Kaminak
Reports New Gold-Rich Surface Samples from Its
YAT Copper-Uranium-Silver Prospect
November 5, 2007
Vancouver, B.C. – Kaminak Gold Corporation (KAM: TSXV) is pleased to announce assay results from a recently completed field
program on claims and prospecting permits that comprise the Company’s 200,000 acre Yathkyed IOCG (Iron-Oxide-Copper-Gold) project located in
Nunavut, Canada. This news release reports surface assays from the YAT
prospect only. Results from the nearby BOG prospect will be released once all
outstanding assays are received from the lab.
Key
Point Summary
- Grab
sample from the YAT trend returns 31.9 g/t Au, 1,170 g/t Ag, 1.18% Cu
and 0.24% U3O8.
- Historical
data indicates the gold potential on the YAT trend was overlooked as
previous companies assayed only for uranium, base metals and silver.
- Mineralized
veins hosted in sandstone and conglomerate located near basin
unconformity
“The
discovery of gold associated with high grade copper, silver and uranium
confirms the YAT as a high priority target that will require further testing,”
stated Rob Carpenter, President and CEO of Kaminak.
“We believe that basic
prospecting and sampling will continue to uncover overlooked opportunities at
the Yathkyed property.”
YAT Mineralized Trend
The YAT showings were originally discovered by Pan
Ocean Oil Ltd. in the late 1970’s and consist of a number of high-grade
U-Cu-Ag showings hosted in outcrop and boulders co-incident with strong
geophysical and geochemical anomalies covering an area at least 100m
north-south by 100m east-west (see Kaminak news
release dated May 2nd, 2007). Kaminak geologists
visited these sites in 2007 and collected a single representative sample of
football-sized rubble from locally-derived frost heave. This sample yielded
an assay of 31.9 g/t Au, 1,170 g/t Ag, 1.18% Cu and 0.24% U3O8.
Since anomalous gold had not been reported in the
YAT region before, Kaminak requested a re-assay of
this sample from the lab. This second assay duplicated the original gold
value, therefore, confirming the presence of gold in the sample. A subsequent
review of the Pan
Ocean historical data
indicates that significant U-Cu-Ag mineralization was detected in the YAT
area; however, their samples were never analyzed for gold.
Following the initial samples, Kaminak
subsequently sent an independent geological consultant to the YAT area to
conduct further sampling. A total of 6 samples were collected from
surface frost heave and locally derived boulders. These samples were
collected from several different styles of mineralization and alteration. Significantly
anomalous gold results of 4.77 g/t Au and 2.54 g/t Au were obtained from two
of these samples located 35m and 5m away, respectively, from Kaminak’s original sample. Base metal results
from these samples have not yet been received from the lab.
The extent and significance of the 2007 prospecting
results are currently being evaluated by Kaminak’s
technical team. The association of gold with uranium and base metals
makes YAT a high-priority target. No previous drilling is reported from the
YAT area.
QA / QC
Samples were shipped to ALS Chemex
Laboratories and were analyzed for 48 elements by four acid digest ICP-MS. Over
limit uranium was analyzed by XRF method and gold was analyzed by fire assay
with an AA and GRAV finish.
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, who
serves as the Qualified Person for the purpose of National Instrument
43-101. Historical assays and previous sampling were obtained from
government archived assessment reports, and although this data cannot be
confirmed, they are considered reliable.
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 the Company’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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