KAMINAK DRILLS FOURTH GOLD DISCOVERY ON THE COFFEE PROPERTY: KONA DRILLING YIELDS SEPARATE ZONES OF 2.2 G/T AU OVER 57M AND 1.9 G/T AU OVER 23M


Kaminak Gold Corp. has released results from the fourth significant drill discovery on the company’s 100-per-cent-owned Coffee property, located in the White Gold district, Yukon Territory. The Kona zone occurs three kilometres west of the Latte zone and is defined by a strong, linear gold-in-soil anomaly traceable for at least two kilometres through granite. Three holes were drilled into the Kona target and each intersected gold mineralization. All zones begin at surface and remain open along trend and at depth.

Key point summary:

 

  • New gold zone discovered on the Coffee property known as Kona, where drilling intersected two separate gold zones grading 2.2 grams per tonne gold over 57 metres and 1.9 g/t Au over 23 metres, respectively;
  • Gold grades as high as 28 g/t Au over two metres;
  • Total strike length of untested Kona gold-in-soil trend exceeds two kilometres;
  • Mineralization at Kona is associated with a regional-scale east-northeast-trending structural corridor which also trends through the nearby Espresso anomaly;
  • Alteration and sulphide/oxide characteristics at Kona are similar to those at other known gold occurrences at Coffee, suggesting a common mineralizing event;
  • Assays are pending for drilling on the nearby Americano and Espresso targets, as well as additional holes from the Supremo-Latte area;
  • On Wednesday, Oct. 13 at 12:45 p.m. Pacific Time, Rob Carpenter, Kaminak’s president and chief executive officer, will be presenting the Coffee gold project discoveries to the Vancouver Mineral Exploration Group (MEG). For those who cannot attend this industry event, the presentation will be aired live through a webcast. To view the event, please visit the Kaminak website on the designated date and time and click on the link on the home page.

 

“We have now successfully intersected four major gold zones on the Coffee property over a total distance exceeding five kilometres. These results clearly establish potential for Coffee to become a significant gold camp,” stated Mr. Carpenter. “Kaminak has started to plan a much larger exploration program for 2011 and details will be announced once all results from 2010 are processed.”

Kona zone

Drill testing the extensive gold-in-soil anomalies at Kona has yielded a new gold mineralizing environment in the Coffee exploration camp (that is, granite hosted). Gold mineralization is hosted in near-vertical brittle structural zones that are co-incident with overlying gold-in-soil anomalies. Drill holes CFD-51 and CFD-53 were drilled from the same set-up at minus 50 and minus 70 degree angles, respectively, and both holes intersected two separate gold zones which are interpreted as steeply dipping zones within the host structure.

The granite that underlies the Kona area is equigranular, non-magnetic and composed of plagioclase, K-feldspar, quartz, biotite and hornblende. Alteration typically consists of clay, sericite and limonite. The limonite yields downhole to coarsely banded sporadic limonite-pyrite transition material to deeper pyrite-dominant rocks at approximately 110 metres. Thus the depth of oxidation is approximately 110 metres (downhole). Sulphides are dominated by pyrite, which commonly replaces mafic minerals, and also occurs as veins/veinlets or fracture fill, and in sulphidic-matrix fault breccias.

 

                    KONA DRILL RESULTS

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

CFD-46          Kona         56       59        3       1.21
                            113      118        5       1.87
CFD-51          Kona          9       34       25       0.47
and                          67       85       18       1.05
CFD-53          Kona       3.25       60    56.75       2.21
incl                         40       60       20       4.51
incl                         41       43        2      28.45
and                         156      179       23       1.92

Note: True widths are estimated at 50 per cent to 70 per
      cent of core length.

 

A total of six holes were also completed on regional targets located north and east of Kona. This drilling targeted a regional-scale, northwest-trending shear zone interpreted as a possible extension of the Latte shear zone located three kilometres to the southeast. Drilling successfully intersected highly deformed and altered shear zone rocks that separate granite to the south from schist/gneiss to the north. Gold values (one to three g/t Au) were obtained in four of the six holes thereby confirming the gold potential of the Latte structure well beyond the previously known limits.

Detailed plan maps, cross-sections and assay sheets of Kona and the regional holes as well as a photo montage of select core samples are available on the Kaminak website at www.kaminak.com.

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.

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