Mar. 16, 2011 (TheNewswire.ca) --
King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce further high-grade gold intersections within a 100 metre wide geologically productive area where the Company, during its 2010 field season, drilled over 6,230 feet of BQ core. The results of the last five drill-holes were significant in that they intersected anomalous to significant gold mineralization in each hole over one to four intervals in each hole, showing a wider spread of gold mineralization than had been indicated in surface exposures.
Drill Holes MIN 10-12 to MIN 10-16 (5 holes) are the last of the series to be reported at this time. Below are the tabulated results for the samples taken to date. Hole MIN-10-15 intersected 0.244 opt (8.38 g/t) over 1.2ft (0.37m) from 83.2-84.4 ft. Hole MIN-10-16 intersected 0.539 opt (18.44 g/t) over 1.3 ft (0.40m) from 149.0-150.3 ft.
There are several intervals that require additional sampling to see if the mineralized envelope extends beyond the intervals that were analyzed. Those results will be released appropriately. Sixteen holes were drilled to date to cover the Wagg Gold Occurrence on the Menary Township Property. The occurrence is located roughly fifteen kilometers northeast of the Richardson Township Project owned by Rainy River Resources Limited (TSXV:RR) (TSX.V: RR) and within 12 kilometres of the new discovery by Bayfield Ventures Corp. (TSXV:BYV) (TSX.V: BYV). The property is also adjacent to and along strike to the Rainy River Resources Limited drilling that has been conducted on their Off Lake Gold Project.
Diamond drilling over the Wagg Occurrence has produced some positive results. Results for holes MIN-10-12 to MIN-10-16 follow below. True widths are not known at this point in time since geological interpretations are required and a further drill section is needed across the structure in order to characterize the zone.
Drill Hole MIN-10-12 Two gold-bearing zones were encountered.
1. 0.009 opt or 0.307 g/t from 18.3-19.3 ft. (1.0 ft or 0.30 m)
2. 0.002 opt or 0.08 g/t from 28.0-33.0 ft. (5.0 ft or 1.52 m). The highest value was 0.003 opt or 0.104 g/t from 28.0-30.0 ft.
Drill Hole MIN-10-13 Four gold-bearing zones were encountered.
1. 0.072 opt or 2.45 g/t from 7.0-10.5 ft. (3.5 ft or 1.07m). The highest value was 0.147opt or 5.033 g/t from 9-10.5 ft.
2. 0.039 opt or 1.347 g/t from 46.0-48.0 ft. (2.0 ft or 0.61 m).
3. 0.056 opt or 1.91 g/t from 74.8-79.0 ft. (4.2 ft or 1.28m). The highest value was 0.093 opt or 3.194 g/t from 76.5-79.0 ft.
4. 0.044 opt or 1.49 g/t from 248.0-252.0 ft. (4.0 ft or 1.22m). The highest value was 0.082 opt or 2.808 g/t from 250.0-252.0 ft.
Drill Hole MIN-10-14 One gold-bearing zone was encountered.
1. 0.015 opt or 0.517 g/t from 106.9-108.0 ft. (1.1 ft or 0.34 m)
Drill Hole MIN-10-15 Two gold-bearing zones were encountered.
1. 0.053 opt or 1.82 g/t from 79.4-86.6 ft. (7.2 ft or 2.19 m). The highest value was
0.244 opt or 8.38 g/t from 83.2-84.4 ft.
2. 0.003 opt or 0.119 g/t from 270.9-271.7 ft. (0.8 ft or 0.24 m)
Drill Hole MIN-10-16 Two gold-bearing zones were encountered.
1. 0.164 opt or 5.61 g/t from 117.6-119.0 ft. (1.4 ft or 0.43 m)
2. 0.243 opt or 8.31 g/t from 146.3-150.3 ft. (4.0 ft or 1.22 m). The highest value was
0.539 opt or 18.44 g/t from 149.0-150.3 ft.
The above analytical work has been done at an accredited laboratory facility in Thunder Bay using the fire assay method. Half of the drill cores were sent in for analysis and the remaining cores are being stored and archived for future testing or verification. All the drilling and field work has been supervised by the company's on-site geologist, Mr. Russell Crosby, M.Sc., P.Geo., acting as our Qualified Person (QP) as directed by the National Instrument 43-101 Guidelines.
About King's Bay Gold Corporation (TSXV:KBG)
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: 84,986,913
King's Bay Gold Corporation
John Archibald
President & CEO
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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