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Kodiak Exploration Limited: Kodiak geophysics leads to new gold discoveries
8/4/04

Aug 04, 2004 (M2 PRESSWIRE via COMTEX) --
HLEM and magnetometer surveys on its Wobbegong prospsect and induced polarization (IP) and magnetometer surveys over the Vent and Kipper Cameron area (see June 29, 2004 news release). A thorough compilation of all historical geophysical data on the Knucklethumb Lake property
has also been completed. A thorough compilation of all historical geophysical data on the Knucklethumb Lake property has also been completed, resulting in the identification of 20 high priority IP targets, 27 secondary IP targets and three HLEM targets. Prospecting IP anomalies on the Knucklethumb Lake property has already resulted in the discovery of two new gold showings, the Kodiak and MB gold zones.

Knucklethumb Geophysical Evaluation A detailed evaluation of all IP and magnetic data has identified a total of 10 high priority IP targets with strike lengths ranging up to 1.2 kilometres. The IP targets are on strike with, or are peripheral to, known shear hosted lode gold mineralization, with similarities to the Red Lake and Timmins gold camps.

The geophysical evaluation generated prospecting targets that led to the discovery of two new gold showings, the Kodiak and MB showing. Ongoing prospecting and trenching is currently underway on several of the remaining high priority targets.

The Kodiak showing lies between two IP chargeable zones that are approximately 1000 metres long. Highlights from samples collected from the Kodiak showing assayed 306.58 grams/tonne gold, 198.49 grams/tonne gold and 164.21 grams/tonne gold (see June 4, 2004 news release). Channel sampling was recently completed and assay results indicate that gold is contained within a quartz vein that extends 40 metres along strike within an altered and sheared basalt and gabbro.

Additional stripping and sampling are underway to test areas of strong carbonate alteration uncovered on the edges of the previously stripped area.

A new gold showing, the MB showing, has returned gold values of up to 42.61 grams/tonne in grab samples. It appears to be an easterly extension of the 10 kilometre long gold bearing JR Shear Zone. The gold showing also coincides with a moderate to strong IP chargeability high that extends for approximately 200 metres. Gold-bearing sulphide mineralization occurs within mafic pillow flows and at the contact of the flows with silicified, carbonate-altered and pyritic feldspar porphyry intrusions. Further stripping, washing, mapping and channel sampling is to begin immediately to establish the extent of the mineralization as well as to test two additional IP anomalies 600 metres along strike to the east. This is to be followed by diamond drilling the high priority targets along the 10 kilometre gold bearing JR Shear Zone.

Wobbegong VMS Zn-Cu-(Ag-Au) The Wobbegong VMS (volcanic massive sulfide) showing bears similarities to the 20 million plus ounce Sturgeon Lake VMS deposits, located 230 kilometres to the west. This VMS showing has never been drilled. A recently completed 39.20 kilometre HLEM Max-Min II survey and a 45.9 kilometre magnetometer survey identified three conductors with an aggregate strike length of seven kilometres. The trenching of these high priority HLEM targets has expanded the previously known massive sulphide mineralization and led to the discovery of new sulphide mineralization three kilometres along strike to the northeast near Slate Lake.

The most significant massive sulphide mineralization lies within the Mako Zone and coincides with one of the strong HLEM conductors that comes to surface.

Massive sulphides consisting of pyrrhotite, pyrite, chalcopyrite and sphalerite have recently been exposed for approximately 75 metres of the 250 metres strike length inferred from the geophysical results. Historical sampling has yielded values of 0.35 per cent copper and 0.40 per cent Zinc over a true width of 0.90 metres. The presence of stringer copper mineralization in the Mako Zone overlying an iron-rich chloritic alteration zone has led Kodiak's consulting geologists to suggest that the more southerly, stratigraphically higher HLEM conductors are the primary targets for VMS mineralization. The most southerly conductor extends for at least two kilometres and limited trenching has uncovered disseminated to semi-massive sulphide mineralization peripheral to the main conductor.

The P-51 Zone is an occurrence of strongly disseminated to semi-massive sulphide mineralization immediately southwest of Slate Lake. It lies three kilometres along strike to the northeast of the Mako Zone within a similar stratigraphic sequence. The P-51 Zone coincides with two strongly conductive units that have been defined by geophysics over strike lengths up to two kilometres. The geophysical survey indicates that sulphide mineralization is up to 25 metres thick in one of the trenches (refer to P-51 Zone photo). The stratigraphic setting, mineralization, and alteration of the P-51 Zone is similar to the Mako Zone. The Wobbegong VMS target area is presently being stripped, washed, mapped and channel sampled. It will be followed by diamond drilling in the immediate future.

Vent Area/Kipper Cameron A total of 50 kilometres of pole-dipole IP and 70 kilometres of magnetometer surveying were recently completed in the Vent area and the Kipper Cameron Gold Zone. Several east and northeast-striking IP chargeability zones up to 2.6 kilometres long were discovered in the survey area. At the main Kipper Cameron gold zone a 200 metre long IP chargeability anomaly coincides with the area where historical chip sampling has yielded gold values of up to 17.60 grams/tonne over a width of 1.98 meters, 28.08 grams/tonne over a width of 1.42 meters and 12.84 grams/tonne over a width of 1.52 meters and historic grab samples up to 97 oz/ton. The Kipper Cameron gold zone is believed to have similarities with shear-hosted lode gold mineralization found in the Red Lake and Timmins Camps. Kodiak's exploration program on the Kipper Cameron zone has traced gold mineralization over a strike length of 1.2 kilometres with grab samples up to 87.3 grams/tonne gold (see June 15, 2004 news release).

Stripping, mapping, and channel sampling are ongoing, testing the main Kipper Cameron gold zone and other nearby IP anomalies. Assay results are pending.

Diamond drilling is planned to commence in the near future.

The IP survey also outlined seven high priority targets with strike lengths ranging from 0.2 kilometres to 2.6 kilometres in the Vent area; which is an elliptical-shaped magnetic low measuring 3.5 kilometres by 1.5 kilometres.

Several of the high chargeability zones lie within a 400 metre wide sodium depletion zone which is one of the largest known alteration zones in Northwestern Ontario. The rocks within the alteration zone consist of quartz-sericite schists that commonly contain 5 per cent to 20 per cent disseminated pyrite, semi-massive pyrite in fractures and kyanite. Values of up to 0.995 grams/tonne gold and 77 grams/tonne silver have been obtained from grab samples in this alteration zone. Further prospecting, soil sampling and trenching are planned to begin in the immediate future on these geophysical targets to establish drill targets.

The Knucklethumb property is located 210 kilometres northeast of Thunder Bay, Ontario and is road accessible. The Kodiak Zone discovery brings the total number of gold showings on the Knucklethumb Property to 24. Kodiak's 2004 exploration program will cover at least eleven of those showings, the Claim Line, the DH, the Ryne, the Jaz, the Hourglass, the Cabin, the Big Bear, the Kipper Cameron, the Kodiak, the Buck, the Vent and the Wobbegong. Further results will be published as they become available. Maps, photographs and additional historical information may be reviewed on Kodiak's website at www.kodiakexp.com. The qualified person for this project, under the definitions established by National Instrument 43-101, is Christopher Marmont, M.Sc., P. Geo.

All rock samples are delivered by Kodiak personnel to Accurassay Laboratories in Thunder Bay, Ontario. Gold is routinely determined by conventional fire assay with atomic absorption (AA) finish. Selected samples and those containing visible gold are assayed by a pulp metallic procedure.

Link to Knucklethumb Project compilation map:http://www.kodiakexp.com/projects/images/Knucklethumb/Kodiak,-Onaman .gif

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