Results continue to perk up investors at Kaminak

The deepest hole ever drilled into Kaminak Gold‘s (KAM-V) early stage exploration Coffee property in the Yukon has intersected high-grade gold zones in the Latte zone. 

Drill hole 164 returned 5.5 grams gold over 14 metres from a depth of 353 metres; 1.3 grams gold over 10 metres from 375 metres; 5.5 grams gold over 11 metres from 433 metres; 20.5 grams gold over 3 metres from 454 metres; and 2.8 grams gold over 13 metres from 464 metres.

The Latte zone is one of several closely spaced gold prospects at the Coffee property, which also include the Supremo zone 900 metres to the north and the Double Double zone 950 metres to the east. 

“Geological similarities on all scales suggest these zones are related to the same mineralizing event and, as a result, are potentially connected along trend and at depth,” the company explained in a press release. 

Recent drilling has also extended the Connector zone 100 metres along trend towards the Supremo gold zone. A new gold zone at Connector has also been discovered parallel to the original Connector mineralization.

Results released on Nov. 21 from hole 149 in the Connector zone returned 1.8 grams gold over 7 metres from 70 metres, 1.5 grams gold over 17 metres from 139 metres and 10.1 grams gold over 2 metres from 166 metres. Hole 152 cut 11.1 grams gold over 4 metres from 103 metres, and 1.9 grams gold over 8 metres from 153 metres.

Kaminak’s drill program has extended the Latte structure by 200 metres east along strike towards the Coffee property’s Double Double zone, which extends at least 1,550 metres long and is open in every direction at depth. 

Gold mineralization in all zones at Coffee is hosted within brittle fractures and brecciated gneisses and schists accompanied by silica flooding and pyrite-limonite alteration. High-grade intervals are associated with polyphase breccia, microbreccia, quartz-vein breccia, coarse sericite and high sulphide content. 

The company notes that all zones are “interpreted to come to surface and remain open along strike and at depth.” 

Next year drilling will continue to test for strike and depth extensions and across strike for multiple stacked lenses of mineralization.

The Coffee project is in the White Gold district of west-central Yukon, 130 km south of Dawson City. The project encloses a large, 600-sq.-km exploration concession. Access to the property is by helicopter from Dawson or Carmacks, or by airplane to the Thistle Creek airstrip, followed by helicopter.

Exploration for porphyry and copper in the Dawson Range began in the 1960s and modern gold exploration began in the Coffee Creek area in 1999. In 2007, Underworld Resources discovered the Golden Saddle deposit, now owned by Kinross Gold (k-t, kgc-n), about 30 km north of the Coffee property. Kaminak started exploring the area in late 2009 and launched its drill program in May 2010. 

Kaminak’s exploration work last year identified six areas in the Coffee project: Supremo, Latte, Double Double, Kona, Americano and Espresso. The gold mineralization is characterized by high oxidation related to surface weathering.

Discovery holes at Coffee included 16 metres of 17.1 grams gold in the Supremo zone; 84 metres of 1.08 grams gold in the Latte zone; 35 metres of 6.3 grams gold in the Double Double zone; 57 metres of 2.21 grams gold and 23 metres of 1.92 grams gold in the Kona zone; 18 metres of 2.36 grams gold in the Americano zone; and 11 metres of 5.5 grams gold in the Connector zone.

At presstime Kaminak traded at $2.50 per share within a 52-week range of $2.30-4.71. The company has 73.74 million shares fully diluted.