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Kodiak Drills 2.9 m Grading 203 gpt (5.92 opt) Gold / Expands Magnitude of
Golden Mile Discovery
Vancouver, British Columbia, January 14, 2008 – Kodiak Exploration Limited
(TSX Venture: KXL, Frankfurt: KX3) is pleased to announce that it continues to
intersect very high grade gold mineralization over minable widths and at greater
depths on The Golden Mile quartz vein system, located on its 100% controlled
Hercules property.
Highlights from the most recent assay results include hole HR07-65, which
intersected 2.9 metres of quartz vein grading 203 gpt (5.92 opt) gold,
including 0.3 metres grading 741 gpt (21.6 opt) gold, and hole HR07-48,
which intersected two sections of quartz vein grading 11.4 gpt gold over 0.4m
intersection from 29.9 metres to 30.3 metres and 4.49 gpt au over 0.7 metres
from 18.6 metres to 19.3 metres down hole. Hole HR07-65 was drilled on
strike 60 metres northwest of previously reported hole HR07-51, which
intersected 3.6 metres grading 359 gpt (10.5 ounces per tonne) gold. All assay
results are set out in the table below. The locations of the holes may be viewed on
the map attached to this news release and Kodiak’s website.
Drill hole HR07-65 has more than doubled the known depth extent of this high
grade gold shoot. This central gold zone in which holes HR07-65 and HR07-51
were drilled plunges to the northwest and remains open to depth. The gold
mineralization now has a combined strike extent of more than 400 metres along
the central Golden Mile, confirming the presence of a large, well mineralized
shoot. The overall Golden Mile gold mineralization is open both to depth and
along strike, with an indicated strike length of more than 4 kilometres.
These drill holes are part of an ongoing 60,000 metre drill program designed to
outline the full scale and geometry of this gold system. Every one of the
Company’s 70 drill holes to date at the Hercules project has intersected gold
mineralization, which is considered extremely unusual for Archean vein systems
and confirms the strength, continuity and potential of this discovery.
Kodiak’s 2008 drilling program will use at least three drill rigs and will focus on
expanding the zones of known high grade gold mineralization along The Golden
Mile, both to depth as well as along strike. The current drilling will also test the
economic potential along strike to the southeast of drill hole HR07-44 which
intersected 2.9 metres grading 45.25 gpt gold, the gold mineralization remains
open to the southeast along a large one kilometre section of The Golden Mile vein
-more-
Kodiak Exploration Limited
Suite 1205-700 West Pender St.
Vancouver, British Columbia
Canada V6C 1G8
General: (604) 688-9006
Toll Free Number: 1-888-688-9006
Fax: (604) 688-9029
Email: info@kodiakexp.com
Hole HR07-65: 2.9 m grading 203
g/t Au (5.92 oz/t)
Hole HR07-51: 3.6 m grading
358.56 g/t Au (10.46 oz/t Au)
that has not been drilled. The drill program is planned to also test a series of large
parallel gold bearing veins which collectively extend for more than 3 kilometres
and remain open in all directions. These veins include the Yellow Brick Road,
WL, and Marino, where previously reported drilling intersected 1.6 metres
grading over 38 gpt gold on the Marino vein and 9.7 metres true width grading
15.59 gpt gold on the WL vein.
Mr. Brian J. Maher, Vice President – Exploration, comments: “This recently
completed phase of drilling has greatly expanded our geologic knowledge of the
Golden Mile vein system and will allow us to target both the known zones of high
grade gold mineralization and newly identified zones with similar potential. The
pinching and swelling of the vein along strike, as seen near Hole HR07-40, is
typical of this type of vein system. We are very pleased with the continuity of the
system and with the discovery of new zones at both ends of The Golden Mile both
of which remain open.”
Mr. Brian Maher continues: “Drilling at the most westerly extent of the Mile
intersected a previously unknown zone of gold mineralization, indicating the
potential for a new high grade shoot along strike to the northwest. At the far
southeast end of The Golden Mile, previously reported Hole HR07-29 intersected
2.0 metres of vein material grading 54 gpt gold, also indicating the presence of a
new unexplored high grade shoot that remains open to depth and along strike. In
addition, magnetic data indicates a shallow intrusive near Hole 29 which, in
conjunction with highly elevated base metal geochemistry, indicates the potential
for a significant source of gold mineralization near the southeast end of The
Golden Mile. We now have multiple drill targets at both ends of The Golden Mile
in addition to multiple drill targets in the central high grade zone that are open to
depth and along strike.”
Mr. Bill Chornobay, Kodiak’s President, adds: “These early results clearly
demonstrate the potential of this prolific system. 2008 promises to be a very
exciting year for Kodiak and its shareholders. With more than $50,000,000 in the
bank and with 60,000 metres of drilling under way, we are looking forward with
great enthusiasm to systematically revealing the full potential of this massive land
package, and the steady flow of news that will result. The Hercules project is
ideally situated in Ontario, which has an enviable mining history and a stable
political environment. This project and surrounding area has ready access to a
work force and infrastructure such as roads, rail and power. Kodiak’s geological
team and the Board of Directors are looking forward to the future with much
anticipation.”
With the addition of two new drill rigs and the ability to add more rigs as the
program progresses, Kodiak plans to quickly expand known zones of gold
mineralization and to test them both to depth and along strike. The gold bearing
Elmhurst Intrusion, which hosts The Golden Mile, Yellow Brick Road, 7 of 9 and
Marino discoveries amongst others, measures some 30 square kilometres and
remains largely unexplored. Airborne geophysics and the discovery of multiple
gold bearing veins within the intrusion indicate that it has tremendous potential to
host significant additional gold bearing structures.
-more-
Hole HR07-50: 4.1 m grading
20.77 g/t Au (0.61 oz/t Au)
Hole HR07-44: 2.9 m grading
45.25 g/t Au (1.32 oz/t Au)
As a result of an aggressive staking and acquisition program carried out over the
past two years, Kodiak’s holdings now cover approximately 1,400 square
kilometres in the Geraldton-Beardmore gold camp, which has seen more than 4.1
million ounces of high grade gold production and remains largely under explored.
Greenstone belts are host to over 2/3 of Canada’s gold production and at least 1/3
of global gold production, and Kodiak now controls the lion’s share of the
Geraldton-Beardmore Greenstone belt, encompassing numerous strong
exploration targets that remain to be tested.
Drilling Highlights
Hole ID From (m) To (m) Intercept (m) Au g/t Au ou/t
HR07-40 132.7 133.0 0.3 2.48 0.072
HR07-42 100.8 101.3 0.5 1.92 0.056
101.7 101.9 0.2 3.84 0.112
HR07-46 44.0 45.2 1.2 5.28 0.154
55.3 55.5 0.2 2.24 0.065
HR07-47 27.1 27.9 0.8 2.37 0.069
28.8 29.4 0.6 1.28 0.037
HR07-48 16.7 17.6 0.9 1.88 0.055
18.6 19.3 0.7 4.49 0.131
29.9 30.3 0.4 11.39 0.332
34.6 35.0 0.4 1.38 0.040
35.9 36.3 0.4 2.11 0.062
HR07-52 45.6 46.3 0.7 1.64 0.048
59.0 59.5 0.5 3.09 0.090
60.3 61.2 0.9 2.23 0.065
HR07-60 32.8 33.8 1.0 1.68 0.049
34.8 35.3 0.5 3.22 0.094
35.8 36.3 0.5 1.78 0.052
37.2 38.5 1.3 1.76 0.051
75.1 75.6 0.5 1.08 0.032
75.9 76.4 0.5 1.07 0.031
77.0 77.3 0.3 1.01 0.029
HR07-62 90.7 91.6 0.9 1.81 0.053
92.9 93.4 0.5 2.35 0.069
HR07-63 53.6 53.8 0.2 16.02 0.467
54.8 55.8 1.0 1.45 0.042
57.7 58.2 0.5 3.77 0.110
62.8 63.4 0.6 1.26 0.037
HR07-64 57.7 60.7 3.0 2.34 0.068
61.3 62.1 0.8 3.35 0.098
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Hole HR07-29: 2.0 m grading
54.09 g/t Au (1.57 oz/t)
Hole HR06-03: 9.7 m true width
grading 15.59 g/t Au, including
7.2 m grading 20.85 g/t Au
Drilling Highlights (cont.)
Hole ID From (m) To (m)
Intercept
(m) Au g/t Au ou/t
HR07-65 76.1 77.7 1.6 1.53 0.045
78.4 81.3 2.9 203.04 5.922
including 79.5 79.7 0.2 1699.00 49.555
79.7 80.0 0.3 741.30 21.621
80.0 80.6 0.6 29.46 0.859
HR07-67 89.4 89.7 0.3 2.11 0.062
HR07-70 87.2 88.5 1.3 2.30 0.067
88.9 89.4 0.5 3.05 0.089
Drill holes HR07-37, 39, 45, 49, 53-59, 61, 66, 68, 69 intersected varying
amounts of gold mineralization less than two gpt, further demonstrating the
widespread nature and strength of gold mineralization within The Golden Mile
vein system. All results can be found on the company’s website along with a
schematic long section.
Kodiak QA/QC procedures are as follows: Kodiak channel samples are 5 cm wide cut perpendicular to the strike of the
vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into
mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 20 cm and removed
with a hammer. Channel sample spacing is nominally every 20m along strike, dependent on outcrop size and geometry.
Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and
shipped to the assay lab for quantitative analysis of select elements. Kodiak drill cores are split down the center with a
typical table feed circular rock saw. Sample intervals are selected according to geologic contacts, visible mineralization,
and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select
elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Kodiak logging and sample
preparation facilities by Kodiak personnel. Kodiak angle core holes are directed perpendicular to the mapped dip of the
vein therefore reported drill hole intercepts approximate true thickness of the vein. All Kodiak samples are currently being
assayed by TSL Laboratories Inc., Saskatoon, SK S7K 6A4. Blank and standard samples are routinely submitted with all
sample batches sent to the lab for assay. Screened metallic assays are routinely run on all anomalous gold results as a
check on nugget effects. Samples are routinely sent to other labs for additional checks.
Update on the Uranium Division
Samples taken during Kodiak’s 2007 ground exploration program undertaken on
its UR uranium prospect on the Otish Basin of Quebec have been sent to the assay
lab for analysis. Those results will be announced when they are received by the
Company.
The information contained in this news release has been reviewed and approved
by Robert B. Hawkins, Kodiak’s Chief Geologist, who is a qualified person under
the definitions established by National Instrument 43-101.
Kodiak is a mineral exploration company with significant projects in three
different sectors of the mining resource industry. Through regional, grass-roots
generative exploration and new geological models the Company has built a
portfolio of 100% controlled projects focused on gold, base metals
(nickel/copper), and uranium in three different areas of Canada. Maps,
photographs, detailed geologic reports and additional information may be viewed
on our web site at www.kodiakexp.com.
-moreOn
behalf of the board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
For further information contact:
(604) 688-9006 or by email at info@kodiakexp.com