Kodiak raises $2.8 million for Knucklethumb drilling

Vancouver – A non-brokered private placement amounting to $2.8 million will see Kodiak Exploration (KXL-V) through the current drilling program on its wholly-owned Knucklethumb property in the Thunder Bay mining division in northwestern Ontario.

Kodiak recently announced an infill induced polarization (IP) survey on its Knucklethumb Lake property that provided more detail and extended the existing anomalies while defining new chargeability anomalies.

Of particular note, is chargeability anomaly KL-06 which when drill tested by KL-05-04 resulted in an intersection of 118 metres of abundant massive and heavily disseminated sulphides, as announced in late February.

“That anomaly coincides with a gold-arsenic-antimony soil anomaly in a swamp”, says Bill Chornobay, the company’s president and COO.

Subsequent logging of hole KL-05-04 shows that the sulphide mineralization extends another 40 metres beyond the 118 metres, for a total continous sulphide intercept of 158 metres starting from a down-hole depth of 16 metres (overburden). The sulphides include bornite, chalcopyrite, pyrite, sphalerite, and arsenopyrite. Chornobay says that the core is still being assayed and that the lab has a backlog of samples to deal with so patience will be required. Chornobay hesitated to speculate on the assays the massive sulphide intercept would yield but is hoping for gold and silver to show up as well as the base metals.

The new IP survey extends anomaly KL-06 by another 1,000 metres to the southwest, for a total of 1.5 km length and up to 100-metre width.

Kodiak plans to test this anomaly, which is still open to the southwest, with further diamond drilling during the current winter program.

Between down-hole depths of 134 and 174, the disseminated sulphides comprise between 5-8%, over 40 metres, with sections containing up to 30-40% sulphides. Galena and molybdenite were noted.

Kodiak is in the midst of testing a series of coincident chargeability and geochemical anomalies around an extensive alteration system. The company also plans to test an adjacent stratigraphic horizon on the southern edge of the “Vent”.