Kodiak hitches drill over to Knucklethumb property
2004-08-12 14:50 ET - News Release
Mr. William Chornobay reports
KODIAK MOBILIZES DRILL TO KNUCKLETHUMB
Kodiak Exploration Ltd. has initiated its diamond drilling program on its 8,600-hectare 100-per-cent-controlled Knucklethumb project located in Northwestern Ontario. The drill is due to arrive on the property Aug. 18, 2004, where it will test several shear-hosted gold showings and a series of volcanic-massive-sulphide (VMS)-based metal targets.
The NQ core diamond drilling will be carried out on the Claim Line and Kipper-Cameron gold prospects, as well as the Wobbegong VMS prospect. Drill programs for the Vent area, Ryne, MB and other evolving high-priority targets will be set once Kodiak has received the trenching, channel and soil sampling program results from these prospects.
Claim Line gold showing
The Claim Line showing is one of several lode gold showings that occur along the 10-kilometre-long JR shear zone. Kodiak has previously reported historic channel samples from the Claim Line zone of up to 145.56 grams per tonne (g/t) gold over 0.5 metre and historic drill results of up to 13.56 g/t gold over 1.52 metres and 6.21 g/t gold over 5.79 metres (see news release in Stockwatch dated Feb. 11, 2004). These historic results indicate that the gold mineralization remains open at depth.
Recent sampling from Kodiak's 2004 work program has confirmed the tenor of the historical assay results with channel samples returning values of up to 61.84 g/t gold over 1.25 metres, 54.17 g/t gold over 0.25 metre and 198.49 g/t gold over 0.25 metre (see news release in Stockwatch dated June 9, 2004). Kodiak also extended the exposed strike length to 25 metres with abundant visible gold in the quartz vein structures. A geological review of the results from an historic induced polarization survey indicates that the gold mineralized quartz veins lie within a 400-metre-long high-resistivity zone. Kodiak's recent trenching across the resistivity anomaly has revealed silicification with quartz veining, channel sampling and mapping are continuing. A series of diamond drill holes is planned to test the gold mineralization to depth and geometry of the folded and steeply plunging gold-bearing quartz veins.
Kipper-Cameron/Vent area
Kodiak recently completed a 51-line-kilometre induced polarization (IP) survey and a 60.5-line-kilometre ground magnetic survey over the Kipper Cameron property and the adjacent Vent area to the south. The Vent area is a subcircular magnetic low area that measures approximately 4.5 square kilometres. A 2.0-kilometre-long and 400-metre-wide north-northeast trending alteration zone crosscuts the east-striking felsic volcanic/subvolcanic stratigraphy of the Vent. Several chargeability anomalies up to 1,200 metres long were identified by the IP survey and several have subsequently been or remain to be soil sampled and or trenched assay results are pending. The Vent area is one of the largest alteration systems in Northwestern Ontario.
The Kipper-Cameron gold showing consists of a series of gold-bearing quartz veins within a sequence of basalts and quartz porphyry intrusions that have been strongly folded and locally sheared. Grab samples containing more than 1.0 g/t gold have been obtained over a strike length of 1.2 kilometres (see news release in Stockwatch dated June 15, 2004).
Historical assays from the Kipper-Cameron zone include a grab sample of 3,347 g/t gold (97.74 ounces per ton gold) and the following historic channel samples:
The most significant assays received to date from recent channel sampling in this area include 7.95 g/t gold over 0.50 metre, 3.545 g/t gold over 0.30 metre, 1.48 g/t gold over 0.30 metre, 5.21 g/t gold over 2.50 metres and 11.98 g/t gold over 1.0 metre. Channel sampling these trenches is continuing and additional assays are pending. Drilling is planned to test the depth extent of gold mineralization underlying the historical trenches cited in the table above.
New trenches testing IP anomalies elsewhere in the Kipper-Cameron zone have revealed additional strong carbonate alteration with varying amounts of pyrite and quartz veining. Gold-bearing mineralization occurs in multiple zones and appears to be associated with contacts between mafic metavolcanic rocks and quartz/quartz-feldspar porphyry intrusions. These commonly folded contacts offer more significant gold-bearing exploration targets.
Wobbegong
In its 2004 work program, Kodiak completed 45 line kilometres of Max-Min II horizontal-loop electromagnetic (EM) and ground magnetometer surveys on the Wobbegong prospect (see news release in Stockwatch on June 22, 2004). A series of strong EM conductors was outlined over a strike length of more than 4,000 metres. Several parts of these conductors have subsequently been exposed by mechanical trenching revealing strongly disseminated massive sulphides. Rock channel sampling is continuing and assay results are pending. Soil samples were collected over a strike length of 1,100 metres covering the southwesternmost extent of the conductors and analyzed by the MMI-M5 method at SGS Laboratories in Toronto, Ont. Analysis results received to date indicate a correlation of copper and zinc anomalies with EM conductors, as well as anomalies unrelated to the conductors. The latter may reflect disseminated mineralization. The geochemical results will assist in prioritizing drill targets along the prospective EM conductors.
The Wobbegong copper-zinc VMS target has never been drilled. It was discovered by systematic trenching across one kilometre of strike length of the northern of two airborne VLF-EM conductors, exposing what is now referred to as the Mako zone. A pyrrhotite-chalcopyrite and a pyrite vein-stringer horizon have been traced for approximately 250 metres in the Mako zone, along with a 0.9-metre-thick massive sulphide breccia. Historic grab samples yielded values of up to 0.77 per cent zinc, 0.40 per cent zinc and 0.35 per cent copper from a 0.90-metre channel.
Kodiak's consulting geologists have drawn comparisons between the Wobbegong and the Sturgeon Lake VMS deposits located 230 kilometres to the west. The Sturgeon Lake deposits have a combined tonnage of 18.38 million tons grading 8.48 per cent zinc, 1.05 per cent copper, 0.91 per cent lead and 3.72 ounces per ton silver. The stratigraphy at Wobbegong is typical of a volcanic centre and the alteration and distribution of sulphides indicate the occurrence of focused discharge.
Other drill targets
Kodiak's work program includes continuing prospecting, trenching, channel sampling and soil sampling of IP anomalies. This work is designed to generate additional drill targets in the Vent area, MB showing, Ryne zone (historic grabs up to 80 ounces per ton gold) and the DH gold showings.
The Knucklethumb property is located 210 kilometres northeast of Thunder Bay, Ont., and is road accessible. The Kodiak zone discovery brings the total number of gold showings on the Knucklethumb property to 26. Kodiak's 2004 exploration program will cover at least 11 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 MB, the Thor, 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 NI 43-101, is Christopher Marmont, MSc, PGeo.
All rock samples are delivered by Kodiak personnel to Accurassay Laboratories in Thunder Bay, Ont. 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: www.kodiakexp.com/projects/images/Knucklethumb/Kodiak,-Onaman.gif
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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