Kodiak Exploration Limited (the "Company")(KXL.V) is pleased to report completion of its Phase 1 exploration program at Caribou Lake, NT. By using a combination of geophysics, exploratory stratigraphic drilling and surface exploration, and in conjunction with a team of internationally recognized nickel specialists including Dr. Walter Peredery, Kodiak has identified at least twelve large structural traps, any one of which could host a significant sulphide ore body. With a 5-year exploration permit from the government now in place, these deeper targets are planned to be tested for their economic potential during the next phase of drilling.
Massive, semi-massive and net-textured primary nickel-copper sulphides encountered during the first phase of exploration demonstrate that the Caribou Lake intrusion was saturated with copper, nickel and cobalt when it formed. Surface mapping and stratigraphic drilling, which permitted mapping of the upper portion of the intrusion, has shown that the central part of the Caribou Lake mafic intrusion consists of coarse and very coarse-grained, layered mafic and ultramafic rocks (peridotite and pyroxenite) with crystals up to 3 centimetres in size, and patchy to disseminated primary sulphides, mostly pyrrhotite and chalcopyrite. The presence of these very large crystals indicates the intrusion cooled slowly in a favourable chemical environment, which would allow metal sulphides to settle out and concentrate in structural traps along the base of the intrusion when it was forming. Historically, economic concentrations of nickel and copper sulphide have been discovered by identifying and drilling these structural traps along the base of a mafic or ultramafic intrusion.
Initial analysis of detailed three-dimensional magnetic images has identified twelve geologically significant structural traps along the base of the Caribou Lake intrusion where massive nickel, copper and cobalt sulphides should have concentrated. These targets are located along 25 kilometres of geophysically indicated troughs which follow the base of the intrusion. Individual targets range from 200 to 500 metres long in their north-south dimension and from 260 to 550 metres wide in their east-west dimension. The bases of eight of the 12 targets are interpreted to lie at depths ranging from 330 to 530 metres below surface. The targets have a cumulative length of 4.5 kilometres north-south and a width of 3.6 kilometres east-west.
Several drillholes (see attached map) in which primary massive, semi-massive and net-textured nickel-copper sulphides were intersected correspond closely to EM anomalies identified earlier this year.
A massive sulphide intersection in the first hole (CL-06-01) assayed 1.02% Ni, 1.375% Cu and 0.13% Co over 0.78 metres, within a larger 3.18 metre interval grading 0.53% Ni, 0.7% Cu and 0.07% Co, indicating the intrusion was saturated in nickel, copper, and cobalt when it formed. Holes 4, 6, 8, 17 and 21 are underlain by a strong VTEM anomaly which is believed to be associated with the structural trap identified as Target 1. Many other EM anomalies remain to be tested by the phase II drilling as the recently completed shallow drilling achieved a vertical depth of only 170 metres. All of the newly modeled structural traps are deeper than 170 metres.
Five other drillholes (3, 5, 7, 15 and 16) in the area of VTEM anomaly 1 also returned significant mineralized intersections at shallow depths, including hole 16 which intersected 6.6 metres of semi-massive sulphide grading 0.38% Ni, 0.56% Cu and 0.047% Co within a 53.2 metre intersection of disseminated, nettextured and massive sulphide mineralization from 34.5 to 87.7 metres downhole.
Holes 2 and 23 in the Anomaly 1 area, Holes 9 and 10 in the Anomaly 3 area, Hole 13 in the Anomaly 7 area and Hole 26 in the Anomaly 12 area did not intersect the VTEM conductors associated with these anomalies. However, all these holes cut minor amounts of disseminated nickel-copper sulphides. Also, a broad section of coarse-grained gabbro, peridotite and pyroxenite was logged in Hole 12. Assays are pending on holes 27-31 and 33-50. Coarse-grained sulphides and broad intervals of coarse-grained gabbro, peridotite and pyroxenite were observed in some of these later drillholes. With 20 holes remaining to be split, logged and/or assayed, compilation and interpretation of data is ongoing and will be focused on generating further drill targets. This information will be released as it becomes available.
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