Kaminak Gold* (KAM : TSX-V : $4.17), Net Change: 0.10, % Change: 2.46%, Volume: 205,467
How do you like your coffee? Even in a extremely volatile environment, it seems investors are unwilling to give up their coffee. Over the last couple weeks, we saw risk aversion cripple equity markets driving profound weakness in the junior mining equities and especially the gold-related equities. And yet, investors did not seem willing to give up their positions in Kaminak. Shares clawed their way back in positive territory Friday, managing to gain almost 5% this week and approximately 8% over the last two weeks despite the massive market sell-off. Kaminak controls 100% of a large land position (Coffee, Cream, and Kirkman mineral claims) in west-central Yukon, approximately 95 kilometres south of Dawson City, near Kinross’ (K) White Gold project. In early August, Kaminak released encouraging, additional drill-hole results (a total of 11 reported holes) from the Double Double target on its 100%-owned Coffee project in Yukon. Intercepts include: CFD-090: 74.9 g/t Au over four metres, CFD-088: 25.4 g/t Au over two metres, CFD-093: 12.15 g/t Au over three metres, CFD-101: 14.35 g/t Au over two metres, and CFD-104: 56.4 g/t Au over one metre. New interpretation suggests that Double Double could be an eastern extension of the Latte zone, which is about 800 metres west of Double Double. The high-grade associated with Double Double appears, according to KAM, to be associated with near-vertical to steep north-dipping zones, with elevated silca alteration. The company has completed over 28,000 metres of drilling on the Coffee property during the 2011 season, and is on schedule to complete the 40,000-metre program (budgeted at $15 million) as initially outlined in the spring of 2011. Three diamond drills and one reverse circulation drill (RC) are currently active on the property. Assays from Latte (about 30 diamond holes), Supremo (31 RC holes, 22-55), and Kona (35 RC, five diamond holes) are currently pending, with results expected from Supremo and Latte by midSeptember. Before the end of the 2011 program, Kaminak expects to also drill test the Americano West, Macchiatto, Cappaccino, and potentially the Sugar zones.