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Coffee takes big step toward production

 

Last updated 8/23/2015 at Noon



Kaminak Gold Corp. Aug. 13 reported results from roughly 31,000 meters of infill drilling completed at its Coffee gold project in 2015.

This confirmation drilling was undertaken on the series of parallel, north-south striking gold bearing structures that make up the Supremo deposit.

According to a preliminary economic assessment completed for Coffee in 2014, the Supremo deposit contributes about 1.27 million ounces of recoverable gold at an average diluted grade of 1.13 grams of gold per metric ton in oxide resources, plus 44,000 oz at 1.64 g/t gold in transitional-oxide resources.

This accounts for nearly 70 percent of the gold included in the mine plan outlined in the PEA. Drilling completed at Supremo has firmed up the existing geological interpretation providing additional confidence in the location, geometry and continuity of the mineralized lodes.

This year's infill drilling is part of a larger confirmation program that started in 2014.

"Our infill drilling program, which consisted of 70,000 meters, was executed on schedule and on budget in less than one year," said Kaminak President and CEO Eira Thomas.

"Upgrading the confidence level of the Coffee gold resources is a big step towards de-risking Coffee as we move it through feasibility towards production." Kaminak anticipates the infill drilling will result in a high conversion rate of in-pit resources from the inferred to higher confidence indicated category.

The upgraded resource will form the basis of a feasibility study for Coffee, scheduled for completion early in 2016.

In addition to infill drilling, Kaminak announced results from two step-out holes at the Kona North prospect.

Both holes cut gold mineralization, including 19 meters of 2.4 g/t gold in hole CFD0602.

The company said this drilling has extended the strike length of Kona North to 330 meters, and the deposit remains open along strike and at depth.

 

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