the next big gold play....Mantis Minerals (MINE on the CNQ)...they have a potentially huge property by Kodiak Exploration's Hercules project in ontario (
http://www.mantismineralcorp.com/projects.php).
Mantis' property is situated nearby which makes it a potential acquisition by Kodiak (KXL:TSX-V) heres teh press release on KXL
Drills 1.6m Grading 38.47 gpt Gold, Cuts 11.6m Grading 32.96
gpt Gold
Kodiak Exploration Ltd. is pleased to announce assay results from the
2007 exploration program on its Hercules project in the Beardmore-Geraldton
gold camp, where over five kilometers of newly discovered, gold-bearing
structures have now been exposed on surface. At the Golden Mile, excavation
of overburden has exposed a previously unknown gold-bearing structure which
has been traced along strike for over 2 km. Every drill hole completed to
date at the 100% controlled Hercules project has intersected gold
mineralization, as shown in the tables below.
These intersections and the gold grades obtained are considered by our
geological team to be very significant in the geological environment of the
Beardmore-Geraldton gold camp. The Golden Mile in particular is a strongly
mineralized structure with pyrite, base metal sulfides and frequent visible
gold occurring on surface and in drill core. High grades (greater than
30gpt gold) are common in channel and grab samples. Continuous gold
mineralization has been traced over a strike length of 365 m, with channel
samples averaging 20.20 gpt gold over an average width of 3.8 m. Forty-one
percent of grab samples collected along the Golden Mile contain in excess
of 10 gpt gold. This structure remains open in all directions and will be
the focus of the expanded drilling program described below.
Highlights of the first results from Kodiak's 2007 program include
drill holes from both the Marino zone and the Golden Mile. Hole HR07-16
intersected 1.6m grading 38.47 gpt gold on the Marino vein. On the Golden
Mile, a channel sample (AMX-01) cut 11.6m grading 32.96 gpt gold. Drill
hole HR07-09, drilled below that channel sample, intersected 0.8m grading
20.55 gpt gold. Drill hole HR07-10, drilled still deeper in the same
section, intersected 4.0m grading 6.89 gpt gold, showing that gold
mineralization is continuous from the surface to a depth of at least 40
meters and remains open. Highlights from other channel samples collected
over a 365m segment of the Golden Mile include AMX-04 which cut 9.55m
grading 27.04 gpt gold, channel AMX-07 which cut 4.8m grading 24.91 gpt
gold and channel AMX-16 which cut 2.3m grading 28.64 gpt gold. These
channels samples confirm continuous gold mineralization over a strike
length of 365m with an average sample grade of 20.20 gpt gold and an
average width of 3.8m. Additional channel samples and drill hole intercepts
containing strong gold mineralization indicated by visible gold have been
submitted for rush analysis and will guide further drilling on the Golden
Mile. These drill and channel results confirm the strong upside potential
of the Hercules project and the potential magnitude of the gold bearing
system. All drill hole and channel assays are uncut.
Mr. Bill Chornobay, President of Kodiak comments: "New gold discoveries
of this magnitude are extremely rare. In spite of the tremendous amount of
work done this summer, we have barely scratched the surface. We may only beseeing the tip of the iceberg. The Beardmore-Geraldton gold camp has
already produced an estimated 4.1 million ounces of gold, is highly
prospective and has seen very little exploration over the past several
decades. These are very early days, yet we are seeing high-grade gold in
almost every structure we uncover. The frequency with which we get samples
containing high gold grade from grabs, channels and drill core bodes well
for this project. The team is extremely optimistic and we look forward to
the future with much anticipation"
On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
Linear Mode
