Kaminak Initiates 2014 Phase I Exploration Program at Coffee Gold Project; PEA Expected Q2
14 Maggio 2014 - 2:00PM
Marketwired
Kaminak Initiates 2014 Phase I Exploration Program at Coffee Gold
Project; PEA Expected Q2
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) -
Kaminak Gold Corporation (TSX-VENTURE:KAM) announced today the
start of the 2014 Phase I exploration program on the Coffee Gold
Project, located 130 km south of Dawson City, Yukon. Budgeted at
$5.5 million, the program is focused on drill testing new, high
priority near surface oxide gold targets and expanding previously
drilled discoveries in the immediate vicinity of the established NI
43-101 Coffee gold deposit mineral resource estimate, which is the
subject of mining scoping studies and Preliminary Economic Analysis
("PEA") scheduled for completion in Q2 of 2014. The results from
the Phase I exploration program and PEA will be used to guide
activities for a Phase II work program at Coffee, set to commence
in Q3. Kaminak presently has $16.5 million in cash and no debt.
Eira Thomas, CEO commented, "The Coffee Project continues to
gather momentum with each successive milestone, and we remain
optimistic that the PEA will support the potential for a low-cost,
high margin mining opportunity at Coffee. As we await the results
of the PEA, we are launching a very focused Phase I 2014 program
designed to evaluate new prospective targets that emerged from our
work in 2013 that have the potential to yield additional near
surface, oxide gold discoveries in the immediate vicinity of the
resource. In addition, we will be following up on previous drill
discoveries that remain largely untested that also have the
potential to contribute near surface, oxide ounces, which could
impact the next stages of mine planning and possibly enhance the
economics further."
Priority 2014 Drill Targets Include:
- Macchiato Zone: 2011 drill discovery where four
previously drilled holes all intersected significant gold
mineralization over +400m strike length including 5.4 grams per
tonne gold ('g/t Au') over 5m from 10m hole depth. Macchiato is
interpreted to extend over 2km in strike length intersecting the
northern extension of Supremo T3; this intersection zone contains a
robust 500m x 300m gold-in-soil anomaly.
- Cappuccino Zone: a large 2km x 650m gold-in-soil
anomaly containing a 26.5g/t Au soil sample that remains untested
by systematic drilling.
- Arabica Zone: drill discovery in 2013 consisting of
3.38g/t Au over 10.67m and 6.05 g/t Au over 4.57m. The Arabica
gold-in-soil anomaly, located 1.2km east of Supremo T7 Zone, is
contiguous over a 1.2km north-south trend with coincident magnetic
low analogous to the Supremo 'T' structures.
- Americano Zone: two parallel northeast trending linear
gold-in-soil trends totaling over 5km in length. These two trends
are linked in the east by a north by northeast trending
gold-in-soil anomaly (over 700m in length) informally known as the
Americano "link" structure. A total of 10 widely-spaced holes were
drilled in 2010 at Americano, and 9 out of the 10 holes
successfully intersected gold mineralization, including 2.36 g/t Au
over 18m and 6.53 g/t Au over 2m.
- Espresso Zone: large, primarily untested 2km x 800m
gold-in-soil anomaly located approximately 1km south of Americano
link structure and 1.5 kilometers southeast of the Kona gold zone.
Two of the three previously drilled holes successfully intersected
gold mineralization including 1.36 g/t Au over 8m.
- Kona Zone: contains an existing 300m long gold
deposit, which remains open to depth and along strike. In addition,
the Kona North gold-in-soil anomaly which peaks at 1.6g/t Au
represents the possible intersection between the Americano and
Latte structures.
- Images of the above drill targets can be viewed by clicking the
following link:
http://kaminak.com/_resources/figures_20140514.pdf.
In addition to drilling, approximately $1.5 million of the Phase
I budget will be dedicated towards environmental baseline and
studies with local First Nations in support of ongoing permitting
activities.
Kaminak's disclosure of technical or scientific information in
this press release has been reviewed and approved by Tim Smith,
MSc, P.Geo., Vice President Exploration of Kaminak Gold
Corporation, who serves as a Qualified Person under the definition
of National Instrument 43-101.
On behalf of the Board of Directors of Kaminak
Eira Thomas, President and CEO
Kaminak Gold Corporation
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.
Caution Concerning Forward-Looking Statements
Certain disclosures in this release, including management's
assessment of the future potential of the Coffee Project 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. Except as required by law, 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.
The Company has not made a production decision and the Company's
strategic plan to develop a stand-alone heap leach operation is
subject to the results of its Feasibility Study. Further, if and
when the Company makes any production decision, it will disclose
the basis of such decision in accordance with the requirements of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101").
Cautionary Note concerning estimates of Inferred Resources:
This news release uses the term "inferred resources". Inferred
resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Resources may not form the basis of
feasibility or other economic studies. Kaminak advises U.S.
investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
do not recognize it. U.S. investors are cautioned not to assume
that part or all of an inferred resource exists, or is economically
or legally minable.
Kaminak Gold CorporationTony RedaVice-President of Corporate
Developmenttoll free 1.888.331.2269 or
604.646.4534info@kaminak.comwww.kaminak.com
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