Soaring gold grades from Kodiak Exploration’s (KXL-V, KXLAF-O) Hercules project caused the company’s share price to take off recently, closing more than 50% higher on the results.
Kodiak shares climbed 34 on the news, to 99 apiece on a trading volume of 2.5 million shares.
Shallow drill holes and channel samples from the 2-km-long Golden Mile zone at Hercules, located in the Beardmore-Geraldton gold camp in northern Ontario, reached grades well above 30 grams gold per tonne.
Continuous gold mineralization has been traced over a strike length of 365 metres with channel samples averaging 20.2 grams gold per tonne over an average width of 3.8 metres.
Golden Mile is strongly mineralized, with pyrite, base metal sulphides and frequent visible gold on surface and in drill core.
Highlights from Kodiak’s first set of results from drilling this year include a 1.6-metre intersection on the Marino vein grading 38.47 grams gold per tonne.
On Golden Mile, an 11.6-metre channel sample returned 32.96 grams gold per tonne while a hole drilled below the sample intersected 0.8 metre at 20.55 grams gold per tonne.
Another hole drilled deeper into the same section returned 4 metres grading 6.89 grams gold, showing that gold mineralization continues to a depth of at least 40 metres.
Kodiak has also uncovered quartz vein structures between the Wilkinson Lake, Yellow Brick Road and Golden Mile zones, which run parallel to one another within an area of about 2 by 1.5 km.
The company notes that similar quartz vein structures that have been found at surface in the Red Lake, Kirkland Lake and Beardmore-Geraldton gold camps, but with much smaller surface expressions, have extended to depths of 1 to 2 km and contain economic mineral resources.
Kodiak plans to explore the Hercules camp to greater depths, where more than 5 km of newly discovered gold-bearing structures have now been exposed.
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