VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2012) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced drilling has commenced on the Coffee Gold Project, Yukon Territory. A fully funded program consisting of a minimum of 50,000 metres from four drills is intended to lead to a maiden National Instrument 43-101 compliant inferred resource on the Coffee property. Drilling will focus on defining gold resources within high-grade and well oxidized mineralized zones within the Supremo-Latte-Double Double area. New gold-in-soil targets including the Sugar trend will also receive significant drill testing.
Expansion drilling has begun on the Supremo-Connector-Latte-Double Double gold zones, where mineralization comes to surface and is open in all directions. These zones occur within close proximity (~1km) of each other and represent the highest priority targets known to date on the Coffee property. Drilling in 2012 will therefore progress laterally along strike to maximize the delineation of near-surface oxide mineralization.
Geological similarities on all scales suggest the Supremo-Connector-Latte-Double Double zones are related to the same mineralizing event, and interpretation of geophysical data supported by gold-in-soil anomalies confirms the potential for linkages between the known gold zones along trend and at depth. Therefore drilling will focus on step-out fences along strike of existing mineralization with the strategy to follow the interpreted structural linkages.
Reverse circulation ('RC') drilling is underway at the Supremo Zone testing the 'T4-5 Trend' where gold mineralization is established over a 400m strike length from widely spaced drilling and remains open to the north and south along strike. Additionally, two diamond core drills are scheduled to begin in approximately 2-4 weeks at the Supremo T3 Zone. A third diamond drill will be mobilized to Coffee by mid-May, which will target the Double Double zone, followed by the first ever drill program at the Sugar Zone.
Coffee Gold Project Summary
The Supremo zone is approximately a 2km by 2km gold-in-soil anomaly consisting of at least 8 structural zones (T1 to T8). Previous drilling has mainly been focused on the north-south trending T2 and T3 zones where mineralization has been defined to at least 350m and 700m along strike respectively. Surface soil geochemistry and newly acquired geophysical data strongly suggest that the Supremo T3 and possibly the other 'T' structures link with the Latte zone located 1km south and that T3 extends northwards for up to 800m, for a total inferred strike length of 2.5km. The gap between Supremo and Latte, referred to as the "Connector Zone", represents a high priority exploration drill target for 2012.
The Latte zone is defined by an east-west trending mineralized structure that is at least 1,550m in length with a minimum vertical depth extent of 450m below surface and is open along trend and at depth. Drilling in 2011 towards the west successfully extended gold mineralization 400m beyond the previously defined Latte gold-in-soil anomaly proving that the mineralized structure carries beyond the soil anomaly. Geophysical data also suggests the Latte structure may extend an additional 2.5km towards the Kona area and 800m east towards Double Double. Drilling in 2012 will test the large-scale Latte structure with aggressive step-out drilling.
The Double Double gold zone was discovered in 2010 by drilling beneath a linear gold-in-soil trend that extends for at least 1km along a west to northwest trend co-incident with a magnetic lineament traceable for several more kilometers, suggesting the gold-bearing structures at Double Double extend for several kilometers and possibly links with the Latte gold zone located 800m west. Presently, only 200m of the 1km long soil anomaly has been drill tested, and drilling in 2012 will focus on expanding the Double Double zone along strike and at depth where mineralization remains open.
Late last season, overland access was established by building a 23km road that connects the Coffee camp, commercial barge landing site and airstrip to the Supremo-Latte-Connector-Double Double gold zones. The road decreases Kaminak's dependency on helicopters and allows for the use of skid and track-mounted drills, both of which will increase drill efficiency and reduce operating costs. The road also enables Kaminak to begin its exploration season earlier and end later.
New Gold Targets
With only 15% of the 150,000 acre Coffee property systematically explored and over 20kms of untested gold-in-soil anomalies, Kaminak believes the potential for future, near surface, gold discoveries at Coffee remains high. A key exploration drill target this year will be the Sugar Zone, a new undrilled zone consisting of several kilometer-scale long gold-in-soil trends such as "Sugar North" (minimum 1km long) and "Sugar South" (minimum 2 km long). The scale and intensity of the Sugar soil results are strikingly similar to the original soil results that led to Kaminak's initial drill discoveries (i.e. Supremo, Latte and Double Double) in 2010. The geological setting and geochemical pathfinders suggest mineralized trends at Sugar are typical "Coffee-style" structurally controlled occurrences. Drilling at Sugar is expected to begin in May-June of 2012.
On behalf of the Board of Directors of Kaminak
Rob Carpenter, Ph.D., P.Geo., President and CEO
Kaminak Gold Corporation
For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.
Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.