Kodiak VTEM Survey Indicates 3.3 Kilometres of Massive Sulphide Bodies at Caribou Lake Copper-Nickel-PGE Prospect: Drilling to Commence
VANCOUVER, Jan. 20 /CNW/ - Kodiak Exploration Limited (TSX.V: KXL) is
very pleased to provide an update of results from the VTEM airborne
geophysical survey currently being flown over its copper-nickel-PGE prospect
near Caribou Lake, 90 kilometres southeast of Yellowknife, Northwest
Territories.
The VTEM survey, which is just over 50% complete, has already identified
12 large EM conductors indicating the presence of massive sulphide bodies with
a collective strike length of 3.3 kilometers contained within a copper nickel
mineralized horizon striking for over 9 kilometers in the Caribou Lake Gabbro.
These bodies average 300 metres in length. Kodiak's independent geologists are
confident that these conductors indicate copper-nickel-bearing sulphide bodies
since there is no evidence of pyrite or graphite in the intrusion. These
bodies represent high priority drill targets for Kodiak's winter drill
program, which is scheduled to mobilize on January 25th. Bill Chornobay,
President of Kodiak Exploration Limited, said, "We are very pleased with
results to date. The Caribou Lake prospect has many of the early indicators of
a new world class discovery."
Nickel-copper sulphides identified on surface, with grades of up to 19.7%
copper and 38% nickel, are closely associated with the EM anomalies and lie
within a mineralized layer in the gabbro containing magmatic net-textured and
semi-massive copper-nickel sulphides. That mineralized layer is exposed across
an outcrop width of 266 metres from which grab samples of up to 0.97% copper,
0.62% nickel, 198 ppb platinum and 94 ppb palladium have been obtained. It has
been traced for more than 9 kilometres on surface and remains open to the
northeast. It is a minimum of 70 m thick and remains open at depth.
In the southern part of the gabbro, between Great Slave Lake and Caribou
Lake, the VTEM survey has detected six large EM anomalies over a strike length
of 4 kilometres. Flight line spacing of 60 metres has been achieved over this
area, resulting in higher resolution of previously reported EM anomalies (news
Release December 12, 2005). Cross-cutting high grade niccolite infill
fractures, which returned assays of up to 38% nickel, are closely associated
with two of the EM conductors.
The VTEM survey has also detected a series of five large EM anomalies
indicating the presence of massive sulphides three kilometers along strike to
the northeast of the southern trend described above. These are associated with
a zone of gabbro containing anomalous nickel, copper, platinum and palladium
values, including a grab sample that assayed 19.7% copper.
Kodiak's prospectors discovered seven mineralized showings last year by
blast pitting along strike. Grab samples taken from those pits returned values
up to 19.7% copper, 0.62% nickel, 0.07% cobalt, 266 ppb gold, 198 ppb platinum
and 94 ppb palladium in the gabbro layer. Niccolite veins cross-cutting the
mineralized layer produced grab samples containing up to 38% nickel and up to
3.8% cobalt. One pit blasted in the southern zone near the base of the
mineralized layer exposed semi-massive sulphides, but did not reach the base
of the sulphide layer, which remains open at depth. Grab samples from this pit
returned values of up to 0.97% copper and 0.62% nickel. The location of this
discovery coincides with the first anomaly, a large, thick EM anomaly
measuring 410 metres long that will support several high priority drill
targets. A niccolite infill fracture that assayed 23% nickel is associated
with this anomaly.
Kodiak is extremely encouraged that the results received to date have
provided multiple high priority drill targets and looks forward to the results
of the remainder of the survey and the upcoming drill program. Detailed
interpretation of the data is ongoing, and will be used to optimize drill
collar locations for the much anticipated drill program.
Kodiak will release further news as results become available.
News 
Market Data 
Discover 
