April 23, 2012
Vancouver, B.C. – Kaminak Gold Corporation (KAM: TSX-V) today announced results for the first 14 Reverse Circulation (RC) drill holes from the Coffee Gold Project 2012 drill program. The fully funded exploration project began in March and is expected to yield at least 50,000m of drilling from four drill rigs. Initial drill results continue to define near surface and well oxidized gold zones in close proximity to known mineralized zones at Supremo-Latte-Double Double.
Key Point Summary
"Drilling a new, oxide-rich gold zone early in the 2012 season re-affirms the excellent exploration potential of the Coffee Property," stated Rob Carpenter, President and CEO of Kaminak. "Soil chemistry and magnetic patterns suggest the T4 and T5 structures continue towards the Latte zone which occurs 1km south of current drilling. Kaminak will rapidly define the extent of these new zones with continued step-out drilling."
RC drilling commenced mid-March (see news release 19 March, 2012), with 30 drill holes completed to date. Results have been received for a total of fourteen RC holes drilled on two sections across 50m strike length. These holes were designed to test the shallow and oxidized gold potential of the T4 and T5 structural trends within the Supremo gold zone. Recently acquired magnetic data clearly defines a north-south structural corridor, co-incident with elevated gold-in-soil geochemistry, extending for approximately 1km towards the Latte gold zone. Two diamond holes, CFD-33 & 34, drilled in 2010 near the northern extent of the trend successfully identified bedrock gold mineralization associated with the gold-in-soil anomaly, comprising drill intercepts of 2.38g/t Au over 19m, 2.11g/t Au over 14m and 3.63g/t Au over 7m.
RC drill results to date confirm up to three north-south striking mineralized structures with vertical to steep easterly dip. The mineralized structures are close-spaced over a total across-strike width of 80-100m. Gold mineralization commences from surface and is open along strike and down-dip. 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 in excess of 400m.
Gold mineralization is hosted within brittle fractures and brecciated gneisses and felsic-intermediate intrusive rocks, accompanied by silica flooding and pyrite/limonite alteration. High‐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 Supremo T4-5 and other 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.
*True width estimated at approximately 2/3 down-hole length.
All maps, sections and assay sheets are currently available on the Kaminak website,www.kaminak.com.
The ongoing RC drilling program is designed to further define the strike extent of the Supremo T4-5 gold trend, which is interpreted to connect with the Latte trend located approximately 1km to the south. These early results from the 2012 RC drilling program support the anticipation of continued exploration success from drilling below gold-in-soil geochemical trends. Numerous additional untested geochemical targets remain within the Supremo-Latte gold zones.
In addition to the RC drill program, two diamond core drills have commenced drilling on the T3 trend, stepping out south along strike from drilling completed in 2011. A third diamond core drill is scheduled to commence drilling at the Double Double zone in early May, then in June will undertake the first ever drilling program at Sugar, located 20km east of Coffee. The Coffee Gold Project drilling programs are 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.
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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