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Message: NEWS: Kodiak Releases Initial Gold Resource Estimate for the Hercules Project

NEWS: Kodiak Releases Initial Gold Resource Estimate for the Hercules Project

posted on Apr 13, 2010 01:42PM

I hope they have more news ready to stop the selloff... Someone calculate discovery cost per ounce... unbelieveaby high IMO... Selloff in March a coincidence?... You tell me.

red911

Headline: Kodiak Releases Initial Gold Resource Estimate for the Hercules Project; High Grade Gold Resources on the Golden Mile

Symbol: KXL


Kodiak Releases Initial Gold Resource Estimate for the Hercules Project; High Grade Gold Resources on the Golden Mile

Vancouver, British Columbia CANADA, April 13, 2010 /FSC/ - Kodiak Exploration Limited (KXL - TSX Venture, KXLAF - OTCBB_Pink_Sheets, KX3 - FWB), is pleased to announce the results of the initial mineral resource estimation for the company's Hercules gold project, located in the prolific Beardmore-Geraldton gold camp of western Ontario. The highlights are as follows:

* Total uncapped Indicated gold resources at the Hercules Project using a one gpt gold cut off are 231,800 tonnes grading 14.95 gpt gold containing 111,450 ounces gold; additional uncapped Inferred gold resources using a one gpt cut off are 761,300 tonnes grading 4.13 gpt gold containing 101,050 ounces gold. Total Indicated gold resources estimated using a high grade capping value of 60 gpt gold and one gpt gold cut off are 231,800 tonnes grading 7.64 gpt gold containing 56,970 ounces gold; additional capped Inferred gold resources using a one gpt cut off are 761,300 tonnes grading 3.04 gpt gold containing 74,380 ounces gold. A table summarizing the mineral resource estimate is shown below.

* Within the overall Hercules Project gold resource, the Golden Mile vein has a distinct high grade gold resource that begins at the surface and extends to moderate depths. The uncapped Indicated gold resources at the Golden Mile are 191,870 tonnes grading 16.80 gpt gold containing 103,620 ounces gold; additional uncapped Inferred resources are 514,940 tonnes grading 4.95 gpt gold containing 82,020 ounces, both categories estimated using a one gpt gold cut off. Total Indicated gold resources at the Golden Mile, estimated using a high grade capping value of 60 gpt gold and one gpt gold cut off, are 191,870 tonnes grading 7.64 gpt gold containing 50,920 ounces gold; additional capped Inferred gold resources using a one gpt cut off are 514,940 tonnes grading 3.46 gpt gold containing 57,210 ounces gold.

* Combined with additional surface exploration, WGM recommends a scoping study to evaluate the options for further exploration and potential development of the high grade Golden Mile zone.



The mineral resource estimates were undertaken by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada (WGM). WGM carried out database verification, wireframing of all zones that had 3-D continuity using a 0.50 gpt gold outline and a nominal minimum horizontal width of 1.5 metres. The gold grade was interpolated by block modeling methods. The Indicated and Inferred mineral resources were classified according to the CIM definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Michael Kociumbas, P. Geo, WGM Vice-President, a "qualified person" as defined by NI 43-101.



Kodiak is very pleased with the results of this study. The report affirms the gold potential of the Hercules property, the high grade nature of gold mineralization and the future exploration potential of the property. Kodiak has explored only a small percentage of the known vein systems at Hercules and with additional exploration, as recommended by WGM, Kodiak can grow the Hercules gold resource. The geometry and tenor of the Golden Mile gold resource, shallow depth and high grade, provides further support for the undertaking of a scoping study to identify and evaluate options for this resource. Hercules continues to be an important part of Kodiak's regional exploration program in the Beardmore-Geraldton gold camp; we will continue our aggressive exploration of Hercules, Milestone and other projects in the camp throughout 2010.



Gold Resources-Hercules Project

GM: Golden Mile vein system; WLG: Wilkinson Lake Gold zone



-***-



-------------------------------------------------------------------------

Category Zone Cutoff Tonnes Gold gpt Contained Gold Contained

Gold (uncapped) Ounces gpt Ounces

gpt (capped

60 gpt)

-------------------------------------------------------------------------

INDICATED

GM Zone 1.00 148,300 12.51 59,630 6.35 30,270

- DDHs



GM Zone 1.00 43,600 31.37 43,990 14.73 20,660

- Trenches



WLG Zone 1.00 35,600 5.31 6,080 3.92 4,490

- DDHs



WLG Zone 1.00 4,300 12.56 1,750 11.13 1,550

- Trenches



----------------------------------------------------

Total Indicated: 1.00 231,800 14.95 111,450 7.64 56,970

----------------------------------------------------



INFERRED

GM Zone 1.00 50,100 10.23 16,460 5.47 8,800

- DDHs



GM Zone 1.00 255,900 4.09 33,650 3.6 29,620

- SE Target



GM Zone 1.00 131,600 2.73 11,550 2.23 9,430

- NW Target



Lucky Strike 1.00 129,600 1.81 7,540 1.81 7,540



GM Zone 1.00 77,400 8.18 20,360 3.76 9,360

- Amede



WLG Zone 1.00 8,500 1.71 470 1.71 470

- DDHs



WLG Zone 1.00 8,900 12.52 3,560 7.86 2,230

- FW



Marino 1.00 41,500 3.18 4,240 2.78 3,710



7 of 9 1.00 57,800 1.73 3,220 1.73 3,220



----------------------------------------------------

Total Inferred: 1.00 761,300 4.13 101,050 3.04 74,380

----------------------------------------------------

-****-

Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers have been rounded to reflect the relative accuracy of the estimates. Indicated and Inferred mineral resources were categorized at a 1.0 gpt gold cut off grade using a high grade cap of 60 gpt gold. Mineral resources were estimated using the ID3 Method.









A copy of the final report by WGM will be filed on SEDAR within 45 days.



The geological information for the Beardmore-Geraldton regional exploration project has been reviewed and approved by Darren Lindsay, Kodiak's Vice President-Exploration, who is a qualified person under the definitions established by National Instrument 43-101.





Kodiak QA/QC procedures are as follows: Kodiak channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 20 cm and removed with a hammer. Channel sample spacing is nominally every 20m along strike, dependent on outcrop size and geometry. Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and shipped to the assay lab for quantitative analysis of select elements. Kodiak drill cores are split down the center with a typical table feed circular rock saw. Sample intervals are selected according to geologic contacts, visible mineralization, and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Kodiak logging and sample preparation facilities by Kodiak personnel. Kodiak angle core holes are directed perpendicular to the mapped dip of the vein therefore reported drill hole intercepts approximate true thickness of the vein. All Kodiak samples are currently being assayed by Activation Laboratories Ltd., Ancaster, ON L9G 4V5 and Accurassay Laboratories Inc., Thunder Bay, ON, P7B 5X5. Blank and standard samples are routinely submitted with all sample batches sent to the lab for assay. Screened metallic assays are routinely run on all anomalous gold results as a check on nugget effects. Samples are routinely sent to other labs for additional checks.





On behalf of the Board of Directors

Brian J. Maher

President and Chief Operating Officer



Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release may contain forward-looking statements or statements that relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.







Suite 1205 - 700 West Pender Street,

Vancouver, B.C., V6C1G8 Canada.

Tel: (604) 688 9006 Fax: (604) 688 9029

ir@kodiakexp.com

www.kodiakexp.com



Source: Kodiak Exploration Limited (TSX-V: KXL) http:.//www.kodiakexp.com

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