Kodiak Drills New High Grade Zone at Hercules: 1.5 Metres Grading 18.9 gpt Gold, Exploration Continues
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/13/10 -- Kodiak Exploration Limited (TSX VENTURE: KXL)(FRANKFURT: KX3) is pleased to announce the results from recently completed drilling at its 100% controlled Hercules Project in the Beardmore-Geraldton gold camp of western Ontario. The drill program continues to follow up on recommendations from the company's initial NI 43-101 compliant resource estimate (see news release dated April 13, 2010) including initial evaluation of multiple zones for potential resource expansion including exploring extensions of known veins and testing new vein targets. To date approximately 7,000 metres in 25 holes have been completed. Highlights include drill hole HR10-388 which cut 1.5 metres grading 18.87 gpt gold including 0.3 metres grading 87.10 gpt gold in the Lucky Strike vein. This intercept expands a shallow high grade portion of the Lucky Strike vein and will augment the previously reported gold resources on the Lucky Strike structure. Drill hole HR10-405, testing a potential southeast extension of the Golden Mile vein system more than 400 metres southeast of any prior drilling, returned 2.7 metres grading 2.70 gpt gold including 0.7 metres grading 9.26 gpt gold. This drill hole confirms that the Golden Mile vein system is at least 400 metres longer than previously recognized. This target area, as well as drill targets at depth in the main portion of the Golden Mile and targets under Golden Pond underscore the potential to grow the initial gold resource for the Hercules Project. A drill hole location map and drill results highlight table are shown below. A complete Hercules drill results table can be found on the company's web site: www.kodiakexp.com
---------------------------------------------------------------------------
Interval Gold
HOLE-ID From (m) To (m) (m) (gpt) Zone
---------------------------------------------------------------------------
HR10-385 6.1 8.1 2.0 1.65 Lucky Strike
includes 7.4 7.7 0.3 10.30 Lucky Strike
HR10-388 45.0 46.5 1.5 18.87 Lucky Strike
includes 45.8 46.1 0.3 87.10 Lucky Strike
189.0 190.1 1.1 3.11 Ladder/ext veining
HR10-389 467.9 468.4 0.5 3.64 Golden Mile
HR10-401 255.1 257.3 2.2 2.45 New Zone
includes 255.1 255.6 0.5 3.55 New Zone
includes 256.5 256.9 0.4 5.53 New Zone
HR10-405 205.3 208.1 2.8 2.70 New Zone
includes 206.8 207.5 0.7 9.26 New Zone
includes 206.8 207.2 0.4 12.90 New Zone
---------------------------------------------------------------------------
To view the map accompanying this press release please visit the following link: http://media3.marketwire.com/docs/kodiakmap513.jpg
Beardmore-Geraldton Exploration Update:
Exploration work has been progressing at the company's other projects in the Beardmore-Geraldton gold camp. Besides the recently announced Phase Two exploration program for the Milestone project (see News Release dated May 5, 2010), the company has exploration programs in place for at least five other targets areas: Kaby Lake, Brenbar, Wild Goose, West Geraldton and Shields. At Kaby Lake, line cutting is in progress for a planned IP/mag survey to refine targets for additional drilling. Detailed VTEM has been completed at Brenbar in anticipation of additional groundwork and drilling this summer. Fifty six line kilometres of grid have been completed on the western extension of the West Geraldton project, an area covered with glacial debris; magnetic and IP surveys will commence shortly. A similar grid had also been finished at Wild Goose with drilling scheduled to commence in June. Prospecting and surface sampling is expected to begin at the Shields property later this month as well.
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.
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 Accurassay Laboratories Inc., Thunder Bay, ON, P7B 5X5. 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
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.
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.
Contacts:
Kodiak Exploration Limited
Brian J. Maher
President and Chief Operating Officer
(604) 688-9006
(604) 688-9029 (FAX)
ir@kodiakexp.com
www.kodiakexp.com