UPDATE: Kaminak Drilling Unveils Further Coffee Gold Results, Shares Up 2.3%
Kaminak Gold Corp. (KAM.V) rose 2.3% as it announced results for 37 drill holes from the ongoing 2013 drilling campaign at the Coffee Gold Project in Canada's Yukon Territory.
Drilling intersected gold mineralization in 32 out of the 37 drill holes and identified new, shallow, predominately oxidized gold-bearing structures within the Supremo-Latte area which is host to the majority of the 3.2 million ounce NI 43-101 Inferred Mineral Resource Estimate consisting of 64 million tonnes grading at 1.56 grams per tonne gold at a base case cut-off of 0.5 grams per tonne.
Amongst the highlights, at the Supremo - Latte Connector Zone multiple oxide gold-bearing structures intersected within this complex fracture zone marking the intersection point between the Supremo and Latte mineralized structures.
At T2, drilling intercepted additional, near surface oxide gold mineralization and extended T2 by 750 meters to the south, linking it to the Latte trend with total strike length now exceeding 1.5 kilometers. At the Supremo-T1-2 Link, drilling confirmed the presence of a mineralized structure linking the Supremo T1 & 2 trends.
Kaminak's President and CEO Eira Thomas said: "Kaminak remains focused on delineating those zones within the Supremo-Latte-Double Double area that have the greatest potential to impact future mining economics. The initial results from Connector, located at the intersection of Supremo and Latte are encouraging, providing evidence of a potentially important dilation zone that will require further drill testing in the near term."
Monday morning, shares were up at $0.90 in the 52-week range of $0.76 - $2.42.