WINNIPEG, Manitoba, Oct. 23, 2007 (PRIME NEWSWIRE) -- King's Bay Gold Corp. (TSX-V:KBG) and Mainstream Minerals Corp. (TSX-V: MJO) are pleased to announce that they have received more results from their Phase 1 diamond drilling program on their Bobjo Mine Project, located in Earngey Township, Red Lake, Ontario.
The partners are pleased to report that Hole #14 has intersected a new gold zone returning 1.56 opt gold over 8 feet (53.61g/t Au over 2.45 metres). Specks of visible gold were observed in this intersection. The partners are also waiting for the results from a 40 ft heavily mineralized quartz carbonate zone that was intersected deeper in this hole. The mineralization is mainly comprised of pyrite, pyritite and some chalcopyrite. It has been sent to SGS Canada Inc.'s laboratory to be analyzed for gold and 32 elements using the (ICP) method.
A table of full results of Holes #1 through #14 included 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
Hole Dip Interval Interval Interval Au
From To Metres (g/T)
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 11.0 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
Hole Dip Interval Interval Interval Au
From To Metres (g/T)
BJ07-10 -50 5.60 6.60 1.00 2.930
BJ07-11 -50 1.50 3.50 2.00 3.271
including 1.50 2.00 0.50 8.051
12.50 13.00 0.50 5.060
89.10 89.50 0.40 1.011
191.30 192.00 0.70 2.970
BJ07-12 -50 0.50 2.50 2.00 4.955
including 1.50 2.00 0.50 9.711
BJ07-13 -50 NSV
BJ07-14 -45 0.60 3.05 2.45 53.610
including 0.60 1.80 1.20 118.88
10.60 10.90 0.30 7.040
Both companies are very encouraged with the initial high-grade gold results from this Phase 1 diamond drilling program. 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 #15 through #20 which will be released immediately upon receipt and verification.
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 it is within trucking distance to the Placer Dome/Goldcorp Mill in Red Lake, Ontario.
The joint venture is 50% Kings Bay Gold (TSX-V:KBG) and 50% Mainstream Minerals (TSX-V:MJO) with Mainstream Minerals being the Operator of the project. The samples were analyzed by SGS Canada Inc.'s laboratory in Red Lake, Ontario.
This news release has been verified and approved by Geologist John Archibald, Member Association of Professional Geoscientists of Ontario (APGO) who is the Qualified Person under National Instrument 43-101.
"KBG" Shares Issued & Outstanding: 35,266,273
About King's 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.
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 KBG's future plans, objectives or goals, including words to the effect that KBG's management 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.