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Kodiak Copper Corp
Symbol KDK
Shares Issued 36,664,188
Close 2020-06-16 C$ 0.43
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Kodiak to start phase 2 drilling at MPD this month

2020-06-17 07:41 ET - News Release

Ms. Claudia Tornquist reports

KODIAK ANNOUNCES TARGETS FOR UPCOMING DRILL PROGRAM AT MPD COPPER-GOLD PORPHYRY PROJECT IN SOUTHERN BC

Kodiak Copper Corp. has released plans for a phase 2 diamond drill program to commence later this month at its 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia to drill targets that were prioritized with the recently completed ZTEM geophysical survey. In addition, the company will revisit historic gold trends on the property as part of its 2020 summer exploration program.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "The recent strong copper price rally and a bullish gold market present a great backdrop for our upcoming phase 2 drill program at MPD. Last fall, our successful maiden drill program and the discovery of the Gate zone proved our exploration thesis that there is considerable discovery potential below the shallow historic work conducted on the property. Our first significant discovery of 102 metres of 0.53 per cent copper and 0.16 gram per tonne gold was made without the benefit of deep geophysics, and we were thrilled when the new ZTEM results showed that this high-grade copper interval was located within a large resistivity anomaly that may indicate a substantial porphyry copper mineralization centre. It will be exciting to test this Gate zone resistivity target further in our upcoming phase 2 drill program, and also a similar target in the Dillard area of the project. In addition, with new geophysics in hand, we have prioritized high-grade gold trends discovered on our eastern claims in the early 1990s that remain underexplored and clearly warrant follow-up investigation."

MPD highlights:

  • Large, recently consolidated land package (78.5 square kilometres) in copper- and gold-producing belt in British Columbia with easy access to roads, power, water and labour;
  • Ground evaluated and selected by Kodiak founder and chairman, Chris Taylor, PGeo (chief executive officer of sister company, Great Bear Resources);
  • Historic exploration work (129 drill holes since the 1960s) focused mainly on shallow mineralization;
  • Kodiak phase 1 drilling and discovery of Gate zone confirmed exploration potential at greater depth;
  • New geophysical data show large anomaly at Gate zone that coincide with high-grade drill intervals;
  • Fully financed phase 2 drill program (4,000 m) commencing soon, results expected in the third quarter.

2020 phase 2 drill program

The 2019 phase 1 program at MPD culminated in the discovery of the new Gate zone, including the highest-grade copper-gold interval in drill core ever reported on the property, and mineralization extending from near surface to over 800 metres in depth. The 2020 phase 2 drill program will follow up on the success of last year's work and focus on:

  • Expanding the significant mineralization at the newly discovered Gate zone, using stepout drilling to identify additional high-grade mineralization along strike at various depths;
  • Drill testing similar copper-gold mineralization reported in historic holes in the Dillard area, located two kilometres to the southeast.

Following the recent completion of a ZTEM airborne geophysical survey, Kodiak has the first property-wide geophysical data down to a depth of 1,000 metres. This will be used to prioritize drill targets, in combination with copper-gold results from historic soil surveys, trenching and several generations of shallow geophysics and drilling. The new ZTEM airborne data have confirmed high-priority porphyry targets at Gate and Dillard by highlighting large magnetic and resistive features that extend to depth, which are also coincident with significant mineralization in drill holes.

The company is using data from the ZTEM survey to help guide the current drill program, as well as define the overall setting for mineralization on the property, thereby generating new, high-potential porphyry copper and gold drill targets.

Dillard East gold trends

In addition to porphyry copper-gold targets at MPD, the ZTEM survey provided Kodiak with deep resistivity and magnetic data over historic gold geochemical trends in the Dillard East area. These eastern claims were previously explored by Placer Dome Inc. in the early 1990s and Fjordland Exploration Inc. between 2011 and 2015. Several years of work confirmed a similar geological setting to the adjacent Elk gold mine (late intrusions and quartz-vein-hosted gold) and the company believes Dillard East has comparable potential to host a high-grade gold vein deposit. Four anomalous gold trends were identified on the east side of the MPD property, averaging between 100 and 1,400 metres in length and with highs of 600 parts per billion gold in soil. Limited trenching by Placer Dome also discovered several narrow quartz vein systems, with the best trench result assaying 231 g/t gold over 1.5 metres.

As part of the 2020 summer program at MPD Kodiak will revisit these historic gold trends at Dillard East. Crews will ground truth soil geochemical anomalies, remap the area with the aid of the new geophysics and re-evaluate the potential for the eastern part of the property to host structurally controlled, high-grade gold.

About the ZTEM airborne survey

Kodiak contracted Geotech Ltd. to fly a property-wide ZTEM airborne electromagnetic/magnetic survey at the MPD property in early May. This 425-line-kilometre survey covered 72 square kilometres using 200-metre line spacing and is the first airborne geophysical survey ever flown over the consolidated MPD land package. The survey's high level of sensitivity shows alteration halos, fault-fracture zones and geology down to 1,000 metres, making it a unique 2-D and 3-D mapping tool for porphyry deposits, especially when combined with other data sets like IP and magnetics.

Kodiak has also granted 50,000 stock options to a consultant of the company, exercisable at 43 cents per share for a period of five years.

Jeff Ward, PGeo, vice-president, exploration, and the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Kodiak believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the company has not independently verified, or cannot guarantee, the accuracy of this historic information.

About Kodiak Copper Corp.

Kodiak is focused on its portfolio of 100-per-cent-owned copper porphyry projects in Canada and the United States. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada, where the company made a discovery of high-grade mineralization in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine. The company's Trapper copper-gold porphyry project is located in the northern Golden Triangle region of British Columbia.

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