Kodiak Exploration Limited

Kodiak Exploration Limited

July 16, 2007 09:30 ET

Kodiak Discovers Multiple New High Grade Gold Veins at Hercules/Increases Land Position

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - Kodiak Exploration Limited (TSX VENTURE:KXL) has discovered a large, previously unknown and well mineralized quartz vein system at its Hercules Project, running parallel to the Wilkinson Lake vein system for approximately two kilometres. The newly discovered series of veins define a large gold system which has returned high grades of gold and silver, including bonanza gold grades. Grab and channel samples from this system have returned values of up to 102.2 g/t gold (3.0 oz/t) and 238 g/t silver from quartz veins up to 9.22 metres in width. The system remains open along strike and to depth.

The new vein system was discovered by Kodiak through trenching, geologic mapping, geophysical surveying and geochemical sampling recently carried out in preparation for Kodiak's upcoming diamond drilling program. In addition, results from the most recent geophysical survey indicate multiple untrenched anomalies in adjacent areas and along strike that remain to be tested. Kodiak plans to add the high grade targets from the newly discovered quartz vein systems to its August drilling program.

Kodiak is also pleased to report that it is continuing to build its land package in the Beardmore-Geraldton greenstone belt and structural zone, recently staking over 10,900 additional hectares (26,934 acres) of land. The area in which Kodiak is active has accounted for some 4.1 million ounces of gold production in the past. Kodiak Vice-President of Exploration Brian Maher commented, "The successful exploration program at Hercules is part of a larger, systematic evaluation of this significant and very under-explored gold district." Mr. Maher continued, "Kodiak is committed to this program as we believe that the undiscovered gold potential of this greenstone belt is similar to other major greenstone belts in Canada, and our dominant land position, coupled with our technical expertise will enhance the opportunity for additional discoveries."

Kodiak has recently completed an estimated 2000 metres of trenching within a 61 hectare (150 acre) area that represents only 10% of the defined area of interest. Further trenching, mapping and sampling will continue over the next 2 months to completely cover the target area. Drill targets for Kodiak's August drill program have been identified by their proximity to geologic contacts that are coincident with conductors and magnetic anomalies from recent geophysical surveys.

Results to date are extremely encouraging with the discovery of multiple quartz veins that are consistently anomalous in gold and silver (see below). New quartz veins have been mapped up to 9.22 metres in width and over 350 metres in strike length, and remain open along strike and at depth. These results indicate a large, wide-spaced geologic continuation of the gold bearing quartz vein system at Wilkinson Lake. A drilling program is planned for this summer to test the economic potential of many of these quartz veins in this large, newly discovered gold bearing system.

Sample ID Zone/Showing Au (g/t) Ag (g/t)
4031 Amede Showing 10.64 15
4032 Amede Showing 30.46 17
4097 Yellow Brick Road Zone 5.85 11
4220 Penelton Gold Zone 16.72 27
4223 Penelton Gold Zone 37.07 18
4217 Elmhirst-Miron Zone 7.63 238
4219 Hydro Showing 5.08 27
4253 Bat Showing 40.32 15
4255 Bat Showing 10.35 nsv
4257 Bat Showing 8.11 nsv
4268 Penelton Gold Zone 15.19 10
4274 Penelton Gold Zone 12.46 42
4295 Yellow Brick Road Zone 3.62 28
609514 Unnamed 8.71 9
609592 7 of 9 10.51 25
609596 7 of 9 19.07 96
609671 7 of 9 102.2 pending

Sample Au Au Ag Ag Width
ID Zone/Showing (g/t) (oz/t) (g/t) (oz/t) (m)
WL-01 Wilkinson Lake Gold Zone 9.76 0.28 9.22
WL-02 Wilkinson Lake Gold Zone 1.65 0.05 2.24
WL-03 Wilkinson Lake Gold Zone 3.45 0.10 3.45
WL-04 Wilkinson Lake Gold Zone 23.29 0.68 70.43 2.05 3.05
WL-05 Wilkinson Lake Gold Zone 22.76 0.66 2.67
WL-06 Wilkinson Lake Gold Zone 4.45 0.13 1.63
PN-02 Penelton Gold Zone 2.11 0.06 3
PN-03 Penelton Gold Zone 3.99 0.12 4
PN-04 Penelton Gold Zone 2.02 0.06 5.06
PN-14 Penelton Gold Zone 9.49 0.28 3.45
YBR-04 Yellow Brick Road Zone 2.6 0.08 60.72 1.77 1.51

Maps showing the Hercules Project area and recently completed trenches and sampling can be found on Kodiak's web site at www.kodiakexp.com.

The Wilkinson Lake Zone was drilled by Kodiak during 2006, as previously reported by Kodiak. Previously reported drill results (see table below) have defined a bonanza grade gold-silver zone in quartz veins.

From To Width Gold Gold
Hole ID metres metres metres (g/t) (oz/t)
HR-06-02 12.8 24.3 11.5 10.37 0.30
HR-06-03 26.4 43 16.6 15.59 0.45
HR-06-05 26.9 32.85 5.95 10.15 0.30

The information contained in this news release has been reviewed and approved by Robert B. Hawkins, Kodiak's Chief Geologist, who is a qualified person for the Hercules project under the definitions established by National Instrument 43-101.

Kodiak is a mineral exploration company with significant projects in three different sectors of the mining resource industry. Through regional, grass-roots generative exploration and new geological models the Company has built a portfolio of 100% controlled projects focused on base metals (nickel/copper), gold and uranium in three different areas of Canada. Maps, photographs, detailed geologic reports and additional information may be viewed on our web site at www.kodiakexp.com.

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/KodiakEXP.jpg

On behalf of the Board of Directors


William S. Chornobay, Director, President

This release has been prepared by management - 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.

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kodiak Exploration Limited
    William S. Chornobay
    Director, President
    (604) 688-9006
    Email: info@kodiakexp.com