Ed's Thread

[McBeanburger]

worthy of a halt? you decide

KODIAK EXPLORATION LIMITED Quick Quote: KXL 0.32 (Even)


Hits High-grade Gold
8/26/04

Kodiak Exploration Limited is pleased to announce the discovery of several new occurrences of gold and polymetallic mineralization on the Kodiak Gold Zone. The Company has now begun its exploratory diamond drill program on its 100 percent controlled, 8,600 hectare, Knucklethumb Lake
Project, located in Northwester
n Ontario.

Kodiak Gold Zone

The Kodiak Gold Zone is located along side a logging road near the Jaz Zone. Ongoing exploration of this Zone has resulted in the discovery of additional visible gold mineralization 50 metres along strike to the west from the discovered outcrop. Kodiak previously reported high-grade grab samples from this newly discovered showing assaying up to 306.58 grams/tonne gold (see press release June 4, 2004). Pulp metallic gold analysis of two recent channel samples in the same newly exposed showing has returned values of 390.82 grams/tonne gold and 263.82 grams/tonne gold over a true thickness of 0.10 metres within a quartz vein. The visible gold is contained in a 10 centimetre thick, gently dipping, quartz vein where it intersects a 2.0 metre wide, vertically oriented quartz-carbonate vein stockwork. A single channel sample from the same vein 50 metres to the west returned a value of 38.27 grams/tonne gold over a true thickness

of 0.35 metres. These results were also determined using the pulp metallic method.

Channel samples of the same 10 centimetre thick quartz vein taken 1 metre and 20 metres west of the discovery outcrop returned assays of 0.006 grams/tonne gold and 7.30 grams tonne gold respectively. These results were determined by the fire assay-AAS method; pulp metallic analyses of these samples are pending. Channel sampling of the Kodiak showing is continuing and assay results will be reported when available.

The Kodiak Zone lies between two IP chargeability zones that are approximately 1,000 metres long. Current trenching, channel sampling and mapping have traced widespread carbonate alteration over a strike length of 800 metres. The alteration zone remains open ended. Carbonate alteration attains widths in excess of 25 metres, within which there are quartz veins, quartz-carbonate veins and three stockwork structures measuring 12 metres in combined width. Fuchsite alteration of the adjacent wall rock is common and chalcopyrite and tourmaline are conspicuous in the vein and stockwork structures.

The Kodiak Zone also lies within a synvolcanic, layered gabbro intrusion and bears similar characteristics to the San Antonio Gold Mine in Bissett, Manitoba - favorable magnetite-bearing host rocks, carbonate alteration, intersecting structures and competency contrasts. The San Antonio Gold Mine has produced 1.36 million ounces of gold from 4,876,000 tons of ore for a recovered grade of 0.27 ounces per ton and is reported to have mineable reserves of 901,800 tons with a grade of 0.27 ounces per ton (Gold City Industries Ltd., news release, January 12, 2004).

Ongoing mechanical stripping, channel sampling and detailed mapping continue to define the geology and expand the known limits of mineralization on the Kodiak zone to further establish drill targets.



Thor Shear and Colby Showing

The Thor Shear is a newly identified structure that coincides with a moderate IP chargeability anomaly that has a strike length of 700 metres. The Shear Zone is up to 75 metres wide and is characterized by a series of east-striking, highly chloritic and carbonate altered parallel shears. The Thor Shear Zone lies within a series of mafic rocks. They contact to the north with a belt of felsic volcanic rocks. Prior geophysical and geological data indicate that the shear zone may extend for 2300 metres eastward from the MVP Showing (0.62 grams/tonne gold, 78 grams/tonne silver, 3.82 per cent copper, 3.78 per cent zinc and 2.63 grams/tonne gold, 45.2 grams/tonne silver from prior grab samples) to the Cabin Showing (8.42 grams/tonne gold over 0.50 metres from prior channel sampling) and is coincident with a series of IP chargeability anomalies.

Some 80 grab samples of pyritic, sheared and locally veined mafic metavolcanic rocks have been collected from a series of trenches and outcrops along the Thor Shear Zone. At the eastern end of the shear zone 12 grab samples were collected from Thor Trench 1 across a width of approximately 20 metres. One sample assayed at 1.59 grams/tonne gold and 0.21 per cent copper. Another grab sample 6 metres away assayed at 2.14% zinc. At the Thor Trench 2, 140 metres west of Trench 1, 12 grab samples were collected over a width of 80 metres. Three samples yielded anomalous results: 1.62 grams/tonne gold; 22 ppm silver and 0.24 per cent copper; and 0.14% zinc.

Prospecting north-trending structures intersecting the Thor Shear has led to a new discovery, the Colby Showing, located 1,100 metres east of the MVP showing and 100 metres northeast of Thor Trench 1. One of five grab samples collected from the Colby showing returned an assay of 3.14 grams/tonne gold. Mechanical stripping, channel sampling and detailed geological mapping are ongoing to establish drill targets.



Aiden Showing

Prospecting IP anomalies resulted in the discovery of another new showing - the Aiden Showing. Grab samples of up to 5.54 per cent copper, 0.375 grams/tonne gold were found in fine-grained mafic metavolcanic rock or gabbro and the sulphide mineralization consists of disseminated chalcopyrite with pyrrhotite and pyrite. Pt and Pd analyses are pending. The outcrop is currently limited to an area of intermittent exposure that measures 4.0 metres by 1.0 metres wide.

Prospecting and recent trenching, 300 metres southwest of the Aiden Showing, have uncovered additional copper-gold mineralization. Values of up to 0.90 per cent copper and 0.53 grams/tonne gold have been obtained from grab samples. The mineralization coincides with two parallel, 400 metre long, weak chargeability anomalies. The copper-gold mineralization occurs in a mafic host rock similar to that of the Aiden Showing.

The full extent, orientation and nature of these copper-gold showings is not known at this time, and they will undergo rigorous surface exploration work in the near term including ground geophysics, trenching, power stripping, channel sampling, and geological mapping to establish drill targets.



Josef Zone

Recent prospecting has uncovered gold values of up to 2.11 grams/tonne gold in grab samples from the Josef Zone. The Josef Zone is part of a sulphide-bearing stratigraphic unit that has been traced on surface for approximately 65 metres before passing under Barn Lake. It is between 15 and 20 metres in width on surface and dips southeastward between 45 degrees and 90 degrees. Mineralization consists of 20 per cent to 25 per cent pyrite within silicified to cherty, interbedded clastic metasediments and massive to pillowed mafic flows. A northeastward-trending airborne electromagnetic conductor that extends under Barn Lake for approximately 1.0 kilometres is inferred to represent the on strike extension of the Josef Zone. There is no recorded previous drilling of this EM conductor. Follow up exploration including channel sampling is planned in the immediate future.



Drill Program

Drilling is now underway at the Claim Line Gold Zone (see news release June 11, 2004). Some 1,500 to 2,500 metres of NQ core drilling is planned on the Claim Line Gold Zone, the Kipper Cameron Gold Zone and the Wobbegong copper-zinc volcanogenic massive sulphide prospect. A contingency plan is set to drill other evolving high priority targets if the results of ongoing surface exploration are positive. Results will be reported only on completion of this drill program.

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. Base metal analyses are performed by ICP-AES using Aqua-regia digestion.

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



KODIAK EXPLORATION LIMITED