Kaminak shareprice jumps on high-grade gold at Yukon target

Kaminak Gold continues to hit consistent high-grade gold at its Coffee project in the Yukon, where drilling at several targets is ongoing.

Author: Kip Keen
Posted: Wednesday , 10 Aug 2011

http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=133227&sn=Detail&pid=34

HALIFAX, NS -

Consistent and high-grade are the orders of the day for Kaminak Gold at its Double Double gold target at its Coffee Project in the Yukon.

Kaminak reported a batch of drilling results that show consistent, high-grade gold within about 200 metres of surface over a 200 metre long portion of a vertical structure it discovered last year and called Double Double, which in Canadian parlance means a coffee with two creams and two sugars at its quasi-institutional Tim Hortons fast-food chain.

On news of the drilling results Kaminak opened the trading day with strength, its shareprice up over 11 percent to C$3.81 as of presstime.

The highlights, from west to east on drill sections at about 50 metre intervals, are: 56.4 g/t gold over 1 metre; 74.9 g/t Au over 4 metres; 25.4 g/t Au over 2 metres; 8.37 g/t Au over 5 metres; and 12.15 g/t Au over 3 metres.

These intercepts were by and large within 100 metres downhole of surface on one of the key structures Kaminak sees controlling mineralization at Double Double. But Kaminak noted there were deeper intercepts on parallel trends.

"However, since the focus of the drilling was on defining the North trend, little is known about these deeper zones," Kaminak said.

The latest drillholes followed up on a pair Kaminak punched into Double Double last year that yielded 35 metres @ 6.35 g/t Au and 5 metres @ 15.9 g/t Au.

Kaminak also added depth to its understanding of the tenor of gold grades and control of mineralization at Double Double. Key associations include silica, strong hydrothermal alteration and the North Trend, which Kaminak hit in many of the latest drillholes.

As for potential to expand gold mineralization, Kaminak dangled the possibility the Double Double and Latte zones, 800 metres apart, might be connected. Drilling at the Latte zone, one of the more extensively explored zones of the Coffee project's nine main targets, is ongoing.