Kaminak seems excited about finding the new oxide gold zone. They may be thinking that processing and extracting gold from it may provide some early cash flow to fund later developments
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 10, 2013) – Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the drill discovery and delineation of a new oxide gold zone on the Company’s Coffee Gold Project referred to as “Sumatra”. Drilling successfully identified shallow, oxidized gold-bearing structures over 500 metres (m) of mineralized strike with highlights of 15.78 grams per tonne gold (g/t Au) over 3.05m from 1.52m downhole in CFR0513 and 5.72g/t over 4m from 75m depth in CFD0331. The Sumatra Zone is associated with a northeasterly trending gold-in-soil anomaly (>1km in length) and an aeromagnetic lineament (>2km in length) interpreted to connect to the western extension of the Latte Zone and the western edge of the of the Supremo Zone. The 2013 Coffee drill program is ongoing and over 50,000m have been drilled so far this year.
Kaminak may be thinking that processing and extracting gold from oxide zones it may provide some early cash flow to fund later developments.
Eira Thomas, CEO, commented: “The Sumatra discovery demonstrates continued success in drilling gold-in-soil anomalies on the Coffee property and highlights the prospectivity of more than 25 km of untested, priority gold-in-soil anomalies that remain throughout the property.”
About the Sumatra Zone
Drilling targeted a 1.2km northeast striking +25ppb gold-in-soil anomaly located approximately 0.5km north of Latte and west of Supremo. Drilling intersected two separate, variably oriented mineralized structures:
- A NE-SW striking structure parallel with the aeromagnetic lineament, dipping steep to moderate to the NW. Highlight drill intercepts to date include: 0.99g/t over 30.48m from 135.64m depth in CFR0499, which is interpreted to have drilled obliquely down the structure, and 1.54g/t Au over 16.77m from 4.57m in CFR0514. Mineralization is interpreted to extend over at least 500m strike length and remains open along strike to the southwest beneath un-drilled gold-in-soil anomalies. To the northeast, it merges into the Supremo T1 Zone.
- An E-W striking structure, dipping steeply to the south. Highlight drill intercepts to date include: 15.78g/t Au over 3.05m from 1.52m, 5.26g/t Au over 9.14m from 22.86m, and 6.78g/t Au over 4.57m from 51.82m in CFR0513, which is interpreted to have drilled obliquely down the structure; 5.72g/t over 4m from 75m depth in CFD0331; and 3.86g/t Au over 6.09m from 132.59m. Mineralization is interpreted to extend over at least 600m strike length and remains open along strike to the west beneath the un-drilled portion of the gold-in-soil anomaly. To the east, it intersects with the Supremo T2 Zone.
Approximately half of the 1.2km Sumatra gold-in soil anomaly remains undrilled. Both structures are open to the west beneath strongly anomalous gold-in-soils, which extend over 600m along trend then terminate at a zone of permafrost, which renders soil sampling ineffective. Interpretation of the magnetic data suggests the underlying bedrock structure continues for an additional 800m to the southwest before merging with or intersecting the Latte Structure, and therefore, represents a high priority exploration target.
Sumatra Drill Results
|CFR0498||No Significant Value (NSV)|
* True width estimated at approximately 2/3 down-hole length.
** Intercept drilled sub-parallel or oblique to strike of mineralized structure.
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.
We've skipped some of the boilerplate. You can read it in here.
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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.