Kodiak Exploration Limited

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, 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.

ots Originaltext: Kodiak Exploration Limited
Im Internet recherchierbar: http://www.presseportal.ch

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