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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 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 maiden National Instrument 43-101 Inferred Mineral Resource Estimate consisting of 64 million tonnes grading at 1.56 grams per tonne gold ("g/t Au) for 3,236,000 ounces of gold 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. At an overall 1.5 g/t Au cut-off, the inferred resource estimate consists of 21 million tonnes grading at 2.93g/t Au for 1,988,000 ounces of gold. Coffee also hosts numerous drill discoveries and untested gold-in-soil anomalies outside of the resource that have the potential to yield new 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; only 20% of the 150,000 acre property has been systematically soil sampled.
The objectives of the 2013 program have been to expand the inferred resource along strike, drill new discoveries and conduct a comprehensive metallurgical program that will validate heap leach processing of mineralization and determine its optimal crush size. The results from the program will lead to a resource update towards the end of 2013 and a preliminary engineering and economic scoping study in 2014.
The Company has approximately 91 million shares outstanding and $11.7 million in cash.