Kaminak Gold Corporation

Kaminak Gold Corporation

August 09, 2011 16:00 ET

Kaminak Drills 74.9 g/t Au Over 4m at Double Double: High-Grade Gold Zone Open Along Trend and Depth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced assay results from 11 diamond drill holes from the Double Double zone, located on the Company's 150,000 acre Coffee Gold property, Yukon Territory. The Double Double zone represents one of nine gold targets to be drilled in 2011 by Kaminak as part of its ongoing 40,000m drill program. Each of these zones begin at surface and remain open along trend and at depth.

Key Point Summary

  • CFD-90 yields 74.9 grams per tonne gold (g/t Au) over 4m starting at 105m core length. Re-assay checks and duplicate screen-method fire assay sampling of this ultra high-grade interval yielded repeatable results.
  • CFD-88 yields 25.4 g/t Au over 2m (from 43m); CFD-81 yields 8.37 g/t Au over 5m (from 73m); CFD-93 yields 12.15 g/t Au over 3m (from 57m); CFD-101 yields 14.35 g/t Au over 2m (from 29m) and CFD-104 yields 56.4 g/t Au over 1m (from 71m)
  • Near-surface and high-grade gold intercepts encountered within vertical structural corridor traceable over 200m along trend; remains open in all directions.
  • New structural interpretation suggest the Double Double zone represents the easterly high-grade extension of the Latte gold zone located 800m west

Drill Results

The Double Double gold zone was discovered in 2010 by drilling beneath a linear gold-in-soil trend that extends for at least 1km along a west to northwest trend which is also co-incident with a magnetic lineament traceable for several more kilometers, suggesting the gold-bearing structures at Double Double extend for several kilometers and possibly link with the Latte gold zones located 800m west. A total of 11 diamond drill holes were completed along a 200m long portion of the gold-in-soil anomaly in order to follow-up drill results from 2010 that included: 6.35 g/t Au over 35m (starting at 139m core depth) from hole CFD-27 and 15.9 g/t Au over 5m (starting at 213m core length) from hole CFD-28 (see Kaminak news releases dated August 11th, 2010 and August 24th, 2010). Complete assay sheets, plan maps and cross-sections of the 2011 drilling are now available on the Kaminak website.

Drill hole CFD-90 yielded an ultra-high-grade intercept between 105m and 109m down-hole (refer to table 1 below). An original 30g fire assay of ½ cut core yielded a weighted average of 69.6 g/t Au over 4m with individual assays yielding 105.5 g/t Au (105-106m), 106 g/t Au (106-107m), 62.7 g/t Au (107-108m) and 4.14 g/t Au (108-109m). In order to validate these results, an additional 1kg sample of this material was taken and screened through a 100 micron mesh and analyzed by fire assay. A third fire assay was completed by screening a 1kg sample obtained by re-cutting the remaining drill core stored on site (¼ core sampling). Results of both screen assays yielded consistent and repeatable results averaging 74.9 g/t Au over 4m with assays averaging 120.25 g/t Au (105-106m), 98.7 g/t Au (106-107m), 76.4 g/t Au (107-108m) and 4.24 g/t Au (108-109m). Coarse gold (> 100 micron) accounted for only 4-7% in all samples suggesting minimal nugget effect.

Table 1 – Assays from 105-109m for CFD-90
½ core ½ core 1kg ¼ core 1kg Avg. 1kg
Depth 30g FA screen FA screen FA screen FA
(m) (g/t Au) (g/t Au) (g/t Au) (g/t Au)
105-106 105.5 105 135.5 120.25
106-107 106 109 88.4 98.7
107-108 62.7 64 88.8 76.4
108-109 4.14 4.49 3.99 4.24
(FA = fire assay)

Ultra‐high‐grade samples in drill hole CFD090 are characterized by increased breccia and intensely silicified material with no recognizable host rock. Silicified host material is overprinted by (micro) breccia as well as chalcedonic silica vein networks. Sericite is low in the samples, as the overwhelming alteration is silica; minor scorodite, fuchsite and leucoxene. The sulphide content is not unusually high for Coffee gold environments, thus the addition of silica appears to be more important to the increased gold tenor. A representative photo montage of mineralized samples is available on the Kaminak website.

Results suggest gold is hosted in a number of near-vertical to steep north-dipping zones traceable within the broader regional magnetic lineament and gold-in-soil anomaly. These high-grade gold zones are typically meter-scale in width and are recognized mainly by increased levels of hydrothermal alteration. The most consistent and traceable structure defined to date is informally known as the "North Trend" and is noted on all cross-sections drilled. For example, drilling on section 5125E intercepted the North Trend in holes CFD-88 (25.4 g/t Au over 2m) and CFD-90 (74.9 g/t Au over 4m). Moreover, section 5275E cut the North Trend in hole CFD-93 (8.23 g/t Au over 3m) and hole CFD-98 (4.32 g/t Au over 4m) and section 5075E drilled through the North Trend in hole CFD-101 (14.35 g/t Au over 2m) and hole CFD-104 (56.4 g/t Au over 1m). Deeper drilling at Double Double uncovered several parallel zones to the North Trend, including the "Central Trend"; however, since the focus of the drilling was on defining the North Trend, little is known about these deeper zones. Collectively, these observations re-affirm the high-grade and continuous nature of gold within the Double Double zone and also illustrate the importance of tracing high-angle structural corridors.

Drill Update

Over 28,000m of drilling has now been completed on the Coffee property during the 2011 season and the Company is on schedule to complete the 40,000m program as initially outlined in the spring of 2011. Three diamond drills and one reverse circulation drill (RC) are currently active on the property. Assays from Latte (50 diamond holes), Supremo (31 RC holes), and Kona (28 RC holes) are currently pending and initial results from Supremo and Latte are expected in the coming weeks. Two drills are currently operating on the Kona zone (1 diamond drill and 1 RC drill) and one diamond drill is located on Latte and Connector zones respectively.

Kaminak is also pleased to report it has begun construction of a 15km long gravel road that will connect the Coffee Camp and airstrip to the main drill areas of Latte, Connector, Double Double and Supremo. The road is expected to be completed by the end of Q3 of 2011 and will allow the Company to extend future drill seasons and reduce aircraft costs. Summer barge season is in full-swing and heavy equipment (bulldozer, loader and dump truck) have been mobilized to site in order to facilitate road construction. Three bulk fuel tanks (75,000 liter capacity each) are also on site and are currently being installed.

Table 2 – Complete Assay Table
Drill From To Interval Weighted grade
Hole # (m) (m) (m)* (g/t Au)
CFD-77 75 77 2 5.78
CFD-79 162 166 4 2.27
and 191 193 2 4.55
CFD-81 73 78 5 8.37
Incl. 77 78 1 34.3
CFD-83 43 44 1 16.65
CFD-86 260 269 9 1
CFD-88 43 50 7 8.29
Incl. 43 45 2 25.4
CFD-90 105 109 4 74.9
and 189 191 2 5.89
and 205 207 2 7.22
Incl. 206 207 1 13.15
CFD-93 12 15 3 8.23
and 57 60 3 12.15
Incl. 58 59 1 32.9
and 101 107 6 5.31
incl 103 104 1 27.5
and 167 172 5 6.21
CFD-98 16 20 4 4.32
and 97 103 6 2
CFD-101 29 31 2 14.35
CFD-104 71 72 1 56.4
and 147 148 1 4.29
and 225 226 1 2.69
*True width estimated at approximately 2/3 core length.


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.

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