10 oz AU over 3.5 mt NR from KXLKodiak Drills High Grade Gold Over Minable Widths in Multiple Drill Holes Including 3.6m Grading 358.56 gpt (10.46 opt) / 2.9m Grading 45.25 gpt (1.32 opt) Gold / 4.1m Grading 20.77 gpt (0.61 opt) Gold
Vancouver, British Columbia CANADA, November 29, 2007 /FSC/ - Kodiak Exploration Limited (TSX - VX: KXL, OTCBB_Pink_Sheets: KXLAF, FWB: KX3), is pleased to announce that ongoing drilling has intersected minable widths of very high grade gold mineralization in multiple new drill holes along The Golden Mile.
Highlights from assays received to date include hole HR07-51 which intersected 3.6m grading 358.56 gpt gold (10.46 opt) including 2.5m grading 515.98 gpt (15.05 opt) and 0.3m grading 3876 gpt (113.05 opt) gold, hole HR07-44 which intersected 2.9m grading 45.25 gpt (1.32 opt) gold including 1.1m grading 116.35 gpt (3.39 opt), and hole HR07-50 which intersected 4.1m grading 20.77 gpt (0.61 opt) gold including 2.9m grading 28.12 gpt (0.82 opt) and 0.4m grading 90.91 gpt (2.65 opt) gold. Several deeper holes which remain to be assayed have also intersected visibly mineralized quartz veins up to 4.6 metres thick. Assays are pending.
The recent drilling significantly expands the area of high grade gold mineralization along The Golden Mile both to depth and along strike, and suggests that a very large ore shoot is probable. Deep drilling on hole HR07-40, which remains to be assayed, intersected The Golden Mile vein system at a vertical depth of 130m, returning 2.6 metres of visibly mineralized vein and more than doubling the previously known depth extent of The Golden Mile vein and leaving it open to depth. Hole HR07-50 was drilled approximately 240 metres northwest of hole HR07-44, and hole HR07-40 was drilled approximately 60 metres northwest of hole HR07-44.
The current drill program plans for 60,000 metres of drilling. It has been designed to expand the known extent of the system and, at the same time, work towards building a resource in the zones of known high grade mineralization. All drilling to date has intersected gold mineralization, which is considered very unusual for Archean vein systems and further confirms the strength and continuity of this extensive new gold discovery. All drill core containing visible gold is sent for rush assay. All other drill core is processed in accordance with Kodiak's standard procedures and results are reported as they become available.
Recently completed in-fill channel samples taken from The Golden Mile also continue to produce high grade gold assays over minable widths, confirming continuity of gold mineralization at the surface. Highlights include channel AMX-21 which cut 1.1 meters grading 64.91 gpt gold and AMX-25 which cut 2.8m grading 18.81 gpt gold. The channels were cut in select parts of The Golden Mile as fill-in samples at 10 metre spacing across the vein in order to demonstrate continuity between the previous channel samples which were cut at 20 metre spacings. Channel samples taken along The Goden Mile confirm continuous gold mineralization over a strike length of 400 metres with an average sample grade of 20.20 gpt Au (0.59 opt Au) and an average width of 3.8 metres (12.5 feet).
Grab samples taken at the northwestern end of the Golden Mile exploration trench have returned up to 67.32 gpt gold, demonstrating continuity of gold mineralization throughout the exposed 2000 metre (2 kilometre) portion of The Golden Mile vein system. Geophysical data indicates that The Golden Mile structure continues in excess of an additional 2 kilometres to the northwest of the exposed portion of the vein, which gives it a total strike length of more than 4 kilometres.
Follow-up prospecting using the recently interpreted geophysical data has aided in the discovery of "The Golden Gate" vein, an impressive 11 metre wide quartz vein located approximately 4 kilometres southwest of The Golden Mile. The newly exposed vein outcrop coincides with one of multiple structures indicated using the geophysical data, contains abundant sulfides and significant amounts of chalcopyrite, and is open in all directions. The area of strong gold potential now has geometry in excess of 30 square kilometres.
Geophysical data indicates that the Golden Mile, Yellow Brick Road and other significant vein systems at Hercules may be several times more extensive than the five plus kilometres of gold bearing veins that have been exposed on surface to date. The geologically accepted rule of thumb for Archean veins is that they typically have a vertical depth extent equal to 50% of their surface expression, underlining the potential of the entire Hercules project. Large gold bearing veins have been confirmed to occur frequently within the Elmhurst Lake intrusion. Early results indicate it contains multiple significant parallel and ladder structures outside the Golden Mile discovery area that remain to be tested.
Mr. Brian J. Maher, Kodiak's Vice President-Exploration, comments: "The exploration team is extremely excited about the rapid development of the Hercules project. In a very short period of time, drilling has significantly expanded the scale and geometry of this system both to depth and along strike. Kodiak extremely optimistic about the potential to rapidly build a significant new gold resource, and we look forward to reporting future results with much enthusiasm. The discovery of The Golden Gate vein in a distal portion of the Elmhurst Lake intrusion demonstrates the strong potential of the entire area. Based on results to date, it is expected that further prospecting, utilizing geophysical guidance, will lead to the discovery of numerous parallel veins within this system. We are very encouraged by this new discovery, because although Archean vein systems are well known for their continuity at depth, it is extremely rare to see so many large gold bearing veins at surface in such abundance and with such continuity and proximity. Early results demonstrate we have barely scratched the surface of this 30 square km area. It is exciting to watch this system quickly developing into what appears to be a very significant new gold discovery."
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Hercules Project 2007 Drill Hole Summary Update
Hole ID From To Intersection (m) Au g/t Au Ou/t Zone
HR07-26 35.5 35.8 0.3 1.00 0.029 PNZ
HR07-27 31.3 32.0 0.7 1.95 0.057 GM
HR07-28 56.6 57.2 0.6 2.13 0.062 GM
HR07-30 37.6 37.8 0.2 1.28 0.037 GM
HR07-35 23.7 24.2 0.5 1.09 0.032 GM
25.0 25.6 0.6 1.28 0.037 GM
29.6 30.0 0.4 1.92 0.056 GM
HR07-36 32.0 33.0 1.0 1.85 0.054 GM
33.4 34.3 0.9 2.59 0.076 GM
35.7 36.2 0.5 1.43 0.042 GM
HR07-44 64.0 66.9 2.9 45.25 1.320 GM
Hole ID From To Intersection (m) Au g/t Au Ou/t Zone
including 64.2 65.5 1.1 116.35 3.394 GM
HR07-50 30.3 34.4 4.1 20.77 0.606 GM
including 30.3 33.2 2.9 28.12 0.820 GM
including 30.7 30.9 0.2 117.80 3.436 GM
including 32.2 32.6 0.4 90.91 2.652 GM
HR07-51 29.2 32.6 3.6 358.56 10.458 GM
including 30.1 32.6 2.5 515.98 15.050 GM
including 30.1 30.5 0.4 67.90 1.980 GM
including 30.5 31.0 0.5 112.70 3.287 GM
including 31.0 31.3 0.3 3876.00 113.051 GM
Channel Sample Summary
Channel ID From To Width G/T Au Ou/T Au
AMX-21 1.40 1.90 0.50 6.17 0.180
2.40 3.50 1.10 64.91 1.893
including 2.40 2.70 0.30 167.00 4.871
AMX-22 1.40 1.82 0.42 1.56 0.046
AMX-23 2.35 3.35 1.00 7.03 0.205
3.85 5.00 1.15 14.33 0.418
AMX-24 2.30 3.10 0.80 44.63 1.302
including 2.30 2.60 0.30 110.90 3.235
AMX-25 1.50 4.30 2.80 18.81 0.549
including 2.80 3.40 0.60 38.27 1.116
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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 intersects approximate true thickness of the vein. All Kodiak samples are currently being assayed by TSL Laboratories Inc., Saskatoon, SK S7K 6A4. 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.
Update on Otish Basin Uranium Project
Kodiak is pleased to report that it has completed its recently announced surface exploration program on its 100% controlled Otish Basin uranium property located in Quebec. That exploration program was initiated specifically to follow up priority targets identified as highly prospective for uranium up-ice from a large radioactive boulder train measuring 2x4 kilometres, containing up to 4.1% U308. These targets were identified through the use of airborne radiometrics, magnetics and EM data. Assays are pending and results will be published as they become available.
Property Consolidation Update
Kodiak has continued to stake mineral claims in the Beardmore-Geraldton gold camp and has entered into two new option agreements respecting mineral properties in the Thunder Bay Mining Division. Pursuant to the first agreement, Kodiak has been granted an option to acquire an undivided 100% interest in 7 mineral claims located in Leduc and Rickaby Townships subject to a 3% net smelter returns royalty. Kodiak may exercise the option by making payments totaling $70,000 in cash or shares over a three year period. Kodiak may purchase one-third of the royalty for $500,000, an additional one-third for an additional $1,000,000 and the final one-third for an additional $1,500,000.
Pursuant to a second agreement with different property owners, Kodiak has been granted an option to acquire an undivided 100% interest in 4 mineral claims located in Legault Township subject to a 3% net smelter returns royalty. Kodiak may exercise the option by making payments totaling $210,000 in cash or shares over a four year period. Kodiak may purchase one-third of the royalty for $500,000 at any time and an additional one-third for an additional $1,000,000.
Any shares issued in connection with the exercise of these options will be priced at the time of issue and will be subject to a four month hold period. The proposed options are subject to acceptance by the TSX Venture Exchange.
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 under the definitions established by National Instrument 43-101.