Kaminak extends Latte zone at Coffee

Results from four new step-out holes drilled on the Latte zone at Kaminak Gold’s (KAM-V) Coffee property in the Yukon returned encouraging intercepts including 2.35 grams gold per tonne over 51 metres and 1.27 grams gold over 78 metres.

“It’s not very often you drill your first seven holes and hit mineralization in every one, over a 400-metre strike length and open in every direction,” Robert Carpenter, Kaminak’s president and chief executive, said during a live webcast in Vancouver following the recent drill results. “And we haven’t even gotten to drilling the best soil anomaly on Latte yet.”

Hole 9 cut 1.12 grams gold over 40 metres with the hole beginning in mineralization, hole 10 returned 3.71 grams gold over 16 metres starting at a depth of 119 metres. Hole 11 yielded 2.35 grams gold over 51 metres from a depth of 38 metres and hole 12 returned 1.27 grams gold over 78 metres from 24 metres, plus a newly recognized high-grade deep zone yielded 17.4 grams gold over 1 metre starting from 176 metres depth.

Carpenter added that he believes mineralization at the Latte zone, and the company’s nearby Supremo gold zone, “is of the same pedigree as the mineralization at Golden Saddle.” Underworld Resources discovered that deposit and was later bought by Kinross Gold (K-T, KGC-N) for $140 million. “Underworld did a great job of outlining a deposit… and that bodes well for the greenfield nature of this area,” says Carpenter.

“We’ve been able to walk into the Yukon and within a year make several discoveries within two months,” he continued, adding that the company’s threshold is in the million-oz. range and “if we didn’t think there was that potential we wouldn’t be here.”

Kaminak discovered the Latte zone below a 1-km linear gold-in-soil anomaly.

Ground magnetic surveys hint that the mineralization continues below deeper soil cover beyond the 1-km soil anomaly. The structure is also coincident with strong gold-in-soil anomalies at the Kona zone, 6 km to the west of Latte, Kaminak says and infill soil sampling between Kona and Latte is now underway.

The Latte zone “is associated with a regionally significant, east-west trending structural corridor coincident with a 1-km long by 100-metre wide gold-in-soil anomaly,” the company said in a press release announcing the drill results.

The latest holes were drilled facing north and tested the strike extent of gold mineralization that Kaminak discovered in the spring. The gold at Latte is hosted in ribbon-quartz mylonite, quartz-feldspar-muscovite schist and breccia.

Kaminak believes the alteration mineralogy and chemistry is consistent with other significant discoveries in the White District, including the Supremo zone.

So far, 21 holes have been drilled on the Coffee property (seven of them at Latte) and further assay results from the Double-Double zone and the Supremo zone are pending.

Kaminak is mobilizing a second drill for the Latte zone, which arrived at the property on July 7.

News of the drill results sent Kaminak shares up 6¢ to $1.42.

Over the last year, the junior has traded in a range of 30¢-$1.70, with 46.83 million shares outstanding.

Says Carpenter: “I own one million shares of the company and have put a lot of my own money into this. When you buy Kaminak, you are buying Rob Carpenter.”