Archive for May, 2010

KAMINAK DRILLS NEW YUKON GOLD DISCOVERY: FIRST HOLE INTERSECTS 17.1 G/T AU OVER 15.5M

Kaminak Gold Corp. has released assay results from the first two holes drilled on its 100-per-cent-owned Coffee project, located in the White district, Yukon Territory. These two holes were drilled from the same set-up at the Supremo zone, which is one of eight top-priority targets identified on the 43-kilometre-long property. Kaminak will host a conference call and live audio webcast on Thursday, May 27th at 8 a.m. Pacific Time (11 a.m. Eastern Time) to explain the significance of the drill results announced today. Conference call and live audio webcast details are located at the end of this release and on the Kaminak website.

Drill highlights:

 

  • CFD-001 intersected 17.07 grams per tonne gold over 15.5 metres (from 15 metres core depth);
  • CFD-002 ended in mineralization and yielded five significant gold-bearing intersections:
    • 3.95 grams per tonne gold over 11.95 metres (starting at 18.7 metres);
    • 4.89 grams per tonne gold over five metres (starting at 72 metres);
    • 2.11 grams per tonne gold over 14.0 metres (starting at 124 metres);
    • 4.31 grams per tonne gold over 2.75 metres (starting at 145.25 metres);
    • 2.96 grams per tonne gold over 4.1 metres (starting at 169.65 metres to end of hole);
  • Gold zones are associated with linear structures characterized by extensive silicification, quartz veining and brecciation; host augen gneiss has undergone arsenic-silver-antimony-barium enrichment (like Underworld Resources Inc.’s Golden Saddle deposit);
  • New geological mapping and structural measurements from oriented drill core indicate that the mineralized zones at Supremo are north-south trending, steeply dipping and open along trend and at depth;
  • Drilling continues with samples being processed at the assay laboratory from Supremo step-out holes and initial holes from the Latte zone located one kilometre south of Supremo.

 

“These first holes show intense alteration and mineralization over wide intervals indicative of a large gold-rich hydrothermal system,” stated Dr. Rob Carpenter, president and chief executive officer of Kaminak. “These results confirm the potential of the Coffee property to host large gold deposits and our drill strategy will continue to focus on discovering near-surface gold mineralization.”

Drill results

Drill holes No. 1 and No. 2 were drilled to the east from the same set-up and were designed to test the depth extent of high-grade gold-in-rock results obtained by Kaminak in 2009 along the trench 3 trend. Hole No. 1 was drilled at a minus-50-degree angle and hole No. 2 was drilled at a minus-70-degree angle. A detailed plan map, cross-section and photo montage of select core samples are available on the Kaminak website.

Both holes intersected extensively oxidized, limonitic, clay- and silica-altered augen gneiss host rocks displaying complex multiphase hydrothermal breccia (fragmental) textures in addition to quartz vein stockworks, minor pyrite and rare arsenopyrite. Hole No. 1 intercepted a single, thick interval of 17.07 grams per tonne gold over 15.5 metres (starting at 15 metres downhole), hosted primarily in silicified breccia units and minor non-brecciated silica-altered gneiss.

Hole No. 2 ended in mineralization and intersected several zones over a greater length than the hole No. 1 intercept including 3.95 grams per tonne gold over 11.95 metres (starting at 18.7 metres), 4.89 grams per tonne gold over five metres (starting at 72 metres), 2.11 grams per tonne gold over 14 metres (starting at 124 metres), 4.31 grams per tonne gold over 2.75 metres (starting at 145.25 metres) and 2.96 grams per tonne gold over 4.1 metres (starting at 169.65 metres to end of hole). Unlike the single, wide gold-bearing hydrothermal breccia zone in hole No. 1, mineralization in hole No. 2 is mainly hosted in broad zones of quartz veining and silica flooding with restricted breccia zones. The mineralized intervals from hole No. 2 were calculated using a one-gram-per-tonne gold grade envelope, that are separated by weakly anomalous intervals. If these intervening low-grade segments are included in the grade/interval calculations, then the hole No. 2 intercept can also be considered to grade 1.26 grams per tonne gold over 60.32 metres (starting at 18 metres) with a second zone of 1.15 grams per tonne gold over 51.32 metres (starting at 122.43 metres).

New geological mapping and trenching completed at Supremo in 2010 indicate that mineralization at trench 3 is hosted in a north-south-trending linear structure/alteration zone that extends for at least 200 metres and is open in both directions along trend, as well as to depth. Measurements from oriented core from both holes No. 1 and No. 2 also indicate that gneissic banding is shallowly dipping to the west and that mineralized veins occur at high angle to the gneissic fabric, suggesting near-vertical-dipping gold zones. More drilling on this section will be required in order to correlate rock units and mineralized zones from hole No. 1 and No. 2 and also to determine the true width of these zones.

 

                            ASSAY RESULTS

Drill Hole No.      From (m)  To (m)  Length (m)  Weighted grade (g/t)

CFD-001               15    30.5        15.5                  17.07
Including          23.05    28.6        5.55                  31.63

CFD-002               18   78.32       60.32                   1.26
Including           18.7   30.65       11.95                   3.95
And                   72      77           5                   4.89
And               122.43  173.75       51.32                   1.15
Including            124     137          14                   2.11
And               145.25     148        2.75                   4.31
And               169.65  173.75         4.1                   2.96

 

Conference call and webcast information

Kaminak will host a conference call and live audio webcast to explain the significance of the drill results announced today. Conference call and live audio webcast details are below and on the Kaminak website.

Date: Thursday, May 27, 2010

Time: 8 a.m. Pacific Time (11 a.m. Eastern Time)

Dial-in numbers: North American toll-free, 1-800-396-7098; international toll number, 416-695-6616

Audio webcast: live audio webcast can be accessed on-line

Playback: available for one week following the call at North American toll-free, 1-800-396-7098 and international toll number, 416-695-6616 (passcode 2506763)

Quality assurance/quality control

Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, PhD, PGeo, Kaminak’s president and chief executive officer, 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 core sample string. Samples are placed in sealed bags and shipped directly by charter plane to the ALS Chemex preparatory laboratory in Whitehorse prior to gold fire assay and ICP-MS analysis. The Coffee property is an early-stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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NORTHERN TIGER RESOURCES COMMENCES $2.6 MILLION YUKON EXPLORATION PROGRAM

Northern Tiger Resources Inc. has commenced a $2.6-million exploration program on its Yukon projects.

“The Yukon is continuing to gain attention as a great place to invest and explore and we are excited to see our 2010 exploration program ramping up,” says Greg Hayes, president of Northern Tiger Resources. “From Sonora Gulch (copper-moly porphyry and epithermal gold potential) to our Minto-style projects (high-grade copper targets) and our new 3Ace property (abundant visible gold in an exposed quartz vein) we have a suite of projects with significant discovery potential.”

Sonora Gulch

The Sonora Gulch project is owned 100 per cent by Northern Tiger.  The property hosts a large gold geochemical anomaly covering approximately nine square kilometres with gold-in-soil values ranging from trace to 2,340 parts per billion (average grade of 56 parts per billion over 1,971 samples). Contained within the broad gold anomaly is a two-kilometre-by-one-kilometre copper-molybdenum anomaly that the company is evaluating as a copper-molybdenum porphyry system.

A crew has been mobilized to the company’s Sonora Gulch camp to begin line cutting in preparation for a deep penetrating geophysical survey by Quantec Geosciences Ltd. The survey is scheduled for mid-June, and will measure direct current resistivity and induced polarization to depths up to 750 metres. The primary target for the Titan 24 survey is copper-molybdenum porphyry mineralization.

Following completion of the Titan 24 survey, Northern Tiger is planning 12 to 15 diamond drill holes (3,000 metres) on the Sonora Gulch property. The drill program is being planned to test the property’s porphyry potential as well as one or two of the high-priority gold targets contained within the broader nine-square-kilometre gold-in-soil anomaly identified on the property. The drill program is anticipated to begin in late June.

Additional surface exploration, including mapping, prospecting and geochemical surveys will also be completed to expand and further delineate the mineralized zones at Sonora Gulch.

Minto-style targets

Northern Tiger acquired five properties from Capstone Mining Corp. covering exploration targets where previous prospecting encountered copper mineralization similar to that found at Capstone’s Minto mine. In addition, Northern Tiger and Capstone have a regional exploration alliance agreement (through Capstone’s wholly owned subsidiary Minto Explorations Ltd.), which provides for input and co-operation on planning and executing exploration programs and long-term strategies for the area, sharing of technical expertise to assist in exploration and project advancement, and access to Capstone’s infrastructure to facilitate area exploration.

Two diamond drill holes (500 metres) are planned to test a gradient array induced polarization anomaly coincident with a copper-in-soil geochemical anomaly located on the DAD property. The distinct chargeability high anomaly is suggestive of disseminated sulphide mineralization. It is 350 metres wide on the eastern end and 200 metres wide on the western end. The anomaly is in excess of 300 metres long and open to both the east and west. The DAD drill program is anticipated to occur in early September upon completion of the Sonora Gulch drilling.

A surface exploration program is planned to investigate a number of airborne geophysical targets identified on the MEL property, which is located immediately to the north of Capstone’s Minto mine. Additional surface exploration work is also planned to follow up on targets identified on the DEL and LED properties. This work is expected to occur in June, and if results warrant, ground geophysics surveys will be conducted over specific targets later in the season.

3Ace

Northern Tiger recently optioned the 3Ace property from Alex McMillan, a long-standing Yukon prospector who discovered a quartz vein containing abundant quantities of visible gold on the property. Historic work on the property has also identified a number of large gold-in-soil anomalies that warrant additional exploration (see news release in Stockwatch dated March 5, 2010).

A six-week surface exploration program is planned for the property, commencing in early July. In addition to thoroughly investigating the existing high-grade occurrence, a detailed mapping, prospecting and sampling program will be used to identify similar geological and structural environments with potential to host additional high-grade gold occurrences on the property.

This news release has been reviewed and approved by Dennis Ouellette, BSC, PGeol, a qualified person as defined by National Instrument 43-101.

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