Kaminak and BCGold Discover Surface Molybdenum Occurrences on the Voigtberg Propertyadmin
Kaminak Gold Corporation and project partner BC Gold Corp. today announced the assay results from grab samples taken from a new surface molybdenum discovery on Kaminak’s 100% owned Voigtberg Au-Cu-Mo Property. Kaminak has also completed the previously announced (see Kaminak News Release dated August 22, 2006) drill program at the Voigtberg Property.
The 2060 hectare Voigtberg Property is located 140 kilometers northwest of the town of Stewart, British Columbia and 70 km from the prolific Galore Creek Cu-Au-Ag project. Mineralization at Voigtberg is associated with large-scale porphyritic intrusive rocks and the target is a bulk tonnage Au-Cu-Mo deposit.
“Finding outcropping molybdenum in our first season at Voigtberg has helped us vector our exploration activities” stated Rob Carpenter, President and CEO of Kaminak. “Molybdenum is a key ingredient in many porphyry systems in British Columbia and can be a strong indicator of a system’s overall potential.”
Kaminak contracted Equity Engineering Ltd. of Vancouver, British Columbia to map and prospect the Voigtberg claims in July 2006. Prospecting 400m from the known “Gold Zone” (see Kaminak News Release dated August 22, 2006) identified an area approximately 80m by 80m of surface bedrock molybdenum mineralization. This represents the first recorded molybdenum occurrence on the 2060 hectare property. A total of eight grab samples were collected from the area yielding an overall average of 0.211% Mo (0.353% MoS2). Six of these samples assayed greater than 0.10% Mo (0.167% MoS2). The highest assay graded 0.404% Mo (0.647% MoS2). Mineralization is hosted in fractured and potassium altered volcanic rocks proximal to an interpreted porphyry core.
Kaminak has now completed the previously announced diamond drill program at Voigtberg (see Kaminak Press Release dated August 22, 2006). The program consisted of four drill holes, totaling 717.09 metres, designed to test known surface gold mineralization and targets identified by previous drilling on the property (see Kaminak Press Release dated August 22nd, 2006). In addition, the drill program tested the depth extent of the new molybdenum occurrences. Core samples have been shipped to ALS Chemex Labs of Vancouver for analyses. Drill core assay results are expected within 4 to 6 weeks.
About the Project
Kaminak has granted BCGold the option to acquire up to a 60% interest in the Voigtberg Property by making $2,000,000 in exploration expenditures over four years and by issuing 400,000 units of BCGold to Kaminak. BCGold can earn an additional 10% interest in the Property by completing a bankable feasibility study, for a total earn-in of 70%. Kaminak is currently funding the 2006 exploration program with BCGold agreeing to repay Kaminak all exploration expenditures upon approval of its qualifying transaction by the TSX Venture Exchange.
Equity Engineering Ltd. of Vancouver, British Columbia has been contracted to oversee the technical aspects of the Voigtberg project. Murray Jones, P.Geo. is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. All rock samples were shipped to ALS Chemex Ltd in sealed bags and analyzed for Mo and 33 other elements by ICP-AES methods (Induced Coupled Plasma) and Au by standard Fire Assay-Atomic Absorption method. Internal laboratory standards were analyzed along with Voigtberg samples.
Kaminak Gold Corporation holds one of the largest land positions, covering several million acres, 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, Ph. D., P. Geo., President and CEO
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Rob Carpenter Kaminak Gold Corporation President and CEO (604) 646-4521
Source: Kaminak Gold Corporation