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Kaminak owns 100% of the 5,000 acre Needle Lake Gold Property located in the North Slave region of Nunavut Territory. The property is 450 km northeast of the city of Yellowknife and strategically located near the proposed Bathurst Inlet Port and Road Project
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Needle Lake Gold Project is optioned to TerraX Resource Corporation
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Under the terms of the option agreement ( see Kaminak Press Release August 22nd, 2007), TerraX has the right to initially earn a 51% project interest by making exploration expenditures totaling $1 million and staged share payments totaling 400,000 shares to Kaminak by December 31, 2010. TerraX will have the right to increase its project interest to 60% by spending an additional $1.0 million. Year 1 (2007) exploration expenditures are set at a minimum of $100,000.
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The property is host to a banded iron formation similar in geology to the past producing Lupin Gold Mine. The property contains more than a dozen, historical, untested gold occurrences greater than 10 g/t Au.
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Historical chip samples from banded iron formation assayed up to 23.59 g/t Au across 2.11m.
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In the early 1990’s, thirteen holes were drilled totaling 1,287m and included 9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over 2.02m.
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Kaminak’s technical team visited the property during the summer of 2005 and additional sampling uncovered a previously unknown and locally derived boulder that returned an assay of 17.28 g/t Au.
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In 2006, Kaminak flew a 530 line kilometre airborne magnetic and electromagnetic survey over the Needle Lake Gold Property. The survey consisted of the DIGHEM electromagnetic system flown at a line spacing of 50m. The survey successfully determined the geophysical properties of the known zones and mapped the extent of important host rocks such as banded iron formation.
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