Kodiak Reports Assay Results From First Hole at Caribou Lake, Drilling Continues to Intersect Additional Massive Sulphides
Vancouver, Canada (ots/PRNewswire)
Kodiak Exploration Limited (the "Company") (TSX: KXL.V) is pleased to report that the first three exploratory holes drilled at the first of 83 VTEM targets at its Caribou Lake property have all confirmed the presence of strongly disseminated to massive sulphides.
The Company's 100% owned Caribou Lake property is located 90 kilometres southeast of Yellowknife, Northwest Territories, and is considered prospective for copper-nickel-PGE mineralization. There are a total of 83 VTEM targets along the 9km copper - nickel mineralized trend and surrounding area, including Target 1 referred to above.
Diamond drill hole CL-06-01, the Company's first drill hole, returned an intersection of 1.41 metres grading 1.11% copper, 0.90% nickel and 0.12% cobalt at a downhole depth of 23.37 to 24.78 metres. That intersection lies within a 3.18 metre interval grading on average 0.7% copper, 0.53% nickel and 0.07% cobalt. The entire 5.4 metre mineralized interval grades on average 0.5% copper, 0.36% nickel and 0.05% cobalt at a downhole depth between 21.60 metres and 27.00 metres.
Drill hole CL-06-03 intersected 4.25 metres of disseminated to massive sulphide mineralization consisting of pyrrhotite and chalcopyrite between 33.5 and 37.75 metres downhole. Assays are pending.
Drill hole CL-06-04 intersected 37.19 metres of disseminated, blebby and net textured sulphide mineralization that remains open. The mineralization contains pyrrhotite and trace chalcopyrite from the collar at 2.74 to 39.93 metres downhole. Assays are pending. The collar set- up of hole CL-06-02 was unfortunately mislocated at the wrong GPS coordinates. Consequently the hole, which was drilled towards the east, started immediately above and overshot the steeply west-dipping sulphide target. Hole CL-06-04 mentioned above was collared at the originally planned drill site for hole CL-06-02 and intersected sulphide mineralization. As a result since hole CL-06-04 collared in sulphide mineralization, Kodiak plans to drill a hole by stepping back further in order to test the base of the mineralized layer where the highest potential for massive sulphide concentrations exists.
The three shallow exploratory holes drilled to date have tested only the near surface parts of Target 1, which is a large VTEM indicated sulphide body located near the southern end of the 12 kilometre long gabbro intrusion. This response is near a large feeder dike - a favourable geological setting for the accumulation of sulphide minerals.
Kodiak has determined to expand its planned drill program from 16 to 32 holes to test the economic potential of ten large VTEM indicated 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 copper-nickel mineralized horizon. The mineralization is exposed across an outcrop width of 266 metres in the area of Target No. 1.
Cross-cutting niccolite infill fractures are associated with VTEM indicated sulphides on Targets 1, 4 and 7. These niccolite fractures are believed to represent hydrothermally remobilized 'bleeders' from underlying sulphide sources. One sample has been collected from each of these infill fractures. The three selected grab samples returned assays of 23.5%, 38.0% and 17.3% nickel, respectively.
Drilling is also planned to test VTEM indicated sulphides on Targets 13 and 14. Target 13 is located 700 metres from the footwall of the northwestern portion of the Caribou Lake Gabbro. This location is suggestive of an 'offset' style of mineralization like that identified in other copper-nickel-rich mafic intrusions such as Sudbury. Target 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 and may represent a conduit for the Caribou Lake Gabbro and Blachford Lake 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 copper-PGE rich sulphides, similar to those inferred for VTEM 13. Other strings of VTEM anomalies occur along strike between the main sulphide-indicated VTEM Targets, and in the vicinity of Anomaly 14 located 3 km to the east. In tota , 72 secondary strong VTEM-indicated sulphide targets have been identified. Prospecting and blasting of two shallow VTEM targets has verified the presence of chalcopyrite at one location and pyrrhotite at the other. Kodiak plans to prospect all of these anomalies, and follow-up with ground geophysical surveys and diamond drilling as appropriate.
Core is split and one half is dispatched for assay of copper, nickel and platinum group elements at Acme Analytical Laboratories Ltd. in Vancouver. Gold and platinum group elements are determined by lead- collection fire assay fusion for total digestion, finished with ICP-MS; copper, nickel and other metals are assayed using a hot four-acid total digestion with ICP-ES finish. Assay results will be released as they become available. Photographs of the drill core can be viewed on Kodiak's updated website (www.kodiakexp.com).
The exploration program at the company's Ontario Knucklethumb Lake project is ongoing. Kodiak has completed a VTEM survey and ten exploratory drill holes. These diamond drill holes have returned no significant assay results to date, with final assays from the principal deep target, the Vent Gold Zone, still pending. Three holes completed at the Aidan copper-nickel prospect and at a proximal VTEM anomaly on the Cameco Onaman Option returned no significant results. No VTEM anomaly coincides with the Aidan- Snake showings, and the nearby VTEM anomaly is explained by a narrow interval of barren pyrrhotite in a metasedimentary rock unrelated to the gabbro-hosted copper-nickel showings. Kodiak's consulting geologists recommend no further work on the Cameco portion of the Knucklethumb property and that the Cameco Option be relinquished.
The information contained in this news release has been reviewed and approved by Gary Vivian, P. Geo., and Louis Covello, P. Geo., who are the qualified persons for the Caribou Lake project under the definitions established by National Instrument 43-101. Mr. Vivian is an independent Professional Geoscientist, and Principal of Aurora Geosciences Limited of Yellowknife, NWT, which is operating the program on behalf of Kodiak. Mr. Covello is an independent Consultant to Aurora Geosciences Limited.
The Qualified Person for the Knucklethumb Lake Project under the definitions of National Instrument 43-101 is Christopher Marmont, M.Sc., P. Geo., who has reviewed and approved the information contained in this news release.
Kodiak is a mineral exploration company with properties located in Canada. Maps, photographs, geological details and additional information may be reviewed on its website at www.kodiakexp.com.
On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, PresidentThis 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