Kaminak Gold Corp. (TSXV:KAM) announced the results of 27 holes drilled as part of the Phase I exploration campaign at its Yukon-based Coffee gold project.
The company also said that a Phase II exploration campaign is now underway; it will move forward at the same time as the recently started feasibility program.
Exploration highlights include:
- 2.66g/t Au over 9m from 53m downhole (CFD376), and 4.05g/t Au over 8m from 38m downhole and 3.79g/t Au over 8m from 51m downhole (CFD379). Additional drilling is underway to determine the structural orientation and geometry of the zone and to delineate near-surface oxide ounces that may be incorporated into the Feasibility Study.
- Drilling also extended the Supremo T3 mineralized zone northwards to at least 3.5km strike length and returned best drill results at the intersection of the T3 and Macchiato trends. Drill results include: 1.95 g/t over 14m (from 81m) and 2.21 g/t over 9m (from 128m). The T3 structure remains open to the north along strike and to depth.
- The Phase II exploration program is budgeted at $2M with the goal of augmenting the global resource inventory, which will be incorporated into the final Feasibility Study. The Phase II program has commenced and the initial $12 million feasibility program previously announced is ongoing.
Eira Thomas, president and CEO of Kaminak, commented:
Ongoing exploration of the numerous high-tenor geochemical anomalies remaining at Coffee continues to demonstrate the resource upside of the project and has the potential to enhance the already positive, high-margin economics at Coffee as demonstrated in the recently completed PEA. Delineation drilling at Kona North is underway with the goal of defining a near surface, oxide resource that may be incorporated into the Coffee Feasibility Study.