NUNAVUT – KAMINAK GOLD of Vancouver is finding less of the yellow metal but more uranium at its KZ zone near Baker Lake. Three of the four holes for which assays are available intersected a near-surface, wide area of mineralization. The best results were 0.31% U3O8 over 11.5 m and 0.27% over 5.8 m. The numbers equal 6.8 lb/t and 5.9 lb/t U3O8, respectively.
The KZ zone has been defined by a radiometric survey to be over 1.0 km long. Historic drilling of vertical holes along approximately 350 m of the 1.0-km target zone saw several holes with uranium values of 0.84% U3O8 over 5.4 m at depths less than 100 m from surface. The 2006 drilling program has been a first attempt to test mineralized extensions to depth.
As a bonus, Kaminak has identified a new zone, dubbed 7-one, of uranium-mineralized boulders 4 km away from the Lucky 7 zone discovered in August. Boulders from the 7-one zone averaged 1.29% U3O8.
Kaminak holds a 100% interest in the Baker Lake property. PACIFIC RIDGE has an option to earn 51% in non-diamond interests by Dec. 31, 2008 by making exploration expenditures totalling $2.0 million and staged payments totalling 400,000 units to Kaminak.
More information about this project is available at www.Kaminak.com.