Kaminak Gold (KAM-V) June 4th 2015 today announced follow-up drilling results from Kona North and Dolce, new gold discoveries at the Company's development track Coffee Gold Project in Yukon that were announced September 2, 2014, and January 27, 2015, respectively.
Kona North lies less than 1km north, and Dolce 1.1km south, of the granite-hosted Kona gold deposit, which contributes approximately 26,000 recoverable oxide gold ounces at an average diluted grade of 1.22g/t Au to the 2014 NI 43-101 Coffee Preliminary Economic Assessment (PEA). Like Kona, both Kona North and Dolce are granite hosted and broadly east-west striking. Further, all three mineralized trends are located close to the proposed mine infrastructure in the PEA.
Recent step-out drilling at Kona North returned 2.43g/t Au over 50.3m from 32m downhole (CFR976), the best intercept to date from this zone. Kona North is associated with a 1.8km long gold-in-soil anomaly of which only 300m has been systematically drill tested to date. A ten hole program totaling 718 metres was completed at Kona North in April, 2015, with the objective of confirming continuity and extending the strike of the known mineralization and mapping the distribution of Oxide facies mineralization. Drilling confirmed the east-west strike and steep southerly dip and intersected wholly to partially oxidized mineralization in all holes except for CFR963 and CR976. However, the depth extent of Oxide and Transitional mineralization appears to be quite shallow at Kona North compared to other Coffee gold deposits resulting from localized erosion of the upper sections of the mineralized structure. There remains good potential to test for extensions of the Oxide mineralization at shallower levels of the system along strike to the east. Kona North is now pending further analysis to determine if it will be included in the overall Coffee feasibility study. Overall, Kona North continues to yield high tenor gold results highlighting the future prospectivity of the under-tested, granite-hosted terrain that hosts several large undrilled gold-in-soil anomalies west of the main Coffee Gold resource area.
The Dolce Zone is associated with a semi contiguous 1km long gold-in-soil anomaly originally drilled in 2014 (3.24g/t Au over 13.72m) as part of the condemnation program within areas adjacent to proposed mine infrastructure. Mineralization is now confirmed from drilling to be E-W striking over at least 100m of strike and dipping steeply to the south. Additional drill holes located approximately 250m to the east and west did not intersect bedrock mineralization; however, these step out holes may not have been optimally positioned with respect to strike of the Dolce trend. All intercepts achieved to date at Dolce comprise Oxide and Upper Transitional facies mineralization.
Table 1 Drill Hole Assay Results
| Prospect | Drill Hole | From (m) | To (m) | Width (m)* | Weighted
Average
grade
(g/t Au) | | Kona North | CFR0962 | 47.24 | 65.53 | 18.29 | 1.30 | | Kona North | CFR0963 | 71.63 | 83.82 | 12.19 | 2.19 | | Kona North | CFR0964 | 1.52 | 6.10 | 4.58 | 1.14 | | Kona North | and | 32.00 | 44.20 | 12.20 | 1.91 | | Kona North | CFR0965 | 9.14 | 10.67 | 1.53 | 4.68 | | | and | 45.72 | 50.29 | 4.57 | 1.54 | | Kona North | CFR0966 | 25.91 | 28.96 | 3.05 | 1.04 | | | and | 38.10 | 45.72 | 7.62 | 0.96 | | Kona North | CFR0967 | Abandoned | | | | | Kona North | CFR0968 | 28.96 | 51.82 | 22.86 | 1.56 | | Kona North | CFR0969 | 53.34 | 57.91 | 4.57 | 8.10 | | | Including | 54.86 | 56.39 | 1.53 | 18.55 | | | and | 92.96 | 97.54 | 4.58 | 1.02 | | Kona North | CFR0970 | Abandoned | | | | | Kona North | CFR0976 | 32.00 | 82.30 | 50.30 | 2.43 | | | Including | 59.44 | 62.48 | 3.04 | 17.38 | | Dolce | CFR0971 | 3.05 | 6.10 | 3.05 | 1.53 | | Dolce | CFR0971 | 35.05 | 36.58 | 1.53 | 2.81 | | Dolce | CFR0972 | 54.86 | 64.01 | 9.15 | 0.70 | | Dolce | CFR0972 | 71.63 | 80.77 | 9.14 | 1.98 | | Dolce | CFR0973 | 27.43 | 28.96 | 1.53 | 1.01 | | Dolce | CFR0974 | 79.25 | 83.82 | 4.57 | 2.93 | | Dolce | CFR0975 | No Significant value |
| * True width estimated at approximately 2/3 down-hole length. |
All maps, sections and assay sheets associated with this news release can be viewed by clicking the following link: http://kaminak.com/news_releases/index.php?&content_id=624
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
For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.
Kaminak Gold Corporation
Tony Reda
Vice President of Corporate Development
604-646-4534 or Toll-Free: 1.844-646-4520
info@kaminak.com
www.kaminak.com |
