Kaminak Gold Corporation

Kaminak Gold Corporation

May 02, 2007 08:30 ET

Kaminak Stakes Uranium-Copper-Molybdenum Prospects, Yathkyed Lake Area, Nunavut

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the Company has added 70,000 acres to its 100% owned Yathkyed Uranium Project located in central Nunavut. This new staking, comprised of the BOG, YAT, and REV prospects, brings the total land position at Yathkyed to approximately 200,000 acres.

Several significant uranium occurrences were discovered within Kaminak's current claim block by Noranda Exploration Ltd. and Pan Ocean Oil Ltd. between 1977 and 1981. No further work on these occurrences has been reported since this initial exploration. Highlights of this historical work include:

- Greater than a dozen individual showings with grades of 0.10% U3O8 or higher along the 5,000m long BOG mineralized trend, includes assays of 9.81% U3O8, 2.14% U3O8 and 3.97% U3O8.

- Grab samples from the YAT area yielded 2.88% U3O8, 5.37% Cu and 0.11% MoS2 as well as 0.94% U3O8, 0.67% Cu and 0.09% MoS2.

"Identifying and acquiring new projects is a keystone of our business model as a prospect generator," stated Rob Carpenter, President and CEO of Kaminak. "The Yathkyed property represents an overlooked opportunity that offers the Kaminak shareholder early stage exposure."

The project area is dominantly underlain by the Yathkyed Sedimentary Basin, which is analogous to the nearby Baker and Thelon Basins. Uranium mineralization is spatially related to the basement "unconformity" and includes widespread basement-hosted breccia systems (i.e. BOG) and structurally controlled vein-hosted showings (i.e. YAT and REV). Significant amounts of copper, molybdenum and silver are typically associated with these uranium occurrences.

BOG Showings

The BOG trend is intermittently exposed over at least 5,000m and varies in width from 50m to 150m. Within this zone, Archean basement gneisses are intensely hematite altered, brecciated and cut by quartz stockwork veining associated with feldspar porphyry intrusions. High-grade uranium showings (with or without copper, molybdenum and silver) occur in outcrop and boulders along the entire 5,000m long BOG trend.

Noranda identified at least ten showings with grades of 0.10% U3O8 or higher along a 1,000m long segment of the BOG trend. Noranda subsequently drilled several shallow holes over 100m of strike length and intersected thick intervals of brecciated hematite alteration and silicification in each hole. The most easterly hole intersected 0.22% over U3O8 over 1.0m and remains open. Separate work along the northeastern extent of the BOG trend by Pan Ocean yielded an outcrop grab sample assay of 9.81% U3O8, 0.73% Cu, 0.792% MoS2 and 3.70 oz/ton Ag. Nearby grab samples also yielded high-grade results, including: 2.14% U3O8 and 0.22% MoS2 (outcrop) and 3.97% U3O8 (boulder). No previous drilling is reported in this area.

YAT Showings

The YAT uranium occurrences are located 8km south of the BOG trend and are comprised of a number of vein-type showings co-incident with northeast trending geophysical and geochemical anomalies. The main showing was discovered by Pan Ocean Oil in the late 1970's and consists of strongly hematized and chloritized fractures hosted in conglomerates. Grab samples from occurrence "6" yielded 2.88% U3O8, 5.37% Cu and 0.11% MoS2 and samples from occurrence "5" assayed 0.94% U3O8, 0.67% Cu and 0.09% MoS2. No previous drilling is reported from the YAT area.

REV Showings

The REV area is located 10km east of the BOG trend and is characterized by several vein-type uranium occurrences hosted in sheared Archean basement rocks. Historical sampling by Noranda revealed assays of 0.36% U3O8, 0.31% U3O8 and 0.11% U3O8 from separate outcrop showings. Limited follow-up work is reported on these prospects.

Work Plans for 2007

Kaminak's technical team is currently completing a detailed review of all previous work on the Yathkyed property which includes reviewing archived exploration reports and constructing an up to date digital compilation of geology, geophysics and geochemistry. Preliminary research has lead Kaminak's technical team to believe the property has potential for numerous mineral deposit types, including unconformity and vein hosted uranium mineralization. Moreover, the nature and extent of the mineralizing system along the BOG trend suggests potential for bulk-tonnage "IOCG-type" mineralization. Initial field follow-up is planned for the summer of 2007.

Kaminak - Breakwater Strategic Alliance

Kaminak and Breakwater Resources Ltd. (TSX:BWR) have agreed to jointly fund a generative initiative targeting primarily nickel-copper-PGE deposits over parts of North America. Each company will initially fund $50,000 for data compilation, targeting, and field work during the 2007 season. Kaminak will initially act as Project Operator.

Kaminak's disclosure of a technical or scientific nature is prepared under the supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO, who serves as the Qualified Person under the definition of National Instrument 43-101. Historical assays and previous sampling were obtained from government archived assessment reports, and although this data cannot be confirmed, they are considered reliable.

Kaminak Gold Corporation is a project generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration and shareholder risk. A critical component of Kaminak's business model is working with strong project partners to advance the Company's exploration projects. Covering several million acres, Kaminak holds one of the largest land positions in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.

On behalf of the Board of Directors

Rob Carpenter, Ph. D., P. Geo., President and CEO

Kaminak Gold Corporation

Certain disclosures in this release, including management's assessment of Kaminak's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kaminak Gold Corporation
    Rob Carpenter, Ph. D., P. Geo.
    President and CEO
    (604) 646-4534
    Website: www.kaminak.com