Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

July 09, 2012 07:30 ET

Kaminak Drilling Successfully Connects Supremo and Latte Gold Zones

New Results include: 12.5 g/t Au over 13m; 15.5 g/t Au over 11m; 10.5 g/t Au over 13m; 29.2 g/t Au over 3m and 2.9 g/t Au over 32m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced that drilling significantly expanded the strike length of the Supremo T3 and T4 gold zones to greater than 1600m and 1400m respectively, therefore connecting the Supremo and Latte gold zones. Drilling also expanded the Double Double zone to 400m in strike length. New results from these zones include: 12.5 g/t Au over 13m; 15.5 g/t Au over 11m; 10.5 g/t Au over 13m; 29.2 g/t Au over 3m; 2.9 g/t Au over 32m and 35 g/t Au over 4.5m. Presented in this news release are results from 18 Reverse Circulation (RC) drill holes and 25 diamond core drill holes from the Coffee Gold Project, Yukon Territory. All gold zones drilled to date start at surface and remain open down dip and along strike. The fully funded exploration program has now completed over 30,000m of drilling since March 2012, and Kaminak is on schedule to complete its 2012 objective of 50,000m of drilling on budget. All maps, sections and assay sheets are available on the Kaminak website, www.kaminak.com.

Supremo T3 Zone Drill Highlights Double Double Zone Drill Highlights
CFD-199:12.5 g/t Au over 13m (from 158m) CFD-215:35 g/t Au over 4.5m (from 64m)
CFD-207:6.1 g/t Au over 11m (from 187m) CFD-215:39.4 g/t Au over 1.5m (from 71m)
CFD-210:15.5 g/t Au over 11m (from 31m) CFD-219:6.9 g/t Au over 5.2m (from 85.3m)
CFD-211:2.2 g/t Au over 22m (from 50m)
CFD-212:2.8 g/t Au over 12m (from 17m) Supremo T4 Zone Drill Highlights
CFD-213:25.8 g/t Au over 2m (from 61m) CFR-195:6.1 g/t Au over 6.1m (from 45.7m)
CFD-216:7.5 g/t Au over 6m (from 91m) CFR-197:2.8 g/t Au over 12.2m (from 135.6m)
CFD-221:10.5 g/t au over 13m (from 212m) CFR-198:4.7 g/t Au over 10.7m (from 97.5m)
CFD-223:29.2 g/t Au over 3m (from 86m) CFR-200:2.9 g/t Au over 32.0m (from 80.8m)
CFD-226:27.8 g/t Au over 3m (from 134m) CFR-203:3.6 g/t Au over 15.2m (from 44.2m)

Key Point Summary

  • Supremo to Latte Connection: T3 and T4 zones both extended by an additional 450m along trend towards the south and are successfully joined to the known Latte zone. Results include: 12.5 g/t Au grams per tonne gold (g/t Au) over 13m (from 158m core depth); 15.5 g/t Au over 11m (from 31m); 10.5 g/t Au over 13m (from 212m); 29.2 g/t Au over 3m (from 86m) and 2.9 g/t Au over 32m (from 80.8m). Ongoing drilling will now focus on expanding Supremo zones at depth and north along trend.

  • Supremo Deep Drilling: Drill hole CFD-221 successfully intersects the T3 gold zone at 180m vertically below surface (10.5 g/t Au over 13m). This represents the deepest gold intercept at Supremo to date and confirms the down-dip potential of this high-grade gold zone. This deep gold interval is dominated by heavily oxidized mineralogy (limonite and hematite) and primary sulphide minerals are rare to absent.

  • Double Double Zone: Drilling successfully extends known gold trend an additional 100m. Total strike length is now at least 400m. Results include: 35 g/t Au over 4.5m (from 64m); 39.4 g/t Au over 1.5m (from 71m) and 6.9 g/t Au over 5.2m (from 85.3m). Ten additional holes are pending along trend and at depth.

Drill Results

Reverse Circulation (RC) drilling commenced in mid-March with the discovery of gold along the newly defined Supremo T4-5 trends (see Kaminak news releases March 19th and April 23rd, 2012). Diamond drilling started in early April and began testing the Supremo T3 trend for along-strike extensions of the near surface and oxidized gold mineralization previously identified. Total drilled strike length of the T3 and T4 trends now exceeds 1600m and 1400m respectively, and the new 2012 drilling has successfully joined these zones to the nearby Latte zone.

New Supremo results include: 12.5 grams per tonne gold (g/t Au) over 13m (from 158m core depth); 15.5 g/t Au over 11m (from 31m); 10.5 g/t Au over 13m (from 212m); 29.2 g/t Au over 3m (from 86m) and 2.9 g/t Au over 32m (from 80.8m). Mineralization occurs in 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 180m below surface, with the deepest gold intercept to date in CFD-221 (10.5 g/t Au over 13m) comprising heavily oxidized mineralogy (limonite and hematite). Ongoing drilling continues to focus on expanding the Supremo zones at depth and northwards along trend.

Diamond core drilling at Double Double commenced in early May comprising 50m step-outs along strike of the drilling completed over the 2010/11 field seasons. To date, an additional 200m strike has been added to the trend this season, for a total strike length of 400m. New results include: 35 g/t Au over 4.5m (from 64m core depth), 39.4 g/t Au over 1.5m (from 71m) and 6.9 g/t Au over 5.2m (from 85.3m). Mineralization occurs in discrete east-northeast trending, steeply-dipping to vertical lodes characterized by intense silicification, polyphase breccia and strong clay and sulphides. Eight additional holes are pending along trend and drilling is currently ongoing testing down-dip extensions of the zone.

Table of Results
Drill
Hole
Number
From
(m)
To
(m)
Width
(m)*
Weighted
grade
(g/t Au)
Supremo T3
CFD-199 158 171 13 12.53
CFD-200 101 105 4 2.34
CFD-201 No Significant Result
CFD-203 156 159 3 2.35
CFD-204 107 109 2 2.68
CFD-206 136 138 2 1.27
CFD-207 181 182 1 11.15
and 187 198 11 6.11
CFD-208 176 179 3 3.01
CFD-210 31 42 11 15.52
CFD-211 50 72 22 2.18
CFD-212 17 29 12 2.81
CFD-213 61 63 2 25.83
CFD-214 108 110 2 13.36
CFD-216 91 97 6 7.50
CFD-217 135 138 3 7.53
CFD-218 150 153 3 8.96
CFD-220 34 35 1 5.20
and 41 47 6 2.03
and 201 205 4 3.98
CFD-221 212 225 13 10.48
CFD-223 41 42 1 9.72
and 86 89 3 29.23
CFD-226 134 137 3 27.8
CFD-229 172 176 4 1.28
Supremo T4-5
CFR-188 126.49 134.11 7.62 1.67
CFR-189 100.58 103.63 3.05 1.21
CFR-190 57.91 68.58 10.67 1.32
and 74.68 79.25 4.57 2.69
CFR-191 83.82 100.58 16.76 1.26
CFR-192 88.39 89.92 1.53 3.35
CFR-193 57.91 64.01 6.10 1.20
and 73.15 86.87 13.72 1.19
CFR-194 132.59 134.11 1.52 5.63
CFR-195 24.38 28.96 4.58 1.45
and 45.72 51.82 6.10 6.06
CFR-196 195.07 196.6 1.53 3.09
CFR-197 135.64 147.83 12.19 2.84
CFR-198 97.54 108.2 10.66 4.70
CFR-199 No Significant Result
CFR-200 80.77 112.78 32.01 2.94
and 123.44 129.54 6.10 3.19
CFR-201 120.4 123.44 3.04 1.40
CFR-202 141.73 149.35 7.62 5.06
CFR-203 44.2 59.44 15.24 3.58
CFR-204 123.44 128.02 4.58 5.77
CFR-205 94.49 100.58 6.09 6.74
Double Double
CFD-215 64 68.5 4.5 34.95
and 71 72.5 1.5 39.35
CFD-219 85.32 90.5 5.18 6.93
CFD-222 30.5 33 2.5 4.81
and 54 58 4 4.84
CFD-225 43.5 54 10.5 5.08
* Down-hole width; 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

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
    Directly at 604.646.4534 or Toll Free 1.888.331.2269
    info@kaminak.com
    www.kaminak.com