Kodiak Drills High Grade Gold Over Minable Widths in Multiple Drill
Holes
Including 3.6m Grading 358.56 gpt (10.46 opt) / 2.9m Grading 45.25
gpt (1.32 opt) Gold / 4.1m Grading 20.77 gpt (0.61 opt) Gold
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/29/07 -- Kodiak
Exploration Limited (TSX VENTURE: KXL)(FRANKFURT: KX3) is pleased to
announce that ongoing drilling has intersected minable widths of very
high grade gold mineralization in multiple new drill holes along The
Golden Mile.
Highlights from assays received to date include hole HR07-51 which
intersected 3.6m grading 358.56 gpt gold (10.46 opt) including 2.5m
grading 515.98 gpt (15.05 opt) and 0.3m grading 3876 gpt (113.05 opt)
gold, hole HR07-44 which intersected 2.9m grading 45.25 gpt (1.32
opt) gold including 1.1m grading 116.35 gpt (3.39 opt), and hole
HR07-50 which intersected 4.1m grading 20.77 gpt (0.61 opt) gold
including 2.9m grading 28.12 gpt (0.82 opt) and 0.4m grading 90.91
gpt (2.65 opt) gold. Several deeper holes which remain to be assayed
have also intersected visibly mineralized quartz veins up to 4.6
metres thick. Assays are pending.
The recent drilling significantly expands the area of high grade gold
mineralization along The Golden Mile both to depth and along strike,
and suggests that a very large ore shoot is probable. Deep drilling
on hole HR07-40, which remains to be assayed, intersected The Golden
Mile vein system at a vertical depth of 130m, returning 2.6 metres of
visibly mineralized vein and more than doubling the previously known
depth extent of The Golden Mile vein and leaving it open to depth.
Hole HR07-50 was drilled approximately 240 metres northwest of hole
HR07-44, and hole HR07-40 was drilled approximately 60 metres
northwest of hole HR07-44.
The current drill program plans for 60,000 metres of drilling. It has
been designed to expand the known extent of the system and, at the
same time, work towards building a resource in the zones of known
high grade mineralization. All drilling to date has intersected gold
mineralization, which is considered very unusual for Archean vein
systems and further confirms the strength and continuity of this
extensive new gold discovery. All drill core containing visible gold
is sent for rush assay. All other drill core is processed in
accordance with Kodiak's standard procedures and results are reported
as they become available.
Recently completed in-fill channel samples taken from The Golden Mile
also continue to produce high grade gold assays over minable widths,
confirming continuity of gold mineralization at the surface.
Highlights include channel AMX-21 which cut 1.1 meters grading 64.91
gpt gold and AMX-25 which cut 2.8m grading 18.81 gpt gold. The
channels were cut in select parts of The Golden Mile as fill-in
samples at 10 metre spacing across the vein in order to demonstrate
continuity between the previous channel samples which were cut at 20
metre spacings. Channel samples taken along The Goden Mile confirm
continuous gold mineralization over a strike length of 400 metres
with an average sample grade of 20.20 gpt Au (0.59 opt Au) and an
average width of 3.8 metres (12.5 feet).
Grab samples taken at the northwestern end of the Golden Mile
exploration trench have returned up to 67.32 gpt gold, demonstrating
continuity of gold mineralization throughout the exposed 2000 metre
(2 kilometre) portion of The Golden Mile vein system. Geophysical
data indicates that The Golden Mile structure continues in excess of
an additional 2 kilometres to the northwest of the exposed portion of
the vein, which gives it a total strike length of more than 4
kilometres.
Follow-up prospecting using the recently interpreted geophysical data
has aided in the discovery of "The Golden Gate" vein, an impressive
11 metre wide quartz vein located approximately 4 kilometres
southwest of The Golden Mile. The newly exposed vein outcrop
coincides with one of multiple structures indicated using the
geophysical data, contains abundant sulfides and significant amounts
of chalcopyrite, and is open in all directions. The area of strong
gold potential now has geometry in excess of 30 square kilometres.
Geophysical data indicates that the Golden Mile, Yellow Brick Road
and other significant vein systems at Hercules may be several times
more extensive than the five plus kilometres of gold bearing veins
that have been exposed on surface to date. The geologically accepted
rule of thumb for Archean veins is that they typically have a
vertical depth extent equal to 50% of their surface expression,
underlining the potential of the entire Hercules project. Large gold
bearing veins have been confirmed to occur frequently within the
Elmhurst Lake intrusion. Early results indicate it contains multiple
significant parallel and ladder structures outside the Golden Mile
discovery area that remain to be tested.
Mr. Brian J. Maher, Kodiak's Vice President-Exploration, comments:
"The exploration team is extremely excited about the rapid
development of the Hercules project. In a very short period of time,
drilling has significantly expanded the scale and geometry of this
system both to depth and along strike. Kodiak extremely optimistic
about the potential to rapidly build a significant new gold resource,
and we look forward to reporting future results with much enthusiasm.
The discovery of The Golden Gate vein in a distal portion of the
Elmhurst Lake intrusion demonstrates the strong potential of the
entire area. Based on results to date, it is expected that further
prospecting, utilizing geophysical guidance, will lead to the
discovery of numerous parallel veins within this system. We are very
encouraged by this new discovery, because although Archean vein
systems are well known for their continuity at depth, it is extremely
rare to see so many large gold bearing veins at surface in such
abundance and with such continuity and proximity. Early results
demonstrate we have barely scratched the surface of this 30 square km
area. It is exciting to watch this system quickly developing into
what appears to be a very significant new gold discovery."
Hercules Project 2007 Drill Hole Summary Update
Intersection
Hole ID From To (m) Au g/t Au Ou/t Zone
HR07-26 35.5 35.8 0.3 1.00 0.029 PNZ
HR07-27 31.3 32.0 0.7 1.95 0.057 GM
HR07-28 56.6 57.2 0.6 2.13 0.062 GM
HR07-30 37.6 37.8 0.2 1.28 0.037 GM
HR07-35 23.7 24.2 0.5 1.09 0.032 GM
25.0 25.6 0.6 1.28 0.037 GM
29.6 30.0 0.4 1.92 0.056 GM
HR07-36 32.0 33.0 1.0 1.85 0.054 GM
33.4 34.3 0.9 2.59 0.076 GM
35.7 36.2 0.5 1.43 0.042 GM
HR07-44 64.0 66.9 2.9 45.25 1.320 GM
including 64.2 65.5 1.1 116.35 3.394 GM
HR07-50 30.3 34.4 4.1 20.77 0.606 GM
including 30.3 33.2 2.9 28.12 0.820 GM
including 30.7 30.9 0.2 117.80 3.436 GM
including 32.2 32.6 0.4 90.91 2.652 GM
HR07-51 29.2 32.6 3.6 358.56 10.458 GM
including 30.1 32.6 2.5 515.98 15.050 GM
including 30.1 30.5 0.4 67.90 1.980 GM
including 30.5 31.0 0.5 112.70 3.287 GM
including 31.0 31.3 0.3 3876.00 113.051 GM
Channel Sample Summary
Channel ID From To Width G/T Au Ou/T Au
AMX-21 1.40 1.90 0.50 6.17 0.180
2.40 3.50 1.10 64.91 1.893
including 2.40 2.70 0.30 167.00 4.871
AMX-22 1.40 1.82 0.42 1.56 0.046
AMX-23 2.35 3.35 1.00 7.03 0.205
3.85 5.00 1.15 14.33 0.418
AMX-24 2.30 3.10 0.80 44.63 1.302
including 2.30 2.60 0.30 110.90 3.235
AMX-25 1.50 4.30 2.80 18.81 0.549
including 2.80 3.40 0.60 38.27 1.116
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 intersects 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 Otish Basin Uranium Project
Kodiak is pleased to report that it has completed its recently
announced surface exploration program on its 100% controlled Otish
Basin uranium property located in Quebec. That exploration program
was initiated specifically to follow up priority targets identified
as highly prospective for uranium up-ice from a large radioactive
boulder train measuring 2x4 kilometres, containing up to 4.1% U308.
These targets were identified through the use of airborne
radiometrics, magnetics and EM data. Assays are pending and results
will be published as they become available.
Property Consolidation Update
Kodiak has continued to stake mineral claims in the
Beardmore-Geraldton gold camp and has entered into two new option
agreements respecting mineral properties in the Thunder Bay Mining
Division. Pursuant to the first agreement, Kodiak has been granted an
option to acquire an undivided 100% interest in 7 mineral claims
located in Leduc and Rickaby Townships subject to a 3% net smelter
returns royalty. Kodiak may exercise the option by making payments
totaling $70,000 in cash or shares over a three year period. Kodiak
may purchase one-third of the royalty for $500,000, an additional
one-third for an additional $1,000,000 and the final one-third for an
additional $1,500,000.
Pursuant to a second agreement with different property owners, Kodiak
has been granted an option to acquire an undivided 100% interest in 4
mineral claims located in Legault Township subject to a 3% net
smelter returns royalty. Kodiak may exercise the option by making
payments totaling $210,000 in cash or shares over a four year period.
Kodiak may purchase one-third of the royalty for $500,000 at any time
and an additional one-third for an additional $1,000,000.
Any shares issued in connection with the exercise of these options
will be priced at the time of issue and will be subject to a four
month hold period. The proposed options are subject to acceptance by
the TSX Venture Exchange.
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.
On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
This document contains certain forward looking statements which
involve known and unknown risks, delay, and uncertainties not under
the Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the
results, performance or expectation implied by these forward looking
statements.
This release has been prepared by management - The TSX Venture
Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts:
Kodiak Exploration Limited
William S. Chornobay
Director, President
(604) 688-9006
(604) 688-9029 (FAX)
Email: info@kodiakexp.com
Website: www.kodiakexp.com
