King's Bay Gold Corp. - Review of the 2010 and 2011 Exploration Results and 2012 Exploration Outlook for the Menary Gold Project
February 29th, 2012 - Winnipeg, MB - King's Bay Gold Corporation (TSX-V: KBG) is pleased to provide its shareholders with a review of its 2010 and 2011 exploration results and an outlook of its continued exploration plans for 2012 at its 100% owned and operated Menary Gold Project.The Menary Gold Project is located in the Townships of Menary, Claxton, McClarty and Senn 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 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 recent 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. The property consists of the original core group of 4 un-patented mining claims acquired by an option agreement in January 2010; an additional acquisition of 6 un-patented mining claims by an option agreement in August 2010; and the staking of 6 un-patented mining claims in October 2011. The Menary Gold Project now consists of 16 claims for approximately 4,320 acres (or approximately 1,728 hectares) in a single contiguous land package and is subject to annual payments of stock and cash and NSRs on future gold production for all of the optioned claims only. The Corporation expended a total of $518,639 in 2010 and a total of $587,319 in 2011 on the exploration and development of this project.
2010 and 2011 Diamond Drilling Results
Given the positive results obtained from holes MIN 10-01 to MIN 10-16 at the Wagg Gold 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 diamond drilling contractor. On November 23rd, 2011, the Corporation reported in a news release that it had now completed its 2011 diamond drilling program for a total of 33 BQ holes at its Menary Gold Project. In 2010 and 2011, a total of 29 BQ holes for 3,508 metres were completed at the Wagg Gold Occurrence, 3 additional BQ holes for 478 metres were drilled at the Galbraith “A“ Occurrence and one additional BQ hole for 61 metres was drilled at the southern end of the property close to Road 404 to test a sulfide zone for mineralization.
The table on the following pages summarizes the results for holes MIN-10-01 to MIN-11-29 (29 holes) at the Wagg Gold Occurrence, holes GAL-A-11-1 to GAL-A-11-3 (3 holes) at the Galbraith “A“ prospect and hole MIN-S-11-1 (1 hole) located at the south end of the property. The drilling at the Wagg Gold Occurrence was focused within an approximate 100m wide x 200m long x 100m deep geologically productive area.
In the late Fall of 2011, the Corporation started drilling the Galbraith “A“ showing, located approximately 900 metres north of the Wagg occurrence. With successful drilling results at both the Wagg and at the Galbraith prospects, the company plans to conduct trenching and sampling between these occurrences to see if continuity exists between them. At Galbraith “A“, historical grab samples collected by prospectors employed by Western Troy Capital Resources Inc. yielded 2.42 Au g/t and 94.48 Au g/t (Source: Ontario Ministry of Northern Development and Mines Assessment Files, verified by Russell Crosby, M.Sc., P.Geo.). 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.
True widths are unknown due to the irregular shapes of the gold bearing quartz veins.
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|Prospect |Drill Hole |Dip |Grade |Intercept |From (m)|To (m)|
| | | | |Length | | |
|-------------------------------------------------------------------|
|Wagg |MIN-10-01 |-45o|13.57 g/t |over 2.68m|11.89 |14.57 |
|-------------------------------------------------------------------|
|? |including |? |80.96 g/t |over 0.43m|14.14 |14.57 |
|-------------------------------------------------------------------|
|? |? |? |0.40 g/t |over 1.03m|158.49 |159.52|
|-------------------------------------------------------------------|
|? |including |? |1.30 g/t |over 0.24m|158.73 |158.97|
|-------------------------------------------------------------------|
|? |? |? |1.69 g/t |over 0.61m|166.71 |167.32|
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-02 |-45o|0.59 g/t |over 3.87m|14.11 |17.98 |
|-------------------------------------------------------------------|
|? |including |? |4.71 g/t |over 0.43m|16.49 |16.92 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-03 |-45o|0.13 g/t |over 0.30m|59.43 |59.73 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-04 |-45o|0.32 g/t |over 0.30m|23.86 |24.16 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-05 |-45o|0.20 g/t |over 1.52m|29.71 |31.23 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-06 |-45o|0.34 g/t |over 2.43m|17.96 |20.39 |
|-------------------------------------------------------------------|
|? |including |? |0.87 g/t |over 0.30m|19.08 |19.38 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-07 |-45o|0.15 g/t |over 0.46m|18.59 |19.05 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-08 |-45o|No |? |? |? |
| | | |significant| | | |
| | | |assays. | | | |
| | | |assays | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-09 |-45o|0.35 g/t |over 0.61m|9.75 |10.36 |
|-------------------------------------------------------------------|
|? |? |? |1.46 g/t |over 0.37m|18.52 |18.89 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-10 |-45o|0.71 g/t |over 4.66m|0.61 |5.27 |
| |? ? | | | | | |
|-------------------------------------------------------------------|
|? |including |? |3.83 g/t |over 0.24m|4.72 |4.96 |
|-------------------------------------------------------------------|
|? |? |? |6.5 g/t |over |9.60 |19.65 |
| | | | |10.05m | | |
|-------------------------------------------------------------------|
|? |including |? |34.62 g/t |over 1.16m|11.39 |12.55 |
|-------------------------------------------------------------------|
|? |and |? |57.55 g/t |over 0.25m|14.62 |14.87 |
| |including | | | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-11 |-45o|1.18 g/t |over 4.08m|1.10 |5.18 |
|-------------------------------------------------------------------|
|? |including |? |5.07 g/t |over 0.30m|2.31 |2.61 |
|-------------------------------------------------------------------|
|? |? |? |0.45 g/t |over 4.26m|12.19 |16.45 |
|-------------------------------------------------------------------|
|? |including |? |2.40 g/t |over 0.30m|12.49 |12.79 |
|-------------------------------------------------------------------|
|? |and |? |2.37 g/t |over 0.39m|15.14 |15.53 |
| |including | | | | | |
|-------------------------------------------------------------------|
|? |? |? |6.37 g/t |over |61.57 |73.60 |
| | | | |12.03m | | |
|-------------------------------------------------------------------|
|? |including |? |141.52 g/t |over 0.15m|63.48 |63.63 |
|-------------------------------------------------------------------|
|? |and |? |95.11 g/t |over 0.51m|66.29 |66.80 |
| |including | | | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-12 |-45o|0.34 g/t |over 3.56m|5.57 |9.14 |
|-------------------------------------------------------------------|
|? |Including |? |0.67 g/t |over 0.30m|7.31 |7.61 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-13 |-45o|1.59 g/t |over 1.67m|1.53 |3.20 |
|-------------------------------------------------------------------|
|? |? |? |1.34 g/t |over 0.61m|14.02 |14.63 |
|-------------------------------------------------------------------|
|? |? |? |2.41 g/t |over |23.31 |24.38 |
| | | | |10.07m | | |
|-------------------------------------------------------------------|
|? |? |? |1.49 g/t |over 1.22m|75.59 |76.81 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-14 |-45o|0.51 g/t |over 0.34m|32.58 |32.92 |
|-------------------------------------------------------------------|
|? |? |? |0.10 g/t |over 0.61m|84.73 |85.34 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-15 |-45o|0.17 g/t |Over 1.10m|18.93 |20.03 |
|-------------------------------------------------------------------|
|? |? |? |1.56 g/t |over 3.11m|23.28 |23.39 |
|-------------------------------------------------------------------|
|? |including |? |8.38 g/t |over 0.37m|25.35 |25.72 |
|-------------------------------------------------------------------|
|? |? |? |0.11 g/t |over 0.24m|85.56 |82.80 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-10-16 |-45o|0.44 g/t |over |54.55 |65.52 |
| | | | |10.97m | | |
|-------------------------------------------------------------------|
|? |? |? |0.14 g/t |over 0.24m|73.23 |73.47 |
|-------------------------------------------------------------------|
|? |? |? |0.29 g/t |over 0.30m|81.68 |81.98 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-17 |-45o|0.45 g/t |over 11.0m|54.5 |65.5 |
|-------------------------------------------------------------------|
|? |including |? |1.41 g/t |over 0.3m |57.0 |57.3 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-18 |-45o|16.99 g/t |over 6.3m |75.4 |81.7 |
|-------------------------------------------------------------------|
|? |including |? |63.29 g/t |over 1.7m |77.5 |79.2 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-19 |-45o|0.14 g/t |over 0.9m |67.0 |67.9 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-20 |-45o|1.28 g/t |over 0.3m |40.8 |41.1 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-21 |-45o|12.40 g/t |over 4.8m |0 |4.8 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-22 |-45o|5.95 g/t |over 1.9m |10.8 |12.7 |
|-------------------------------------------------------------------|
|? |including |? |57.27 g/t |over 0.2m |12.2 |12.4 |
|-------------------------------------------------------------------|
|? |? |? |1.90 g/t |over 0.4m |41.3 |41.7 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-23 |-45o|0.39 g/t |over 0.6m |15.5 |16.1 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-24 |-45o|No |? |? |? |
| | | |significant| | | |
| | | |assays. | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-25 |-45o|No |? |? |? |
| | | |significant| | | |
| | | |assays. | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-26 |-45o|0.73 g/t |over 0.6m |12.6 |13.2 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-27 |-45o|0.18 g/t |over 0.30m|14.3 |14.6 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-28 |-45o|0.10 g/t |over 0.30m|41.0 |41.3 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Wagg |MIN-11-29 |-60o|0.13 g/t |over 0.20m|62.7 |62.9 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Menary S |MIN-S-11-01|-45o|0.117 g/t |over 1.60m|37.7 |39.3 |
|South | | | | | | |
|South | | | | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Galbraith A|GAL-A-11-01|-45o|No |? |? |? |
| | | |significant| | | |
| | | |assays. | | | |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Galbraith A|GAL-A-11-02|-45o|0.217 g/t |over 1.8m |33.2 |35.0 |
|-------------------------------------------------------------------|
|? |? |? |? |? |? |? |
|-------------------------------------------------------------------|
|Galbraith A|GAL-A-11-03|-45o|7.941 g/t |over 0.5m |35.7 |36.2 |
---------------------------------------------------------------------
The above analytical work was done at Accurassay Laboratories Limited,
an ISO-Certified laboratory facility in Thunder Bay, Ontario 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.
New Shear Zone
On October 26th, 2011 King's Bay Gold announced in a news release that
it had increased its land position at its Menary Project by staking 6
mining claims totaling 44 units to the north and northeast of the
Company's existing land package. In this area gold showings occur in
the greenstones within about 2 kilometres of the geological contact
with the Sabaskong batholith. These 6 mining claims were staked to
cover available open ground along this contact. This resulted in the
claim group being enlarged by 704 ha (about 70%) from 1,024 ha to
1,728 ha and a doubling of the contact zone now controlled by King's
Bay Gold.
A new, gold-bearing vein/shear zone was discovered approximately 50m
east of the original Galbraith “A“ blasted pit showing. The
vein is about 180m long, up to one metre wide, boudinaged / sheared,
and gold-bearing in a WNW-ESE trending shear zone in mafic volcanic
rocks. In the new shear zone, the fine-grained, sugary texture of the
quartz and the intermittent hematitic red staining are similar to that
which occurs in the quartz veins on surface at the Wagg gold
occurrence located approximately 1 kilometre south of the Galbraith
“A“ occurrence. However, the Galbraith “A“ quartz
vein, in 2 dimensions at surface is comprised of a strongly boudinaged
and sugary-textured quartz vein of up to 1 metre in width with
intermittent red hematite staining in a shear / fault zone. This
sugary quartz and red coloration also mimics what is also found at the
Wagg Occurrence. It also pinches and swells, and, in places pinches
out altogether. Where this happens, following the zone of shearing
leads us to more sugary-textured quartz with intermittent red
hematitic staining.
Red, sugary-textured quartz also occurs in a quartz vein swarm found
at about the 73 metre depth mark in the -45 degree, 152.4 metre-long
hole identified as Gal-A-11-03. When projected to surface, this
quartz vein swarm is located approximately 41 metre horizontally NE
from the above mentioned gold-bearing quartz vein in the shear zone.
After further excavator work (pictures are available on the company's
website at http://www.kingsbaygold.com/properties/menary-twp/ ) and
the washing of trenches in the area, smoky quartz was found in some
felsic dykes in the Galbraith “A“ area.
A total of 34 grab samples were taken at various points along this
newly discovered shear system with a width of up to 4 metres and a
length of over 150 metres long on surface. The assay results obtained
from wall rock and quartz vein grab samples ranged from a low of
<0.005 g/t Au to a high of up to 40.52 g/t Au. The most significant
gold values, in grams per tonne, are as follows: 1.26, 1.98, 4.17,
4.71, 6.37, 11.14, 22.24, and 40.52. These grab samples are selective
by nature and are unlikely to represent average grades for the
deposit. The 34 grab samples from the newly discovered shear zone were
processed and analyzed by Accurassay Laboratories Limited located in
Thunder Bay, Ontario. Accurassay Laboratories is an ISO-Certified
laboratory that performed the gold fire assays with AAS finish
following assay code ALFA1 using 30 grams of rock after it has been
crushed and powdered.
James Rogers, King's Bay Gold's Chairman, stated on October 26th,
2011: “This discovery of another vein system with mineralization
and alteration that look identical to the Wagg showing is very
exciting. I am optimistic that King's Bay Gold's systematic approach
to field exploration may uncover new economic opportunities for
discovery“.
On December 12th, 2011 the Corporation reported that it had received
additional channel sample results from its Menary Gold Project. The
channel samples, mainly one metre in length, were taken, nominally at
2 metre intervals, at various points along approximately 181 metres of
the newly discovered shear system that has a width of up to 4 metres
and a length of over 200 metres long on surface.
The assay results obtained from wall rock and quartz vein combined
channel samples ranged from a low of <0.005 g/t Au to a high of
243.00 g/t Au and averaged 3.39 g/t Au. The top 30 most significant
gold values from the 146 channel sample results received and reported
to date, in grams per tonne, as seen in the table below, are as
follows: 243.00, 45.38, 18.20, 17.97, 14.82, 14.78, 14.21, 12.94,
12.70, 9.47, 8.30, 8.21, 7.53, 6.31, 6.30, 4.75, 4.33, 4.06, 3.34,
3.17, 2.37, 2.34, 1.87, 1.64, 1.55, 1.52, 1.51, 1.47, 1.46 and 1.41.
Distances are from the initial NW starting point (i.e., Nail #1). The
following table contains all 63 channel samples having a gold grade of
0.090 g/t or better from the 146 samples collected from the
quartz-bearing shear zone.
--------------------------------------------------------------------
|Distance|Sample |Gold |Length|?|?|Distance|Sample |Gold |Length|
| |# |(g/t) |(m) | | | |# |(g/t) | |
| | | | | | | | | |(m) |
|------------------------------------------------------------------|
|10.2m |1014736|0.090 |0.5m |?|?|87.8m |1014585|2.340 |1.0m |
|NW | | | | | |SE | | | |
|------------------------------------------------------------------|
|9.1m NW |1014735|0.788 |0.5m |?|?|88.7m |1014588|0.566 |1.0m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|7.0m NW |1014734|1.639 |1.0m |?|?|92.9m |1014596|0.090 |1.0m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|4.1m NW |1014733|243.000|1.0m |?|?|98.5m |1014597|2.365 |1.0m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|6.3m SE |1014505|0.897 |1.0m |?|?|100.1m |1014598|1.546 |1.0m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|9.5m SE |1014509|3.341 |1.0m |?|?|102.8m |1014599|1.470 |1.0m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|11.2m |1014511|0.319 |1.0m |?|?|104.7m |1014600|14.817|1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|12.4m |1014513|0.107 |1.0m |?|?|106.5m |1014601|6.311 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|14.1m |1014515|3.170 |1.0m |?|?|107.8m |1014602|0.146 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|16.7m |1014519|0.678 |1.0m |?|?|112.6m |1014604|0.456 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|19.0m |1014522|4.328 |1.0m |?|?|115.0m |1014606|0.109 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|21.4m |1014523|0.495 |1.0m |?|?|117.1m |1014607|1.458 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|23.7m |1014524|0.941 |1.0m |?|?|118.6m |1014608|1.290 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|28.0m |1014526|1.058 |1.0m |?|?|120.8m |1014609|17.966|1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|29.5m |1014527|0.621 |1.0m |?|?|121.9m |1014610|9.473 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|30.5m |1014528|0.097 |1.0m |?|?|123.6m |1014611|8.302 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|32.6m |1014529|0.674 |1.0m |?|?|126.9mSE|1014750|12.703|0.5m |
|SE | | | | | | | | | |
|------------------------------------------------------------------|
|34.3m |1014532|0.378 |1.0m |?|?|127.9m |1014751|12.936|0.5m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|36.2m |1014534|0.511 |1.0m |?|?|128.8m |1014753|1.518 |0.5m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|39.1mSE |1014536|0.586 |1.0m |?|?|131.6m |1014754|4.747 |0.5m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|40.6mSE?|1014537|14.779 |1.0m |?|?|133.5m |1014755|0.560 |0.5m |
| | | | | | |SE | | | |
|------------------------------------------------------------------|
|42.0m |1014539|0.243 |1.0m |?|?|136.4m |1014613|45.379|1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|45.1m |1014541|1.000 |1.0m |?|?|137.3m |1014614|1.867 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|45.1m |1014543|0.252 |1.0m |?|?|139.7m |1014615|18.204|1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|47.1m |1014544|0.117 |1.0m |?|?|141.3m |1014616|0.805 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|49.5m |1014547|0.105 |1.0m |?|?|143.4m |1014618|0.090 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|72.6m |1014564|1.171 |1.0m |?|?|145.3m |1014619|6.301 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|74.3m |1014565|1.508 |1.0m |?|?|146.4m |1014620|1.407 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|77.0m |1014567|0.459 |1.0m |?|?|148.6m |1014621|0.666 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|80.7m |1014571|8.205 |1.0m |?|?|149.8m |1014622|14.209|1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|82.1m |1014573|0.567 |1.0m |?|?|150.2m |1014623|4.057 |1.0m |
|SE | | | | | |SE | | | |
|------------------------------------------------------------------|
|85.7m |1014582|7.525 |1.0m |?|?|? |? |? |? |
|SE | | | | | | | | | |
|------------------------------------------------------------------|
|85.7m |1014582|7.525 |1.0m |?|?|? |? |? |? |
|SE | | | | | | | | | |
--------------------------------------------------------------------
The channel samples from the Quartz Vein Shear Zone and as reported in
the above table were processed and assayed by Accurassay Laboratories
located in Thunder Bay, Ontario Accurassay Laboratories is an
ISO-Certified laboratory that performed the gold fire assays with AAS
finish following assay code ALFA1 using 30 grams of rock after it has
been crushed and powdered. Results for the remainder of the samples
will continue to be released as they are received and reviewed by the
company's on-site geologist, Mr. Russell Crosby, M.Sc., P.Geo., who is
acting as the Qualified Person (QP) for this project in compliance
with National Instrument 43-101.
Wagg Tailings Pond
In the 1990's, Western Troy Capital Resources Inc. processed
approximately 907 metric tonnes (1,000 short tons) of quartz vein
material through a small mill erected from the six known gold-bearing
quartz veins (A-F) at the Wagg gold showing. They reported recovering
346 ounces of gold and deposited the tailings in a depression adjacent
to the mill. They reported an overall historical grade of 10.73 g/t at
that time from the approximately 1,000 tons of material that was
processed. Tailings from the mill were collected in a small pond
nearby. This historical data has not been verified. Source: Ontario
Ministry of Northern Development and Mines Assessment Files, verified
by Russell Crosby, M.Sc., P.Geo.
During the summer and fall of 2011, King's Bay Gold collected 74
samples from the tailings pond to determine what, if any, gold may be
present in these tailings. Assay results obtained to date range from
a low of 1.00 g/t to over 116.20 g/t and have an average of 4.28 g/t.
The 74 samples that were taken from the tailings pond during the
summer of 2011 were also processed and analyzed by Accurassay
Laboratories in Thunder Bay, Ontario using 30 grams of sample, the
fire assay method, and an AAS finish following Accurassay Assay
procedure code ALFA1.
Wagg Mill Feed Pile
On December 19th, 2011, the Corporation reported in a news release
that a total of 54 grab samples of red hematite-stained sugary quartz,
taken from the mill feed pile near the former mill site at the Wagg
occurrence, averaged 14.2 g/t Au. The mill feed consists of a mixture
of rocks milled from the six Wagg veins as located nearby in an area
of approximately 200 metres by 100 metres. The assay results obtained
from these 54 grab samples ranged from a low of <0.005 g/t Au to a
high of up to 151.892 g/t Au. The company may consider adding the mill
feed and tailings pond left by Western Troy to be processed at the
time of their bulk sample to increase the profitability of the bulk
sample. It is noted that grab samples as found in the table below are
selective by nature and are unlikely to represent average grades for
the deposit.
Of the 54 samples collected from the mill feed pile, the following
table lists the 36 most significant gold grades obtained:
-----------------------------------------------
|KBG Sample #|Au (g/t)|?|KBG Sample #|Au (g/t)|
| |? | | |? |
|---------------------------------------------|
|1014692 |151.892 |?|1014679 |4.668 |
|---------------------------------------------|
|1014684 |132.821 |?|1014673 |3.965 |
|---------------------------------------------|
|1014694 |95.030 |?|1014707 |3.209 |
|---------------------------------------------|
|1014686 |58.430 |?|1014695 |2.729 |
|---------------------------------------------|
|1014704 |54.374 |?|1014699 |2.655 |
|---------------------------------------------|
|1014709 |46.721 |?|1014676 |2.335 |
|---------------------------------------------|
|1014678 |38.785 |?|1014682 |2.323 |
|---------------------------------------------|
|1014660 |32.189 |?|1014714 |2.212 |
|---------------------------------------------|
|1014662 |24.537 |?|1014670 |1.713 |
|---------------------------------------------|
|1014706 |22.679 |?|1014657 |1.578 |
|---------------------------------------------|
|1014703 |19.850 |?|1014680 |1.352 |
|---------------------------------------------|
|1014687 |15.605 |?|1014702 |1.067 |
|---------------------------------------------|
|1014698 |10.347 |?|1014669 |1.040 |
|---------------------------------------------|
|1014701 |5.974 |?|1014693 |0.763 |
|---------------------------------------------|
|1014689 |5.910 |?|1014685 |0.494 |
|---------------------------------------------|
|1014705 |5.884 |?|1014671 |0.484 |
|---------------------------------------------|
|1014691 |5.613 |?|1014708 |0.410 |
|---------------------------------------------|
|1014690 |5.202 |?|1014712 |0.398 |
-----------------------------------------------
All 54 grab samples from the mill feed pile near the former mill site
at the Menary Wagg showing were processed and assayed by Accurassay
Laboratories located in Thunder Bay, Ontario. Accurassay Laboratories
is an ISO-Certified laboratory that performed the gold fire assays
with AAS finish following assay code ALFA1 using 30 grams of rock
after it has been crushed and powdered.
Geophysical Surveys & Mapping
Magnetic and electromagnetic (HLEM) were carried out along cut
gridlines over the 5 central claims of the Menary Gold Project claim
group (Claim numbers 4256397, 4205640, 3014054, 1079876 &
4247110).
About half of the area of the Menary Gold Project claims group has
been mapped and prospected.
Menary Gold Project - Work Contemplated for 2012
Recommendations for next steps on the property include excavator
trenching to the north of the Wagg prospect and to the south of the
Galbraith “A“ prospect to determine continuity between the
two. Linecutting, geological mapping and prospecting is also
recommended over the 6 newly staked claims at the Menary.
Recommendations for next steps at Galbraith “A“ includes
closely spaced diamond drilling at the gold bearing quartz vein in the
shear zone.
King's Bay Gold President & CEO (Kyle Picard) states: “The
Spring of 2012 will see a renewed focus on the high grade results at
the Menary Gold Project along with moving forward an aggressive plan
to develop our 100% owned Sturgeon Lake high grade gold project. With
two (100% owned and operated) high grade gold projects under
development and two high grade gold projects being developed with
partners in 2012 (Headway & Cameron Lake), King's Bay Gold is
positioned for an exciting year ahead.“
Qualified Person's Statement
All of 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.
PDAC 2012 in Toronto, Ontario - Sunday March 4th to Wednesday March
7th - Booth #2951
King's Bay Gold Corporation is pleased to announce that it will be
attending the 2012 PDAC Conference in Toronto, Ontario. Come visit
Kyle Picard, President & CEO, Ray Prefontaine, CFO and Russell
Crosby, on-site geologist at the Menary Gold Project at Booth # 2951
to discuss the company's upcoming plans for 2012.
About King's Bay Gold Corporation
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: 97,126,913
King's Bay Gold Corporation
Kyle Picard
President & CEO and Corporate Secretary
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.
Copyright (c) 2012 Thenewswire.ca - All rights reserved.