KXL:TSX.VCurrent Stock Quote:Last - 2.39 Volume - 61720
Day High - 2.40 Day Low - 2.33 Date - Jul 4, 2008
Apr 23, 2008
Kodiak Identifies Multiple Drill Targets on West Millennium and Big Yellow Uranium
Prospects in Athabasca; Plans to Drill in Otish (more...)
Apr 10, 2008
Kodiak’s Hercules Project Named Discovery of the Year (more...)
Hercules Gold Property – 60,000 m Drilling Program Commenced
Kodiak has discovered an extensive gold-mineralized system in the Beardmore-Geraldton Gold Camp (4.1 million ounces high grade gold production) near Thunder Bay, Ontario. Quartz-carbonate veins, frequently containing visible gold and sulfides, have been uncovered by trenching over an aggregate strike length of more than 5 kilometres, with strong individual veins up to 11 metres wide and 1 kilometre long. High grade gold mines in the area remain open to depth, and show that the gold mineralization can extend to depths exceeding 1.5 kilometres. 90% of the exposed strike length at Hercules remains untested, and the system remains open in all directions. With many geological similarities to Red Lake and Kirkland Lake, this discovery fits the model for the classic Archean shear-hosted gold deposits that produce 2/3 of Canada’s gold, approximately 200 million ounces to date, and 1/3 of global gold. Kodiak now has 100% control of more than 1400 square kilometers in the underexplored Beardmore-Geraldton greenstone belt located between the multi-million ounce Red Lake and Timmins gold camps, and the prospects for further discovery appear to be excellent.
THE GOLDEN MILE DISCOVERY
The Golden Mile is a massive gold-bearing system with a strike extent of at least 4 kilometres and remains open to depth and along strike (see video). 100% of the 70 drillholes to date have intersected gold mineralization , and 41% of grab samples collected along the Golden Mile to date have returned more than 10 g/t Au, confirming the strength and continuity of this prolific gold system (see drill and channel tables for full results). Continuous quartz veining 1 to 3 metres thick has been exposed over a strike length of more than 1000 metres, and visible gold is frequently found on surface and in drill core. Continuous gold mineralization has been traced along strike for 400 m, with an average grade of 20.20 g/t Au over an average width of 3.8 m. This remains open along strike and to depth. Channel highlights within this interval include AMX-01: 3.1 m grading 119.63 g/t Au, and 11.6 m grading 32.96 g/t Au; AMX-04: 9.55 m grading 27.04 g/t Au; AMX-07: 4.8 m grading 28.64 g/t Au. Drill holes HR07-09 and HR07-10 drilled successively deeper below channel AMX-01 intersected 0.8 m grading 20.55 g/t Au and 4.0 m grading 6.89 g/t Au respectively, showing the gold mineralization is continuous from surface to a depth of at least 40 m and remains open. Hole HR07-29 graded 54.1 g/t (1.57 oz/t) gold over a mineable width of 2.0 m, including 134.4 g/t (3.9 oz/t) gold over 0.8 m, and drill hole HR07-31 graded 12.64 g/t gold over 1.4 m. Channel sample AMX-16 graded 63.45 g/t gold over 1.0 m and 27.83 g/t gold over 1.6 m in channel cut AMX-09.
Drill hole highlights from the Central Golden Mile: Hole HR07-65 intersected 2.9 m grading 203 g/t Au (5.92 oz/t); Hole HR07-51 intersected 3.6 m grading 358.56 g/t Au (10.46 oz/t); Hole HR07-50 intersected 4.1 m grading 20.77 g/t Au (0.61 oz/t); and Hole HR07-44 intersected 2.9 m grading 45.25 g/t Au (1.32 oz/t). These drillholes remain open to depth and along strike. In the Far SE Golden Mile, drillhole HR07-29 intersected 2.0 m grading 54.09 g/t Au (1.57 oz/t) and remains open.
The gold bearing structure at the Golden Mile has now been shown to have a surface scale and geometry unprecedented in the Geraldton–Beardmore Gold camp’s history, confirming its potential to host a very significant new gold resource. The results of the current drilling program and channel sampling have confirmed high grade gold mineralization over a strike length which is the equivalent of more than 12 football fields, and this system remains open at depth and along strike. Drilling continues to intersect impressive structure and alteration, confirming the extent and continuity of this system along strike and at depth. Kodiak has commissioned additional drill rigs and will continue its 60,000 m drilling program with a view to quickly building tonnage at economic grades within this mineralized system. Kodiak’s ongoing drill program will test the Golden Mile and parallel structures both at depth and along strike. In particular, the drilling will focus on testing the Golden Mile at depth to further determine the geometry and depth extent of this impressive new gold system.
Newly Discovered Large Parallel Gold-Bearing Structures:
THE YELLOW BRICK ROAD VEIN
The Yellow Brick Road vein is a parallel gold-mineralized system 1 kilometre northeast of the Golden Mile that has been exposed over a strike length of more than 1.2 kilometres (see video). At the south end it includes the WL gold zone, where a high-grade gold-mineralized shoot has been intersected in four drill holes and three surface channel cuts, including an intersection of 15.59 g/t over a true width of 9.7 metres in Hole HR06-03, and 10.37 g/t Au over 8.8 metres in Hole HR06-02 (see drill and channel tables for full results). The Penelton gold zone, in the central part of the Yellow Brick Road, has returned assays of 12.46 g/t Au in grab samples, and 8.90 g/t Au over 4.60 in a channel sample. Grab samples up to 5.85 g/t Au and a channel sample assaying 2.60 g/t over 1.51 metres have been obtained from the north end of the Yellow Brick Road.
MARINO VEIN
The Marino vein is one of a swarm of parallel northwest-trending veins discovered to date in a 3 square kilometre area between the Golden Mile and the Yellow Brick Road (see video). At least nine parallel veins have already been discovered in this area, and many other surface showings remain to be explored. A shallow hole (HR07-16) drilled on the Marino vein intersected 38.47 g/t Au over 1.6 metres, gold mineralization remains open in all directions, and surface channel samples were also gold-mineralized (see drill and channel tables for full results). Multiple geophysically indicated parallel structures within a 30 km area of strong gold potential remain to be explored
SUMMARY
At Hercules, trenching has newly exposed more than 5 km of gold-mineralized quartz veins that remain open in all directions, and 90% of the strike length remains untested and the system remains open in all directions. Although a resource has not yet been established, some of the gold grades encountered to date in drill core, channel and grab samples are comparable to grades encountered in high grade mines such as the Leitch gold mine, 30 kilometres to the southwest, which produced 1 million ounces of gold at an average grade of 0.96 ounces per ton. The Beardmore-Geraldton area is a proven gold camp in a large greenstone belt between Red Lake and Timmins that has remained underexplored until recently due to extensive overburden and forest cover. The area was opened up by logging in the 1990s, and access and infrastructure are excellent. Kodiak is ramping up exploration to explore the Hercules structures along strike and to depth, with a planned 60,000 m drilling program currently underway, and given the scale and geometry of the vein systems discovered to date, Kodiak believes the Hercules project has strong potential to host a major new gold resource.
This information has been reviewed and approved by Robert B. Hawkins, Kodiak Chief Geologist, who is a qualified person for the Hercules project under the definitions established by National Instrument 43-101.
Golden Mile visible gold in core: HR07-51
– 3.6m grading 358.56 g/t Au (10.46 oz/t Au), including 2.5m grading 515.98 g/t Au (15.05 oz/t Au)
Hole HR07-65: 2.9 m grading 203 g/t Au (5.92 oz/t)
Intense sericite alteration in
Hole HR-06-02: 10.37 g/t Au
over 8.8 metres true thickness
in the WL gold zone
Drill core from hole HR-06-03:
15.59 g/t Au over 9.7 metres true thickness, which included 20.85 g/t Au over 7.2 m, including 26.91 g/t Au over 5.6 m, including 51.65 g/t Au over 2.8 m
