Kodiak's First Drill Hole Cuts Massive Sulphides at Caribou Lake
Vancouver, Canada (ots/PRNewswire)
Kodiak Exploration Limited (the "Company") (TSX: KXL.V) is very pleased to report preliminary results from the first drill hole on its Caribou Lake copper-nickel-PGE property located 90 kilometres southeast of Yellowknife, Northwest Territories. The hole intersected 3.25 metres of strongly disseminated to massive sulphide mineralization containing visible chalcopyrite, pyrrhotite and possible pentlandite. The shallow exploratory hole tested a large near surface VTEM-indicated sulphide body. This is the first of 16 diamond drill holes planned to test 11 large priority near surface VTEM indicated sulphide targets along a 9 kilometre nickel-copper- mineralized trend. Kodiak also plans to drill test two large priority near surface VTEM indicated sulphide bodies located in the foot wall and outside the main trend.
Strongly disseminated to massive sulphide mineralization was intersected between 21.53 and 24.78 metres downhole. An additional interval of disseminated sulphide mineralization containing pyrrhotite and chalcopyrite was intersected between 26.80 and 27.13 metres. Core is being split and dispatched for assay of copper, nickel and platinum group elements at Acme Analytical Laboratories Ltd. in Vancouver. Final results will be released as soon as they are available. Photographs of the drill core can be viewed on Kodiak's updated website (www.kodiakexp.com), and drill core will be available for viewing at Kodiak's booth, No. 2137, at the Prospectors and Developers Association of Canada meeting in Toronto, March 6-8, 2006.
Target No. 1 is a large VTEM response with an interpreted sulphide source located near the southern end of the 12 kilometre long gabbro intrusion. This response is near a large feeder dike - a favourable geological setting. The mineralisation on surface has been measured in this area to be 266 meters thick. Grab samples of gabbro containing net-textured and semi-massive sulphides from the base of a blast pit excavated here last summer returned values of 0.97% copper and 0.60% nickel and 0.07% cobalt. This mineralisation remains open at depth (see news release Jan 20, 2006).
Additional holes are planned to test the economic potential of ten large VTEM responses interpreted to have sulphide sources, with a collective strike length of more than 3 kilometres. VTEM Targets 1, 2, 3, 4, 5, 9, 10 and 12 are associated with a 9 kilometre long horizon of copper-nickel-bearing gabbro. This mineralised horizon ranges up to 266 metres thick in the area of Target No. 1 at the south end. A grab sample at the north end of this horizon assayed 19.7% copper, 0.24% nickel and 229 ppb gold. A nearby sample contained 198 ppb platinum.
Cross-cutting niccolite infill fractures are associated with VTEM Targets 1, 4 and 7. These niccolite fractures are believed to represent hydrothermally remobilised 'bleeders' from underlying sulphide sources. Grab samples have returned assays of 23.5%, 38.0% and 17.3% nickel, respectively.
Drilling is also planned to test VTEM targets 13 and 14. Anomaly 13 is located 700 metres from the footwall of the northwestern portion of the Caribou Lake Gabbro. This response is indicative of an 'offset' style of mineralisation like that identified in other copper-nickel-rich mafic intrusions such as Sudbury. Anomaly 14 is located in the southeastern portion of the gabbro and associated with a fault zone extending 14 kilometres ENE from the feeder dike. This fault is parallel to the shore of Great Slave Lake which has been interpreted as a continental rift. It is this conduit which may have been the source for the Caribou Lake Magmatic Intrusive Complex.
Several strings of secondary, strong, VTEM indicated sulphide targets have been identified along 9 kilometres of the intrusion's western footwall contact. These may represent basal or 'offset' accumulations of more high grade copper-PGE-rich sulphides, similar to those inferred for anomaly 13. Other strings of VTEM anomalies occur along strike between the main trend of large sulphides bodies, and in the vicinity of Anomaly 14 located 3 km to the east. In total, 72 secondary strong VTEM-indicated sulphide targets have been identified. Kodiak plans to prospect all of these anomalies, and follow-up with ground geophysical surveys and diamond drilling as appropriate.
Kodiak is a mineral exploration company with two properties located in Canada. Maps, photographs, geological details and additional information may be reviewed on its website at www.kodiakexp.com. The qualified persons under the definitions established by National Instrument 43-101, are Gary Vivian, P. Geo. and Trevor Bremner, P. Geo.
On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
This release has been prepared by management - TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Contact:
For further information: +1(604)-688-9006 or by email at
info@kodiakexp.com