Kaminak Drilling Confirms High Potential at Connector Zone and Extends Supremo T2 Zone 750 Metres Along Strike to Join With Latte
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/17/13 -- Kaminak Gold Corporation (TSX VENTURE: KAM) today announced results for 37 drill holes from the ongoing 2013 drilling campaign at the Coffee Gold Project, Yukon Territory. Drilling successfully intersected gold mineralization in 32 out of the 37 drill holes and identified new, shallow, predominately oxidized gold-bearing structures within the Supremo-Latte area which is host to the majority of the 3.2Moz 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. Specifically, drill results are presented from the Connector Zone where the Supremo T2, T3 and T4 zones intersect the Latte East trend, and from the Supremo T1 and T2 zones.
Highlights
Kaminak President and CEO, Eira Thomas, commented: "Kaminak remains focused on delineating those zones within the Supremo-Latte-Double Double area that have the greatest potential to impact future mining economics. The initial results from Connector, located at the intersection of Supremo and Latte are encouraging, providing evidence of a potentially important dilation zone that will require further drill testing in the near term. Kaminak also successfully extended T2 750 metres along strike and has added proximal, near surface, oxide mineralization along the margin of the T3 conceptual pit, a primary goal of our 2013 drilling campaign. This drilling also provides further support that these deposits are all linked as part of a single, large, structurally controlled hydrothermal gold system, collectively comprising more than 10 kilometres of mineralized strike and still open".
Drilling Results
The drilling program is ongoing with one reverse circulation (RC) drill turning and a diamond core drill, which commenced drilling in late May. Almost 28,000 metres of drilling has been completed to date. Drilling is predominantly focused on targeting those areas that could positively impact mining economics by extending proximal, near surface oxide mineralization in the vicinity of the known deposits. Specifically, Kaminak is aiming to delineate additional mineralization along- and across-strike on the Supremo 'T' structures and the Latte West trend. Priority is also being given to the ongoing testing of previously undrilled geochemical anomalies in the Supremo-Latte-Double Double area. The 2013 Phase 1 exploration program remains on schedule and budget to complete 35,000 metres of drilling for $11M.
Supremo-Latte Connector Zone
The Supremo-Latte Connector Zone is interpreted to be a highly prospective area for increased deformation, fluid flow and mineralization due to the intersection of the north-south Supremo T2, 3 and 4 trends with the east-west Latte trend. Reverse circulation ('RC') drilling targeted zones peripheral to the existing resource with the aim to extend mineralization along strike, across strike and to surface.
The drill results identified new mineralized structures on the Supremo T2 and Latte trends. On Supremo T2 additional drilling across-strike on the 3300N section broadened the T2 mineralized corridor to a total of 100m across-strike comprising up to three close-spaced steeply dipping structures. When the adjacent T3 trend is also taken into account, the total width across strike further extends to 200m and comprises five stacked structures spaced at 25-100m apart. T2 intercepts on the 3300N section include: 7.85g/t Au over 3.05m from 94.49m (CFR-458), and 3.28g/t Au over 16.76m from 105.16m (CFR-462; drilled sub-parallel to strike).
Drilling also targeted the southward extension of the Supremo T2 and T3 structures towards their projected intersection with the Latte trend, but instead intersected east-west trending mineralized structures interpreted as a broadening of the overall Latte mineralized envelope to a width of approximately 50m. Latte intercepts on the 3250N fence include: 0.69g/t au over 19.82m from 9.14m (CFR-465) and 1.38g/t Au over 9.15m from 70.10m (CFR-466) (both intercepts oblique to strike).
Additional diamond core drilling is planned to further delineate the structural interpretation and to test the intersection between the north-south and east-west striking structures which may be prospective for plunging mineralized shoots.
Drilling was also completed on the eastern portion of the Latte trend with the objective to target near surface mineralization. Intercepts include: 1.41g/t Au over 22.86m from 10.67m (CFR-463) and 4.49g/t Au over 7.62m from 38.10m (CFR-464).
Supremo T1 and T2
An interpreted linking structure between the T1 and T2 trends was tested with four RC holes, adding approximately 200m along strike of near surface oxide mineralization. Intersections included: 14.88g/t over 4.58m from 39.62m (CFR-473).
The T2 structure was traced approximately 750m southwards along the interpreted strike extension of the trend based on gold-in-soil geochemistry and aeromagnetic data. This round of drilling in the southern portion of the T2 structure returned values up to 4.24g/t Au over 1.53m from 27.43m (CFR-454) and 4.44g/t over 1.53m from 96.01m (CFR-457). An oblique splay structure from the main T2 trend, which may link with the Latte North trend based on aeromagnetic interpretation, returned results including 1.09g/t Au over 10.67m from 19.81m and 2.31g/t Au over 9.14m from 106.68m (CFR-447).
Assay Table
All maps, sections and assay sheets are currently available on the Kaminak website, .
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 .
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.
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.
Contacts:
Kaminak Gold Corporation
Tony Reda
Vice President of Corporate Development
toll free 1.888.331.2269 or directly at 604.646.4534
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Datum: 17.06.2013 - 12:00 Uhr
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