Mar. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the drill plan for the aggressive 2011 initial exploration program on the Company's 100% owned Coffee Gold Project, located in the White Gold District, Yukon Territory. As previously announced on 12th January 2011, the Kaminak Board of Directors approved a 'Phase One' exploration program budget of $15 million to drill up to 40,000 metres and collect 10,000 new soil samples in previous unexplored regions of the property.
Key objectives for Kaminak's 2011 program:
- Expand and define geometry on the 8 gold zones discovered in 2010
- Work towards National Instrument 43-101 compliant inferred resources on priority zones
- Continue to discover new gold zones across the Coffee property by drill testing high-quality soil anomalies
"Our goal is to ultimately define near-surface gold resources across the vast property," stated Rob Carpenter, Kaminak's President & CEO. "Our strategy of drilling beneath in-situ gold-in-soil trends led to 8 drill discoveries in 2010, and to date, only 10% of the property has been systematically explored."
The Company has developed the following strategy and timeline to complete the Phase One Exploration Program consisting of up to 40,000 metres of drilling (four drills), collection of 10,000 soil samples and ground geophysical orientation surveys over priority areas. A detailed plan illustrating proposed drill hole locations is available on the Kaminak website at www.kaminak.com. The company expects the drilling season to begin in April and run continuously through to at least October.
- April 2011: Aggressive expansion drilling programs commence at Latte, Supremo, Double
Double and Connector gold zones.
- June 2011: Soil Sampling commences at Coffee and regional targets including the new
- July 2011: Kona, Americano and Espresso aggressive expansion drilling programs. Commencement of Phase Two infill drilling as needed.
- Sept 2011: Drill test new targets including Sugar, Macchiato, Americano West and
Ground geophysical surveys will commence in early April starting with orientation surveys over known gold zones with the aim to detect the geophysical signature of gold mineralization. Initial methods will comprise Horizontal Loop Electromagnetic ('HLEM'), OhmMapper and Induced Polarization ("IP") surveys with the aim to detect gold mineralization along trend and at depth.
Drilling is planned to commence on Supremo-Latte-Double Double-Connector gold trends in mid-April and will comprise up to 30,000 metres of diamond core and reverse circulation (RC) percussion drilling. These zones all come to surface and occur within close proximity of each other and represent the highest priority targets known to date. Drilling will focus on expanding the known mineralized structures along trend and at depth. It is anticipated that this phase of the drill program will be completed by late June, thereby, allowing a mid-season review of the results to date and a decision on 'Phase Two' infill drilling. The remainder of the Phase One drilling will be allocated to the Kona-Americano-Espresso zones as well as exploration drilling of new and untested gold-in-soil-trends.
Since only 10% of the Coffee property has been systematically soil sampled, the company believes new priority drill targets will be generated through additional soil sampling. Beginning in June a total of 10,000 soil samples will be collected by Ground Truth Exploration Inc. across the Coffee property and initial results will be expected by July 2011. The soil sampling programs will seek extensions to the existing high tenor gold-in-soil anomalies at Coffee, and also comprise of systematic grid sampling over the newly defined 'Sugar' gold-in-soil anomaly and comprehensive first pass ridge-line soil sampling across the Coffee Property. Drilling of any of new anomalies could be completed as early as August.
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. The Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.
On behalf of the Board of Directors of Kaminak
Rob Carpenter, Ph.D., P.Geo. President and CEO, Kaminak Gold Corporation
Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.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.
Kaminak Gold Corporation
Vice-President of Corporate Development
Toll Free: 1.888.331.2269 or direct: 604.646.4534