Kaminak Gold Corporation owns 100% of three prospecting permits totaling 110,000 acres that is highly prospective for hosting fault-related gold mineralization. The property straddles the Bathurst Fault Zone, a major first-order fault zone that separates Archean greenstones from younger Proterozoic sedimentary rocks and is traceable for over 500 kilometers. The property hosts over 30 individual untested gold occurrences with minimum historical assays of at least 10.0 g/t Au. These occurrences are spatially related to the Bathurst Fault and its second-order splays, which extend for over a total strike length of 100 kilometers across the property.

Previous government mapping initiatives have recognized the gold potential of the Bathurst Fault Zone, however it’s gold potential has been largely overlooked by industry despite historical assays of 143.6 g/t Au (Patton Lake), 57.0 g/t Au (Gela Lake), 34.4 g/t Au (Startling Lake) and 23.5 g/t Au (Arnaud Lake). Visible gold has also been noted in quartz veins from each of these occurrences and a number of anomalous historical grab samples (1 to 5 g/t Au) are known within these faults.

Gold is hosted in brecciated quartz and iron-carbonate rich veins which also carry arsenopyrite, galena, chalchopyrite, pyrite, sphalerite and bornite. Significant copper (up to 25%) and zinc (up to 8%) have been noted in some gold-rich samples. Many of the fault zones are accompanied by kilometer-scale hematite-rich alteration zones displaying well developed breccia textures. Fault zones are typically ten’s of meters wide and form recessive valleys with poor exposure. Gold showings are known on the flanks of these valleys, however, the majority of these faults remain unexplored until recently.

In 2005, Kaminak Gold Corporation discovered the Gela Lake Gold-Copper-Bismuth Zone. The discovery was the result of a 2005 prospecting program designed to follow-up anomalous reconnaissance gold-copper-bismuth samples collected by the Hunter Exploration Group in the Gela Lake area in 2001

A total of 45 grab samples were collected and analyzed for gold and multi-element ICP (Induced Coupled Plasma). Of the 45 samples collected at Gela Lake, 29 samples are considered anomalous (65% of total samples) and assayed >0.10 g/t Au, 17 samples (38% of total samples) assayed >0.50 g/t Au, and 13 samples (29% of total samples) assayed >1.0 g/t Au. A high of 5.21 g/t Au was also obtained. For the most part, these grab samples were selected based on the appearance of high sulphide content (namely chalcopyrite and pyrite). In this sample set, high Au assays correlate well with high Cu and Bi values. For example, sample #GNP-105 assayed 5.21 g/t Au and also contained 5.27% Cu and 0.18% Bi.

The Gela Lake Gold-Copper-Bismuth Zone represents a newly defined gold target in the North Slave Region that occurs in a geological environment that has traditionally been over-looked. The North Slave Region of Nunavut is well known for its gold resources, hosting the past-producing Lupin Mine (>3.2 Moz gold) and a number of advanced stage exploration projects including Miramar Mining Corp.’s Hope Bay Project. The Lach Property is strategically located near tide water and the proposed deep-water port facilities of the Bathurst Inlet Road and Port Project.

Updated News on Lach Property

Jan 17, 2006: Kaminak Identifies New Gold-Copper-Bismuth Zone at Lach Project, Nunavut; Grants Stock Options