over 6.10m from 68.58m in T7; and 2.69g/t Au over 44m from 6m in T1.5 (drilled obliquely down-dip).

  • Supremo-Latte Connector: Multiple oxide gold-bearing structures intersected within this complex fracture zone marking the intersection point between the Supremo and Latte mineralized structures. Results include: 5.67g/t Au over 16m from 95m.

  • Latte: Step out drilling west along strike beyond the existing Latte zone extended the Latte mineralized structure for an additional 300 metres. The total strike length of Latte is now in excess of 2 kilometres and still open. Results include: 2.91g/t Au over 6m from 95m.

  • 2013 Exploration Program Update: The Coffee 2013 drilling is ongoing and has now surpassed 40,000m whilst remaining on schedule and within the Phase 1 budget of $11M. In addition to the drill program, which will be incorporated into an updated resource estimate this year, collection of metallurgical, geotechnical, hydrogeological and environmental data is ongoing with the objective to support a Preliminary Economic Assessment to be formally commenced in early 2014. Also, an extensive soil sampling campaign that includes 5,026 samples was recently completed with the objective of identifying future drill targets. The Company is debt-free and fully financed to complete its 2013 objectives and commencement of a 2014 exploration program.

Kaminak President and CEO, Eira Thomas, commented: "Kaminak is nearing the end of a well executed, successful drilling campaign that has focused on delineating near-surface oxide gold mineralization in the Supremo-Latte-Double Double areas at Coffee in support of our first Preliminary Economic Analysis, set to commence in early 2014. While we have yet to define the limits of this extensive, structurally controlled, hydrothermal gold system, where an Inferred NI 43-101 resource of 3.2 million ounces was established in 2012, drilling this year has so far demonstrated good continuity and connectivity between the deposits. Further, we have continued to delineate near surface, potentially heap leachable, high grade zones that could represent accessible, early stage mining opportunities. Indeed, the presence of considerable shallow, high grade ounces within the block model is a distinct advantage for the Project as we begin to investigate future mining scenarios that take a disciplined approach towards capital investment and work to maximize margins."

Drilling Results

The drilling program is ongoing with one reverse circulation (RC) drill and one diamond core drill and over 40,000 metres of drilling has been completed to date. Drilling is predominantly focused on targeting those areas that could positively impact mining economics by extending proximal, near surface oxide mineralization in the vicinity of the known deposits. Specifically, Kaminak is aiming to delineate additional mineralization along- and across-strike on the Supremo 'T' structures, the Latte trend, and the Connector area which marks the intersection of these two zones. Priority is also being given to the ongoing testing of previously undrilled geochemical anomalies in other parts of the Supremo-Latte-Double Double area.

Supremo

Drilling targeted all of the Supremo 'T' structures, from T1 to T7, comprising mainly incremental step-outs along strike of existing mineralized zones, including T7, which was extended an additional 200m along strike to the north and south for a total strike length of at least 800m and remaining open to the north and south.

Drilling also targeted intermediate structures between the principal 'T' structures, which could potentially have a positive impact on open pit mining economics. A new structure named T1.5, intermediate between T1 and T2, comprised an initial diamond core drill intercept of 2.69g/t Au over 44m from 6m (CFD0298) drilled sub-parallel down the structure. Follow-up drilling orthogonal to strike and dip indicates the structure strikes northeast between the T1 and T2 structures over approximately 150m strike length suggesting a new style of linking structure between the main 'T' zones and highlighting the connectivity between structures within the overall hydrothermal mineralized system.

Drilling also targeted down-dip extensions to the known mineralized trends within 0-200 metres below surface, including the T2 zone which returned intercepts below previous shallow RC drill fences comprising 3.24g/t Au over 15.24m from 120.4m (CFR0493) and 3.53g/t Au over 18.28m from 158.50m (CFR0494).

Supremo-Latte Connector Zone

The Supremo-Latte Connector Zone is interpreted to be a highly prospective area for increased deformation, fluid flow and mineralization due to the intersection of the north to northeast trending Supremo T2, 3 and 4 trends with the east-west Latte trend. Additional follow-up diamond core drilling was undertaken to gain additional data on the geometry of the mineralized lodes. The current interpretation is that the Supremo T2, 3 & 4 structures splay from the Latte structure at a steep angle. The highlight drill intercept was 5.67g/t over 16m from 95m in CFD0303 at the point at which T4 splays from the Latte structure.

Latte

Drilling along strike extended the mineralized trend 300m west and definitively linked Latte with the 'Latte Extension' drill prospect (3.04g/t Au over 6m in CFD069 drilled in 2010) thereby establishing total continuously mineralized strike length along the overall Latte Trend of over 2 kilometres. Gold-in-soil and aeromagnetic interpretation indicates that the Latte Structure is prospective for discovery of additional gold mineralization over a total strike length of 6 kilometres.

Assay Table

Drill Hole Structure/Target From (m) To (m) Width (m)* Weighted grade (g/t Au)
Supremo Zone
CFR0503 Supremo T1 3.05 10.67 7.62 2.56
CFD0298 Supremo T1 150.00 151.00 1.00 1.22
And Supremo T1 162.00 163.00 1.00 1.53
CFD0299 Supremo T1 160.00 162.00 2.00 5.40
CFR0490 T1-2 Link 70.10 71.63 1.53 1.96
And T1-2 Link 74.68 76.20 1.52 1.48
And T1-2 Link 155.45 156.97 1.52 3.14
CFR0491 T1-2 Link 41.15 42.67 1.52 1.48
CFR0492 T1-2 Link 32.00 36.58 4.58 0.82
And T1-2 Link 51.82 54.86 3.04 1.11
CFD0297 T1-2 Link 75.00 76.00 1.00 3.82
CFD0298** T1.5 6.00 50.00 44.00 2.69
CFR0500 T1.5 NSV
CFR0501 T1.5 NSV
CFR0502 T1.5 NSV
CFR0522 T1.5 47.24 53.34 6.10 1.12
CFR0523 T1.5 161.54 164.59 3.05 3.17
CFR0524 T1.5 39.62 42.67 3.05 2.17
CFR0525 T1.5 79.25 82.30 3.05 0.85
CFR0493 Supremo T2 120.40 135.64 15.24 3.24
And Supremo T2 138.68 144.78 6.10 0.96
And Supremo T2 166.12 167.64 1.52 2.16
CFR0494 Supremo T2 120.40 121.92 1.52 2.03
And Supremo T2 146.30 150.88 4.58 1.49
And Supremo T2 158.50 176.78 18.28 3.53
CFD0295 Supremo T2 34.00 35.00 1.00 2.76
And Supremo T2 122.00 123.00 1.00 2.35
And Supremo T2 137.00 138.00 1.00 5.55
And Supremo T2 143.00 144.00 1.00 2.54
And Supremo T2 158.00 162.00 4.00 2.50
And Supremo T2 179.00 181.00 2.00 3.01
CFD0296 Supremo T2 38.00 39.00 1.00 5.87
And Supremo T2 46.00 49.00 3.00 9.01
And Supremo T2 55.00 60.00 5.00 6.48
And Supremo T2 76.00 78.00 2.00 1.48
And Supremo T2 95.00 96.00 1.00 3.44
And Supremo T2 100.00 102.00 2.00 3.82
And Supremo T2 121.00 124.00 3.00 1.23
CFR0482 Supremo T3 18.29 19.81 1.52 0.99
CFR0483 Supremo T3 NSV
CFR0484 Supremo T3 35.05 39.62 4.57 8.68
And Supremo T3 85.34 88.39 3.05 4.31
And Supremo T3 102.11 103.63 1.52 2.55
CFR0485 Supremo T3 76.20 77.72 1.52 4.14
And Supremo T3 149.35 152.40 3.05 6.34
CFR0495 Supremo T3 4.57 10.67 6.10 1.67
And Supremo T3 15.24 16.76 1.52 5.73
CFR0486 Supremo T5 77.72 80.77 3.05 2.41
CFR0487 Supremo T5 35.05 39.62 4.57 1.09
And Supremo T5 134.11 140.21 6.10 9.84
CFD0300 Supremo T5 NSV
CFD0301 Supremo T5 171.00 174.00 3.00 2.60
And Supremo T5 215.00 221.00 6.00 2.33
And Supremo T5 256.00 258.00 2.00 2.33
And Supremo T5 277.00 278.00 1.00 2.98
And Supremo T5 305.00 307.00 2.00 1.45
And Supremo T5 320.00 321.00 1.00 2.19
CFD0310 Supremo T5 NSV
CFD0311 Supremo T5 66.00 67.00 1.00 3.20
And Supremo T5 120.00 125.00 5.00 1.30
And Supremo T5 131.00 145.00 14.00 2.62
And Supremo T5 150.00 153.00 3.00 0.99
And Supremo T5 162.00 164.00 2.00 1.29
CFD0313 Supremo T5 98.00 106.00 8.00 1.97
And Supremo T5 119.00 121.00 2.00 2.21
CFR0475 Supremo T7 41.15 42.67 1.52 1.78
And Supremo T7 68.58 70.10 1.52 1.69
And Supremo T7 76.20 77.72 1.52 4.53
CFR0476 Supremo T7 4.57 9.14 4.57 1.22
And Supremo T7 147.83 152.40 4.57 0.95
CFR0477 Supremo T7 57.91 60.96 3.05 1.53
And Supremo T7 65.53 68.58 3.05 2.26
And Supremo T7 134.11 140.21 6.10 1.22
And Supremo T7 192.02 196.60 4.58 2.03
CFR0478 Supremo T7 15.24 16.76 1.52 3.72
And Supremo T7 76.20 80.77 4.57 2.69
CFR0479 Supremo T7 109.73 111.25 1.52 1.53
And Supremo T7 126.49 129.54 3.05 0.94
And Supremo T7 184.40 187.45 3.05 1.96
CFR0480 Supremo T7 94.49 97.54 3.05 1.32
CFR0481 Supremo T7 111.25 114.30 3.05 1.27
And Supremo T7 120.40 124.97 4.57 0.87
CFR0504 Supremo T7 123.44 132.59 9.15 0.64
CFR0505 Supremo T7 NSV
CFR0506 Supremo T7 188.98 199.64 10.66 1.04
CFR0507 Supremo T7 68.58 74.68 6.10 2.06
And Supremo T7 132.59 138.68 6.09 2.04
And Supremo T7 147.83 150.88 3.05 2.10
CFR0489 Supremo Regional NSV
Supremo - Latte Connector Zone
CFD0302 Connector 75.00 87.00 12.00 1.55
And Connector 175.00 177.00 2.00 1.73
And Connector 199.00 200.00 1.00 5.65
And Connector 206.00 214.00 8.00 1.83
And Connector 224.00 230.00 6.00 2.27
CFD0303 Connector 95.00 111.00 16.00 5.67
CFD0304 Connector 79.00 82.00 3.00 1.67
And Connector 108.00 109.00 1.00 4.73
And Connector 154.00 156.00 2.00 1.68
And Connector 209.00 211.00 2.00 1.22
CFD0305 Connector 86.00 87.00 1.00 3.60
And Connector 153.00 155.00 2.00 1.98
And Connector 198.00 203.00 5.00 2.01
CFD0306 Connector 172.00 180.00 8.00 1.50
And Connector 210.00 211.00 1.00 3.76
Latte Zone
CFD0291 Latte West 152.00 153.00 1.00 1.85
CFD0292 Latte West 95.00 101.00 6.00 2.91
CFD0293 Latte West 32.00 34.00 2.00 3.05
And Latte West 155.00 156.00 1.00 1.53
CFD0294 Latte West 14.00 15.00 1.00 1.21
And Latte West 33.00 34.00 1.00 1.34
Double Double Zone
CFR0508 DD South NSV
CFR0509 DD South 0.00 6.10 6.10 1.03
* True width estimated at approximately 2/3 down-hole length.
** Intercept drilled sub-parallel or oblique to strike of mineralized structure

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

QA / QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Rory Kutluoglu, P.Geo., Exploration Manager of Kaminak Gold Corporation, 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.

On behalf of the Board of Directors of Kaminak

Eira Thomas, President and CEO

Kaminak Gold Corporation

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.

Caution Concerning Forward-Looking Statements

Certain disclosures in this release, including management's assessment of the future potential of the Coffee Project 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. Except as required by law, 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.

Cautionary Note concerning estimates of Inferred Resources:

This news release uses the term "inferred resources". Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Kaminak advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do not recognize it. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.

Contact Information