Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

October 12, 2010 16:00 ET

Kaminak Drills Fourth Gold Discovery on the Coffee Property: Kona Drilling Yields Separate Zones of 2.2 g/t Au over 57m and 1.9 g/t Au over 23m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the fourth significant drill discovery on the Company's 100% owned Coffee property, located in the White Gold District, Yukon Territory. The "Kona" Zone occurs 3km west of the Latte Zone and is defined by a strong, linear gold-in-soil anomaly traceable for at least 2km through granite. Three holes were drilled into the Kona target and each intersected gold mineralization. All zones begin at surface and remain open along trend and at depth.

Key Point Summary:

  • New gold zone discovered on the Coffee property known as "Kona" where drilling intersected two separate gold zones grading 2.2 grams per tonne gold (g/t Au) over 57m and 1.9 g/t Au over 23m, respectively
  • Gold grades as high as 28 g/t Au over 2m
  • Total strike length of untested Kona gold-in-soil trend exceeds 2km
  • Mineralization at Kona is associated with a regional-scale ENE-trending structural corridor which also trends through the nearby Espresso anomaly
  • Alteration and sulphide/oxide characteristics at Kona are similar to those at other known gold occurrences at Coffee, suggesting a common mineralizing event
  • Assays are pending for drilling on the nearby Americano and Espresso targets as well as additional holes from the Supremo-Latte area
  • On Wednesday, October 13th at 12:45pm Pacific Time, Rob Carpenter, Kaminak's President & CEO, will be presenting the Coffee Gold Project discoveries to the Vancouver Mineral Exploration Group (MEG). For those who cannot attend this industry event, the presentation will be aired live through a webcast. To view the event, please visit the Kaminak website, www.kaminak.com on the designated date and time and click on the link on the home page.

"We have now successfully intersected four major gold zones on the Coffee property over a total distance exceeding 5kmThese results clearly establish potential for Coffee to become a significant gold camp," stated Rob Carpenter, Kaminak's President and CEO. "Kaminak has started to plan a much larger exploration program for 2011 and details will be announced once all results from 2010 are processed."

Kona Zone

Drill testing the extensive gold-in-soil anomalies at Kona has yielded a new gold mineralizing environment in the Coffee exploration camp (i.e. granite-hosted). Gold mineralization is hosted in near-vertical brittle structural zones that are co-incident with overlying gold-in-soil anomalies. Drill holes CFD-51 and CFD-53 were drilled from the same set-up at -50 and -70 degree angles, respectively, and both holes intersected two separate gold zones which are interpreted as steeply-dipping zones within the host structure.

The granite that underlies the Kona area is equigranular, non-magnetic and composed of plagioclase, K-feldspar, quartz, biotite and hornblende. Alteration typically consists of clay, sericite and limonite. The limonite yields down hole to coarsely-banded sporadic limonite-pyrite transition material to deeper pyrite-dominant rocks at approximately 110 meters. Thus the depth of oxidation is approximately 110 m (down hole). Sulphides are dominated by pyrite which commonly replaces mafic minerals, and also occurs as veins/veinlets or fracture fill, and in sulfidic-matrix fault breccias.

Kona Drill Results
Drill Hole # Zone From (m) To (m) Length (m)* Weighted Grade (g/t)
CFD-46 Kona 56 59 3 1.21
    113 118 5 1.87
           
CFD-51 Kona 9 34 25 0.47
and   67 85 18 1.05
           
CFD-53 Kona 3.25 60 56.75 2.21
incl.   40 60 20 4.51
incl.   41 43 2 28.45
and   156 179 23 1.92
*true widths are estimated at 50-70% of core length

A total of six holes were also completed on regional targets located north and east of Kona. This drilling targeted a regional-scale, northwest trending shear zone interpreted as a possible extension of the Latte shear zone located 3km to the southeast. Drilling successfully intersected highly deformed and altered shear zone rocks that separate granite to the south from schist/gneiss to the north. Gold values (1-3 g/t Au) were obtained in four of the six holes thereby confirming the gold potential of the Latte structure well beyond the previously known limits.

Detailed plan maps, cross-sections, and assay sheets of Kona and the regional holes as well as a photo montage of select core samples 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"
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.

Contact Information

  • Kaminak Gold Corporation
    Tony Reda
    Vice-President of Corporate Development
    Toll free: 1.888.331.2269 or direct: 604.646.4534
    info@kaminak.com
    www.kaminak.com