Kaminak
confirms copper-uranium-silver mineralization along the BOG trend:
Geologic evidence validates
"IOCG" model on the Yathkyed Property
November 22, 2007
Vancouver, B.C. - Kaminak Gold Corporation
(KAM: TSX-V) today announced final surface assay results on
claims and prospecting permits from its 200,000 acre Yathkyed IOCG
(Iron-Oxide-Copper-Gold) project located in Nunavut, Canada.
Key
Point Summary
- Separate outcrop grab samples from the BOG occurrence yield up to
2.45% Cu and 0.22% U3 O8 , respectively
- Distinctive zonation of
copper, silver and uranium established at outcrop scale
- Textural and geochemical
data suggests mineralization at Yathkyed is linked to similar
processes as the IOCG class of mineral deposits
"In less than one year, Kaminak advanced the
Yathkyed project from concept stage to become one of our core projects,
" stated Rob Carpenter, President and CEO of Kaminak. "Previous operators appear to have focused their
efforts solely on uranium; Kaminak is focusing on unlocking the additional
base and precious metal potential of the region. "
The 2007
field work at Yathkyed focused on two separate and distinct copper + uranium
+ silver � gold mineralized trends on the property named the BOG and YAT
trends. Results from the YAT trend revealed the presence of previously
unrecognized high-grade gold associated with copper, uranium and silver (see
Kaminak news release dated November 5th, 2007). Today's news release
highlights results from the BOG trend.
BOG
Mineralized Trend
The main BOG
trend is intermittently exposed over at least 5,000m and varies in width from
50m to 150m. In the late 1970s, Noranda Exploration Ltd. identified at least
ten individual showings with significant uranium mineralization along a
1,000m long segment of the BOG trend. Noranda subsequently drilled several
shallow holes along a less than 100m segment that appear to have targeted a
high-grade uranium float boulder. The most easterly hole intersected 0.22% U3
O8 over 1.0m and remains open.
Kaminak
geologists visited key outcrops and observed intense brecciation and
silicification of felsic intrusive rocks up to 30m in width. Six grab
samples were collected from outcrops and boulders at the BOG zone proper (see
Table 1). Two distinct styles of mineralization have been identified:
"Type 1" mineralization is typically elevated in copper and silver
only, whereas "Type 2" mineralization appears to have significant
uranium only. Although geochemically distinct, these contrasting styles
of mineralization occur within only a few metres of each other. Previous
operators appear to have focused their exploration efforts primarily on
"Type 2" occurrences and, as a consequence, largely overlooked or
chose not to focus on the additional base and precious metal opportunities on
the property. Representative field photographs of various mineralization
styles are now available on Kaminak's website, www.kaminak.com ..
Table
1: 2007 Surface Assay Results from the BOG Showing Area
Sample
#
|
Sample
Type
|
Style
|
Cu
(%)
|
U3
O8 (%)*
|
Ag
(g/t)
|
CFP-502
|
Outcrop
|
Type 1
|
2.45
|
0.06
|
46.0
|
MDP-106
|
Outcrop
|
Type 1
|
1.53
|
0.09
|
26.9
|
MDP-107
|
Boulder
|
Type 1
|
0.56
|
0.04
|
19.6
|
CFP-500
|
Boulder
|
Type 2
|
0.03
|
0.22
|
2.0
|
CFP-501
|
Outcrop
|
Type 2
|
0.03
|
0.21
|
1.7
|
CFP-511
|
Outcrop
|
Type 2
|
n.d.
|
0.17
|
0.7
|
*Lab results
are reported in parts per million uranium U (ppm). The conversion
factor used to convert parts per million uranium to % U3 O8
is 10,000 ppm = 1% U = 1.18% U3 O8 . n.d. means
not detected.
Applicability
of the IOCG Model to the Yathkyed Property
A main goal
of the field program was to evaluate the potential of the property to host an
IOCG-style deposit. Previous exploration on Kaminak's current claim block
occurred between 1977 and 1981, which was prior to the development of IOCG
deposit models. The best known example of this class of ore deposit is the prolific
Olympic Dam poly-metallic deposit located in Australia. The regional geology
of the Yathkyed area shares many geological similarities with known IOCG
districts, including: age of host rocks, the presence of an extensional
tectonic regime that produced continental-derived mafic and felsic rocks,
ultrapotassic magmatism and craton-scale structural breaks.
At the
outcrop scale, Kaminak recognized key textural features of the IOCG deposit
class, including the presence of brecciated and silicified felsic intrusive
rocks displaying strong hematite and carbonate alteration. Kaminak's 2007
field work is complimented by microscope aided mineral identification and
microprobe mineral chemical analyses of various mineralized samples from the
property. Overall, metal content of the mineralized zones (Au-Cu-U-Ag) and
trace element alteration assemblages (Si-Na-K-Ba-P) are consistent with
accepted IOCG models.
QA /
QC
Kaminak's
technical team collected rock grab samples that are interpreted as being a
fair representation of observed mineralization. Overall, assay results for
metals of interest ranged from below detection level to significantly
anomalous. Samples were shipped to ALS Chemex laboratories in North Vancouver
and were analyzed for 48 elements by four acid digest ICP-MS. Over limit
uranium was analyzed by XRF method and gold was analyzed by fire assay with
an AA and GRAV finish.
Kaminak's
disclosure of a technical or scientific nature is prepared under the
supervision of Rob Carpenter, Ph. D., P.Geo., Kaminak's President and CEO,
who is a Qualified Person under the definition of National Instrument
43-101. Historical assays and previous sampling were obtained from
government archived assessment reports, and although this data cannot be
confirmed, they are considered reliable.
About
Kaminak
Kaminak Gold
Corporation is a prospect generator employing a joint venture strategy that
maximizes opportunities for discovery while attempting to minimize
exploration risk to Kaminak. A critical component of Kaminak's business
model is working with strong project partners to advance Kaminak's
exploration projects. Covering several million acres, Kaminak holds one of
the largest land positions in Canada devoted to metallic mineral exploration.
Kaminak's projects offer world-class exploration potential and present
exposure to strategic commodities including, gold, uranium and nickel.
On behalf of
the Board of Directors
"Rob
Carpenter"
Rob
Carpenter, Ph. D., P. Geo.
President and CEO
Kaminak Gold Corporation
For further
information about Kaminak Gold Corporation, or this news release, please
visit our website at www.kaminak.com or call us at 604.646.4534.
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain
disclosures in this release, including management's assessment of Kaminak's
plans and projects, constitute forward-looking statements that are subject to
numerous risks, uncertainties and other factors relating to Kaminak's
operation as a mineral exploration company that may cause future results to
differ materially from those expressed or implied in such forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. Kaminak expressly disclaims any intention
or obligation to update or revise any forward-looking statements whether as a
result of new information, future events, or otherwise.
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