Thursday 31st July 2014

Resource Clips


Supersized Coffee

Gold news from Kaminak, Columbus and Continental

by Greg Klein

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Over three million inferred gold ounces mark the debut resource estimate from Kaminak Gold’s TSXV:KAM Coffee Project in Yukon’s White Gold District. With its initial resource complete and metallurgical studies continuing, the company’s ready to begin a PEA next year, according to a December 13 announcement.

Gold news from Kaminak, Columbus and Continental

Two and a half years’ work at Kaminak Gold’s Coffee Project paid off
with a maiden resource totalling 3.24 million gold ounces inferred.

Coffee’s base case resource uses a lower cutoff for oxide and transitional mineralization than for sulphide material, on the principle that oxide and transitional mineralization might be extracted through open-pit mining and heap-leach metallurgy. The resource contains 90% oxide and transitional material to a vertical depth of about 200 metres, the company stated, and 55% oxide and transitional to a depth of 100 metres.

The company added that the resource shows “relatively continuous, sub-vertical zones of gold mineralization” with potential for surface-, underground- or a combination of both mining techniques. The resource covers four zones of the Coffee Project.

Using a base case cutoff of 0.5 grams per tonne gold for both oxide and transitional mineralization, and 1 g/t for sulphide mineralization, the inferred resource totals:

  • 64.42 million tonnes averaging 1.56 g/t gold for 3.24 million gold ounces.

Using a 1 g/t cutoff for all types of mineralization, the inferred resource totals:

  • 36.52 million tonnes averaging 2.21 g/t for 2.6 million gold ounces.

Using a 1.5 g/t cutoff, the inferred resource totals:

  • 21.1 million tonnes averaging 2.93 g/t for 1.99 million gold ounces.

In a company statement Kaminak president/CEO Rob Carpenter said, “The drilling strike rate and continuity of the mineralized structures at shallow depths show that our strategy and targeting technique—that is, drilling gold-in-soil anomalies—is highly effective in this geological terrain. Based on the surface footprints of currently known gold-in-soil anomalies, Kaminak geologists see considerable expansion potential along strike from the current resource and elsewhere on the [60,700-hectare] Coffee Project.”

Kaminak has $16 million cash and no debt, the company stated. Its shares closed December 12 at $1.26, opened December 13 at $1.36 and reached a high of $1.47 before closing on $1.29.

In other December 13 news, Columbus Gold TSXV:CGT said a step-out hole at its Paul Isnard Project in French Guiana increases its resource potential. Assays for the hole showed 1.07 g/t gold over 40 metres (with a true width estimated at 75%), stopping at a down-hole depth of 180 metres.

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