Archive for August, 2010

Taku Acquires Five New Properties to Become Second Largest Claim Holder in White Gold District of Yukon

Taku Gold Corp. (the “Company”) (TSXV: TAK) is pleased to announce that it has purchased a 100% interest in five individual properties from a Yukon based staking syndicate. The properties are located approximately 50km southeast of Dawson City in the Klondike goldfields of Yukon. Together the properties include 1,522 claims (31,505ha). The addition of these new properties to its existing Dan and Rosebute properties gives Taku a dominant position in the White Gold District with 2,544 claims (52,660ha).

Taku has agreed to purchase the five properties for total consideration of 1.8-million common shares of Taku. Taku has also agreed to pay invoices submitted by third party contractors for staking costs that in aggregate will not exceed normal commercial rates of $250 per claim ($380,500 total). The Shares will be subject to a four month hold period, as prescribed by applicable securities legislation and the policies of the TSX Venture Exchange.

The Sulphur property includes 548 claims (11,344ha) and was staked to cover the southeast-trending ridge that separates Sulphur Creek from the Indian River where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Sulphur property is 655,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Quartz property includes 146 claims (3,022ha) and was staked to cover left limit of Quartz Creek where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Quartz property is 165,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Montana property includes 268 claims (5,548ha) and was staked to cover the lower end of Montana Creek and Steele Fork. Airborne magnetic data and limited geological mapping indicate that Steele Fork follows a thrust fault prospective for gold mineralization. The property ties onto the northeast corner of Kinross’s JP Ross property. Total consideration for a 100% interest in the Montana property is 320,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Wounded Moose property includes 280 claims (5,796ha) and was staked to cover a series of circular airborne magnetic highs that parallel Wounded Moose Creek where placer gold production has been recorded. Total consideration for a 100% interest in the Wounded Moose property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The AM property includes 280 claims (5,796ha) and covers the headwaters of Australia and Melba creeks where placer gold production has been recorded. The property was staked to cover a prominent airborne magnetic low that continues from Gold Run Creek across the Indian River valley onto the AM property. Gold Run is historically one the most productive creeks in the Klondike goldfields and continues to produce placer gold today. Total consideration for a 100% interest in the AM property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

“Our goal is to make Taku a leader in the White Gold District. These new acquisitions give us a land base to pursue exploration over a 4 to 5 year period” stated Zak Dingsdale, President and CEO.

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KAMINAK DISCOVERS SECOND HIGH-GRADE GOLD ZONE AT DOUBLE DOUBLE: DRILL HOLE CFD-28 INTERSECTS 15.9 G/T AU OVER 5M

Kaminak Gold Corp. has provided assay results for drill hole CFD-28 from the Double Double zone. This hole was drilled on the same section as CFD-27, which previously intersected 6.3 grams per tonne gold (g/t Au) over 35 metres. Cross-section analysis aided by oriented core data suggests these two intercepts represent separate and parallel zones of mineralization that remain open in all directions.

The Double Double trend is one of three gold discoveries announced by Kaminak during the continuing 2010 drill program on its 100-per-cent-owned Coffee property located in the White district, Yukon Territory. Additional assay results from the Supremo and Latte zones are expected in the coming weeks and initial drilling of the Kona trend is under way.

Drill results

The Double Double zone is associated with a regionally significant, east-northeast trending and steeply north-dipping structure coincident with a 300 m long by 100 m wide gold-in-soil anomaly. The structure comprises shear zone and breccia fabrics overprinting variably textured schist giving the overall appearance of a high-strain fault zone. Gold occurs in this fault zone and alteration typically consists of silicification, clay alteration, local sericite in addition to oxidized sulphides.

Drill hole CFD-27 and CFD-28 were drilled from the same set-up inclined to the north at negative 50 and negative 70, respectively. Results from CFD-27 were previously released by Kaminak on Aug. 11, 2010, and two significant gold zones were reported: an upper zone of 2.04 g/t Au over nine m (from 34 m core depth) and a lower high-grade intercept of 6.3 g/t Au over 35 m from 139 m, including 18 m.

New results from CFD-28 are highlighted by an intercept of 15.91 g/t Au over five m starting from 213 m core depth. Several discrete greater than one g/t Au intervals also occur further downhole, including an intercept of 1.37 g/t Au over 3.4 m at the bottom of the hole.

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

CFD-28 213 218 5 15.91
and 299 302 3 2.13
and 327 330.4 3.4 1.37

(i) True width is estimated at 70 to 100 per cent of core length.

Data from oriented core measurements combined with detailed geological core logging from CFD-27 and CFD-28 suggest that this new high-grade intercept from CFD-28 is hosted in a separate and parallel structural zone from the high-grade CFD-27 intercept. The occurrence of anomalous (greater than one g/t Au) gold values at the bottom of CFD-28 is consistent with these observations.

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NEW GOLD EXPLORATION TARGETS DEFINED AT PACIFIC RIDGE’S MARIPOSA PROPERTY IN YUKON

Pacific Ridge Exploration Ltd. has received encouraging exploration results from the 2010 exploration program on its Mariposa gold property located in the South Klondike area, Yukon. Five gold geochemical anomalies are being defined and additional claims have been staked in order to cover new gold exploration targets discovered during this season.

With additional claims now staked on the Mariposa property, Mariposa now consists of 453 mineral claims covering 90 square kilometres. The western boundary of Mariposa lies approximately 30 kilometres northeast of Kaminak Gold’s Coffee Creek property and 25 kilometres southeast of Underworld Resources’ White gold property (now owned by Kinross Gold Corp.).

Pacific Ridge’s Mariposa property is held by way of an option to earn a 100-per-cent interest from the Tintina syndicate, the details of which agreement were previously reported.

Within the Mariposa property, geochemical soil sampling surveys continue to define new gold exploration targets that require further definition. A 6,500-sample property-wide geochemical soil sampling program is about 30 per cent completed, with over 2,100 soil samples collected to date and geochemical results for 1,750 samples now received. Geologic mapping and rock sampling continue, and trenching of geochemical anomalies has commenced. Details follow with respect to five gold targets partially outlined to date — each geochemically anomalous in gold and related elements. Geochemical soil sampling has proven to be the most effective tool for gold discovery in the South Klondike. Gold values in excess of 20 parts per billion are generally recognized as being anomalous.

Skookum Jim (named after the co-discoverer in the original Klondike gold rush) has been established within the central area of the Mariposa claims. The target has a northeast-trending strike length of 1,100 metres, a width of 600 metres and remains open-ended pending receipt of additional analytical results. Gold-in-soil geochemical values reach peak values of 1,570 parts per billion within an anomaly defined in excess of 20 parts per billion gold. In addition, anomalous values in antimony, bismuth, copper and molybdenum are present. Adjacent to the Skookum Jim anomaly, float samples collected by prior workers (1998) reported gold assays up to three grams gold per tonne. Float prospecting in the area suggests that gold mineralization may be hosted within quartz-rich well-altered rocks, a setting similar to other recent gold discoveries in the South Klondike.

Gertie (in recognition of the Klondike’s “Dance Hall Queen”), located two kilometres southwest from Skookum Jim, is highlighted by two distinct parallel geochemical trends (approximately two kilometres long and 150 metres wide) as defined by anomalous values of bismuth, arsenic and molybdenum. Gold-in-soil values, ranging up to 149 parts per billion gold, are found adjacent to and within the anomalous trends. Historic sampling in the area returned values to 1,333 parts per billion gold. Float prospecting suggests that the two anomalous trends are underlain by quartz muscovite schist, which may be structurally repeated. Along trend, to the east, bedrock schists exposed by placer mining in Mariposa Creek returned a value of 2,530 parts per billion gold over a two-metre chip sample taken from a pyritic granitic dike.

The Hackly anomaly, located within the eastern part of the original Mariposa claim block, contains anomalous gold values within an area measuring approximately 400 by 700 metres. This target is in close proximity to placer gold workings in Mariposa Creek, where “hackly” gold nuggets have been recovered. These rough-textured nuggets suggest proximity to a potential lode-gold source. The anomalous area exhibits peak gold-in-soil values reaching 129 parts per billion gold from this year’s sampling and 256 parts per billion gold from previous sampling in 2009 by the Tintina syndicate. Anomalous values in bismuth and molybdenum are also present.

Maisy (“Maisy Mae” of gold-rush fame) is located within the western portion of the Mariposa claims, south of Cabin Creek. Maisy exhibits gold-in-soil values up to 73 parts per billion gold in an area of highly silicified quartz mica schist float that has been traced 400 metres to the northwest. Samples of the siliceous float returned values up to 784 parts per billion gold and 4,222 parts per billion copper. Anomalous values in bismuth, molybdenum, arsenic and antimony are also reported.

Big Alex (historically known as “King of the Klondike”) is located within the northwest part of the property and lies adjacent to Scroggie Creek. Two zones of gold-in-soil anomalies are emerging with only partial results received to date in an area underlain by pegmatite dikes. Values to 203 parts per billion gold have been received, with elevated values of antimony and molybdenum. To the east, and near Scroggie Creek, a value of 3.0 grams per tonne gold has been reported in pyritic quartz breccia within pegmatite dikes and granite bedrock exposed by placer mining. Within the vicinity of Big Alex, gold-in-quartz nuggets have been placer mined from Scroggie Creek.

Exploration results from Mariposa will be further reported as they are received.

Elsewhere within the company’s Klondike Kate project, exploration is planned later in the season on the Gold Cap and Polar Stewart properties located east of the Underworld/White gold discovery.

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HABANERO RESOURCES INC.: OPERATIONS TO COMMENCE ON WHITE GOLD PROSPECT IN YUKON

Habanero Resources Inc. expects to commence operations in August on its 100-per-cent-owned White Gold prospect in the Yukon. This prospect is directly bordering, and the closest property, to the actual Underworld Resources’s discovery zone (Golden Saddle). Underworld Resources announced grades of 3.94 grams per tonne gold over 59.9 metres and 3.59 g/t gold over 98.3 metres, as well as agreeing to a friendly takeover by Kinross Gold Corp., which was recently consummated.

Jason Gigliotti, president of Habanero, stated: “We are believers that the Yukon holds some of the largest potential out of Habanero’s projects and we plan to investigate multiple avenues to determine what these assets hold. The White Gold region of the Yukon is one of the most active regions this summer, and we plan to be part of this activity.”

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KAMINAK DRILLS THIRD GOLD DISCOVERY ON THE COFFEE PROPERTY: DOUBLE DOUBLE ZONE YIELDS 6.3 G/T AU OVER 35M

Kaminak Gold Corp. has made a third significant drill discovery on the company’s 100-per-cent-owned Coffee project, located in the White Gold district, Yukon. Drill hole CFD-27 from the Double Double zone returned a high-grade intercept of 6.3 grams per tonne (g/t) gold over 35 metres core length. The Double Double zone is located one kilometre east of the Latte zone and one kilometre south of the Supremo zone, and was discovered through drilling underneath a high-quality gold-in-soil anomaly.

Drill highlights:

A new gold discovery was drilled at the Double Double zone one kilometre to the south of the Supremo zone gold discovery and one kilometre east of the Latte zone gold discovery.

CFD-27 intersected an upper zone of 2.04 g/t gold over nine metres (from 34 metres core depth) and a lower zone of 6.3 g/t gold over 35 metres (from 139 metres core depth).

The Double Double zone is associated with a regionally significant, east-northeast-trending and steeply north-dipping structural splay of the Latte shear zone. It remains open along strike and at depth.
Gold-bearing rocks at Double Double closely resemble rocks from the nearby Supremo and Latte zones (extensive silicification, clay alteration, oxidized pyrite and brecciation accompanied by arsenic-silver-antimony-barium (As-Ag-Sb-Ba) enrichment).

Four drill holes have been completed at the Double Double zone over a 200-metre length. Samples for hole CFD-28 are currently being processed at the assay laboratory.

“Double Double was discovered by drilling high-quality gold-in-soil anomalies coincident with favourable structure,” stated Dr. Rob Carpenter, Kaminak’s president and chief executive officer. “This proven exploration strategy has resulted in three gold discoveries on the property so far in 2010. We will continue to drill test other soil anomalies across the property.”

Drill results

The Double Double zone is associated with a regionally significant, east-northeast-trending and steeply north-dipping structure co-incident with a 300-metre-long-by-100-metre-wide gold-in-soil anomaly. The structure comprises shear zone and breccia fabrics overprinting variably textured schist, giving the overall appearance of a high-strain fault zone. Gold occurs in this fault zone, and alteration typically consists of silicification, clay alteration, local sericite and oxidized sulphides.

Drill holes CFD-27 and CFD-28 were drilled to the north at minus-50-degree and minus-70-degree angles, respectively, and are located 200 metres east of previously drilled holes CFD-13 and CFD-14. Drill hole CFD-13 intersected 1.43 g/t gold over five metres within highly sheared and altered rocks. This result prompted Kaminak’s technical team to re-evaluate the overall setting of gold at the Double Double prospect, resulting in the subsequent drilling of CFD-27. Two significant gold zones were encountered in CFD-27, comprising an upper zone of 2.04 g/t gold over nine metres (from 34 metres core depth) and a lower high-grade intercept of 6.3 g/t gold over 35 metres (from 139 metres), including 18 metres grading 10.42 g/t gold (from 156 metres). Assays from CFD-28 are pending.

Data from oriented core measurements combined with detailed geological core logging from CFD-27 and CFD-28 suggest the high-grade lower intercept from CFD-27 is hosted in a north-dipping orientation and, as a result, the undercut hole CFD-28 may not have intersected the mineralization. Follow-up drilling directed north to south will be required to properly determine the correct orientations, however, Kaminak considers these new results highly encouraging.

A detailed plan map, cross-section, assay sheet and photograph montage of select core samples are available on the Kaminak website.

DRILL RESULTS

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

CFD-27 34 43 9 2.04
and 139 174 35 6.30
including 156 174 18 10.42

(i) The true width is estimated at 70 to 100 per cent of the core length.

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