Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

June 04, 2012 07:30 ET

Kaminak Expands Supremo and Double Double Gold Zones

New Results include: 36.3 g/t Au over 3.5m; 19.1 g/t Au over 6m; 16.5 g/t Au over 4.5m; 13.1 g/t Au over 6.1m and 2.6 g/t Au over 32m

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced results for 39 reverse circulation (RC) drill holes and 24 diamond core drill holes from the Coffee Gold Project, Yukon Territory. Assays are presented from three gold trends comprising the T3 and T5 zones at Supremo and the nearby Double Double zone. The fully funded exploration program has now completed over 20,000m of drilling since March, and Kaminak is on schedule to complete its 2012 objective of 50,000m of drilling on budget. The ongoing program is designed to connect near-surface and well oxidized gold zones along trend and drill test additional gold-in-soil anomalies.

Key Point Summary

  • Double Double Zone: First four holes drilled in 2012 successfully extended the known gold trend an additional 100m; total strike length is now at least 300m. Results include: 36.3 g/t Au (grams per tonne gold) over 3.5m (from 51.5m core length); 16.5 g/t Au over 4.5m (from 71m) and 5.8 g/t Au over 8m (from 79m). All zones remain open along trend and to depth. Thirteen additional holes are pending / planned along this 600m long gold-in-soil anomaly.

  • T4-5 Zone (Supremo): Drilling in early 2012 identified a new near-surface gold trend initially defined over 50m in length. Additional drilling has now expanded the trend at least 600m in length. Results include: 13.1 g/t Au over 6.1m (from 119m); 4.3 g/t Au over 13.7m (from surface); 5.6 g/t Au over 9.1m (from 172m); 3.9 g/t Au over 13.7m (from 154m) and 3.0 g/t Au over 12.2m (from 169m).
  • T3 Zone (Supremo): Drilling successfully extended trace of gold zone an additional 300m; total strike length of T3 zone is now at least 1000m. Results include: 19.1 g/t Au over 6m (from 164m); 2.6 g/t Au over 32m (from 102m depth); 10 g/t Au over 4m (from 145m depth); 16.5 g/t Au over 2m (from 67m depth) and 6.7 g/t Au over 5m (from 70m depth).
  • Four drills are operating on the Coffee property and a fifth will be added by early July. Over 20,000m has been drilled to date, and Kaminak is scheduled to complete its 2012 objective of 50,000m on budget. Three drills are active at Supremo (2 diamond and 1 RC) and a fourth drill (diamond) is at Double Double. Drilling of the Sugar trend is expected to start in the third week of June.

Drill Results

Gold mineralization is hosted within brittle fractures and brecciated gneisses and felsic-intermediate intrusive rocks, accompanied by silica flooding and pyrite (oxidized to limonite/hematite) alteration. Higher‐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 all 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. All gold zones drilled to date in 2012 start at surface and remain open down dip and along strike. All maps, sections and assay sheets are currently available on the Kaminak website, www.kaminak.com.

Double Double

Diamond core drilling commenced in early May at Double Double with 50m step-outs along strike of the drilling completed over the 2010/11 field seasons. To date, an additional 100m of strike has been added to the trend with the 2012 results of 36.29g/t Au over 3.5m (from 51.5m) and 16.53g/t Au over 4.5m (from 71m) being consistent with the previously intersected relatively high grade zones. Mineralization occurs in discrete east-northeast trending, steeply-dipping to vertical lodes characterized by intense silicification, polyphase breccia and strong clay and sulphides. Continued drilling (assays pending) along strike is testing the depth potential of the 600m long >100ppb Au gold-in-soil anomaly.

Supremo T4-5

Reverse circulation (RC) drilling commenced in mid-March, with the first batch of assay results from T4-5 released on April 23, 2012 (see news releases March 19th and April 23rd, 2012). The drill program is designed to test the shallow and oxidized gold potential of the T4 and T5 structural trend. 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 approximately 1000m. Results include: 13.1 g/t Au over 6.1m (from 119m); 4.3 g/t Au over 13.7m (from surface); 5.6 g/t Au over 9.1m (from 172m); 3.9 g/t Au over 13.7m (from 154m) and 3.0 g/t Au over 12.2m (from 169m). Ongoing drilling continues (assays pending) to test the T4 and T5 trends, which diverge and are interpreted to be striking towards the Connector/Latte and Double Double zones respectively.

Supremo T3

Two diamond core drills commenced drilling on T3 in early April stepping out along strike towards the Connector Zone located approximately 1km to the south. Drilling has continued to intersect a north-south striking, steeply east dipping structural corridor containing one or more mineralized lodes. Results include: 19.1 g/t Au over 6m (from 164m); 2.6 g/t Au over 32m (from 102m depth); 10 g/t Au over 4m (from 145m depth); 16.5 g/t Au over 2m (from 67m depth) and 6.7 g/t Au over 5m (from 70m depth). In total, the assay results received to date indicate an additional 300m strike has been added to the 700m already delineated in 2010-2011, for a total strike length of 1000m to date. Drilling is continuing on the southward extension of the T3 trend towards Connector (assays pending).

Exploration Update

The 2012 Coffee Gold Project drilling program is 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. In addition, the 2012 program will include the first ever drilling of the Sugar gold-in-soil anomaly, located 20km east of Coffee.

The ongoing drilling programs at Coffee continue to further define the strike extent of the Supremo and Double Double gold trends. Four drills are currently operating at Coffee, with one drill scheduled to commence drilling of the Sugar zone in the third week of June. A second RC drill will be added by early July, bringing the total to five drills operating across the Coffee property.

Assay Table
Drill Hole Number From (m) To (m) Width (m)* Weighted grade (g/t Au)
Double Double
CFD-198 44 45 1 5.61
and 71 75.5 4.5 16.53
CFD-202 62 64 2 7.37
and 78.5 83.5 5 2.02
and 316 317 1 1.76
CFD-205 51.5 55 3.5 36.29
and 120.9 124.4 3.5 0.80
CFD-209 72.5 74 1.5 4.02
and 79 87 8 5.85
Supremo T4-5
CFR-149 47.24 50.29 3.05 1.37
and 74.68 79.25 4.57 1.38
CFR-150 16.76 22.86 6.10 0.59
CFR-151 21.34 22.86 1.52 2.05
and 79.25 83.82 4.57 1.17
and 94.49 106.68 12.19 2.34
CFR-152 85.34 88.39 3.05 6.49
and 121.92 129.54 7.62 1.72
CFR-153 36.58 38.1 1.52 1.23
CFR-154 48.77 59.44 10.67 1.15
and 79.25 82.3 3.05 0.96
and 198.12 199.64 1.52 1.29
CFR-155 56.39 62.48 6.09 0.92
and 70.1 74.68 4.58 1.34
and 82.3 83.82 1.52 6.35
and 99.06 111.25 12.19 2.33
CFR-156 108.2 111.25 3.05 7.11
and 121.92 138.68 16.76 1.64
CFR-157 47.24 48.77 1.53 2.16
CFR-158 74.68 77.72 3.04 4.06
CFR-159 112.78 117.35 4.57 2.57
CFR-160 16.76 21.34 4.58 2.52
and 137.16 146.3 9.14 1.29
CFR-161 54.86 56.39 1.53 0.97
CFR-162 86.87 94.49 7.62 1.24
CFR-163 155.45 172.21 16.76 1.14
CFR-164 153.92 167.64 13.72 3.92
CFR-165 No Significant Result - Hole abandoned due to ground conditions
CFR-166 21.34 38.1 16.76 1.36
and 96.01 99.06 3.05 2.29
CFR-167 74.68 77.72 3.04 1.57
and 115.82 118.87 3.05 0.82
CFR-168 27.43 30.48 3.05 1.36
and 41.15 44.2 3.05 4.20
and 118.87 124.97 6.10 13.12
and 143.26 144.78 1.52 1.47
CFR-169 67.06 71.63 4.57 1.90
and 172.21 181.36 9.15 5.64
CFR-170 45.72 57.91 12.19 2.21
CFR-171 36.58 39.62 3.04 2.89
and 85.34 102.11 16.77 2.09
CFR-172 30.48 33.53 3.05 1.66
and 155.45 160.02 4.57 1.25
and 190.5 192.02 1.52 5.74
CFR-173 1.53 15.24 13.71 4.28
and 103.63 105.16 1.53 2.18
and 117.35 120.4 3.05 2.06
CFR-174 28.96 33.53 4.57 4.50
CFR-175 12.19 15.24 3.05 1.10
and 64.01 73.15 9.14 1.70
and 169.16 181.36 12.2 3.03
CFR-176 67.06 68.58 1.52 2.17
and 111.25 114.3 3.05 1.04
and 124.97 129.54 4.57 4.74
CFR-177 126.49 128.02 1.53 1.54
CFR-178 102.11 105.16 3.05 0.83
and 155.45 158.5 3.05 0.96
CFR-179 59.44 62.48 3.04 10.88
CFR-180 120.4 128.02 7.62 1.33
CFR-181 85.34 102.11 16.77 1.60
CFR-182 88.39 89.92 1.53 2.54
and 190.5 192.02 1.52 2.08
CFR-183 57.91 59.44 1.53 2.14
and 115.82 117.35 1.53 3.85
CFR-184 141.73 144.78 3.05 0.89
CFR-185 25.91 30.48 4.57 2.63
and 53.34 59.44 6.10 1.28
and 74.68 76.2 1.52 2.03
CFR-186 77.72 79.25 1.53 1.91
and 108.2 109.73 1.53 1.56
CFR-187 86.87 88.39 1.52 1.06
and 141.73 146.3 4.57 3.66
Supremo T3
CFD-178 15 17 2 1.13
and 25 26 1 2.02
and 38 40 2 1.10
and 69 74 5 1.74
and 137 139 2 2.49
CFD-179 30 44 14 1.64
and 80 90 10 1.49
CFD-180 72 74 2 8.16
and 84 89 5 1.60
and 104 111 7 4.47
and 124 125 1 3.51
CFD-181 62 64 2 1.51
and 103 126 23 1.34
CFD-182 58 64 6 1.35
and 109 112 3 0.89
and 131 133 2 1.14
CFD-183 68 70 2 3.98
and 144 152 8 1.54
and 164 170 6 19.14
and 173 175 2 1.74
CFD-184 85 87 2 1.39
and 97 105 8 1.08
and 141 143 2 4.65
and 160 162 2 2.21
CFD-185 169 187 18 1.81
and 207 208 1 4.57
CFD-186 70 75 5 6.68
CFD-187 No Significant Result
CFD-188 77 78 1 4.42
and 82 83 1 1.42
and 88 89 1 2.56
and 95 112 17 1.40
CFD-189 95 96 1 3.0
and 102 134 32 2.56
CFD-190 106 116 10 1.0
CFD-191 97 99 2 5.47
and 129 134 5 2.49
and 160 163 3 1.69
CFD-192 145 149 4 9.99
CFD-193 No Significant Result
CFD-194 No Significant Result
CFD-195 102 103 1 1.32
CFD-196 126 127 1 5.68
CFD-197 67 69 2 16.55
and 79 80 1 12.95
CFD-199 14 16 2 1.83
* 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

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, 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.

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