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Kodiak Copper Corp
Symbol KDK
Shares Issued 36,668,188
Close 2020-10-22 C$ 1.93
Recent Sedar Documents

Kodiak drills 535.1 m of 0.49% Cu, 0.29 g/t Au at MPD

2020-10-22 09:16 ET - News Release

Ms. Claudia Tornquist reports

KODIAK REPORTS COMPLETE DRILL RESULTS FOR MPD-20-004: 535.1 M OF 0.49% COPPER AND 0.29 G/T GOLD (0.76% CUEQ*)

Kodiak Copper Corp. has provided additional drill results from its 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia. The company released new results for hole MPD-20-002 and the remaining upper and lower sections of hole MPD-20-004 at the newly discovered Gate zone. This follows partial reporting of a central high-grade copper gold zone in MPD-20-004, disclosed along with hole MPD-20-001 on Sept. 3, 2020.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "We are pleased to report complete assays for two holes of this year's drill program at the Gate zone. We previously reported the discovery of a high-grade copper-gold zone central to MPD-20-004 having 1.16 per cent copper equivalent over 282 metres. This is one of the most impressive copper gold intercepts reported from a porphyry project in Southern B.C. New results confirm that this high-grade zone is not unique, but part of a wider mineralized envelope intersected over 535 metres in MPD-20-004 and 642 metres in MPD-20-002. We are looking forward to receiving results for hole MPD-20-005 over the coming weeks and from additional holes later in 2020 and into early 2021. Drilling at the Gate zone is ongoing and we continue to intersect copper-gold mineralization with strong alteration characteristic of a large porphyry system. As we round out the 2020 program, we are also making plans for a very active 2021, where we will also test other high-priority targets across the property."

Highlights include:

  • Drilling continues to test the northern portion of a one-kilometre-long gold-in-soil target which has been shown to overlie a significant new porphyry discovery, the Gate zone.
  • New results reported herein are from two separate step-out fans drilled east of, and through, the Gate zone which was discovered by Kodiak in late 2019. Complete results from hole MPD-20-002 and remaining results from MPD-20-004 show a large zoned and significantly enriched copper-gold envelope at Gate, typical of porphyry hosted mineralization.
  • A previously reported 282-metre section from MPD-20-004 returned 0.70 per cent copper, 0.49 gram per tonne gold and 2.65 g/t silver (1.16 per cent copper equivalent*) from 263 to 545 metres downhole, including a high-grade interval of 1.41 per cent copper, 1.46 g/t gold and 5.56 g/t silver (2.75 per cent CuEq*) over 45.7 metres, from 380.0 to 425.7 metres. Additional assays from MPD-20-004 have extended mineralization in this hole another 253.1 metres. The overall mineralized envelope in MPD-20-004 now assays 0.49 per cent copper, 0.29 g/t gold and 1.76 g/t silver (0.76 per cent CuEq*) over 535.1-metre width, between 201.9 and 737.0 metres downhole. See attached table.
  • Results from drilling the Gate zone to date highlight a broad zone of copper-gold mineralization (pyrite plus chalcopyrite and/or bornite) estimated to be at least 300 metres wide (east-west) and extending down to 800-metre vertical depth, which remains open to extension.
  • A total of seven diamond drill holes totalling 5,316 metres have been completed at the Gate zone to date and drilling continues. Drill holes MPD-20-001, 002, 003 were drilled from the first drill set-up located 190 metres east of the original 2019 discovery hole. Holes MPD-20-004, 005, 006 and 007 are situated at a second pad located 75 metres south of the first.
  • All holes with results pending have intersected prospective sulphide-bearing, altered porphyritic host rocks consistent with a well-developed alkalic porphyry system.

                              WEIGHTED ASSAY INTERVALS FOR MPD-20-002 AND MPD-20-004
                  (partial results from MPD-20-004 were reported in a release on Sept. 3, 2020)

Hole ID           From (m)        To m    Width m**      Cu %      Au g/t      Ag g/t      CuEq %*       Reported

MPD-20-002            173         815         642        0.21        0.06        0.84        0.27             new
includes              332         695         363        0.26        0.06        0.98        0.32             new
includes              346         452         106        0.32        0.09         1.3        0.42             new
includes            416.2         449        32.8        0.46        0.12         1.5        0.59             new
and includes        627.2         686        58.8        0.43        0.08        1.16        0.51             new
MPD-20-004          201.9         737       535.1        0.49        0.29        1.76        0.76             new
includes            201.9         263        61.1        0.22        0.06        0.71        0.29             new
includes              263         545         282         0.7        0.49        2.65        1.16  Sept. 30, 2020
and includes          305         530         225         0.8        0.58        2.92        1.34  Sept. 30, 2020
and includes          329         482         153        0.88        0.74        3.37        1.57  Sept. 30, 2020
and includes          329       425.7        96.7           1        0.86        4.19         1.8  Sept. 30, 2020
and includes          380       425.7        45.7        1.41        1.46        5.56        2.75  Sept. 30, 2020
includes              545         737         192        0.27        0.06         0.8        0.33             new
 
*  Copper equivalent grades (CuEq per cent) are for comparative purposes only. Calculations are uncut and recovery 
   is assumed to be 100 per cent as no metallurgical data are available. The following metal prices were used to 
   calculate copper equivalence: $1,800 (U.S.) per ounce gold, $19 (U.S.)/oz silver and $2.90 (U.S.)/lb copper. The 
   following equation was used to calculate copper equivalence: CuEq per cent is equal to ($1,800 multiplied by Au 
   g/t divided by 31.10 plus $19 multiplied by Ag g/t divided by 31.10 plus $2.90 multiplied by Cu per cent divided
   by 2,204.62 multiplied by 100) divided by ($2.90 divided by 2,204.62 multiplied by 100).

** Widths are downhole drilled core lengths. Drilling data to date are insufficient to determine true width of 
   mineralization.

Additional results and drilling

  • The total mineralized envelope in MPD-20-002 assayed 0.21 per cent copper, 0.06 g/t gold and 0.84 g/t silver (0.27 per cent CuEq*) over 642 metres, from 173.0 to 815.0 metres. This includes separate intervals of 32.8 metres of 0.46 per cent copper, 0.12 g/t gold and 1.5 g/t silver (0.59 per cent CuEq*) between 416.2 and 449 metres, and 58.8 metres of 0.43 per cent copper, 0.08 g/t gold and 1.16 g/t silver (0.51 per cent CuEq*) from 627.2 to 686 metres.
  • Four holes have been completed on the current east-west drill section and a fifth is under way. Pending drill hole MPD-20-005 intersected similar porphyry-style sulphide mineralization as MPD-20-004 and was completed to 739 metres at minus 71 degrees. Hole MPD-20-006 was drilled to 726 metres at a minus-55-degree angle and MPD-20-007 to 720 metres at minus 80 degrees.

The MPD project is located 40 kilometres south of Merritt, 25 kilometres north of Princeton and is easily accessible by a network of gravel and logging roads. The current drilling at the Gate zone is 13 kilometres south of Highway 97C.

The Gate zone was discovered in 2019 at the north end of an approximately one kilometre long (north-south) by 300-metre-wide (east-west) copper-in-soil target is present. Drilling has focused on determining the extent of copper-gold mineralization around discovery hole MPD-19-003 by drilling fans of angled drill holes from several set-ups.

Kodiak's drilling has encountered significant copper-gold mineralization and altered porphyritic host rocks that display all the hallmarks of a well-developed alkalic porphyry system. Future drilling will prioritize sites along the coincident copper-in-soil anomalies, and at Gate-like analogues found elsewhere on the property such as the Dillard zone. Kodiak has a multiyear, area-based exploration permit for the MPD project to late 2021.

Kodiak has also granted 30,000 stock options to a consultant of the company, exercisable at $2.28 per share for a period of one year.

About Kodiak Copper Corp.

Kodiak is focused on its 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 within a wide mineralized envelope in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine. Kodiak's porphyry projects have both been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.

The company also holds the advanced-stage Kahuna diamond project in Nunavut, Canada. Kahuna hosts a high-grade, near-surface inferred diamond resource and numerous kimberlite pipe targets.

Kodiak's founder and chairman is Chris Taylor who is well known for his gold discovery success with Great Bear Resources. Kodiak is also part of Discovery Group led by John Robins, one of the most successful mining entrepreneurs in Canada.

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