King's Bay Gold Corporation Discloses Additional Drilling Results at the Menary Project in the Kenora Mining Division of Ontario
Sep 27th, 2011 (via Thenewswire.ca) - King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce further high-grade gold intersections within an approximate 100m wide x 200m long x 100m deep geologically productive area at the Wagg Gold Occurrence on the Menary Project. Since the late summer of 2010, the Company has now drilled 29 holes for 3,484.7 metres of BQ core on this geologically productive area. During its 2011 summer field season, the Company drilled 13 of those 29 holes for 1,567.8 metres of BQ core. The results from these drill-holes were significant in that they intersected anomalous to significant gold mineralization over core length intervals from 0.3m to 11.0m and remain open at depth and in all directions.Summer 2011 Drill Results
Given the positive results obtained from MIN 10-01 to MIN 10-16 at the Wagg occurrence during the spring and fall of 2010, the Company announced in a news release dated May 11th, 2011 that it had mobilized its geologist and drilling contractor to the Menary Property. Drilling occurred throughout most of the summer and Hole MIN 11-29 is presently underway at the time of this news release. Work during the summer also included extensive prospecting and mapping program of outcrops over the entire property. Results for holes MIN 11-17 to MIN 11-26 follow below. True widths are not known at this point in time due to the complex nature of the veins and structural deformation within the zone of interest.
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|Drill Hole|Dip |Grade (g/t) |Intercept Length|From (m)|To (m)|
|---------------------------------------------------------------|
|MIN-11-17 |-45o|0.45 g/t |over 11.0m |54.5 |65.5 |
|---------------------------------------------------------------|
|incl |? |1.41 g/t |over 0.3m |57.0 |57.3 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-18 |-45o|16.99 g/t |over 6.3m |75.4 |81.7 |
|---------------------------------------------------------------|
|incl |? |63.29 g/t |over 1.7m |77.5 |79.2 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-19 |-45o|0.14 g/t |over 0.9m |67.0 |67.9 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-20 |-45o|1.28 g/t |over 0.3m |40.8 |41.1 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-21 |-45o|12.40 g/t |over 4.8m |0 |4.8 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-22 |-45o|5.95 g/t |over 1.9m |10.8 |12.7 |
|---------------------------------------------------------------|
|incl |? |57.27 g/t |over 0.2m |12.2 |12.4 |
|---------------------------------------------------------------|
|? |? |1.9 g/t |over 0.4m |41.3 |41.7 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-23 |-45o|0.39 g/t |over 0.6m |15.5 |16.1 |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-24 |-45o|No significant|? |? |? |
| | |assays | | | |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-25 |-45o|No significant|? |? |? |
| | |assays | | | |
|---------------------------------------------------------------|
|? |? |? |? |? |? |
|---------------------------------------------------------------|
|MIN-11-26 |-45o|0.73 g/t |over 0.6m |12.6 |13.2 |
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The above analytical work has been done at Accurassay Limited, an accredited laboratory facility in Thunder Bay using the fire assay method. Half of the drill cores were sent in for analysis, along with accompanying standards, duplicates and blanks. The remaining cores are being stored and archived for future testing or verification.
Project Background
The Menary Project consists of the original core group of 1 patented and 3 un-patented claims acquired via an option agreement from William McNerney and Western Troy Capital Resources Inc. (“Western Troy“) in January 2010 and an additional acquisition in August 2010 via an option agreement of 6 un-patented claims from local prospector Luc Gagnon for a total of 10 claims for approximately 2,520 acres. The project is 100 % optioned to and operated by King's Bay Gold Corporation. The project is subject to those annual payments of stock and cash and NSRs on future gold production as described in the respective option agreements (see the news releases of January 20th, 2010 and August 26th, 2010).
The property is located in the Townships of Menary and Claxton in the Kenora Mining Division of north-western Ontario. The claim units are located approximately 20 kilometres southeast of the Town of Nestor Falls, Ontario and can be accessed along Road 404, east of Highway 71 which runs between Kenora and Fort Frances, Ontario. The project is also located roughly fifteen kilometers northeast of the Richardson Township Project owned by Rainy River Resources Limited (TSX.V: RR) and within 12 kilometres of the new discovery by Bayfield Ventures Corp. (TSX.V: BYV). The property is adjacent to and along strike to the Rainy River Resources Limited drilling that has been conducted on their Off Lake Gold Project.
King's Bay Gold drilled 16 holes for approximately 1,917 metres of BQ core over the Wagg Occurrence in the summer and fall of 2010. The results received from the first 16 holes can be found in the Company's news releases dated September 27th, 2010 for 6 holes numbered MIN 10-01 to MIN 10-06, December 6th, 2010 for 4 holes numbered MIN 10-07 to MIN 10-10, January 11th, 2011 for 1 hole numbered MIN 10-11, and March 16th, 2011 for 5 holes numbered MIN 10-12 to 10-16. All of these news releases can be found on www.sedar.com .
The Company also cut grids over all but three of the westerly claims for a total of roughly 29 kilometres and completed VLF-EM and Magnetic surveys in 2010.
Going Forward
Results from Holes MIN 11-27 to MIN 11-29, completed or to be completed during 2011, will be released once the assay results are received and reviewed. At the time of this news release, the Company started drilling the Galbraith “A“ occurrence. This occurrence is located 900 metres north of the Wagg occurrence. If drilling at the Galbraith “A“ is successful, the Company may then look at doing some additional drilling in-between these two occurrences to determine if continuity exists between them.
At Galbraith “A“, historical grab samples collected by prospectors employed by Western Troy yielded 2.42 Au g/t and 94.48 Au g/t. Grab samples collected by King's Bay Gold personnel in August 2011 at the 4' x 4' x 3' Western Troy blasted pit at Galbraith “A“ yielded 8.96 Au g/t and 15.78 Au g/t.
Kyle Picard, King's Bay Gold's President & CEO recently stated “The information that we've received to date from our drilling activities indicates that the Menary may be amenable to low grade bulk tonnage open pit mining. Before that can happen, additional drilling, exploration and development work, economic analysis and research on processing methodologies and costs will be needed to determine if the zones identified to date will be economically amenable to open pit mining.“
Qualified Person's Statement
All the drilling and field work on this project has been supervised by the company's on-site geologist, Mr. Russell Crosby, M.Sc., P.Geo., acting as the Qualified Person (QP) in compliance with National Instrument 43-101. Mr. Crosby has reviewed the technical disclosure in this news release.
About King's Bay Gold
King's Bay Gold Corporation is a very active Canadian mineral exploration and development company with mineral projects located in two of Canada's main gold camps - the Red Lake, ON and Rainy River, ON gold camps.
KBG Shares Outstanding: 90,381,913
King's Bay Gold Corporation
Kyle Picard
President & CEO and Corporate Secretary
(204) 253-4653
info@kingsbaygold.com
This news release includes certain forward-looking statements concerning the future performance of King's Bay Gold Corporation's business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as “may“, “plan“, “expect“, “anticipate“, “estimate“, “intend“ and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company's recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and readers are cautioned against placing undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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