Posts Tagged White Gold Area Play

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

Posted by Admin in News Releases, Property Acquisitions on August 24th, 2010

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

Posted by Admin in Drill Results, News Releases on August 11th, 2010

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

Posted by Admin in Financings, News Releases on July 13th, 2010

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.

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Kaminak Gold Does Huge Financing

Posted by Admin in Financings, News Releases on July 12th, 2010

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.

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Goodbye Underworld: KINROSS COMPLETES ACQUISITION OF UNDERWORLD RESOURCES

Posted by Admin in Corporate Updates, News Releases on June 30th, 2010

Kinross Gold Corp.’s acquisition of Underworld Resources Inc. has been completed, pursuant to the plan of arrangement described in the Underworld management information circular dated June 2, 2010. Under the plan of arrangement, each Underworld share will be exchanged for 0.141 of a Kinross common share plus one cent in cash, subject to adjustment with respect to fractional shares.

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Pacific Ridge Crews on Site at Mariposa Property, Yukon

Posted by Admin in Field Work, News Releases on June 17th, 2010

Pacific Ridge Exploration Ltd. has mobilized exploration crews to its Mariposa gold property for a second year of exploration in the Yukon’s South Klondike.

The Mariposa property, covering an area of approximately 40 square kilometres and held under option from the Tintina syndicate, is located 25 kilometres southeast of Underworld Resource’s White Gold property and about 35 kilometres northeast of Kaminak Gold’s Coffee Creek property. Pacific Ridge’s 2009 exploration program included prospecting, historic data compilation, geologic mapping and initial soil geochemical surveys. Results from this first year of exploration indicated similar geological and aeromagnetic signatures to the nearby White Gold and Coffee Creek discoveries. In addition to which, Mariposa has seen a 100-year history of placer gold mining that has produced hackly gold nuggets suggesting proximity to potential lode gold sources. Mariposa contains a 7-kilometre-long open-ended zone of favourable rocks for hosting gold mineralization where selected grab sample assays have assayed to three grams per tonne gold. Yet to be fully defined gold geochemical anomalies in soils range from 20 parts per billion to 1300 parts per billion gold.

Pacific Ridge’s 2010 exploration program includes expanding geochemical sampling grids to further delineate the ultimate dimensions of already established gold anomalies. Backhoe trenching will then follow in order to facilitate sampling of near-surface bedrock. Contingent on the results of which work drilling of selected gold targets would then be proposed.

With a priority being placed on exploration at Mariposa, exploration plans for Pacific Ridge’s Gold Cap, Polar/Stewart and Eureka Dome will be deferred until later in the season.

Pacific Ridge’s disclosure of a technical or scientific nature has been reviewed by George Norman, PGeo, exploration manger for Pacific Ridge and a qualified person under the definition of National Instrument 43-101

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KAMINAK STEP-OUT DRILLING EXTENDS LATTE AND SUPREMO ZONES ALONG TREND

Posted by Admin in Drill Results, News Releases on June 10th, 2010

Kaminak Gold Corp. has released assay results from step-out holes drilled on the newly discovered Latte and Supremo zones, located on the company’s 100-per-cent-owned Coffee property in the Yukon. These separate zones are located one kilometre apart and were found by drilling shallow holes beneath gold-in-soil anomalies. The Coffee property is host to an additional eight gold-in-soil trends that are not yet drill tested. Both the Latte and Supremo zones remain open along trend and at depth.

Drill highlights:

 

  • Latte step-out hole extends strike length of strongly oxidized mineralization for an additional 100 metres east, with hole CFD-008 yielding 51 m grading 1.32 grams per tonne gold (g/t Au) starting at seven-metre core depth;
  • Supremo step-out holes extend strike length of oxidized mineralization for an additional 50 m north, with hole CFD-003 intersecting 3.26 g/t Au over 17.35 m starting at 37-metre core depth and hole CFD-004 yielding 2.47 g/t Au over 20 m starting at 50-metre core depth;
  • 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 seven drill holes have been completed at the Latte Zone over a 400-metre length. Samples for the remaining four holes (CFD-009 to CFD-012) are currently being processed at the assay laboratory. Samples from Supremo hole CFD-005 are also being processed.

 

Latte results

The Latte zone is associated with a regionally significant, east-west-trending and south-dipping structural corridor co-incident with a one-kilometre-long-by-100-metre-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-008 was drilled facing north at a minus-50-degree angle and is located 100 metres to the east and along trend of previously announced discovery hole CFD-006, which returned 83.93 m grading 1.08 g/t Au. Drill hole CFD-008 intersected a thick interval of gold mineralization yielding 51 m at a grade of 1.32 g/t Au starting at seven-metre core depth. It should be noted that this hole collared in well-altered and mineralized rocks, and true width of the intersection could be significantly longer. This result confirms an east-west trend to mineralization at Latte which remains open along trend and at depth. A total of seven drill holes have been completed at the Latte zone over a 400-metre length. Samples for the remaining four holes (CFD-009 to CFD-012) are currently being processed at the assay laboratory.

Supremo results

Gold mineralization at the Supremo zone (trench 3 area) is hosted in a north-south-trending structure co-incident with strong gold-in-soil values. Ground magnetic data suggest the structure may continue for at least one kilometre toward the Latte zone. Drill holes CFD-003 and CFD-004 were drilled facing west from the same set-up, with CFD-003 drilled at a minus-50-degree angle and CFD-004 drilled at a minus-70-degree angle. These holes were drilled 50 metres north of high-grade drill intercepts from CFD-001 and CFD-002. Hole CFD-003 intersected 17.35 m grading 3.26 g/t Au starting from 37-metre core length and CFD-004 yielded 20 m grading 2.47 g/t Au starting at 50-metre core length. These results confirm that mineralization along the trench 3 trend is north-south trending and steeply dipping to the east, and remains open along strike and at depth.

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

 

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

CFD-003               37    54.35         17.35           3.26
CFD-004               50       70            20           2.47
incl                  52       62            10           3.48
CFD-008                4       69            65           1.10
incl                   7       58            51           1.32

Note: True width is estimated at 70 to 100 per cent of core
length.

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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