Kaminak
Provides Joint Venture Updates on its British Columbia Gold Projects
January 18, 2008
Vancouver, B.C. - Kaminak Gold Corporation
(KAM: TSXV) today announced the company has received final
2007 results from its Voigtberg and Nizi Creek gold properties located in
northwest British Columbia. The Voigtberg project is currently under option
to BCGold Corp. (BCG: TSXV), and the Nizi Creek project is under option to
Romios Gold Resources (RG: TSXV). Both of these programs were solely funded
by the respective option holder.
Voigtberg Project
In 2007, BCGold Corp. funded a $500,000 exploration
program which included a property-wide, 404 line kilometre airborne
geophysical survey and a 4-hole, 587m drill program. One new geophysical and
geochemical target (North Zone) was tested during the 2007 drill program and
last year's (2006) significant "Gold Zone" drill hole intercept of 51.15 m @ 1.03 g/t Au,
including 18.17 m
@ 1.87 g/t Au in drill hole VGT06-05, was also followed up. Significant
results are tabulated below.
Voigtberg Property
2007 Significant Drill Hole
Intersections
Drill
Hole
|
From
|
To
|
Interval
|
Au
|
Cu
|
Mo
|
(metres)
|
(metres)
|
(metres)
|
(g/t)
|
(ppm)
|
(ppm)
|
VGT07-08
|
3.64
|
31.10
|
27.46
|
0.16
|
203.30
|
4.82
|
|
36.48
|
113.10
|
76.62
|
0.22
|
488.29
|
12.76
|
|
169.15
|
194.80
|
25.65
|
0.22
|
219.69
|
4.63
|
|
|
|
|
|
|
|
VGT07-09
|
4.26
|
45.60
|
41.34
|
0.18
|
144.49
|
190.79
|
Including
|
4.26
|
18.26
|
14.00
|
0.15
|
117.75
|
508.62
|
|
64.71
|
100.32
|
35.61
|
0.14
|
167.52
|
18.86
|
|
|
|
|
|
|
|
VGT07-10
|
40.00
|
116.40
|
76.40
|
0.41
|
168.48
|
31.56
|
Including
|
51.68
|
91.2
|
39.52
|
0.48
|
155.50
|
27.21
|
Including
|
54.72
|
71.5
|
16.78
|
0.72
|
14.70
|
45.79
|
* Estimates of true
widths of mineralized zones are not known due to the preliminary nature of
the drill program.
A Gold Zone
step-out hole to the west and a North Zone drill hole (VGT07-11) were
cancelled and abandoned respectively, owing to difficult pad building and
drilling conditions. The Gold Zone has now been partially defined by 6 drill
holes over a strike length of 300
m and remains open along strike and at depth.
Gold
Zone Drilling Results
Drill hole VGT07-10
was collared 75 m
north-eastward of Gold Zone drill hole VGT06-05 and intersected a series of
pyritic andesite / dacite flows and lapilli tuff, cut by a multitude of
narrow monzonite dykes. A broad interval of low grade gold mineralization
averaging 0.41 g/t Au was observed associated with this geology over 76.40 m. Within this
interval, a 16.78 m
segment averaged 0.72 g/t Au.
Drill hole
VGT07-08 was collared 250 m
south of hole VGT06-05 to test the southern limits of the Gold Zone. This
hole intersected similar geology and mineralization with comparably low gold
grades (0.16 - 0.22 g/t Au) over appreciable widths (25.65m to 76.62 m).
North Zone Drilling Results
Drill hole
VGT07-09 was collared in the middle of the North Zone copper-molybdenum soil
geochemical anomaly and coincidental induced polarization (I.P.)
chargeability anomaly. This hole intersected mainly pyrite-bearing dacite /
andesite flows with little in the way of monzonite dykes. A near-surface
interval of 41.34 m
averaged 0.18 g/t Au and 0.019% Mo, including 14 m of 0.05% Mo from 4.26 m to 18.26 m. The North Zone
I.P. anomaly remains open to the north.
Every aspect
of the 2007 Voigtberg exploration program was supervised by Equity
Engineering Ltd. of Vancouver, British Columbia. All samples were analyzed by
ALS Chemex, North Vancouver, BC, using ICP- AES (ME-ICP41) analyses for trace
element geochemistry and fire assay for gold (Au-AA23). Murray Jones, P.Geo.
is the Qualified Person for the purposes of National Instrument 43-101 and has
reviewed the technical content of this news release.
Nizi
Creek Project
Romios
mobilized a 4-person field crew to the Nizi Creek property in September,
2007. Property-wide geological mapping was augmented by a detailed
petrographic and spectroscopic study of clay alteration minerals from several
mineralized occurrences. This work successfully identified drill targets for
2008 and indicates further drilling is needed at the Discovery vein /
Surprise vein. This is the most advanced prospect on the property with
historical chip samples yielding 27.09 g/t Au plus 1220.6 g/t Ag over 2.0m
and 15.09 g/t Au plus 1073.2 g/t Ag over 3.5m. Minor shallow drilling on this
zone in the mid-1990's confirmed surface assays and yielded 5.68 g/t Au over
13.77m and 3.54 g/t Au plus 27.21 g/t Ag over 6.1m; however, no deep drilling
(>120m) has ever been completed. Structural mapping combined with
alteration studies completed by Romios in 2007, suggest known
"stockwork-style" mineralization could represent the upper portion
of a larger vein system at depth. Work plans and budgets for the 2008 field
season at Nizi are expected to be completed over the coming months.
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 and
is the Qualified Person under the definition of National Instrument
43-101. Historical gold assays from previous surface sampling and
drilling were obtained from reports written and supervised by Professional
Geologists. Although this data cannot be confirmed, it is considered
reliable. Certified laboratory assay sheets accompanied these reports.
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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