here the sedar report

Kodiak’s Hercules Property is located approximately 120 kilometres northeast of
Thunder Bay, in Ontario’s historic Beardmore-Geraldton Gold Camp (4.1 million ounces
production to date). The property is road accessible and close to infrastructure. Past producers in the area include the high grade Leitch Mine, 30 kilometres to the southwest,
which produced 1 million tons of ore at an average grade of 31.54 grams per tonne (0.92 opt) gold.
At Hercules, high grade gold has been found in multiple quartz-carbonate veins that cut
through the 31 square kilometre Elmhirst Lake Intrusion and adjacent metavolcanic
rocks. Surface stripping since 2006 has exposed several massive gold-bearing structures
consisting of vein and stockwork systems that have a combined strike length of more than
6 kilometres. Individual veins are up to 3 kilometres long and 9 metres wide, enclosed
within a wide envelope of intensely sheared and altered wall rock. The gold-mineralized
structures remain open in all directions, and display many of the characteristics of other
Archean gold deposits, which together account for two thirds of Canada’s gold
production.
The Golden Mile, the principal vein at Kodiak’s Hercules Project, is a large quartz vein
system with visible gold and sulphides exposed on surface along a three kilometre strike
that remains open. Continuous gold mineralization was initially traced on surface for
more than 400 metres, and channel samples taken every 20 metres along this zone had an
average grade of 20.2 gpt Au over an average width of 3.8 metres. Systematic resource
delineation drilling has so far outlined at least three parallel high grade zones with a
northwest plunge, within an envelope of lower grade gold mineralization.
The high grade zone that forms the central part of the Golden Mile has returned
intersections as high as 515.98 gpt Au over 2.5 metres, including 63.67 gpt Au over 0.3
metres in HR08-51, and a high grade zone to the east returned 16.98 gpt Au over 1.3 m,
including 63.67 gpt Au over 3 m in hole HR08-171. The continuity of gold
mineralization has now been confirmed to a downhole depth of almost 600 metres, and
the vein remains open below that.
Infill drilling continues to intersect high grades as well, with 9.3 m grading 14.78 gpt Au
including 3.3 m grading 32.22 gpt Au in HR08-161. Drilling at the east end of the Golden
Mile has discovered a very large body of gold mineralization that is open to depth. All
zones remain open to depth.
Recent step-out drilling and trenching have discovered an extension of the Golden Mile 1
km along strike to the northwest, on the other side of a lake recently named the Golden Pond. This zone confirms a 50% increase in the strike length of the Golden Mile since the
last report, and the system remains open for another four km to Kodiak's claim boundary.
Trenching and mapping is in progress and will be completed during the 2009 field
season. A high grade vein discovered by Sage Gold on trend with the Golden Mile
structural zone further to the northwest indicates that the Golden Mile structural zone
extends for at least nine km, over nine km of which remain undrilled. These results
underscore the tremendous untapped gold potential of the Golden Mile vein system
In addition to the Golden Mile, other strong veins, including the parallel Marino, Seven
of Nine, Yellow Brick Road and WL veins about 1 km northeast of the Golden Mile,
have been uncovered by trenching over a collective strike length of 3 kilometres. These
veins also frequently contain visible gold and sulphides. Significant drill intersections
include 38.47 gpt Au over a downhole width of 1.6 metres at Marino (HR07-16), 12.85
gpt Au over 1.1 m including 0.3 m grading 53.24 gpt Au at Seven of Nine (HR08-113)
and 15.59 gpt Au over a true width of 9.7 metres (including 51.65 gpt Au over 2.83
metres) at WL (HR07-03). Drill hole HR08-145 was successful in extending the high
grade WL zone down plunge, where it intersected 3.3 m grading 22.26 gpt Au, including
0.8 m grading 90 gpt Au.
The Lucky Strike vein was discovered 200 m west of the Golden Mile vein during the
course of step-back drilling along the central part of the Golden Mile. It was intersected
at a depth of 38.5 metres and contains visible gold within a two metre vein width in drill
core. Further drilling on this structure has outlined a broad zone of gold mineralization
that graded 1.2 gpt Au over 41 metres in hole HR08-137. The Lucky Strike and Golden
Mile structures appear to converge at depth, suggesting a potential high grade target
where they intersect, and a wedge-shaped region of shallow, bulk-mineable
mineralization above.
All of these veins remain open, and other newly discovered veins within the 30 square
kilometre Elmhirst Lake intrusion remain to be drill tested. Within the Elmhirst Lake
intrusion, which hosts these mineralized veins, 30 kilometres of multiple parallel
structures remain largely unexplored. Results to date demonstrate that the intrusion has
strong potential to host additional new gold discoveries.
Subsequent events
Between January 1 and October 31, Kodiak drilled 202 holes totaling 59,959 metres on
the Hercules property and 90 holes totaling 16,519 metres on other properties in the
Beardmore-Geraldton area. Deep drilling at Hercules continues to intersect mineralized
quartz veins, which display wide haloes of sericite-chlorite-carbonate alteration,
silicification, as well as hematite "soaking" in the footwall and hanging wall to the main
structure. These zones of alteration can be up to 35 metres in thickness. Gold continues to
be intersected to a downhole depth of 600 metres. Drilling by Kodiak has defined at least
two distinct shoots of gold mineralization. These shoots have a regular geometry and
periodicity, i.e. higher grade zones appear to occur at regular intervals along strike. This
information helps guide further drilling and targeting of high grade gold mineralization.

Drilling is ongoing at the Golden Mile, expanding the size and scale of the known
mineralized system. Drilling is scheduled to continue over the winter months, focusing
in part on targets that underlie the Golden Pond. The Golden Mile structural zone makes
a slight turn, or change in strike direction, under the lake and this is believed to be an area
with high potential for new gold minerization. Drilling will also continue to follow the
Golden Mile vein to depth as these types of vein systems can extend to over 2,500 metres
in depth and Kodiak has only explored the upper 600 metres of the system, thus there is
an opportunity to expand the system four-fold at depth.
Trenching in the area of the northwest extension of the Golden Mile has uncovered shear
zones up to 6 metres wide, within a broad envelope of strongly mineralized wall rock,
with 20 metres of quartz veins and alteration containing sulphides in the most
northwesterly drill holes. Ground exploration and geophysical studies show that the
Golden Mile structural zone now extends at least an additional five kilometres, more than
doubling the potential strike length.
Exploration adjacent to the Golden Mile has also accelerated at Hercules. A new target
area between the Golden Mile and the Marino vein system has returned up to 37.1 gpt Au
and is being followed up with advanced exploration, trenching and drilling.
Beardmore-Geraldton Gold Camp regional properties
In addition to the Hercules project area, Kodiak has established itself as the dominant
land holder in this under-explored greenstone belt, located between the prolific Red Lake
(19.7 million ounce) and Timmins (65 million ounce) gold camps. Kodiak’s land
holdings now cover approximately 1400 square kilometres of favourable stratigraphy and
structure in an area measuring approximately 150 kilometres long and up to 40
kilometres wide. These properties comprise a mixture of Kodiak 100% owned claims and
option agreements, and include the Gold Rush, Golden Boomerang, and Maki Midas
properties (see table below). Magnetic-gradiometer-VLF surveys have been flown over
the Hercules property and a large part of Kodiak's regional claim block, and VTEM
surveys have been flown over selected blocks, with radiometric surveys to identify
alteration patterns. Nine of approximately 30 gold prospects are currently being
evaluated, including the four mentioned above.
Of particular note is Kodiak’s West Geraldton prospect, just west of the town of
Geraldton, where a number of historic gold mines produced 3 million ounces of gold.
Kodiak has identified multiple untested targets along the 40 kilometre Portage Shear
Zone. The Goldstrike and Golden Boomerang zones are 500 m apart, and have each been
exposed by stripping over a strike length of 300 metres and remain open. These structures
are characterized by quartz veining with arsenopyrite over broad widths where historic
grab samples have graded up to 129.5 gpt Au. A historic drill hole on the Goldstrike zone
intersected 2.04 metres grading 328 gpt Au, and recent drilling on the Golden Boomerang
zone has intersected a very strongly mineralized structure 12 metres wide, including a total of 5.5 metres of quartz-carbonate veins with visible gold, and 20% sulphides that
include arsenopyrite, galena, sphalerite, pyrite and chalcopyrite.
To the west of the Golden Boomerang zone, a third zone has recently been discovered.
This target area, focused on the Portage shear, has recently been stripped. Channel
sampling and mapping of the newly stripped area has defined several excellent highquality
targets that are currently being drilled. Given the strike length of the Portage
shear, the width of the mineralized system and the high grades reported in historic
drilling and sampling campaigns, the entire West Geraldton area is considered to be a
priority target and will be evaluated to test its untapped economic potential.
The Gold Rush zone is a Golden Mile look-alike. Gold is associated with quartz veins
and sulphides in broad northwest-striking shear zones up to 10 metres wide that cut
granite of the Kaby Lake intrusion, which is the same age as the Elmhirst Lake intrusion
that hosts the Golden Mile. Trenching, mapping and sampling show broad shear zones up
to 10 metres wide, with strong alteration and quartz veining. Magnetic data show these
structures continue for several kilometres, and drilling has commenced. The proximity to
the Golden Mile and the nearly identical geologic setting highlight the tremendous
potential of this target area.
Sturgeon Bridge-Caviar is an east-west structure where trenching, mapping and sampling
show broad parallel shear zones up to 40 metres wide along a strike length of 1.5 km that
remains open along strike and to depth. Drilling is underway. Shearing up to 100 metres
wide has been found in drill cores, and blind, strongly mineralized shears and stockwork
have been found in deeper drill holes. The broad zones of shearing suggest both lowgrade
bulk minable drill targets are present as well as higher grade targets associated with
sulfide and quartz veining.
At the Maki Midas project, historic drilling intersected 555.43 gpt Au over 1.2 metres,
and 26.74 gpt (0.78 opt) Au over 2.81 metres in the best two of 27 gold-mineralized drill
holes. Stripping has exposed the Maki structure over a 400 metre distance, uncovering a
broad shear system with massive arsenopyrite and quartz veining in sheared metavolcanic
rocks over a width of 6 metres. There has been no modern drilling or exploration on this
property due to very poor access, but VTEM and magnetic data indicate the structures
continue for tens of kilometres. Regional exploration has traced the structure at Maki
over five kilometres underscoring the impressive size of this very large gold-mineralized
system. Channel sampling, mapping and drilling have commenced.
The current status of Hercules and Kodiak's regional properties is summarized in the
table below: (not shown - LB)

Subsequent events
Kodiak is continuing to add properties of merit to its land package, these properties are
located along more than 300 kilometres of major gold producing breaks or structures that
have a striking resemblance to the Cadillac Break in Val d'Or and the Porcupine-Destor
Fault Zone, and are entirely controlled by Kodiak. Kodiak geologists believe this
underexplored gold belt, which has hosted 14 producing mines in the past, has
tremendous untapped 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.
Knucklethumb
The 100% controlled Knucklethumb gold prospect is a separate property located 40
kilometres north of Golden Mile, in the northern part of the same Archean greenstone
belt. The property covers 4,176 hectares, has excellent road access, and is located
approximately 210 kilometres northeast of Thunder Bay, Ontario.
The Knucklethumb Vent Zone was discovered in 2004, following a regional compilation.
It consists of a large area of gold-sulphide mineralization within a zone of intensely
silicified and sericitized quartz porphyry and hydrothermal crackle breccia. The alteration
zone measures approximately 3 kilometres long by over half a kilometre wide, making it
one of the largest known alteration systems in Northwest Ontario. Kodiak’s surface
trenching in the Vent area exposed a gold-mineralized area 230 m long and up to 12
metres wide, with an average width of 7 metres. Surface channel samples have assayed
up to 2.20 gpt Au and 12.89 gpt Ag over 6.10 m, including 7.17 gpt Au and 20.90 gpt Ag
over 1.70 m.
Shallow diamond drilling on the property in 2005 (33 holes – 4,415 m) and a second
phase of deeper drilling (7 holes – 1611 m) in 2006 included 29 holes in the Vent area,
where a Titan 24" deep IP-Resistivity-Magnetotelluric survey outlined large areas of
moderate to high chargeability, coincident with moderately low resistivity. The IP
anomalies coincide with several lenses of disseminated to semi-massive pyrite with strike
lengths ranging from 200 to 600 metres, associated with multi-element soil geochemical
anomalies. The sulphide lenses are parallel and have a north-south orientation.
Hole KL05-04 intersected widespread gold mineralization averaging 0.19 gpt Au/108.90
m from 25.60-134.5 m down hole, including 0.33 gpt Au/29.05 m from 37.0- 66.05 m,
including 0.46 gpt Au/15.33 m from 37.0-52.33 m. Hole KL06-01 intersected 0.29 gpt
Au over 10 m true width, and showed that the gold mineralization extends to a vertical
depth of at least 390 m.
The size of this gold-bearing hydrothermal system, a lack of drilling at deeper levels, and
the existence of multiple priority targets that remain untested, all suggest that this
property has strong potential for a significant new gold discovery.