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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Kenai Resources Ltd. | TSXV:KAI | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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Kenai Resources Ltd. ("Kenai") (TSX VENTURE:KAI) is pleased to provide a further
update on drilling at the Sao Chico gold project in north central Brazil, with
the receipt of preliminary assay results from several but not all high interest
vein intercepts in drill holes 11-SC-002, 11-SC-003, 11-SC-004, and 11-SC-005.
To date, six core holes have been completed, with the seventh currently drilling
ahead at a down hole depth of some 71 meters. The program has a current total of
902 meters drilled in this first phase 3000 meter program. Drilling to date has
demonstrated high grade gold mineralization over a strike length of 80 metres
and to a down hole length of 188 metres, equal to a vertical depth of 154
metres. Mineralization is interpreted to occur as lenticular bodies of quartz
and disseminated to massive sulphide hosted within wider altered granite zones.
The drilling is within an area where there are 200 small shallow garimpeiro
shafts over a surface area of 1,000 metres east-west by 600 metres north-south
and also within a broader exploration licence area of over 1,400 Ha.
For NI 43-101 reporting purposes, all core samples are forwarded to ACME
Laboratories in Itaituba, the city closest to Sao Chico, for preparation of
dried, crushed and pulverized pulps which are then forwarded to ACME facilities
in Santiago, Chile and Vancouver for fire assaying and broad spectrum
multi-element ICP analysis. To provide initial results, pulverized pulps from
certain identified high interest intercepts have been extracted at Itaituba for
short-form unofficial assay determination at the nearby Serabi Mining plc Palito
mine assay laboratory.
From the first 20 high interest samples submitted, results have been received
for 15 samples. All samples submitted in this batch are detailed in the Appendix
hereto. The assaying method used at Palito is described as gold-DIBK, with a
copper/aqua regia finish. It is emphasized the assay results from the Palito
laboratory are unofficial and preliminary in nature, but are considered by Kenai
as indicative of results likely to be reported by ACME Laboratories in due
course.
Highlights from the preliminary assay results are:
-- Hole 11-SC-002 1.86 meters at 19.4 grams per tonne ("g/t") gold from 38
meters down hole depth
-- Hole 11-SC-004 1.2 meters at 60.9 g/t gold from 49 meters downhole depth
-- Hole 11-SC-005 1.58 meters at 97.6 g/t gold from 142 meters downhole
depth
For drill hole 11-SC-004, the average preliminary assay over the entire altered
interval from 49.10 to 52.83 meters is 19.9 g/t gold, over 3.73 meters, for an
estimated true width intercept of approximately 2.8 meters. Holes 4 and 5
intersect the same high grade vertical vein structure and define gold
mineralization down dip over 100 meters. Holes 2 and 6 intersect the same high
grade structure in a location some 60 meters to the west with a similar down dip
vertical extent of some 100 meters. These intercepts so far demonstrate high
grade gold mineralization over a strike length of 80 metres and to a down hole
length of 188 metres, equal to a vertical depth of 154 metres. Mineralization is
interpreted to occur as lenticular bodies of quartz and disseminated to massive
sulphide hosted within wider altered granite zones.
The location of the drillholes and intercepts are shown in the linked figures.
To view the Figures associated with this release, please visit the following
link: http://media3.marketwire.com/docs/kai31_F1-4.pdf.
Ongoing drilling is planned to explore the along-strike and down dip continuity
of the mineralization observed to date, and also to explore the potential for
other lenticular mineralized bodies hosted within the fault zone. As previously
reported by Kenai, eevidence of the immediate potential at Sao Chico is
demonstrated by more than 200 small garimpeiro shafts over a surface area of
1,000 metres east-west by 600 metres north-south. Drilling to date has focused
on the area of known high grade mineralization observed in the existing shallow
underground drive.
The Sao Chico drilling program commenced with one shift per day and has now been
increased to two shifts per day. A second Minexplor rig is now operating at Sao
Chico, with the overall 3,000 meter program anticipated to be completed during
December.
About Sao Chico
The project is more completely described in Kenai's NI 43-101 Technical Report
on the project, details of which were contained in Kenai's news release of
January 20, 2011. It has since been filed on SEDAR and on Kenai's website at
www.kenairesources.com.
Sao Chico is located within the Tapajos region in Brazil, the site of one of the
biggest gold rushes in recent history. In the late 1970s and 1980s,
approximately 500,000 garimpeiros rushed to the region to exploit extensive
areas of newly discovered alluvial gold, producing approximately 20-30 million
ounces of gold before the easily won alluvial gold deposits were largely
depleted. Little modern exploration has been conducted over the region to date,
with excellent potential to expand gold operations at Sao Chico.
As previously advised, ASX-listed Gold Anomaly Ltd via its wholly owned
Brazilian subsidiary GOAB, until Kenai exercises its options to acquire 50% and
then 75% equity in GOAB, holds the Sao Chico mineral rights to the Sao Chico
project in consideration for loan funds provided by Kenai for activities to date
at Sao Chico. The options expire at the end of September 2012.
About Kenai Resources
Kenai is a Canadian company focused on precious mineral project exploration and
development, towards early significant gold production. In addition to the Sao
Chico gold project in Brazil, Kenai is also involved in exploration of the
wholly-owned Quartz Mountain and Hope Butte epithermal gold projects in
south-eastern Oregon, both located in Malheur County, close to the Oregon border
with Idaho. Kenai's current indicated and historical gold resources from the two
Oregon projects are summarized as follows:
Ounces
Project Tonnes Grade AuEq Status/Classification
Quartz 15,050,200 0.80 g/t Au 352,667 Indicated Resources NI 43-101
Mountain compliant
Hope 5,000,000 0.91 g/t Au 146,300 Historical, not NI 43-101
Butte compliant
Footnotes:
1. For Quartz Mountain, resources above a 0.34 g/t cutoff with silver
converted to gold equivalent using a ratio of 49.5:1 silver to gold.
Metallurgical recoveries were not considered. Indicated resources are as
reported in an independent November 2006 NI 43-101 report, posted on
SEDAR at that time.
2. The Hope Butte resources are considered historic in nature, do not
comply with current NI 43-101 standards, have not been verified by the
Company and therefore should not be relied upon. It is uncertain if
further exploration will result in the discovery of an economic mineral
resource.
On behalf of the Board of Directors of Kenai Resources Ltd.
Greg Starr, President and CEO
Forward-Looking Statements: Statements in this release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed and elsewhere in the company's periodic filings with
Canadian securities regulators. The economic viabilities of the resources
estimates discussed in the release have not been established and may not be.
Such information contained herein represents management's best judgment as of
the date hereof based on information currently available. The Company does not
assume the obligation to update any forward-looking statement.
The technical content of this news release has been reviewed by Kenai's Vice
President Technical Services, Neil Cole, who has sufficient experience which is
relevant to the style of mineralization under consideration and to the activity
which is being undertaken and planned to qualify as a Qualified Person under NI
43-101.
APPENDIX
Preliminary Assay Results - Samples of High Interest - Drillholes 002 to 006
Downhole Lengths - meters
--------------------------
Drillhole
I.D. From To Intercept g/t Au Lithological Description
11-SC-002 29.6 31.1 1.5 less Altered granite
than
0.03
11-SC-002 36.25 38.25 2 0.22 Covering 36.25 m to 40.55 m,
pervasive silicified
intrusive with chlorite,
pyrite (less than 5mm, sub-
euhedral) and minor epidote.
Approx 90% quartz, 8%
chlorite,
3% pyrite. Some relic
plagioclase can be observed in
isolated zones. At 39.55 m and
39.75 m, two less than 30mm
vuggy quartz veins.
11-SC-002 38.25 40.11 1.86 19.41
----------------------------------------------------------------------------
11-SC-003A 67.95 69.60 1.65 0.03 Altered granite
11-SC-003A 92.30 93.14 0.84 0.18 Quartz vein
----------------------------------------------------------------------------
11-SC-004 49.10 50.30 1.2 60.93 From 49.11 m to 49.40 m, 53mm
and 5mm quartz veins through
granite. Veins are vuggy in
appearance
and have heavily altered the
granite to quartz, chlorite
and epidote. less than 3mm
sub-euhedral pyrite is
abundant in
the altered zone, and is
concentrated at the lower
extent of the alteration zone,
forming up to 10mm sub-
euhedral pyrite that defines
almost the entire boundary.
From 49.40 m to 52.29 m,
almost completely altered
granite, forming 40-50%
quartz, 30% epidote, 10-15%
pyrite and 10-15% chlorite and
galena. Original granite
texture can be seen in a few
locations. Numerous
less than 10mm quartz veins
run through with less than
10mm sub-euhedral pyrite
concentrated around them. less
than 3mm sub-euhedral pyrite
is disseminated through the
whole of the core (weaker
where granite texture still
present), as
is less than 2mm sub-euhedral
galena.
11-SC-004 50.30 51.15 0.85 0.58 As above
11-SC-004 51.15 52.28 1.13 0.32 As above
11-SC-004 52.28 52.83 0.55 0.69 Quartz vein
11-SC-004 77.10 78.53 1.43 less Granite
than
0.03
11-SC-004 78.53 79.95 1.42 0.06 Altered granite, with some
unaltered
11-SC-004 79.95 81.45 1.5 0.3 Altered granite
11-SC-004 95.50 97.00 1.5 less Altered granite
than
0.03
11-SC-004 97.00 98.05 1.05 less Granite
than
0.03
----------------------------------------------------------------------------
11-SC-005 142.13 143.71 1.58 97.57 Granite with minor veinlets
above, then from 142.24 m
to 142.64 m Flooded quartz
vein zone with white/pale
vuggy quartz and less than 2mm
dark grey quartz veinlets
running through. Dark grey
quartz often has chlorite
formed around it as well as
less than 2mm sub-euhedral
pyrite. less than 2mm sub-
euhedral galena can also be
seen on
occasion as too can minor
sericite. From 142.64 m to
143.70 m, heavily altered
granite forming a
quartz/chlorite/pyrite and
galena zone. Quartz appears
vuggy with the original
granite textures completely
replaced through the majority
of the core. less than 20mm
sub-euhedral pyrite is highly
abundant through the core
forming variably between 40-
60% of the mineralisation.
less than 10mm sub-euhedral
galena is also abundant,
forming mostly around less
than 2mm dark grey quartz
veinlets. The galena forms up
to 5-10% of the core.
11-SC-005 184.25 185.56 1.31 awaited Altered granite + quartz vein
11-SC-005 185.56 186.60 1.04 awaited Altered granite + quartz vein
----------------------------------------------------------------------------
11-SC-006 126.02 127.10 1.08 awaited Altered granite
11-SC-006 132.78 133.90 1.12 awaited Altered granite
11-SC-006 133.90 134.93 1.03 awaited Altered granite
----------------------------------------------------------------------------
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