Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

November 12, 2013 08:00 ET

Kaminak's Coffee Infill Drilling Program at Supremo Deposit Demonstrates Continuity

New Results include: 11.0 g/t Au over 7m, 19.0 g/t over 3m and 7.5 g/t Au over 6m

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 12, 2013) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the results of an infill delineation drilling program at Supremo primarily targeting the central zone of the Supremo T3 deposit and representing approximately 500m of its more than 2.3km of mineralized strike length, which remains open along strike to the north and at depth. Also being reported in this news release are bedrock trench results from the 500m infill section demonstrating high-grade oxide gold mineralization at surface. As previously disclosed, the Supremo deposit is one of several gold deposits located within the company's Coffee Gold Project and contributes approximately 1.8 Moz of the previously reported 3.2 Moz NI 43-101 Inferred Mineral Resource Estimate, consisting of 64 million tonnes grading at 1.56 grams per tonne gold ("g/t Au") at a base case cut-off of 0.5g/t Au for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material.

Drill Highlight Intercepts include:

  • 11.03g/t Au over 7m from 43m down hole depth in CFD0337 (T3)
  • 19.00g/t Au over 3m from 27m down hole depth in CFD0338 (T3)
  • 3.51g/t Au over 10m from 88m down hole depth in CFD0339 (T3)
  • 3.14g/t Au over 10.67m from 147.83m down hole depth in CFR0590 (T3)
  • 5.38g/t Au over 7.62m from 7.62m down hole depth in CFR0595 (T3)
  • 7.48g/t Au over 6m from 29m down hole depth in CFD0307 (T4)

Trench Results include:

  • 10.93g/t Au over 12m
  • 20.05g/t Au over 11m
  • 4.08g/t Au over 10m

Eira Thomas, CEO commented: "The Supremo T3 deposit has consistently returned some of the highest grade intercepts at Coffee and contributes to the majority of the Oxide ounces in the current 43-101 Resource. This year's limited infill program has helped to better delineate the central zone of the deposit, which could represent a high value potential starter pit for the project. The mineralization encountered is consistent with previous results from Supremo and will contribute to an updated 43-101 resource estimate towards year-end followed by the initiation of a preliminary economic analysis in early 2014."

About the Supremo Drilling Program

Supremo infill drilling was completed primarily to improve continuity of mineralization and grade characterization within a central 500m section of the Supremo T3 gold deposit, and in addition, a small section of Supremo T4 where the current resource block model does not extend to surface. The ultimate aim of the T3 infill drill program is to upgrade the resource classification of that section of the deposit from Inferred to the higher confidence level required in the Indicated category. The location and spacing of drilling was determined in consultation with independent Qualified Person Robert Sim, P.Geo. of SIM Geological Inc., who completed the Coffee Gold Project maiden Inferred Mineral Resource Estimate (announced December 13, 2012). The Company plans to update the mineral resource estimate once all of the drill results from all 2013 programs have been received.

Results are also presented for trenching on T3 plus additional exploration and infill drilling campaigns. Outstanding results from previous drilling campaigns on T1 and 2 are also reported.

Details of the T3 drilling and trenching program:

  1. Mineralization intersected by the T3 infill drilling campaign strongly supports the existing geological model of steeply east-dipping mineralized faults and shear zones, which exhibit gentle anastomosing and pinch and swell characteristics.
  2. Three trenches excavated within the central Supremo T3 area returned high grade mineralization as follows:
Section 6,974,400N 10.93g/t Au over 12m
Section 6,974,375N 20.05g/t Au over 11m
Section 6,974,250N 4.08g/t Au over 10m
The trench assay results are consistent with true width of the T3 structure indicated by underlying drill assay results, and provide confirmation that mineralization comes to surface. The trenching was undertaken to collect larger size fraction material (compared to drill core) to test cyanide leach gold recovery at coarser crush sizes. Material was sampled directly from bedrock located beneath a shallow over-burden profile comprising 0.25-0.5m soil and 1.0-1.5m bedrock colluvium.
  1. The 2013 Supremo T3 drilling program included one deep core hole to test the depth extension of the T3 structure, intersecting the fully to partially oxidized T3 structure at 350m depth below surface in precisely the position predicted by the Company's 3D geological model. Gold tenor within the T3 structure was low at 0.192g/t Au over 4m from 398m core depth; however, the drill hole deviated by approximately 50m northward and did not intersect the center of the targeted plunging mineralized shoot. Higher in the hole a high grade intercept of 7.47g/t Au over 2m from 116m represents the northward strike continuation of the T3.5 structure which lies midway between T3 & 4.
  2. The strike extension of the Supremo T3 zone southward beyond the east-west striking Latte - Double Double trend was tested via two core holes, CFD0324 & 325. Drilling intersected a narrow deformation and alteration zone; however, it is unlikely to represent a continuation of the Supremo zone. Rather, the Company's geological team interprets that the Supremo structures represent steeply angled splays off the Latte structure.
Supremo Drill Results
Drill Hole Structure/Target From (m) To (m) Core Length (m)* Weighted Average Grade (g/t Au)
CFD0323 Supremo T3.5 116 118 2 7.47
CFD0324 Supremo T3 South No Significant Values (NSV)
CFD0325 Supremo T3 South NSV
CFD0326 Supremo T3 Infill 147 152 5 2.16
And Supremo T3 Infill 169 175 6 1.10
And Supremo T3 Infill 180 182 2 3.38
CFD0327 Supremo T3 Infill NSV
CFD0336 Supremo T3 Infill 59 61 2 6.31
CFD0337 Supremo T3 Infill 43 50 7 11.03
CFD0338 Supremo T3 Infill 27 30 3 19.00
And Supremo T3 Infill 119 123 4 2.55
And Supremo T3 Infill 186 192 6 1.59
CFD0339 Supremo T3 Infill 7 10 3 6.15
And Supremo T3 Infill 88 98 10 3.51
CFR0584 Supremo T3 Infill NSV
CFR0585 Supremo T3 Infill NSV
CFR0586 Supremo T3 Infill 12.19 22.86 10.67 0.74
And Supremo T3 Infill 158.5 172.21 13.71 1.74
CFR0587 Supremo T3 Infill 28.96 30.48 1.52 5.65
CFR0588 Supremo T3 Infill 89.92 94.49 4.57 2.81
CFR0589 Supremo T3 Infill 118.87 126.49 7.62 0.78
And Supremo T3 Infill 147.83 152.4 4.57 0.97
CFR0590 Supremo T3 Infill 94.49 96.01 1.52 4.60
And Supremo T3 Infill 147.83 158.5 10.67 3.14
CFR0591 Supremo T3 Infill 41.15 45.72 4.57 0.83
CFR0592 Supremo T3 Infill 92.96 108.2 15.24 1.05
CFR0593 Supremo T3 Infill 65.53 67.06 1.53 3.18
And Supremo T3 Infill 102.11 108.2 6.09 2.52
And Supremo T3 Infill 124.97 140.21 15.24 1.11
CFR0594 Supremo T3 Infill 126.49 164.59 38.10 1.10
CFR0595 Supremo T3 Infill 7.62 15.24 7.62 5.38
CFR0526 Supremo T1-2 NSV
CFR0527 Supremo T1-2 NSV
CFR0528 Supremo T1-2 132.59 134.11 1.52 1.08
CFR0529 Supremo T1-2 NSV
CFD0307 Supremo T4 11 14 3 1.84
And Supremo T4 29 35 6 7.48
And Supremo T4 42 43 1 9.95
CFD0308 Supremo T4 18 22 4 1.53
CFD0309 Supremo T4 80 82 2 1.70
* In general, the true width is estimated at approximately 2/3 of the core length.

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

QA / QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Rory Kutluoglu, P.Geo., Exploration Manager 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

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.

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.

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 events, or otherwise.

Cautionary Note concerning estimates of Inferred Resources:

This news release uses the term "inferred resources". Inferred resources 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 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 do not recognize it. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.

Contact Information