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Hercules Gold Property

Subsequent events

Between January 1 and May 22, Kodiak drilled 91 holes totalling 16,640 metres, including 85 holes on the Hercules property and 6 on other properties in the Beardmore-Geraldton area. Four drills are currently working on the Golden Mile, and a fifth drill is being mobilized. Deep drilling continues to intersect mineralized quartz veining, quartz carbonate alteration and strong zones of silicification up to 35 metres thick to depths of up to 430 metres. In addition, the first holes drilled at the far northwest end of the Golden Mile have intersected quartz veining and thick zones of altered wall rock, indicating that the Golden Mile vein system remains open in a northwesterly direction beyond the extent to which it has been stripped on surface, as well as to depth.

In the course of step back drilling along the central portion of the Golden Mile, a new blind vein was discovered approximately 100 metres southwest of the principal Golden Mile vein. This previously unknown vein was intersected at a depth of 38.5 metres and contains visible gold within a two metre vein width in drill core. Follow up drilling is in progress to test its full depth and strike extents. Further drilling is also planned in the near future for the Marino, 7 of 9 and WL zones, as well as other untested gold-bearing vein systems.

The company plans to complete approximately 60,000 metres of drilling as well as a comprehensive surface exploration program at Hercules in 2008.



Geraldton Gold Camp regional properties

Subsequent events

Kodiak continues to add properties of merit to its land package, based on its ongoing review, including 491 hectares of patented claims and leases in the Klotz Lake, Irwin and Pifher Township areas that were acquired in April. Kodiak geologists believe this prolific gold belt, which has hosted 14 producing mines in the past, is under-explored during modern times, and therefore offers exciting potential for the discovery of new economic gold deposits in an Archean terrain that is similar to gold camps such as Timmins, Val d Or, and Noranda.

A total of 8185 line km of airborne magnetic, gradiometer and VLF-EM surveys was recently flown over 8 different blocks between Beardmore and Klotz Lake to help delineate new targets along this belt.

During 2008, Kodiak geologists are planning a detailed and systematic exploration program along the belt, including line cutting, geophysics, stripping, trenching, geologic mapping, geochemical sampling and drilling.





Energy Division

West Millenium Property

Kodiak’s exploration for 2008 is planned to include ground geophysical surveys, surface sampling, and diamond drilling to test the economic potential of several of the high priority unconformity-related conductors that have been identified along the extensive conductive trends. All drill holes are planned to be systematically surveyed with radiometric and electromagnetic probes, and all core is to be sampled for lithogeochemistry and infrared spectrometry.



Otish Uranium Properties

Kodiak's UR prospect covers 17,382 acres (7,034 hectares) on the northeast rim of the Otish Basin, including a 3 kilometre x 2 kilometre area with more than 100 radioactive boulders discovered by Uranerz. The boulders consist of angular hematized granite, suggesting a local bedrock source. An 11,000 line kilometre airborne magnetic, radiometric and VLF-EM survey flown last fall identified a large, highly radioactive anomaly up to 3500 cps, that coincides with the area of mineralized boulders. VLF conductors at the apex of the anomaly indicate a potential mineralized structure with a similar exploration setting to Matoush. Drilling is planned to test this structure in summer, 2008.



The 2008 exploration program will include additional airborne surveying, mapping and prospecting, detailed lake sediment sampling, and diamond drilling. Fuel and supplies are in place, and mobilization is set to occur as soon as lakes are ice-free.





Base Metals Division

Sleeping Giant Property

Sleeping Giant was discovered as the result of a surface exploration program consisting of ground geophysics, compilation of data from previous shallow drilling, and follow-up reconnaissance drilling. This Ni-Cu zone remains open along strike and to depth. Kodiak has now completed 60 km of ground UTEM and 63 km of magnetic surveys to outline the full extent of conductors that could indicate sulphide targets, in preparation for
additional drilling.