Kodiak Exploration acquires more Otish properties
2007-03-14 17:03 ET - News Release
Mr. William Chornobay reports
KODIAK ACQUIRES URANIUM PROPERTIES IN OTISH BASIN
Kodiak Exploration Ltd. has acquired additional ground in Quebec's Otish basin. Kodiak has expanded its 100-per-cent-controlled landholdings from 22,350 to 58,278 acres. An additional 53,587 acres have been staked and confirmed by on-line notification from the Ministere des Ressources Naturelles et de la Faune du Quebec. Once these latest claims are confirmed in writing, Kodiak's position will total 111,865 acres in the highly prospective Otish basin, where the exploration for unconformity-type uranium deposits is currently under way. Kodiak plans to commence its exploration of these uranium properties with an airborne, radiometric, gradiometer magnetic and EM survey in the spring of 2007, to be followed up by surface exploration and drilling to test the economic potential of these prospects.
The Otish basin is geologically similar and frequently compared with the Athabasca basin in Saskatchewan, which accounts for approximately one-third of global uranium production and 15 per cent of global uranium reserves. Exploration in the Otish basin during the 1970s, by Uranerz, Soquem, Phelps Dodge, PanContinental-Cominco, Atlantic Richfield, Shell, Cogema and others, resulted in the discovery of uranium deposits, numerous showings and large areas of anomalous geochemistry that were never followed up, as exploration in the area ceased after uranium prices collapsed in the early 1980s.
The Otish basin attracted attention again recently when Strateco reported a series of drill results from the original Uranerz Matoush uranium discovery, where high-grade uranium is concentrated in a fault-zone-cutting Proterozoic-age sandstone. The uranium-mineralized fault zone is marked by altered-gabbro dike remnants and is traceable by geophysics. Strateco intersected 2.13 per cent U3O8 over 15.2 metres, including 3.20 per cent U3O8 over 8.4 metres. Two other drill holes intersected better than 1 per cent U3O8 over lengths of 14.1 metres and 10.5 metres. The mineralization at Matoush lies well above the Archean unconformity and resembles the perched bodies found above the McArthur River and Cigar Lake uranium deposits of the Athabasca basin. The Matoush area also has potential for unconformity-related mineralization at depth. As a result of Strateco's discovery, many companies are now active in the area, including Cameco and Areva.
Kodiak's UR and 308 prospects cover high-grade radioactive float, areas of anomalous geochemistry and uranium-bearing veins near the basin margins. On the UR property, a wedge-shaped radioactive boulder train, measuring three kilometres long by two kilometres wide, points up ice to a fault in Archean bedrock, which is inferred to be the source. More than 100 angular granite boulders assayed by Uranerz contained over 0.1 per cent U, with six ranging from 1.13 to 3.50 per cent U. Similar indicators led Uranerz to the Matoush discovery. This prospect has not been drill tested.
Targets on Kodiak's 308 West and 308 East properties include both deep unconformity sources in bedrock and classic unconformity-style mineralization in the overlying sediments. At the Yvon showing on the 308 West claims, Uranerz traced a pitchblende vein for 15 metres. Historic lake sediment samples taken immediately northeast of the area contained from 405 to 1,920 parts per million U. The 308 East prospect covers a cluster of historic uranium anomalies and radioactive boulders along the west side of a gabbro dike, in a similar setting to the Matoush prospect. A historic hole drilled on the same structure south of Kodiak's claims intersected uranium mineralization over 3.5 metres.
Kodiak's Mat I claim block lies on the western rim of the basin, adjoining the northern edge of Strateco's claims. This area is most prospective for shallow unconformity-style uranium mineralization. The Mat II block is located between Strateco's ground and Cameco's claims to the south. The Mat III block is located to the west of Strateco's Matoush discovery. The Mat II and Mat III claims are both prospective for perched and unconformity-style uranium mineralization.
Kodiak's new UR East claims (33,728 acres) are located five kilometres northeast of the UR claim block, an outlier where basinal sediments and gabbro are cut by altered and mineralized shear zones containing sulphides, including chalcopyrite. Historic lake sediment anomalies up to 159 parts per million U, with elevated uranium-to-thorium ratios, were also recorded within the claim block. The UR East property is prospective for both unconformity- and deep-unconformity-style uranium mineralization.
Kodiak has received on-line confirmation from the Ministere des Ressources Naturelles et de la Faune du Quebec regarding its notice of map staking of the Mat I-III and UR East claims.
Kodiak acquired the Rim 1 through 3 properties by way of on-line staking in the Otish basin, totalling approximately 53,587 acres. This ground is located along the east rim of the basin, in an area containing the highest concentrations of uranium showings and anomalies. Many of these showings are located within or near crosscutting structures. Multiple faults crosscut the basinal sediments within the Rim claim blocks, and a historic uranium showing and several anomalies are contained within the claim boundaries. These properties are highly prospective for unconformity- and perched-style uranium mineralization. Once Kodiak has received final confirmation by mail for this on-line staking, Kodiak will officially have 100-per-cent control of approximately 111,865 acres in the Otish basin.
Further information, including maps, drill sections and photographs, is available on Kodiak's website.
The information contained in this news release has been reviewed and approved by Trevor Bremner, PGeo, who is a qualified person for these projects under the definitions established by National Instrument 43-101. Mr. Bremner is an independent consultant to Kodiak.
We seek Safe Harbor.
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