Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

February 05, 2015 08:00 ET

Kaminak Reports Infill Drill Results from the Supremo Deposit, Coffee Gold Project

Highlights Include: 12.95 g/t Au over 9.14m, 9.22 g/t Au over 11m and 6.41g/t Au over 15m

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 5, 2015) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced final results for the 2014 infill drilling at Coffee, Kaminak's flagship development track gold project located 130 km south of Dawson City, Yukon. A Preliminary Economic Assessment (PEA) completed for Coffee in 2014 defined a robust, high-margin, 11-year open-pit mining opportunity at a US$1250/oz gold price; the project is currently at the feasibility stage.

In 2014, close to 23,000 metres of infill drilling was undertaken on the series of parallel, north-south striking gold bearing structures comprising the Supremo deposit, which contributes approximately 70% of the oxide gold ounces targeted for mining in the PEA. Approximately 32,000 metres or 55% of the total planned infill drilling program at Supremo remains to be completed in 2015. The objective of the infill drilling program is to verify and upgrade the classification of in-pit resources defined in the 2014 PEA from the "Inferred" category to the higher-confidence "Indicated" category for eventual inclusion in the Coffee Mining Feasibility Study.

"The Supremo oxide-gold bearing structures are expected to contribute 70% of the ounces in our initial, 11-year open-pit mine plan for Coffee and underpin the strong economics of the Project," stated Eira Thomas, Kaminak President & CEO. "Further, all of the Supremo structures remain open along strike and to depth offering excellent potential for resource expansion in the future. As with the infill drilling results recently reported for Latte, Double-Double and Kona, the infill drilling completed so far at Supremo continues to demonstrate good agreement with existing geological interpretations and the resource block model."

Based on the 2014 PEA, the Supremo deposit contributes approximately 1,272,000 ounces of gold (recoverable) at an average diluted grade of 1.13 g/t Au in oxide resources plus an additional 44,000 ounces of gold at 1.64 g/t Au as transitional resources. A total of 22,830 metres of infill drilling from 132 holes completed to date at Supremo has firmed up the existing geological interpretation providing additional confidence in the location, geometry and continuity of the mineralized lodes. The bulk of the 2014 Supremo program was focused within Supremo T3 and T4 South where infill drilling has now been completed over strike lengths of 1,300m and 800m respectively. The Supremo 2015 drilling program commenced 1 February, 2015 as planned, with two RC drills currently turning at the Coffee property.

The location and spacing of infill drilling was determined in consultation with independent Qualified Person Robert Sim, P.Geo of SIM Geological Inc., who completed the Coffee Gold Project Mineral Resource Estimates (announced December 13, 2012, and updated January 28, 2014). The Company plans to update the mineral resource estimates for inclusion in the final feasibility study once all of the drill results from all 2014-15 infill drill programs have been received.

Table 1 2014 Supremo Deposit Infill Drilling Results

Prospect Drill Hole From (m) To (m) Width (m)* Weighted Average grade (g/t Au)
Supremo T1 CFD0467 19 20 1 3.24
Supremo T1 CFD0470 151 160 9 1.90
Supremo T1 CFD0470 166 171 5 4.20
Supremo T2 CFD0395 33 35 2 1.96
Supremo T2 CFD0397 NSV
Supremo T2 CFD0450 120 123 3 2.68
Supremo T2 CFD0460 162 164 2 1.99
Supremo T2 CFD0464 101 108 7 2.28
Supremo T2 CFD0464 131 145 14 1.74
Supremo T2 CFD0474 163 166 3 1.09
Supremo T2 CFD0481 NSV
Supremo T2 CFD0483 NSV
Supremo T2 CFR0752 94.49 111.25 16.76 1.03
Supremo T2 CFR0755 47.24 62.48 15.24 1.22
Supremo T2 CFR0756 18.29 21.34 3.05 1.72
Supremo T2 CFR0758 9.14 10.67 1.53 1.92
Supremo T2 CFR0761 3.05 4.57 1.52 1.09
Supremo T2 CFR0768 NSV
Supremo T3 CFD0438 203 210 7 2.58
Supremo T3 CFD0441 191 203 12 3.78
Supremo T3 CFD0443 225 234 9 2.45
Supremo T3 CFD0443 264 269 5 9.23
Supremo T3 CFD0447(1) 213 226 13 5.99
Supremo T3 CFD0447 248 276 28 1.49
Supremo T3 CFD0452 35 41 6 2.65
Supremo T3 CFD0452 49 52 3 1.72
Supremo T3 CFD0452 57 61 4 3.69
Supremo T3 CFD0456 11 13 2 3.91
Supremo T3 CFD0456 59 64 5 4.24
Supremo T3 CFD0456 91 92 1 6.64
Supremo T3 CFD0469 250 265 15 1.80
Supremo T3 CFD0471 145 146 1 15.00
Supremo T3 CFD0473 174 178 4 1.46
Supremo T3 CFD0473 182 185 3 13.99
Supremo T3 CFD0475 235 241 6 4.06
Supremo T3 CFD0475 246 255 9 4.12
Supremo T3 CFD0475 261 262 1 6.61
Supremo T3 CFD0476 196 211 15 6.41
Supremo T3 CFD0477 NSV
Supremo T3 CFD0480 176 183 7 3.56
Supremo T3 CFD0487(2) 176 187 11 4.54
Supremo T3 CFD0487 242 246 4 8.94
Supremo T3 CFD0491 NSV
Supremo T3 CFR0763 39.62 41.15 1.53 2.01
Supremo T3 CFR0765 51.82 54.86 3.04 1.69
Supremo T3 CFR0765 124.97 128.02 3.05 6.46
Supremo T3 CFR0771 102.11 115.82 13.71 2.85
Supremo T3 CFR0774 143.26 153.92 10.66 1.72
Supremo T3 CFR0775 27.43 38.1 10.67 1.56
Supremo T3 CFR0775 54.86 59.44 4.58 3.71
Supremo T3 CFR0777 60.96 64.01 3.05 2.58
Supremo T3 CFR0777 129.54 135.64 6.1 9.08
Supremo T3 CFR0778 67.06 73.15 6.09 2.03
Supremo T3 CFR0780 126.49 129.54 3.05 1.29
Supremo T3 CFR0781 6.1 12.19 6.09 2.69
Supremo T3 CFR0781 51.82 62.48 10.66 7.92
Supremo T3 CFR0783 106.68 109.73 3.05 2.99
Supremo T3 CFR0785 18.29 25.91 7.62 6.21
Supremo T3 CFR0786 41.15 42.67 1.52 2.12
Supremo T3 CFR0788 39.62 44.2 4.58 10.06
Supremo T3 CFR0789 54.86 56.39 1.53 1.61
Supremo T3 CFR0790 NSV
Supremo T3 CFR0792 124.97 128.02 3.05 3.16
Supremo T3 CFR0793 108.2 112.78 4.58 5.94
Supremo T3 CFR0794 41.15 44.2 3.05 1.16
Supremo T3 CFR0795 41.15 44.2 3.05 2.66
Supremo T3 CFR0796 21.34 27.43 6.09 6.75
Supremo T3 CFR0800 15.24 24.38 9.14 12.95
Supremo T3 CFR0802 27.43 53.34 25.91 1.85
Supremo T3 CFR0802 79.25 86.87 7.62 1.89
Supremo T4 CFD0461 51 57 6 2.07
Supremo T4 CFD0461 63 66 3 6.25
Supremo T4 CFD0461 183 187 4 3.30
Supremo T4 CFD0465 130 158 28 2.35
Supremo T4 CFD0468 169 177 8 1.53
Supremo T4 CFD0469 125 127 2 2.65
Supremo T4 CFD0472 59 62 3 1.73
Supremo T4 CFD0472 117 126 9 3.44
Supremo T4 CFD0472 131 136 5 2.88
Supremo T4 CFD0478 186 195 9 3.28
Supremo T4 CFD0480 49 64 15 1.63
Supremo T4 CFD0482 54 60 6 8.89
Supremo T4 CFD0482 82 84 2 7.76
Supremo T4 CFD0482 116 123 7 0.90
Supremo T4 CFD0482 139 143 4 4.54
Supremo T4 CFD0485 165 167 2 4.53
Supremo T4 CFD0486 158 169 11 1.22
Supremo T4 CFD0486 190 195 5 3.72
Supremo T4 CFD0486 208 210 2 5.10
Supremo T4 CFD0487 50 59 9 0.96
Supremo T4 CFD0487 63 68 5 2.76
Supremo T4 CFD0488 215 217 2 4.53
Supremo T4 CFD0489 87 91 4 1.94
Supremo T4 CFD0489 101 116 15 2.54
Supremo T4 CFD0490 33 36 3 10.6
Supremo T4 CFD0490 42 46 4 3.57
Supremo T4 CFD0490 121 135 14 1.48
Supremo T4 CFD0490 144 164 20 2.39
Supremo T4 CFD0493 67 70 3 2.81
Supremo T4 CFD0494(3) 32 44 12 6.88
Supremo T4 CFD0495 130 133 3 2.11
Supremo T4 CFD0495 164 174 10 2.48
Supremo T4 CFD0495 195 203 8 4.49
Supremo T4 CFD0496 50 57 7 1.45
Supremo T4 CFD0496 70 74 4 1.90
Supremo T4 CFD0497 86 99 13 3.93
Supremo T4 CFD0498 93 96 3 1.78
Supremo T4 CFD0498 201 208 7 1.71
Supremo T4 CFD0498 230 232 2 8.89
Supremo T4 CFD0498 240 251 11 2.28
Supremo T4 CFD0499 92 99 7 1.85
Supremo T4 CFD0499 128 130 2 2.84
Supremo T4 CFD0499 161 164 3 3.03
Supremo T4 CFR0737 18.29 21.34 3.05 1.65
Supremo T4 CFR0738 NSV
Supremo T4 CFR0740 24.38 38.1 13.72 3.49
Supremo T4 CFR0740 51.82 54.86 3.04 2.76
Supremo T4 CFR0740 141.73 147.83 6.1 1.44
Supremo T4 CFR0742 Abandoned (re-drill with DDH in 2015)
Supremo T4 CFR0743 NSV
Supremo T4 CFR0744 4.57 7.62 3.05 3.08
Supremo T4 CFR0744 56.39 60.96 4.57 2.00
Supremo T4 CFR0744 108.2 114.3 6.1 2.38
Supremo T4 CFR0744 158.5 166.12 7.62 2.58
Supremo T4 CFR0746 NSV
Supremo T4 CFR0747 79.25 88.39 9.14 1.72
Supremo T4 CFR0749 NSV
Supremo T4 CFR0750 NSV
Supremo T4 CFR0751 39.62 42.67 3.05 5.93
Supremo T4 CFR0753 28.96 42.67 13.71 0.72
Supremo T4 CFR0753 163.07 166.12 3.05 7.04
Supremo T4 CFR0754 42.67 45.72 3.05 5.13
Supremo T4 CFR0757 62.48 64.01 1.53 5.97
Supremo T4 CFR0759 64.01 70.1 6.09 2.45
Supremo T4 CFR0759 91.44 96.01 4.57 4.18
Supremo T4 CFR0759 115.82 143.26 27.44 0.94
Supremo T4 CFR0760 73.15 76.2 3.05 4.88
Supremo T4 CFR0762 7.62 35.05 27.43 2.44
Supremo T4 CFR0764 60.96 62.48 1.52 6.53
Supremo T4 CFR0764 80.77 89.92 9.15 1.27
Supremo T4 CFR0764 100.58 109.73 9.15 0.94
Supremo T4 CFR0766 42.67 53.34 10.67 1.46
Supremo T4 CFR0766 60.96 65.53 4.57 2.71
Supremo T4 CFR0766 83.82 91.44 7.62 0.71
Supremo T4 CFR0767 21.34 42.67 21.33 2.59
Supremo T4 CFR0769 9.14 12.19 3.05 0.89
Supremo T4 CFR0770 112.78 114.3 1.52 1.50
Supremo T4 CFR0772 NSV
Supremo T4 CFR0773 41.15 59.44 18.29 2.52
Supremo T4 CFR0776 6.1 7.62 1.52 2.05
Supremo T4 CFR0779 30.48 48.77 18.29 1.34
Supremo T4 CFR0782 99.06 103.63 4.57 1.28
Supremo T4 CFR0784 NSV
Supremo T4 CFR0787 21.34 22.86 1.52 4.11
Supremo T4 CFR0787 181.36 184.4 3.04 2.67
Supremo T4 CFR0791 111.25 115.82 4.57 7.16
Supremo T4 CFR0798 0 9.14 9.14 0.6
Supremo T5 CFD0423 69 74 5 4.37
Supremo T5 CFD0425 209 213 4 2.56
Supremo T5 CFD0425 237 239 2 4.42
Supremo T5 CFD0426 71 77 6 10.25
Supremo T5 CFD0427 135 138 3 2.36
Supremo T5 CFD0427 159 161 2 4.01
Supremo T5 CFD0427 176 178 2 4.33
Supremo T5 CFD0427 187 189 2 2.55
Supremo T5 CFD0429(4) 184 188 4 3.13
Supremo T5 CFD0429 195 218 23 1.38
Supremo T5 CFD0431 223 224 1 2.33
Supremo T5 CFD0433 168 181 13 2.40
Supremo T5 CFD0433 220 224 4 1.51
Supremo T5 CFD0436 17 19 2 4.10
Supremo T5 CFD0436 40 46 6 4.31
Supremo T5 CFD0441 21 27 6 2.02
Supremo T5 CFD0441 34 37 3 2.17
Supremo T5 CFD0441 42 53 11 9.22
Supremo T5 CFD0443 128 136 8 1.37
Supremo T5 CFD0445 130 131 1 6.78
Supremo T5 CFD0447 129 137 8 1.56
Supremo T5 CFD0469 9 11 2 3.98
Supremo T5 CFD0475 31 39 8 3.90
Supremo T5 CFD0479 23 34 11 1.21
Supremo T5 CFD0479 40 44 4 1.36
Supremo T5 CFD0479 53 58 5 2.15
Supremo T5 CFD0479 80 82 2 2.73
Supremo T5 CFD0479 120 125 5 1.41
Supremo T5 CFD0479 140 147 7 0.84
Supremo T5 CFD0484 63 75 12 6.78
Supremo T5 CFD0484 124 125 1 5.52
Supremo T5 CFD0484 165 189 24 2.43
Supremo T5 CFD0484 197 214 17 1.55
Supremo T5 CFD0492 88 101 13 0.92
Supremo T5 CFR0727 NSV
Supremo T5 CFR0729 1.52 22.86 21.34 2.03
Supremo T5 CFR0729 117.35 123.44 6.09 4.29
Supremo T5 CFR0733 12.19 18.29 6.1 1.59
Supremo T5 CFR0733 71.63 76.2 4.57 2.97
Supremo T5 CFR0748 38.1 53.34 15.24 1.06
Supremo T5 CFR0748 77.72 86.87 9.15 1.16
Supremo T5 CFR0797 33.53 51.82 18.29 1.68
Supremo T5 CFR0799 53.34 56.39 3.05 1.38
Supremo T5 CFR0801 56.39 59.44 3.05 0.98
Supremo T5 CFR0803 73.15 82.3 9.15 1.72
Supremo T5 CFR0803 108.2 115.82 7.62 1.84
Supremo T5 CFR0803 164.59 166.12 1.53 3.43
Supremo T7 CFD0404 16 24 8 3.08
Supremo T7 CFD0404 52 60 8 1.98
Supremo T7 CFD0404 67 68 1 5.01
Supremo T7 CFD0406 18 25 7 2.44
Supremo T7 CFD0412 101 107 6 3.94
Supremo T7 CFD0412 218 224 6 3.46
Supremo T7 CFD0415 23 24 1 3.13
Supremo T7 CFD0417 31 46 15 1.06
Supremo T7 CFD0417 53 72 19 1.49
Supremo T7 CFD0420 61 62 1 2.96
Supremo T7 CFD0421 14 16 2 1.28
Supremo T7 CFD0422 5 10 5 1.11
Supremo T7 CFD0424 34 38 4 1.18
Supremo T7 CFR0668 144.78 147.83 3.05 2.86
Supremo T7 CFR0670 28.96 30.48 1.52 2.09
Supremo T7 CFR0672 97.54 111.25 13.71 1.08
Supremo T7 CFR0676 16.76 18.29 1.53 1.23
Supremo T7 CFR0681 NSV
1CFD0447 is the redrill of CFD0443 due to poor recovery
2CFD0487 is the redrill of CFD0480 due to poor recovery
3CFD0494 is the redrill of CFD0490 due to poor recovery
4CFD0429 is the redrill of CFD0425 due to poor recovery
*True width estimated at approximately 2/3 down-hole length.
Additional notes: 'CFD' drill hole prefixes equate to diamond core holes, 'CFR' equate to RC drill holes. RC drill holes are sampled on 5' drill rod lengths then converted to metric for input into the drill database. NSV equals 'No Significant Value'.

All maps, sections and assay sheets associated with this news release can be viewed by clicking the following link: http://kaminak.com/news_releases/2015/index.php?&content_id=612

Feasibility and Environment Baseline Program Updates

As announced 28 July, 2014, the Company initiated a mining Feasibility Study on the Coffee Gold Project with a targeted completion date of end 2015 or early 2016. Drilling and related field programs ended in the last week of November 2014 and resumed in early February 2015. Drilling in 2015 will comprise ongoing resource delineation infill, condemnation drilling of areas containing proposed mine infrastructure, and geotechnical and hydrological drilling. Environmental and heritage baseline studies, and engineering studies into the optimal route and design of the access road, are also advancing as planned. All metallurgical sampling was completed in 2014 and composites are now at the Kappes Cassiday and Associates Laboratory undergoing leaching and other test work.

QA / QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Tim Smith, P.Geo., Vice President Exploration of Kaminak Gold Corporation, 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.

On behalf of the Board of Directors of Kaminak

Eira Thomas, President and CEO

Kaminak Gold Corporation

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Caution Concerning Forward-Looking Statements

Certain disclosures in this release, including management's assessment of the future potential of the Coffee Project 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. Except as required by law, Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise.

The Company has not made a production decision, and the Company's strategic plan to develop a stand-alone heap leach operation is subject to the results of its Feasibility Study. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

Cautionary Note concerning estimates of Inferred and Indicated Resources:

This news release uses the terms "Inferred Resources" and "Indicated Resources", which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred and/or Indicated Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Kaminak advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of an Inferred and Indicated resource exists or is economically or legally minable.

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