August 7, 2007
Vancouver, B.C. - Kaminak Gold Corporation (KAM:TSX-V)
and project partner Pacific Ridge Exploration Ltd. (PEX:TSX-V) today announced the results from the first three drill holes of the 2007 drilling program on Kaminak's 100% owned Baker Lake Uranium Project. Kaminak and Pacific Ridge are conducting a $3 million exploration program at Baker Lake which includes a 3,000 metre Phase 1 drilling program. These initial drill holes successfully tested the continuity of mineralization at the Lucky-7 Zone, indicating higher uranium content with depth. The Lucky-7 zone is one of 20 uranium targets located on the 300,000 acre property.
Key Point Summary
New Lucky-7 drill results contain 0.20% U3O8 over 15.3 metres including 2.74% U3O8 over 0.9 metres
Lucky-7 drill holes L7-07-04, L7-07-05, and L7-07-06 intersected the near vertical Lucky-7 Zone approximately 150, 200 and 250 metres respectively below surface, with the width of mineralization and the alteration envelope increasing with depth
Two additional holes are planned at Lucky-7:
Once these holes are completed the drill is scheduled to test uranium targets at the KZ-Zone.
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Uranium mineralization at Lucky-7 is hosted in a vertical structure now traced from surface to a depth of 250 metres. At this depth, hole L7-07-06 intersected a 15.3 metre wide interval of clay alteration and anomalous uranium with localized high-grade pitchblende stockwork veining grading 2.74% U3O8 over 0.9 metres.
Drilling will continue to depth in order to test continuity of the mineralized vertical structure, and to determine if an "unconformity style" uranium deposit occurs where the structure intersects the basin floor. Continued drilling at Lucky-7 will also determine continuity of uranium mineralization within a 500 metre-long radiometric anomaly. Below is a summary of the assay intercepts.
Lucky-7 Zone: 2007 Drill Hole Assays
Hole
|
Section
|
Interval
(m)**
|
Width
(m)**
|
Assay
(% U3O8) (lbs U3O8/ton)
|
L7-07-04
|
8200 N
|
167.0 - 176.0
incl. 167.0 - 170.0
|
9.0
3.0
|
0.11
0.15
|
2.2
3.0
|
L7-07-05
|
8200 N
|
231.3 - 234.0
|
2.7
|
0.24
|
4.8
|
L7-07-06
|
8200 N
|
278.5 - 293.8
incl. 292.9 - 293.8
|
15.3
0.9
|
0.20
2.74
|
4.0
54.8
|
** True widths are estimated at between 50% and 70% of total drill intervals.
Lucky-7 Zone: 2006 Previously Released Drill Results
Hole
|
Section
|
Interval
(m)**
|
Width
(m)**
|
Assay
(% U3O8) (lbs U3O8/ton)
|
L7-06-01
|
8200 N
|
51.4 - 53.0
|
1.6
|
0.14
|
2.8
|
L7-06-02
|
8200 N
|
74.1 - 77.5
Incl. 74.5 - 76.0
|
3.4
1.5
|
0.32
0.68
|
6.4
13.6
|
L7-06-03
|
8200 N
|
No significant values
|
** True widths are estimated at between 50% and 70% of total drill intervals.
Project Overview
Kaminak holds a 100% interest in the 300,000 acre property, located in the Kivalliq District of central Nunavut. The Baker Lake Basin is one of four Proterozoic age basins within the Canadian Shield that are host to uranium deposits, including the Athabasca, Thelon, and Hornby Bay basins. The property is host to at least 20 known uranium prospects that occur along 75 kilometers of the Archean - Proterozoic unconformity.
The Baker Lake Uranium Project is located within the Baker Lake Basin and is immediately adjacent to the Thelon Basin. Situated within the Thelon Basin is the Kiggavik-Sissons Schultz uranium deposits which are owned by Areva Resources Canada Ltd. (Areva) and is located approximately 80 kilometres west of Baker Lake. In a November 2005 project presentation, Areva reported that three of the Kiggavik uranium deposits contained a combined geological resource of 50,630 tonnes uranium (representing a non 43-101 compliant historic resource of 131 million pounds U3O8). It is of interest that Areva recently opened a community relations office in the town of Baker Lake.
Baker Lake has summer access to ocean shipping and year-round airport facilities which bring important logistical support to mineral exploration and development contemplated in the Baker Lake region.
The Agreement
Under the terms of an Option Agreement (see Kaminak Press Release January 25th, 2006), Pacific Ridge has the right to initially earn a 51% in non-diamond interests by December 31, 2008 by making exploration expenditures totaling $2.0 million dollars and staged payments totaling 400,000 Units to Kaminak. Pacific Ridge will have the right to increase its interest to 60% by spending an additional $1.0 million prior to December 31, 2010.
Kaminak's disclosure of a technical or scientific nature are prepared under the supervision of 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. All samples collected at the Baker Lake Uranium Project are sealed in sample bags at site and forwarded to Activation Laboratories in Ancaster, Ontario for analysis. All samples are initially analyzed by a DNC technique utilizing a reactor. All high values in excess of 0.5% U3
O8
are then re-analyzed by XRF and titration methods. Pacific Ridge employs a QC/QA program that includes random insertion of internal duplicates and blanks into the sample stream as well as check assays by an external laboratory.
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.
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