08:28:20 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Kaminak Gold Corp
Symbol KAM
Shares Issued 122,538,811
Close 2015-01-12 C$ 0.91
Market Cap C$ 111,510,318
Recent Sedar Documents

Kaminak drills 22.86 m of 3.99 g/t Au at Latte

2015-01-13 08:06 ET - News Release

Ms. Eira Thomas reports

KAMINAK REPORTS INFILL DRILL RESULTS FROM THE COFFEE LATTE DEPOSIT

Kaminak Gold Corp. today released results for infill drilling at the Latte deposit, a key gold resource contributing approximately 21 per cent of the recoverable gold ounces at Coffee, Kaminak's flagship development-track gold project located 130 kilometres south of Dawson City, Yukon. A National Instrument 43-101 preliminary economic assessment completed in 2014 indicates that Coffee represents a robust, high-margin, rapid-payback, 11-year open-pit mining project at a $1,250-(U.S.)-per-ounce gold price and generates a pretax net present value at 5 per cent of $522-million and a pretax internal rate of return of 33 per cent. A feasibility study was initiated in the third quarter of 2014 and is targeted for completion in late 2015 or early 2016 at a budget of approximately $30-million. Feasibility work in 2014 continued until late November, and infill drilling completed during 2014 exceeded the plan by over 9,000 metres or 33 per cent of the planned infill metres for the year. Mobilization for the 2015 feasibility program is now under way, with drilling expected to commence in early February, 2015.

A total of 5,200 metres of infill drilling from 43 holes was completed at Latte in 2014, with the objective of verifying and upgrading the open-pit resource defined in the 2014 PEA from largely inferred to the higher-confidence category of indicated. Infill drilling generally confirmed the existing geological interpretation and resource model; updated resource modelling is now under way. Two thousand fourteen infill drilling results for Kona and Double Double are in the process of being compiled and will be reported in the coming weeks.

Kaminak president and chief executive officer Eira Thomas commented: "Latte plays a key role in the current mine plan for Coffee, contributing the majority of the gold ounces during the payback period (years 1 and 2) and offering the lowest strip ratio of all the Coffee deposits. We are pleased to report that infill drilling in 2014 continued to confirm the continuity of the mineralization at Latte; there were no surprises. Coffee remains on track to complete the feasibility study and initiate the permitting phase of the project in early 2016."

Drilling results

Infill drilling is being undertaken across the Coffee gold deposits with the objective of verifying the current resource block model and upgrading the open-pit resources defined in the current PEA to the higher-confidence indicated category for inclusion in the Coffee mining feasibility study. The location and spacing of infill drilling were determined in consultation with independent qualified person Robert Sim, PGeo, of SIM Geological Inc., who completed the Coffee gold project mineral resource estimates (announced Dec. 13, 2012, and updated Jan. 28, 2014). The company plans to update the mineral resource estimates for inclusion in the final feasibility study once all of the drill results from all 2014 to 2015 infill drill programs have been received.

Infill drilling was previously completed over 500 metres of strike length within the central zone of Latte in 2013 (see news release dated Nov. 7, 2013), with resultant conversion of resources to the indicated category within that zone (see news release dated Jan. 28, 2014). The 2014 infill drilling was undertaken over the eastern and western extremities of Latte and, in addition, the Latte North zone, which is a splay off of the main Latte structure. The drilling results generally confirm the location, geometry, continuity and grade of the mineralization interpreted within the existing resource model. Results of the 2014 infill drilling are tabulated.


                           INFILL DRILLING RESULTS
                                                                    Weighted
                                                                     average
                Drill                                      Width       grade
Prospect         hole         From (m)      To (m)       (m) (i)    (g/t Au)

Latte         CFD0390               15          32            17        1.61
Latte         CFD0390               66          73             7        1.32
Latte         CFD0392               29          31             2        3.28
Latte         CFD0392               93          95             2       19.15
Latte         CFD0392              107         109             2        9.10
Latte         CFR0619                                                    NSV
Latte         CFR0620            41.15        44.2          3.05        1.47
Latte         CFR0623             38.1       41.15          3.05        1.46
Latte         CFR0624            25.91       30.48          4.57        1.91
Latte         CFR0626                                                    NSV
Latte         CFR0627           105.16      112.78          7.62        1.75
Latte         CFR0629            25.91       28.96          3.05        1.35
Latte         CFR0631            12.19       35.05         22.86        1.62
Latte         CFR0633            32.00       33.53          1.53        2.39
Latte         CFR0635                                                    NSV
Latte         CFR0637            13.72       15.24          1.52        1.13
Latte         CFR0639            44.20       47.24          3.04        2.02
Latte         CFR0640           105.16       108.2          3.04        4.57
Latte         CFR0643                                                    NSV
Latte         CFR0644                                                    NSV
Latte         CFR0647            74.68       80.77          6.09        6.47
Latte         CFR0647           117.35      134.11         16.76        4.85
Latte         CFR0649            86.87       97.54         10.67        2.16
Latte         CFR0649           111.25      123.44         12.19        2.09
Latte         CFR0649           132.59      143.26         10.67        4.45
Latte         CFR0649           167.64      175.26          7.62        1.32
Latte         CFR0651            80.77       86.87          6.10        2.39
Latte         CFR0651            96.01      118.87         22.86        3.99
Latte         CFR0651           176.78      185.93          9.15        6.29
Latte         CFR0658                                                    NSV
Latte         CFR0659            35.05        38.1          3.05        2.94
Latte         CFR0659            48.77       68.58         19.81        3.63
Latte         CFR0662                                                    NSV
Latte         CFR0664            80.77       85.34          4.57        1.88
Latte         CFR0667            77.72       83.82          6.10        1.14
Latte         CFR0669            54.86       79.25         24.39        1.31
Latte         CFR0688             1.53        9.14          7.61        5.26
Latte         CFR0688            47.24       54.86          7.62        3.16
Latte         CFR0690            28.96       33.53          4.57        1.49
Latte         CFR0690            82.30       83.82          1.52        8.85
Latte         CFR0693            38.10       45.72          7.62        4.88
Latte         CFR0695                0       27.43         27.43        1.01
Latte         CFR0697            56.39       74.68         18.29        0.98
Latte         CFR0697            82.30      103.63         21.33        0.99
Latte         CFR0697           111.25      124.97         13.72        3.74
Latte         CFR0736            12.19       21.34          9.15        2.29
Latte         CFR0736            94.49      106.68         12.19        0.63
Latte         CFR0739           126.49      129.54          3.05        1.94
Latte         CFR0741            59.44       65.53          6.09        0.96
Latte         CFR0745            48.77       53.34          4.57        2.58
Latte         CFR0748            38.10       53.34          1.06       15.24
Latte         CFR0748            77.72       86.87          9.15        1.16
Latte North   CFD0384            47.00       49.00          2.00        1.98
Latte North   CFD0386                                                    NSV
Latte North   CFD0388               97          98             1        8.73
Latte North   CFD0388              104         107             3       24.06
Latte North   CFR0677            65.53       68.58          3.05        3.92
Latte North   CFR0680            80.77       86.87          6.10        3.56
Latte North   CFR0682            33.53       39.62          6.09        3.32
Latte North   CFR0682            80.77       83.82          3.05        1.85
Latte North   CFR0683            68.58       74.68          6.10        9.58
Latte North   CFR0683           156.97       158.5          1.53        5.49
Latte North   CFR0686                                                    NSV

(i) True width is estimated at approximately two-thirds downhole length.
Note:
Drill hole prefixes CFD are diamond core holes; CFR are RC drill holes.

All maps, sections and assay sheets associated with this news release can be viewed at the company's website.

Feasibility and environment baseline program updates

As announced July 28, 2014, the company initiated a mining feasibility study on the Coffee gold project with a targeted completion date of end 2015 or early 2016. Drilling and related field programs ended in the last week of November, 2014, and will resume in February, 2015. Drilling in 2015 will comprise resource delineation infill, condemnation, geotechnical and hydrological. Environmental and heritage baseline studies and engineering studies into the optimal route and design of the access road are also advancing as planned. All metallurgical sampling was completed in 2014, and composites are now at the Kappes Cassiday and Associates Laboratory undergoing leaching and other test work.

Quality assurance/quality control

Kaminak's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Tim Smith, PGeo, vice-president, exploration, of Kaminak Gold, 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 sample string. Samples are placed in sealed bags and shipped directly to the ALS Minerals preparatory laboratory in Whitehorse prior to gold fire assay.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.