Kaminak Gold Corp. (TSX: V.KAM, Stock Forum) says its Coffee gold project in the Canadian Yukon is thought to host to 3.2 million ounces in inferred mineral resources.
The estimate is based on 659 drill holes completed from 2010 to 2012, for a total of 130,000 metres, the company said in a press release.
“This resource estimate represents a major milestone for Kaminak and highlights the deposit quality and ongoing exploration potential of the Coffee gold project,’’ said Kaminak President and CEO Rob Carpenter.
The company’s drill strategy from 2010 to 2010 has been primarily to target near-surface gold mineralization to a depth of 200 metres below surface. Thus the maiden inferred resource estimate is comprised of approximately 90% of oxide and transitional mineralization, the company said.
Trading at $1.29, up 2.4% on Thursday, Kaminak has a market cap of $99.7 million, based on 77.3 million shares outstanding. The 52-week range is $2.85 and 97 cents.