Kaminak extends Latte zone at Yukon Coffee property

Four new step-out holes drilled on the Latte Zone at Kaminak Gold‘s (KAM-V) Coffee property in Canada’s Yukon Territory 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 from Vancouver. “And we haven’t even gotten to drilling the best soil anomaly on Latte yet.”

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

Carpenter added that he believes mineralization at the Latte zone, and the first zone it discovered, called the Supremo zone, “is of the same pedigree as the mineralization at Golden Saddle.” Underworld Resources discovered that deposit and was later taken out by Kinross Gold for $140 million. “Underworld did a great job of outlining a deposit … and that bodes well for the greenfield nature of this area,” Carpenter said.

“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 roughly 1 km linear gold-in-soil anomaly. Ground magnetic surveys suggest that the mineralization continues below deeper soil cover beyond the 1-km soil anomaly. The structure is also co-incident 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.

Management believes that the Latte zone is associated with a regionally significant, east-west trending structural corridor co-incident with a 1 km long by 100 metre wide gold-in-soil anomaly.

The latest holes were drilled facing north and were designed to test 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 Kaminak’s Supremo gold
zone.

Twenty-one holes have been drilled so far on the Coffee property and further assay results have yet to be received from the Double-Double zone and the Supremo zone.

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

News of the drill results sent Kaminak shares up 4.4% or 6¢ apiece to close at $1.42 per share.

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

Says Carpenter: “I own 1 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.”