Vancouver, B.C. - Kaminak Gold
Corporation (KAM: TSX-V) today announced final results from the 2007 exploration program on the
Needle Gold Property, Nunavut, located approximately 450 km northeast of the
city of Yellowknife, Northwest Territories. The program was operated and
funded by Kaminak's project partner TerraX Resource Corp.
Key
Point Summary:
- Newly discovered surface
zone yields 24 g/t Au, 70 g/t Ag, 1.7% Zn and 0.5% Pb
- Additional
drill targets identified along strike and down-dip of previous
high-grade drill intercepts
- Visible
gold observed from 486 g/t Au grab sample
Exploration Results
TerraX assembled a complete GIS database on the
property, reprocessed available geophysical data and conducted a field
program that consisted of prospecting, geological mapping, examination of
known gold showings, and soil surveys over the most prospective portion of
the property. Fifty-nine grab samples were collected, of which
fourteen assayed greater than 5 g/t Au, and the highest was 486 g/t Au.
Several geochemical anomalies were obtained from the soil survey, which the
parties intend to follow up in 2008.
A new style of mineralization was discovered on the
property and consists of zinc and lead-rich precious metal occurrences.
An outcropping surface grab sample from one such discovery yielded 24 g/t Au,
70 g/t Ag, 1.7% Zn and 0.5% Pb. This occurrence is coincident with a strong
geophysical conductor which has yet to be fully defined. No previous
drilling has been completed over this target.
TerraX identified additional drill targets from the main Needle Gold
Zone which was drilled by previous workers in 1990. Data examination
revealed evidence that the three mineralized intercepts from the 1990
drill program occur on the same structure, which remains untested along
strike or down dip. Drill results from 1990 at the Needle Zone include
9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over 2.02m core
length. The 486 g/t Au assay
obtained by TerraX in 2007 was from a large (> 1 cubic m), angular
boulder/subcrop, located within 100 metres of the mineralized structure
described above. The rock contains visible gold associated with vein
quartz and abundant arsenopyrite and chlorite.
Quality
Control
Samples were
shipped to Activation Laboratories in Ancaster, Ontario and were analyzed for
gold plus 48 elements. Gold was analyzed by fire assay and the other elements
were variably analyzed by INAA or ICP-OES. Kaminak's disclosure of a
technical or scientific nature contained in this press release has been
reviewed and approved by Rob Carpenter, Ph.D., P.Geo., Kaminak's President
and CEO, who serves as 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 the company. 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
contact Tony Reda, Investor Relations, 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 without limitation future intended
exploration programs and management's assessment of Kaminak's plans and
projects, constitute forward-looking statements. Such forward-looking
statements are subject to numerous risks, uncertainties and other factors
relating to Kaminak's operation as a mineral exploration company, including
without limitation the timing and success of intended exploration programs
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.