Kaminak Gold Corporation is a successful Canadian mineral exploration project generator and is currently focused on developing its flagship Coffee Gold Project in the Yukon Territory, Canada. Kaminak is seeking new joint ventures and other expressions of interest to acquire equity in its extensive and diverse non-Yukon portfolio throughout Canada.
Kaminak owns 100% of the 5,000 acre (2,020ha) Needle Lake Gold Property located in the North Slave region of Nunavut Territory. Needle is prospective for multi-million ounce high grade BIF-hosted lode gold deposits.
The Needle property is a drill ready gold project located 450 km northeast of Yellowknife and strategically located near the Bathurst Inlet Port and Road.
Needle Gold Project Location Map
Proven Gold District
The North Slave region contains over 15 million ounces of high grade gold and is host to the past producing Lupin Mine. From 1982 to 2005, the Lupin Mine produced 3.4 million ounces of gold at an average grade greater than 9.0g/t Au. Other major deposits in the North Slave region are the Ulu, Hope Bay Project (Doris-Madrid-Boston), and Sabina Gold and Silver Corp’s Back River Project which contains 6.6Moz including the 3Moz Umwelt and Llama deposits discovered in 2010.
The Needle Lake Gold Property is underlain by Archean banded iron formation similar in geology to the past producing Lupin Mine and also to Sabina’s Back River Project. The property contains more than a dozen high grade bedrock gold occurrences greater than 10 g/t Au many of which are untested by drilling. Outcrop channel sampling from banded iron formation assayed up to 23.59 g/t Au across 2.11m. In the early 1990’s, a total of 13 holes were drilled totaling 1,287m. Drill results included 9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over 2.02m. The property was visited by Kaminak geologists in 2005 and additional sampling confirmed the historic data including a previously unknown locally derived boulder that returned an assay of 17.28 g/t Au.
Kaminak completed airborne magnetics and EM in 2006 which delineated the tightly folded structure of the prospective BIFs. The property was subsequently optioned to TerraX Minerals Inc which during 2006-2007 completed additional rock chip grab sampling which achieved assays up to 486g/t Au, grid soil sampling, a small VLF survey and a five hole drilling program with best intercept of 2.47 g/t Au over 3.25m.
Historical expenditures on the property exceed $1 million. No work has been completed since 2008 as Kaminak has been 100% focused on its flagship Coffee Gold Project in the Yukon.
Kaminak is seeking a project partner for the Needle Lake Gold Project to undertake follow-up drilling on the property. The limited historic drilling was clustered over a small portion of the property. The surface sampling and limited drill results confirm the BIF is host to high grade gold mineralization thereby warranting a more comprehensive drill program testing systematically along strike within the prospective BIF packages. Detailed structural interpretation of available geophysical products would assist with drill targeting, including delineation of breaks, flexures and fold noses which may give rise to higher dilatancy, fluid flow and mineralization.
Needle Property Outcropping BIF
Needle Gold Project Airmag
A GIS database and reports library is available on signing of a confidentiality agreement.
As part of a joint venture agreement, Kaminak can act as operator if desired. Kaminak’s highly successful geological team recently discovered and delineated the multi-million ounce, Coffee Gold Project in the White Gold District, Yukon Territory.
The property comprises two 100% owned surveyed leases totaling 2100ha. The leases are in good standing, with expiry date of 11 July 2014 and annual lease payments of $5,180.
For more information contact:
Tim Smith P.Geo.
Vice President Exploration
Vice President Corporate Development
Kaminak Gold Corporation (KAM: TSX-V)
1020 – 800 West Pender Street
Vancouver BC, V6C 2T6, Canada