(via Thenewswire.ca)
King's Bay Gold Corporation (TSX.V: KBG) is pleased to report that it has received additional channel sample results from its Menary Gold Project. The company is planning to move forward in the spring with a short hole drill program on the newly discovered shear zone in order to delineate a tonnage calculation for a possible bulk sample program.
The channel samples, mainly one metre in length, were taken, nominally at 2 metre intervals, at various points along approximately 181 metres of the 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. 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 . There are 38 channel samples remaining for other locations within the Galbraith "A" and general Menary project area to be assayed and reported from the 184 channel samples submitted for assaying (see the news release of November 23rd, 2011).
-------------------------------------------------------------------- |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 | | | | |------------------------------------------------------------------| |Distance|Sample |Gold |Length| | |Distance|Sample |Gold |Length| | |# |(g/t) |(m) | | | |# |(g/t) | | | | | | | | | | | |(m) | |------------------------------------------------------------------| |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 | | | | | | | | | | --------------------------------------------------------------------
In the new shear zone, the fine-grained, sugary textured quartz and 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 strongly boudinaged. It 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.
These channel samples from the Quartz Vein Shear Zone have been processed and assayed by Accurassay Laboratories located in Thunder Bay, Ontario (see the news release of November 23rd, 2011). Accurassay Laboratories is an ISO-Certified laboratory. 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.
Jim Rogers, King's Bay Gold's Chairman of the Board, stated "With the upside of the ultra high grade pockets within the mineralized sheer zone, we're optimistic that a bulk sample on the Menary will not only assist with proving the viability of the project but that it will also be profitable for King's Bay Gold."
Menary Project
With the 6 newly staked claims from October 2011, the Menary Project now consists of 16 claims for approximately 4,320 acres in a single contiguous land package. The project is 100% optioned to and / or owned by King's Bay Gold Corporation. It is 100% 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, located in the Townships of Menary, Claxton, McClarty and Senn in the Kenora Mining Division of north-western Ontario, is 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. The Bayfield discovery is also in a shear zone system that extends on to their Burns property from the Rainy River main ODM17 deposit, as stated in their August 9th, 2011 news release: "The mineralization is hosted within the main foliated and sheared zone or envelope that extends onto the Burns property from the main ODM17 gold-silver deposit of Rainy River Resources directly to the west."
Assay Procedure
All of the channel samples from the newly discovered shear zone were processed and analyzed 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.
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.
New Website Feature - Join Our President's List
A new "Join Our President's List" feature was recently added to the Company's website at http://www.kingsbaygold.com/home/# . Subscribers may remove themselves from this list at any time by sending an e-mail to the Company at info@kingsbaygold.com or by calling the company at 1-(204)-253-4653. The list will be for the exclusive use of the Company and shall not be sold, traded, bartered, leased or provided to any third parties. The list shall be treated as confidential and the Company shall adhere to the provisions of the Personal Information Protection and Electronic Documents Act (Canada).
About King's Bay Gold
King's Bay Gold Corporation is an active Canadian mineral exploration and development company with mineral exploration projects located in two of Canada's main gold camps - Red Lake, ON and Rainy River, ON.
KBG Shares Outstanding: 90,241,913
King's Bay Gold Corporation
Kyle Picard
President & CEO and Corporate Secretary
(204) 253-4653
info@kingsbaygold.com
www.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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