Vancouver, British Columbia - March 5, 2010 - Kodiak Exploration Ltd. (TSX.V: KXL) is pleased to announce that the company continues to intercept thick zones of potentially bulk-minable gold mineralization at its Milestone Property at the eastern end of the Beardmore-Geraldton gold camp. Winter drilling by Kodiak has intercepted significant gold mineralization in every drill hole, expanding the size of the gold mineralized system first reported by Kodiak in November, 2009 (News release dated 26 November, 2009).
Kodiak has completed six diamond drill holes totaling 2272 metres this winter at Milestone. Highlights include drill hole MS10-05 which cut 34.0 metres grading 0.98 gpt gold; drill hole MS10-06 which cut 37.2 metres grading 0.54 gpt gold and drill hole MS10-08 which cut 12.1 metres grading 2.05 gpt gold. MS10-08 also intercepted locally higher grade gold mineralization (> 7 gpt gold) indicating the potential for high grade style gold mineralization at Milestone. These drill holes are located down dip and on strike with previously reported drill holes MS09-02 which cut 41.2 metres grading 0.98 gpt gold and 30.2 metres grading 0.29 gpt gold, MS09-03 which cut 38.4 metres grading 0.64 gpt gold and drill hole MS09-04 which intercepted 25.0 metres grading 0.90 gpt gold. Drilling is ongoing and will continue to systematically explore the extents of this large gold system. A complete assay table and plan map of the current drilling are shown below.
Gold mineralization at Milestone has the width, strike length and depth extent to define a large tonnage of potentially open pit exploitable gold mineralization. The system remains open along strike; geophysical data (IP and magnetics) indicates that the host structure continues in both directions for several thousand metres. At this time, the ultimate size of the system is unknown. This bulk tonnage style of gold mineralization has been proven economic by numerous mining companies throughout Canada and is an extremely attractive target for Kodiak.
Hercules and West Geraldton Update: The first phase of 2010 diamond drilling at West Geraldton has been completed and samples submitted for gold analyses. The drill rig has been moved to the Hercules project and will resume exploration drilling on the Bobby Ore, Golden Mile and other veins at Hercules. At this time, the ice thickness is insufficient to support drilling equipment on Golden Pond and we will pursue other options for drilling the Golden Pond target area, including barge drilling. The resource estimate for the Hercules project is on schedule and will be completed in the first quarter of 2010.
The geological information for the Beardmore-Geraldton regional exploration project has been reviewed and approved by Darren Lindsay, Kodiak's Vice President-Exploration, who is a qualified person under the definitions established by National Instrument 43-101.
Maps, photographs, detailed geological reports and additional information may be viewed on the Kodiak website at www.kodiakexp.com
Kodiak QA/QC procedures are as follows: Kodiak channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 20 cm and removed with a hammer.
Channel sample spacing is nominally every 20m along strike, dependent on outcrop size and geometry. Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and shipped to the assay lab for quantitative analysis of select elements.
Kodiak drill cores are split down the center with a typical table feed circular rock saw. Sample intervals are selected according to geologic contacts, visible mineralization, and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Kodiak logging and sample preparation facilities by Kodiak personnel. Kodiak angle core holes are directed perpendicular to the mapped dip of the vein therefore reported drill hole intercepts approximate true thickness of the vein. All Kodiak samples are currently being assayed by Activation Laboratories Ltd., Ancaster, ON L9G 4V5 and TSL Laboratories Inc., Saskatoon, SK S7K 6A4. Blank and standard samples are routinely submitted with all sample batches sent to the lab for assay. Screened metallic assays are routinely run on all anomalous gold results as a check on nugget effects. Samples are routinely sent to other labs for additional checks.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Operating Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release may contain forward-looking statements or statements that relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Published at Investorideas.com and www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Mining Stocks Directory: Research mining stocks and gold stocks:
Directory Features Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges -Public companies please contact us with updates, corrections and additions.
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News
Mining Stocks Investor Awareness Programs
Investors: Sign up for free newsletter, stock and sector news alerts at Investorideas.com. Or publish your own stock picks and share your investing and trading ideas with other investors. Publish your investor ideas today!
www.InvestorIdeas.com - Big Ideas for the Small Cap Investor
Disclaimer: The views and opinions expressed in the research published are those of the individual companies and writers and not necessarily those of Investorideas.com®, or any of the industry sector portals . At the time of publication, writers may hold positions in the stocks or companies mentioned.
Investorideas.com® or any of the industry sector portals cannot assure accuracy of the research presented. Investors are encouraged to research and verify facts and under no circumstances is Investorideas.com® endorsing the content as a recommendation to buy or sell stock.
No comments:
Post a Comment