King’s Bay Gold Corp. Announces High-Grade Gold Discovery, Bobjo Project, Red Lake, Ontario
WINNIPEG, Manitoba, Sept. 19, 2007 (PRIME NEWSWIRE) — King’s Bay Gold Corp. (TSX-V:KBG) and Mainstream Minerals Corp. (TSX-V:MJO) are very pleased to announce that they have received the first results from their Phase 1 diamond drilling program on their Bobjo Project, located in Earngey Township, Red Lake, Ontario.
King’s Bay Gold and Mainstream Minerals are pleased to report that the first nine initial exploratory diamond drill holes have cut numerous high-grade gold bearing structures at or near surface. Stripping and washing has exposed a large quartz vein system that is open in all directions and at depth. It is noted that all nine holes reported herein have intersected gold mineralization at shallow depths that could be amenable to open pit mining.
Highlights of this initial exploratory Phase 1 diamond drilling program include:
93.090 g/t Au over 0.20 metres 32.950 g/t Au over 1.10 metres 29.010 g/t Au over 0.30 metres 20.030 g/t Au over 0.50 metres 18.184 g/t Au over 0.50 metres 15.659 g/t Au over 0.50 metres 12.001 g/t Au over 0.50 metres 11.301 g/t Au over 0.80 metres 10.950 g/t Au over 1.40 metres 8.701 g/t Au over 1.10 metres 8.450 g/t Au over 3.40 metres 6.847 g/t Au over 1.00 metres 6.787 g/t Au over 0.50 metres 6.290 g/t Au over 0.80 metres 6.250 g/t Au over 1.50 metres
Full results included in the table below:
True widths are not known
Hole Dip Interval Interval Interval Au From To Metres (g/t) BJ07-01 -45 1.25 10.00 8.75 2.557 Including 1.50 2.00 0.50 5.056 And 4.00 4.50 0.50 15.659 And 9.50 10.00 0.50 18.184 BJ07-02 -60 0.50 7.50 7.00 1.561 Including 3.90 4.40 0.50 2.958 And 6.50 7.50 1.00 6.847 BJ07-03 -85 2.00 6.40 4.40 2.235 Including 2.00 2.50 0.50 6.787 And 5.00 5.40 0.40 4.289 17.00 17.50 0.50 5.428 24.50 25.00 0.50 2.517 BJ07-04 -45 3.00 13.10 10.10 1.276 Including 8.30 13.10 4.80 2.051 14.30 16.10 1.80 1.236 BJ07-05 -45 12.20 12.80 0.60 1.332 14.80 18.70 3.90 1.049 Including 18.20 18.70 0.50 4.448 80.40 80.80 0.40 1.656 BJ07-06 -50 2.00 3.10 1.10 32.950 Including 2.90 3.10 0.20 93.090 3.10 3.50 0.40 1.450 6.50 8.80 2.30 2.050 9.20 9.80 0.60 1.150 102.00 102.30 0.30 29.010 BJ07-07 -60 1.60 2.70 1.10 8.701 Including 2.20 2.70 0.50 20.030 5.50 6.50 1.00 1.731 9.20 11.00 1.80 3.690 Including 9.20 10.00 0.80 6.290 And 10.00 11.00 1.00 1.100 13.80 14.20 0.40 1.460 65.00 65.30 0.30 3.001 BJ07-08 -60 1.00 8.50 7.50 1.683 Including 2.20 2.50 0.30 5.001 And 8.00 8.50 0.50 12.001 13.00 13.30 0.30 1.690 67.70 69.00 1.30 2.501 BJ07-09 -60 12.80 13.10 0.30 2.660 13.50 15.00 1.50 6.250 Including 13.50 14.30 0.80 11.301 14.30 15.30 1.00 1.060 16.30 16.80 0.50 2.140 24.00 27.40 3.40 8.450 Including 26.00 27.40 1.40 10.950
Both companies are very encouraged with these initial high-grade gold results at very shallow depths and with the many gold intersections in the holes. Drilling is ongoing and will continue to test areas of this large quartz vein system that is open in all directions and at depth. The partners are also waiting for the assay results of holes 10 through 15 which will be released immediately upon receipt and verification.
A third larger diamond drill has also been brought to the property for deeper drilling once the majority of the veins seen on surface have been drill tested. The partners are fortunate to have two diamond drill rigs, a timberjack and bulldozer on the property belonging to King’s Bay. This gives the partners the ability to adjust and anticipate drilling other targets as they become available and to continue over the winter if needed.
The Bobjo Mine project is located between the former South Bay Zinc / Copper mine and Uchi Lake Gold Mine. It is comprised of a total of 9 patented and 86 unpatented claim units (3,800 acres). It is noted that an existing power line passes through the southern part of the property and that the property is within trucking distance to the Placer Dome / Goldcorp Mill in Red Lake, Ontario.
The joint venture is 50 % King’s Bay Gold (TSX-V:KBG) and 50 % Mainstream Minerals (TSX-V:MJO) with Mainstream Minerals being the Operator of the project. This news release has been verified and approved by Geologist John Archibald, Member Association of Professional Geoscientists of Ontario (APGO).
The samples from the first five holes were analyzed by Accurassay Laboratories of Thunder Bay, Ontario. The remainder, including all future samples, will be analyzed by SGS Laboratory in Red Lake, Ontario. John Archibald, P. Geologist is the Qualified Person under National Instrument 43-101 for this project. Future assay results will be released once the information is received and coordinated with the drill log information.
King’s Bay has extensive holdings, most notably a 75 % interest in the Headway Project which is located adjacent to Goldcorp’s Red Lake Mine where it appears to dip south towards King’s Bay Gold’s property. The Company also just acquired 100 % of the Sakoose Mine in the Dryden area and has a 25 % interest in a large land package in Pickle Lake, Ontario.
“KBG” Shares Issued & Outstanding: 34,960,724
“MJO” Shares Issued & Outstanding: 14,981,397
About Kings Bay Gold
King’s Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment giving the company the ability to quickly adjust its work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with mineral projects strategically located in Canada’s gold camps. These properties include — (i) a property located directly adjacent to Canada’s richest gold mine, (ii) two past producing gold mines, and (iii) other locations that are in very close proximity to either past producers and / or recent discoveries.
About Mainstream Minerals
Mainstream Minerals Corporation is a mineral exploration and development company focused on precious metal mining properties with economic potential, with the aim of bringing such properties to commercial production. The Company’s portfolio of properties is primarily located in the prolific Red Lake Gold Camp of Northwestern Ontario.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe either KBG’s or MJO’s future plans, objectives or goals, including words to the effect that either KBG’s or MJO’s respective managements expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
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CONTACT: King's Bay Gold Corporation Richard Rivet, President & CEO (204) 253-4653 info@kingsbaygold.com www.kingsbaygold.com Mainstream Minerals Corporation Neil Sullivan, President & CEO (204) 222-0317 info@mainstreamminerals.com www.mainstreamminerals.com