Up to 40.52 g/t Gold returned in grab samples taken from a newly discovered 150 metre long Shear Zone at the Menary Gold Project
(via Thenewswire.ca)
Winnipeg, Manitoba - October 26th, 2011
King's Bay Gold Corporation (TSX.V: KBG) is pleased to report that it has increased its land position at its Menary Project by staking 6 mining claims totaling 44 units covering an additional 1,760 acres to the north and northeast of the Company's existing land package. These new claims were staked after discovering a new gold bearing shear zone at the Galbraith "A" occurrence. They cover the remaining available geological contact between the Sabaskong granitic batholith and the open ground over the adjacent greenstones.
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.
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 approximately 1 km south of the Galbraith "A" occurrence.
Washing, mapping, channel sampling and drilling have been commissioned on this new zone, as well as excavator stripping of additional quartz showings nearby. Assays from channel sampling and drilling to be undertaken will be released once they have been 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.
James Rogers, King's Bay Gold's Chairman, stated "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".
Tailings Pond
In the 1990's, Western Troy Capital Resources Inc. processed approximately 1,000 tons of quartz vein material through a small mill erected at the Wagg gold showing on the Menary gold property. 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 of 2011, King's Bay Gold collected 46 samples from part of this 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 5.95 g/t. Additional sampling is planned to assess how much free gold is in the tailings pond.
Menary Project
With the 6 newly staked claims, 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 is located in the Townships of Menary, Claxton, McClarty and Senn in the Kenora Mining Division of north-western 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 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.
Assay Procedure
The 34 grab 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.
The 46 samples taken from the tailings pond 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.
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.
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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: 90,201,913
King's Bay Gold Corporation
Kyle Picard
President & CEO and Corporate Secretary
(204) 253-4653
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.
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