VANCOUVER — Kaminak Gold’s (KAM-V) share price leapt to a new high on a strong intercept and encouraging soil samples from its Coffee gold property in the Yukon’s White Gold district.
The updates come only days after the company released a number of drill results from the Supremo and Double Double zones at Coffee and less than two weeks after it closed a $14.5-million bought-deal financing.
The latest drill hole, hole 27 from Double Double, cut 9 metres grading 2.04 grams gold per tonne from 34 metres, then a further 35 metres of 6.3 grams gold from 139 metres downhole.
The hit helped propel the company’s stock price to a high of $2.50, before closing down a penny on Aug. 12, a day after the drill results were released. A year ago, Kaminak was trading as low as 34¢ apiece.
The Double Double zone sits roughly 1 km east of the Latte zone and 1 km south of the Supremo zone on the company’s 360-sq.-km claim block. Gold-bearing rocks at Double Double show the same attributes of extensive silification, clay alteration oxidized pyrite and brecciation at the Supremo and Latte zones.
On Aug. 9, the company announced the discovery of three new kilometre-scale gold soil trends in the area through soil sampling. In keeping with its tradition, Kaminak has named the new trends Americano, Macchiato and Cappuccino. It notes that because the area has not been glaciated, soil sampling at surface has increased effectiveness in identifying mineralized bedrock structures.
The samples were taken from unexplored parts of the property. The Americano geochemical anomaly spans 4 km and samples returned up to 1.2 grams gold. The Macchiato and Cappuccino trends are greater than a kilometre long and sit north and east of the Supremo trend. Kaminak plans to drill the most prospective of the new targets later this drill season.
Recent drill results from the Supremo zone, meanwhile, have extended the zone at least 550 metres along trend. Highlights of the drill program include: hole 16 that hit 8 metres grading 21.3 grams gold starting at 53 metres, hole 18 that cut 7 metres averaging 6.93 grams gold from 71 metres, and hole 23 that returned 51 metres of 1.21 grams gold from 83 metres.
In late July, the company closed a $14.5-million financing by issuing 5.3 million shares at $1.50 apiece and 3.8 million flow-through shares at $1.70 each. It has 57.4 million shares outstanding.
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