Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

April 23, 2012 07:30 ET

Kaminak Drills New Gold Discovery At Supremo Zone

Results from T4 and T5 Zones Include; 3.6 g/t Au Over 32m; 2.1 g/t Au Over 36.6m; 2.1 g/t Au Over 21.3m and 2.4 g/t Au Over 18.3m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced results for the first 14 Reverse Circulation (RC) drill holes from the Coffee Gold Project 2012 drill program. The fully funded exploration project began in March and is expected to yield at least 50,000m of drilling from four drill rigs. Initial drill results continue to define near surface and well oxidized gold zones in close proximity to known mineralized zones at Supremo-Latte-Double Double.

Key Point Summary

  • New Supremo-style gold discovery hosted in well oxidized and near vertical T4 and T5 structural trends. Results include: 3.6 g/t Au over 32m; 2.1 g/t Au over 36.6m; 2.1 g/t Au over 21.3m and 2.4 g/t Au over 18.3m.
  • T4 and T5 mineralized trends occur within 200m of known high-grade gold zones at T2 and T3, and consist of up to three steep-dipping north-south striking deeply oxidized mineralized structures. Gold mineralization occurs from surface and is open along strike and down-dip.
  • The results from early in the 2012 drilling program support the anticipation of continued exploration success from drilling below gold-in-soil geochemical trends. Numerous untested geochemical targets remain within the Supremo-Latte gold zones.
  • The RC drilling program is ongoing at T4-5, and in addition two diamond core drills are now drilling on the T3 trend. Drill programs are designed to connect known gold zones along trend and discover near-surface gold mineralization building towards the maiden National Instrument 43-101 mineral resource estimate expected early 2013. A third diamond drill, bringing the total to four drills on the property, will commence drilling in early May at Double Double, and from early June will undertake the first ever drill program at Sugar.

"Drilling a new, oxide-rich gold zone early in the 2012 season re-affirms the excellent exploration potential of the Coffee Property," stated Rob Carpenter, President and CEO of Kaminak. "Soil chemistry and magnetic patterns suggest the T4 and T5 structures continue towards the Latte zone which occurs 1km south of current drilling. Kaminak will rapidly define the extent of these new zones with continued step-out drilling."

Drill Results

RC drilling commenced mid-March (see news release 19 March, 2012), with 30 drill holes completed to date. Results have been received for a total of fourteen RC holes drilled on two sections across 50m strike length. These holes were designed to test the shallow and oxidized gold potential of the T4 and T5 structural trends within the Supremo gold zone. Recently acquired magnetic data clearly defines a north-south structural corridor, co-incident with elevated gold-in-soil geochemistry, extending for approximately 1km towards the Latte gold zone. Two diamond holes, CFD-33 & 34, drilled in 2010 near the northern extent of the trend successfully identified bedrock gold mineralization associated with the gold-in-soil anomaly, comprising drill intercepts of 2.38 g/t Au over 19m, 2.11 g/t Au over 14m and 3.63 g/t Au over 7m.

RC drill results to date confirm up to three north-south striking mineralized structures with vertical to steep easterly dip. The mineralized structures are close-spaced over a total across-strike width of 80-100m. Gold mineralization commences from surface and is open along strike and down-dip. Total drilled strike length of the T4-5 trend, which is interpreted to connect with drill intercepts from 2011 RC drilling further to the north, is currently in excess of 400m.

Gold mineralization is hosted within brittle fractures and brecciated gneisses and felsic-intermediate intrusive rocks, accompanied by silica flooding and pyrite/limonite alteration. High‐grade gold is associated with intense quartz-sericite alteration and high pyrite/limonite content. The mineralized structures are totally to partially oxidized to approximately 150m below surface. Geological similarities between Supremo T4-5 and other gold zones at Coffee suggest these zones are related to the same mineralizing event, and as a result, are potentially connected along trend and at depth.

Assay Table
Drill Hole Number From (m) To (m) Width (m)* Weighted grade (g/t Au)
Supremo T4-5 Section 6974350mN
CFR-135 4.57 7.62 3.05 0.70
42.67 44.20 1.53 4.01
83.82 89.92 6.10 5.45
CFR-136 14.63 23.77 9.14 1.37
29.87 34.44 4.57 2.58
45.11 63.40 18.29 2.40
125.88 127.41 1.53 2.56
148.74 151.79 3.05 2.44
CFR-137 No Significant Results; drilled over top of structure
CFR-138 8.23 18.9 10.67 1.72
CFR-139 1.52 4.57 3.05 0.99
115.82 152.4 36.58 2.11
CFR-140 38.10 59.44 21.34 2.06
79.25 85.34 6.09 6.15
Supremo T4-5 Section 6974300mN
CFR-141 5.49 10.36 4.87 1.21
CFR-142 0 4.57 4.57 0.99
50.29 59.44 9.15 2.20
CFR-143 6.10 9.14 3.04 5.18
32.00 41.15 9.15 1.65
88.39 91.44 3.05 4.39
CFR-144 21.34 27.43 6.09 7.33
82.3 114.3 32.00 3.62
CFR-145 54.86 59.44 4.58 1.29
65.53 92.96 27.43 1.18
163.07 166.12 3.05 1.62
CFR-146 85.34 106.68 21.34 1.01
114.30 117.35 3.05 1.25
129.54 138.68 9.14 0.6
156.97 160.02 3.05 3.84
187.45 193.55 6.10 4.85
CFR-147 7.62 9.14 1.52 2.51
108.2 112.78 4.58 1.77
131.06 134.11 3.05 0.80
CFR-148 102.11 109.73 7.62 1.33
150.88 153.92 3.04 4.25
198.12 199.64 1.52 1.28
* True width estimated at approximately 2/3 down-hole length.

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

The ongoing RC drilling program is designed to further define the strike extent of the Supremo T4-5 gold trend, which is interpreted to connect with the Latte trend located approximately 1km to the south. These early results from the 2012 RC drilling program support the anticipation of continued exploration success from drilling below gold-in-soil geochemical trends. Numerous additional untested geochemical targets remain within the Supremo-Latte gold zones.

In addition to the RC drill program, two diamond core drills have commenced drilling on the T3 trend, stepping out south along strike from drilling completed in 2011. A third diamond core drill is scheduled to commence drilling at the Double Double zone in early May, then in June will undertake the first ever drilling program at Sugar, located 20km east of Coffee. The Coffee Gold Project drilling programs are designed to connect known gold zones along trend and discover additional near-surface gold mineralization, building towards the maiden National Instrument 43-101 mineral resource estimate expected early 2013.

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 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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