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Kaminak Reports 2015 Infill Drill Results from Coffee Gold Project

by ahnationtalk on August 13, 2015426 Views

August 13, 2015

Vancouver, B.C. – Kaminak Gold Corporation (KAM: TSX-V) today announced results from the 2015 infill drilling program at Coffee, Kaminak’s flagship development track gold project located 130km south of Dawson City, Yukon.  Infill drilling is now complete on all Coffee deposits, demonstrating good agreement with the existing block model and expected to result in a high conversion rate of in-pit resources from Inferred to Indicated in the updated 2015 block model underpining the Feasibility Study (FS), which is scheduled for completion in Q1, 2016.  The results reported herein are predominantly from the Supremo deposit, which consists of six gold bearing structures (referred to as T1 to T5 and T7) that are interconnected and are interpreted to be part of the same mineralized system.  Supremo contributes approximately 70% of the total ounces in the mine plan defined in the 2014 Coffee NI 43-101 Preliminary Economic Assessment (PEA).

“Our infill drilling program, which consisted of 70,000 metres, was executed on schedule and on budget in less than one year,” stated Eira Thomas, Kaminak President & CEO.  “Upgrading the confidence level of the Coffee gold resources is a big step towards de-risking Coffee as we move it through feasibility towards production.”

In 2015, approximately 31,000 metres of infill drilling was undertaken on the series of parallel, north-south striking gold bearing structures comprising the Supremo deposit.  Based on the 2014 PEA, the Supremo deposit contributes approximately 1,272,000 ounces of gold (recoverable) at an average diluted grade of 1.13 g/t Au in Oxide resources, plus an additional 44,000 ounces of gold at 1.64 g/t Au as Transitional-oxide resources.  Drilling completed at Supremo has firmed up the existing geological interpretation providing additional confidence in the location, geometry and continuity of the mineralized lodes.

The location and spacing of infill drilling was determined in consultation with independent Qualified Person Robert Sim, P.Geo of SIM Geological Inc., who completed the Coffee Gold Project Mineral Resource Estimates (announced December 13, 2012, and updated January 28, 2014).  The Company is now in the process of updating the Coffee mineral resource estimate for inclusion in the final feasibility study.

All maps, sections and assay sheets associated with this news release can be viewed by clicking the following link:

Kona North Drill Results

Kaminak also announced today the results from step-out drilling at the Kona North prospect consisting of two holes, CFD0601 and CFD0602, drilled 40m east along strike from CFR0976, which was drilled earlier this year and returned 2.43 g/t Au over 50.3m.  Both step-out holes intersected gold mineralization with the best intercept returning 2.4 g/t Au over 19m in CFD0602, and extending the strike length of the Kona North deposit to 330m while still remaining open along strike and at depth.

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.  However there remains good potential to test for extensions of the Oxide mineralization at shallower levels of the system along strike to the east and west within the 1.8km long gold-in-soil anomaly.

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