Big Gold discovery by KXL in Hercules project
Kodiak Exploration Limited (KXL - TSX Venture), is pleased to report a 16.6 metre intercept grading 15.59 g/t Au at its 100% controlled 14,970 acre Hercules Project in Ontario. The intercept is from diamond drill hole HR-06-03 which tested the Wilkinson Lake Gold Zone (the "WLG Zone"), one of ten gold showings identified to date on Kodiak's property, located in the Geraldton-Beardmore Mining Camp.
This report covers the first 5 of 15 diamond drill holes which tested the WLG Zone for 240 metres along strike from surface channel sample WL-01, which averaged 9.76 g/t Au over 9.22 metres. All five drill holes intersected gold mineralization, with holes HR-06-02, HR-06-03 and HR-06-05 intercepting significant gold mineralization. HR-06-02 intercepted 11.5 m grading 10.37 g/t Au and HR-06-05 intercepted 5.95 metres grading 10.15 g/t Au. The WLG Zone remains open along strike and at depth.
"Early indications from the program are very encouraging, and we are eagerly awaiting our next set of drill results," said Kodiak President Bill Chornobay.
Mineralization discovered to date at Hercules is interpreted as a quartz-carbonate shear-zone hosted system. It consists of multiple zones of wide gold-bearing quartz veins and stockwork zones along a large shear system with a strike extent of at least 16 kilometres. The shear zone mineralization remains open in all directions. The shear system follows the mapped contact between granodiorite and porphyritic metavolcanic rocks.
The WLG Zone is up to 15 metres wide on surface, with an average width of 11.2 metres, and a strike length of 240 metres which remains open to the west and east. The above-referenced 16.6 metre intercept in Hole HR-06-03 included 51.5 g/t Au over 4.85 metres, which in turn included 248.25 g/t Au over 1 metre containing visible gold.
Results are pending for holes 6 to 15, which tested the strike length along the shallow-plunging WLG Zone. The vein strikes 120 degrees and dips 75 to 85 degrees to the south. All holes drilled to date have an azimuth of 030 degrees and were drilled across the vein with dips ranging from 45 to 80 degrees.
Holes HR-06-12 and HR-06-13 intercepted 13 and 10 metres, respectively, of mineralized quartz veining and stockwork under the Kinghorn Road while testing the west end of the WLG Zone. Assays are pending.
Drill results for holes 1-5 are summarized in the table below (uncut data).
Drill hole From (m) To (m) Interval Au g/t Base metals Comment HR-06-01 20.32 37.50 17.18 1.4 Assays pending Quartz vein/stockwork with sericitic wall rock inclusions, up to 1% pyrite
including 36.25 37.5 1.25 6.18 Assays pending Quartz vein, numerous sericitic fractures
HR-06-02 12.8 24.3 11.5 10.37 Assays pending Quartz vein/stockwork with 1- 10% pyrite, locally chalcopyrite and galena
including 12.8 16 3.2 17.47 Assays pending Quartz vein/stockwork with 1- 10% pyrite, locally chalcopyrite and galena
including 21.1 24.3 3.2 19.02 Assays pending Quartz vein with 1-4% pyrite
HR-06-03 26.4 43 16.6 15.59 Assays pending Unaltered and sericitic quartz vein/stockwork with 1 to 15% pyrite, locally argentite, galena and chalcopyrite
including 27.15 39.55 12.4 20.85 Assays pending Sericite schist and quartz vein stockwork, 1% pyrite, locally argentite, galena
including 30 39.55 9.55 26.91 Assays pending Quartz vein/stockwork 1-15% pyrite, locally argentite, galena, chalcopyrite
including 27.15 32 4.85 51.65 Assays pending Sericite schist and quartz vein stockwork with 1 to 15% pyrite, locally argentite, galena and chalcopyrite
HR-06-04 36.5 51.7 15.2 3.14 Assays pending
including 37.4 39.75 2.35 6.58 Assays pending
HR-06-05 26.9 32.85 5.95 10.15 Assays pending Sericite schist and quartz vein with 1 to 5% disseminated pyrite.
including 28.9 30.3 1.4 42.19 Assays pending Sericite schist and quartz vein with 1 to 5% disseminated pyrite
In addition to its diamond drilling program on the WLG Zone, Kodiak carried out a comprehensive prospecting program over other areas of the property, including trenching and stripping, which resulted in the identification of several previously undiscovered zones with mineralization on surface. The new Penelton Gold Zone discovery rivals the WLG Zone in size, and the mineralization appears similar to that found in the WLG Zone.
The Penelton Gold Zone is located 200 metres due west of the WLG Zone, and both are contained within the same 400 metre-wide shear zone. The Penelton Gold Zone consists of an 8 metre wide gold-bearing quartz vein within a wider zone of schist and altered wall rock. The veins, schist and altered wall rock are all gold-bearing, and a series of grab samples across the Penelton Gold Zone averaged 7.91 g/t Au over 9.5 metres. The zone has a strike length of 250 metres and remains open to the east and northwest. Kodiak plans further stripping, mapping and channel sampling to expand the known strike extent of this new discovery, followed by diamond drilling to test its economic potential.
The Miron Gold Zone is located 1 kilometre to the northwest along strike from the new Penelton Gold Zone discovery. It comprises two parallel shears in granodiorite which strike northwest and dip steeply east along the contact with felsic metavolcanics. Stripping and trenching along the eastern shear zone have exposed a zone of recrystallized quartz breccia over a 67 metre strike length. Patterson et al. (1985) report that an historical 41.8 ton bulk sample was taken from the eastern shear zone in 1985 and shipped to Northern Concentrators for milling. Head assays were processed by Bondar Clegg Company Limited and averaged 11.14 g/t Au. [Note: Because of the historical nature of the information in this paragraph, it is not National Instrument 43-101 compliant].
Kodiak's Amede Gold Zone is located 1 kilometre southwest of the Penelton Gold Zone. A grab sample from high grade quartz veins in this zone assayed 30.46 g/t Au, and the zone remains open. Follow-up prospecting, trenching, mapping, and channel sampling is planned in the near future to determine the potential economic significance of the Amede Gold Zone.
The Hercules shear system lies within the historic Geraldton-Beardmore Mining Camp, which has produced more than 4.1 million ounces of gold. The Geraldton-Beardmore Mining Camp lies between the Red Lake and Timmins Gold Camps, approximately 200 kilometres east of Red Lake and 400 kilometres west of Timmins, and approximately 100 kilometres northwest of Hemlo. Kodiak's property is road accessible, and lies within a large area which has remained underexplored due to forest and overburden cover. Prospecting and stripping has aided in the discovery of new gold zones, and mapping and drilling has assisted Kodiak in modelling the system.
Kodiak plans to carry on prospecting, stripping and mapping along the 16-kilometre length of the large shear structure in future exploration programs. In the short term, based on the encouraging early results, Kodiak is currently planning a Phase II program focused on additional prospecting, trenching, mapping and channel sampling, to be followed by drilling, to expand the known extent of these gold zones and further evaluate their economic potential.
A more in-depth summary is available on Kodiak's Web site at www.kodiakexp.com
Kodiak's phase 1 drill program has produced 1500 metres of NQ core with recovery close to 100%. Half-core samples were sawed on site and assayed at Accurassay's Thunder Bay Laboratory. Thirty-gram samples were submitted for fire assay with an ICP finish. Metallic screen fire assays are in progress for samples containing more than 5 grams of gold per tonne. As part of quality-assurance, blanks, duplicates and standards are inserted every 50 samples. Half-core samples have been retained on site for verification and reference purposes.
The information contained in this news release has been reviewed and approved by Trevor Bremner, P. Geo., who is a qualified person for the Hercules project under the definitions established by National Instrument 43-101. Mr. Bremner is an independent consultant to Kodiak.
The map associated with this press release can be viewed on the Filing Services Canada Inc. website by clicking onto the link supplied below:
usetdas.com |
