Kaminak
Identifies Favourable Alteration and Shearing on its Hemlo North Gold
Project, Ontario
January 10, 2008
Vancouver , B.C. - Kaminak Gold Corporation (KAM: TSXV)
today announced the company has completed its initial field program on its
100% owned Hemlo North Gold Project. A three week mapping and
prospecting program was followed by an overburden sampling program that
targeted hydrothermally altered shear zones.
Key
Point Summary
- Field
mapping and overburden sampling successfully recognized sulphide bearing
shear zones within felsic volcanic host rocks
- Favourable
trace element enrichment of Ag, As, K, Ba and Mo within shear zones
could indicate proximity to Hemlo-style gold mineralization
- Gold
grain counts, sulphide mineralogy and assay results of overburden
sampling are expected in the coming weeks
The Hemlo gold camp represents one of the most
prolific gold camps in Canada and has remained in continuous production since
1985. In the spring of 2007, Kaminak staked a 21,000 acre land position
located directly north of the current Hemlo mine leases and patented claims
owned by Teck Cominco Limited, Barrick Gold Corporation and Newmont Mining
Corporation. Kaminak's exploration rationale at Hemlo is based on a
structurally controlled "shear-zone model." Kaminak's
technical team believes that there has been a lack of exploration directed
towards shear zones models at Hemlo, thereby creating a new exploration
opportunity in this district.
Initial Fieldwork Identifies Altered
Shear Zones
Kaminak's field work was completed over
a three week period in October 2007 and was supervised by Geovector
Management Inc. of Ottawa, Ontario. The main objective of the program was to
ground truth interpreted shear zones and areas of interest that were
identified in Kaminak's initial desktop study. This field work successfully
identified three separate outcropping zones displaying alteration and
shearing. A total of 76 rock samples were collected from various
outcrops and submitted to ALS Chemex for assay. Although results from all
surface samples assayed below 100 ppb Au, ICP analyses from observed
shear zones indicated variable enrichment in important pathfinder elements
including, As, Ag, K, Ba and Mo which could indicate proximity to
"Hemlo-style" gold mineralization.
Much of the Hemlo North property is
covered by thick glacial overburden which has prohibited previous companies
from efficiently testing the gold potential of the property. Therefore,
Kaminak initiated an overburden sampling program in the fall of 2007 over
priority shear zone targets. The sampling device drills or penetrates through
the unconsolidated overburden and collects samples of basal till and rock
samples from the bedrock interface. A total of 15 sites were tested and
samples were sent to Overburden Drilling Management (ODM) of Nepean, Ontario
for analysis. ODM is expected to complete gold grain counts, identification
of sulphide and alteration minerals and assays on till samples and will
complete assays on bedrock samples. Results are expected in the coming
weeks.
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.
Joe Campbell, P.Geo. of Geovector Management of Ottawa, Ontario is the
Qualified Person for the Hemlo North Project under the definition of National
Instrument 43-101.
ALS
Chemex Analytical Technique
A total of
76 grab samples were collected and shipped to ALS Chemex for geochemical
analyses. Rock samples are weighed, dried and finely crushed with a split of
up to 250 g pulverized. The prepared sample is subjected to four acid
digestion (0.4g is digested with nitric, perchloric, and hydrofluoric acids
with Hydrochloric acid subsequently added for further digestion. This
solution is analyzed by inductively coupled plasma - atomic emission
spectrometry. Results are corrected for spectral inter element
interferences. QA/QC consists of the insertion of one method blank, two
standards and one duplicate sample. This analysis was followed by a gold
analysis using a 50g fire assay with ICP-AES finish.
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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