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
----------------------------------------------------------------------------
Neither the 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.
Contacts: Kenai Resources Ltd. Greg Starr President and CEO
604-669-5753 604-688-9895
(FAX)info@kenairesources.comwww.kenairesources.com
Kenai Resources Ltd. (TSXV:KAI)
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