Archive for July, 2010

TITAN 24 SURVEY IDENTIFIES PRIORITY TARGETS AND DRILLING UNDERWAY AT SONORA GULCH

Northern Tiger Resources Inc. confirms that a number of high-priority targets have been identified by a deep-penetrating geophysical survey done by Quantec Geosciences Ltd. (the Titan 24 survey) at Sonora Gulch in the Dawson Range, Yukon. Two holes have been completed in a planned 3,000-metre diamond drilling program that commenced on June 29.
“This is a large and attractive target based on the results of the Titan 24 Survey combined with the Cu-Mo-Au-Ag geochemical signature and similar age of intrusive host rocks to the nearby Casino copper-gold-molybdenum porphyry deposit,” says Greg Hayes, President of Northern Tiger. “An intense IP response mantling around a non-chargeable core in our target area is very encouraging and further supports our porphyry exploration model.”
As disclosed in a previous news release (February 25, 2010), many common indicators of a porphyry system have been identified on the project, including a large potassic alteration zone, a copper-molybdenum soil anomaly, and flanking gold and base metal mineralization.
Based on analysis of the Titan 24 Survey and in consultation with Northern Tiger’s geologists, Quantec has recommended 14 drill holes to test 9 separate but spatially related high priority chargeability anomalies. These anomalies cover a 2 by 1-kilometre area, surrounding and draping over a less chargeable core. Chargeable zones are also associated with more conductive areas within the resistivity data. Many of the chargeability anomalies are related to a zone of intersecting structures that may be important for ground preparation. In addition, an airborne magnetic survey defined an arcuate magnetic anomaly at the contact between Cretaceous intrusions and the surrounding country rock.
The Titan 24 Survey consists of 6 lines (each 2.4 kilometres long) spaced 400 metres apart, covering an area of approximately 4.8 square kilometres. Direct current resistivity and induced polarization data are mapped to depths of approximately 750 metres. A presentation of the Titan 24 results will be posted on Northern Tiger’s website.

, , , , ,

No Comments

KAMINAK GOLD CORPORATION ANNOUNCES AN INCREASE TO OVER-ALLOTMENT OPTION OF EQUITY FINANCING

Kaminak Gold Corp., in connection with its previously announced bought-deal offering co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp., and including Fraser Mackenzie Ltd., has increased the overallotment option of the offering from 15 per cent of the gross proceeds raised to 45 per cent of the gross proceeds raised through the offering, and now includes up to $1.5-million of flow-through common shares and $3-million of common shares. If the overallotment option is fully exercised, the gross proceeds from the offering will be $14,503,900.

The company intends to use the net proceeds of the offering to conduct exploration activities on its Coffee project located in the White Gold district, Yukon, and for general working capital purposes.

Closing of the offering is anticipated to occur on or before July 29, 2010, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. Securities issued under the offering and through the overallotment option will be subject to a four-month hold period, which will expire four months from the date of closing.

, , , , ,

No Comments

Kaminak Gold Does Huge Financing

Kaminak Gold Corp. has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp. and including Fraser Mackenzie Ltd. to sell 3,335,000 common shares at a price of $1.50 and 2,942,000 flow-through common shares at a price of $1.70 for total gross proceeds of $10,003,900. In addition, the company will grant the underwriters an overallotment option, exercisable prior to the closing of the offering, to purchase from the company up to an additional 15 per cent of securities issued through the offering, in any combination of common shares and flow-through shares, at the same price as is applicable to the offering.

The underwriters will receive a cash commission of 6 per cent of the gross proceeds raised, and non-transferable share purchase warrants entitling the underwriters to purchase, at a price of $1.50 within 24 months after closing of the offering, common shares equal to 6 per cent of the total number of securities sold pursuant to the offering.

The company intends to use the net proceeds of the offering to conduct exploration activities on its Coffee project located in the White gold district, Yukon, and for general working capital purposes.

Closing of the offering is anticipated to occur on or before July 29, 2010, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the offering and through the overallotment option will be subject to a four-month hold period which will expire four months from the date of closing.

, , , , ,

No Comments

Central Resources Acquires Properties in White Gold District

Central Resources Corp. is pleased to announce that is has entered into an option agreement with Strategic Metals Ltd., (“Strategic Metals”) to purchase a 100% interest in six separate groups of mineral claims (the “Properties”) located within the White Gold District, Yukon.

The Properties consist of 522 mineral claims in six separate groups, all of which are located within the Dawson Range, in the west-central portion of the Yukon-Tanana terrane. This area is underlain predominantly by metasedimentary and metavolcanic rocks of inferred Devonian to Mississippian age, which are intruded by numerous Mesozoic granitic plutons hosting copper, molybdenum and gold mineralization.

The Properties were staked by Strategic Metals to cover areas of anomalous stream sediment and soil geochemical surveys. Kaminak Gold Corp. has had recent success drilling geochemical anomalies at their Coffee project, which is underlain by similar rocks of the same terrane. A map showing the property locations can be found on the Company’s website www.centralres.ca.

Option Terms

Under the terms of the option agreement, Central can earn a 100% interest in the Properties, subject to a 3% Net Smelter Royalty (“NSR”), by making staged payments to Strategic Metals of $300,000 cash and 3,000,000 shares by February 15, 2012, as described in the table below. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. A finder’s fee is payable to Axeman Resource Capital Inc., an exempt market dealer. The agreement is subject to acceptance by the TSX Venture Exchange.

———————————————————–
Detailed Option Terms
———————————————————–
Date Cash Payment Share Issuance
———————————————————–
Upon Exchange Acceptance $115,000 500,000
———————————————————–
February 15, 2011 $35,000 1,000,000
———————————————————–
February 15, 2012 $150,000 1,500,000
———————————————————–
Peter Thiersch, M.Sc., P.Geo., a “Qualified Person” as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

About Central Resources

Central Resources Corp., is a junior mineral exploration company created to leverage the extensive knowledge and expertise of an experienced team of financial and resource industry professionals.

, , , ,

No Comments

Kaminak Drilling Continues to Extend the Latte Zone Along Trend with Higher Grades: New Intercepts Include 2.35 g/t Au over 51m and 1.27 g/t Au over 78m

Vancouver, B.C.  – Kaminak Gold Corporation (KAM: TSX-V) is pleased to announce assay results from four new step-out holes drilled on the newly discovered Latte Zone, located on the Company’s 100% owned Coffee property, Yukon Territory. A total of seven holes have now been completed at Latte over a 400m length and every hole has intercepted wide intervals of oxidized gold mineralization and the zone remains open in all directions. The Latte Zone was discovered by drilling below a strong ~1km linear gold-in-soil anomaly. Ground magnetic surveys suggest mineralization continues beyond the 1km soil anomaly below deeper soil cover which may be masking the extensions of the main anomaly. Moreover, this structure is co-incident with strong gold-in-soil anomalies at the Kona zone located 6km west of Latte. Additional in-fill soil sampling between Kona and Latte is currently underway.

Kaminak will host a news release presentation in Vancouver, British Columbia on Tuesday, July 6th at 1:00pm Pacific Time (4:00pm Eastern Time) to outline the significance of the drill results announced today.  For those who cannot attend the event, the presentation will be aired live on the Kaminak website.  Details regarding the event and live video webcast are located at the end of this release and on the Kaminak website, www.kaminak.com.

 Drill Results

  • CFD-009 – 1.12 grams per tonne gold (g/t Au) over 40m with hole beginning in mineralization
  • CFD-010 – 3.71 g/t Au over 16m starting at 119m depth
  • CFD-011 –  2.35 g/t Au over 51m starting at 38m depth
  • CFD-012 – 1.27 g/t Au over 78m starting at 24m depth plus a newly recognized high-grade deep zone yielding 17.4 g/t Au over 1m starting from 176m depth

Key Point Summary

  • Latte step-out holes extend strike length of strongly oxidized mineralization for a total of 400m and mineralization remains open in all directions
  • Gold at Latte is associated with an untested 10km long structure known as the “Latte shear zone”
  • The drill is currently located on the Supremo Zone and is  focused on extending the strike length of high-grade and shallow gold mineralization
  • A total of 21 drill holes have been completed on the Coffee property. Additional assay results are pending from the Double Double zone and Supremo zone.
  • Second drill planned to mobilize to the Coffee property in mid-July

The Latte Zone is associated with a regionally-significant, east-west trending structural corridor co-incident with a 1 km long by 100m wide gold-in-soil anomaly. Gold mineralization is preferentially concentrated in the structural corridor and consists of silicification and oxidized sulphides hosted in brittle fractures and breccia zones that appear to overprint older fabrics.

Drill hole CFD-009 to CFD-012 were drilled facing north and were designed to test the strike extent of gold mineralization discovered by Kaminak earlier this spring. A detailed plan map, cross-section, assay sheet and photo montage of select core samples from these holes are available on the Kaminak website at www.kaminak.com.  Gold mineralization at Latte is hosted in ribbon-quartz mylonite, quartz-feldspar-muscovite schist and breccia. Drill hole data suggests the Latte zone is east-west trending and moderately south dipping. Continued drilling at Latte will continue to focus on extending the strike length and depth extent.

Alteration minerals consist of dominantly silica, clay and limonite (after pyrite). Rock fabrics within mineralized zones are variable and range from schistose and mylonitic to local silicified clast breccia. Overall, the alteration mineralogy and chemistry is consistent with other significant discoveries in the White District, including Kaminak’s nearby Supremo gold zone.

Drill Hole # From (m) To (m) Length (m)* Weighted Grade (g/t)
CFD-009 6 46 40 1.12
  84 111 27 0.72
         
CFD-010 119 135 16 3.71
incl 119 124 5 7.17
         
CFD-011 19 89 70 1.86
incl 38 89 51 2.35
         
CFD-012 24 102 78 1.27
  176 177 1 17.4

*true width is estimated at 70-100% of core length

News Release Presentation and Live Video Webcast Information

Kaminak will host a presentation and live video webcast to explain the significance of the drill results announced today.  The presentation will be followed by a question and answer period.  Presentation and webcast details are below.

Vancouver Presentation Details

  • Date:  Tuesday, July 6th, 2010
    Time:  1:00pm Pacific Time (4:00pm Eastern Time)
  • Because the Vancouver presentation will be aired live, we request that all interested parties attend the presentation promptly at 1:00pm.
     
  • Location:  Four Seasons Hotel Vancouver
    Aspen Room – located on the 3rd floor
    791 West Georgia Street

Live Video Webcast Details:

Video Webcast Playback:

  • The video webcast will be archived on Kaminak’s website within 48 hours of the presentation.

QA/QC

Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P.Geo., Kaminak’s President and CEO, 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.

On behalf of the Board of Directors of Kaminak

“Rob Carpenter”
Rob Carpenter, Ph.D., P.Geo.
President and CEO
Kaminak Gold Corporation

, , ,

No Comments