VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced the company has completed its initial field program on its 100% owned Hemlo North Gold Project. A three week mapping and prospecting program was followed by an overburden sampling program that targeted hydrothermally altered shear zones.
Key Point Summary
- Field mapping and overburden sampling successfully recognized sulphide bearing shear zones within felsic volcanic host rocks
- Favourable trace element enrichment of Ag, As, K, Ba and Mo within shear zones could indicate proximity to Hemlo-style gold mineralization
- Gold grain counts, sulphide mineralogy and assay results of overburden sampling are expected in the coming weeks
The Hemlo gold camp represents one of the most prolific gold camps in Canada and has remained in continuous production since 1985. In the spring of 2007, Kaminak staked a 21,000 acre land position located directly north of the current Hemlo mine leases and patented claims owned by Teck Cominco Limited, Barrick Gold Corporation and Newmont Mining Corporation. Kaminak's exploration rationale at Hemlo is based on a structurally controlled "shear-zone model". Kaminak's technical team believes that there has been a lack of exploration directed towards shear zones models at Hemlo, thereby creating a new exploration opportunity in this district.
Initial Fieldwork Identifies Altered Shear Zones
Kaminak's field work was completed over a three week period in October 2007 and was supervised by Geovector Management Inc. of Ottawa, Ontario. The main objective of the program was to ground truth interpreted shear zones and areas of interest that were identified in Kaminak's initial desktop study. This field work successfully identified three separate outcropping zones displaying alteration and shearing. A total of 76 rock samples were collected from various outcrops and submitted to ALS Chemex for assay. Although results from all surface samples assayed below 100 ppb Au, ICP analyses from observed shear zones indicated variable enrichment in important pathfinder elements including, As, Ag, K, Ba and Mo which could indicate proximity to "Hemlo-style" gold mineralization.
Much of the Hemlo North property is covered by thick glacial overburden which has prohibited previous companies from efficiently testing the gold potential of the property. Therefore, Kaminak initiated an overburden sampling program in the fall of 2007 over priority shear zone targets. The sampling device drills or penetrates through the unconsolidated overburden and collects samples of basal till and rock samples from the bedrock interface. A total of 15 sites were tested and samples were sent to Overburden Drilling Management (ODM) of Nepean, Ontario for analysis. ODM is expected to complete gold grain counts, identification of sulphide and alteration minerals and assays on till samples and will complete assays on bedrock samples. Results are expected in the coming weeks.
Kaminak's disclosure of a technical or scientific nature is prepared under the supervision of Rob Carpenter, Ph. D., P. Geo., Kaminak's President and CEO. Joe Campbell, P.Geo. of Geovector Management of Ottawa, Ontario is the Qualified Person for the Hemlo North Project under the definition of National Instrument 43-101.
ALS Chemex Analytical Technique
A total of 76 grab samples were collected and shipped to ALS Chemex for geochemical analyses. Rock samples are weighed, dried and finely crushed with a split of up to 250g pulverized. The prepared sample is subjected to four acid digestion (0.4g is digested with nitric, perchloric, and hydrofluoric acids with Hydrochloric acid subsequently added for further digestion. This solution is analyzed by inductively coupled plasma - atomic emission spectrometry. Results are corrected for spectral inter element interferences. QA/QC consists of the insertion of one method blank, two standards and one duplicate sample. This analysis was followed by a gold analysis using a 50g fire assay with ICP-AES finish.
Kaminak Gold Corporation is a prospect generator employing a joint venture strategy that maximizes opportunities for discovery while attempting to minimize exploration risk to Kaminak. A critical component of Kaminak's business model is working with strong project partners to advance Kaminak's exploration projects. Covering several million acres, Kaminak holds one of the largest land positions in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.
On behalf of the Board of Directors
Rob Carpenter, Ph. D., P. Geo., President and CEO
Kaminak Gold Corporation
Certain disclosures in this release, including management's assessment of Kaminak's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kaminak Gold Corporation
Rob Carpenter, Ph. D., P. Geo.
President and CEO