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Coffee Gold Project: High-Grade Oxide Gold at Surface in Canada
Kaminak Gold Corporation (KAM: TSX-V) is exploring the Coffee Gold Project, a high-grade oxidized gold project amenable to heap leaching and located in the emerging White Gold District of the Yukon Territory, Canada. Since 2010, Kaminak has drilled 16 separate and distinct gold discoveries and established a NI 43-101 Mineral Resource Estimate consisting of an Indicated Resource of 14 million tonnes grading at 1.56g/t Au for 719,000 ounces, including 480,000 ounces gold classified as Oxide, and an Inferred Resource of 79 million tonnes grading at 1.36g/t Au for 3,434,000 ounces of gold, which includes 2,078,000 ounces gold classified as Oxide at a base case cut-off of 0.5g/t Au for Oxide and Transitional material and a 1g/t Au cut-off for Sulphide material. Coffee also hosts numerous drill discoveries and untested gold-in-soil anomalies outside of the resource area that have the potential to yield new oxide ounces.
All gold discoveries drilled at Coffee were made by drilling directly under gold-in-soil anomalies. The lack of glaciation over the Coffee property has allowed in-situ soil-sampling to be utilized as a highly effective and low cost exploration tool. All deposits within the resource remain open along strike and at depth and contain high-grade mineralization that comes to surface. Additionally there are over 25km of untested soil anomalies on the property that warrant drill testing, and only 20% of the 150,000 acre Coffee Property has been systematically grid soil sampled.
The Company presently has C$8 million in cash and no debt and is currently embarking upon mining scoping studies and planning the 2014 exploration program.