Ms. Claudia Tornquist reports
KODIAK DRILLS 192 M OF 0.74% COPPER AND 0.48 G/T GOLD (1.21% CUEQ*), WITHIN 515.8 M OF 0.41% COPPER AND 0.22 G/T GOLD (0.63% CUEQ*)
Kodiak Copper Corp. has released further drill results from the Gate zone from its continuing fully financed exploration program at the 100-per-cent-owned MPD copper-gold porphyry project. MPD is located near producing mines in the prolific Quesnel trough in Southern British Columbia, with excellent infrastructure and year-round accessibility from paved highways 5A and 97C.
- A drill program with nine drill holes to date is continuing near the northern end of an approximately one-kilometre-long copper-in-soil target.
- New drill hole MPD-20-005 returned 192 metres of 0.74 per cent copper, 0.48 gram per tonne gold and 2.75 g/t silver (1.21 per cent copper equivalent (CuEq)) from 308 to 500 metres downhole.
- This included a 45-metre central high-grade interval of 1.18 per cent copper, 1.01 g/t gold and 4.00 g/t silver (2.13 per cent CuEq) from 401 to 446 metres downhole.
- The total mineralized interval in MPD-20-005 was 515.8 m of 0.41 per cent copper, 0.22 g/t gold and 1.50 g/t silver (0.63 per cent CuEq) from 223.5 to 739.3 metres downhole.
- Results are very similar to MPD-20-004, originally reported on Oct. 22, 2020, and Sept. 3, 2020, which assayed 535.1 metres of 0.49 per cent copper, 0.29 g/t gold and 1.76 g/t silver (0.76 per cent CuEq).
- All nine drill holes completed to date or currently in progress have intersected prospective sulphide-bearing, altered porphyritic host rocks consistent with a well-developed alkalic porphyry system.
- Drilling to date has tested up to 500 metres of potential width of the Gate zone, and only 125 metres of the approximately one-kilometre strike length of the total copper-in-soil target.
Claudia Tornquist, president and chief executive officer of Kodiak, said: "Hole MPD-20-005 delivered another outstanding drill result from the newly discovered Gate zone. This hole expands the central high-grade zone previously announced in hole MPD-20-004. Importantly, we are also starting to see significant size to the larger mineralized envelope, first identified in the near-surface by shallow historic drilling and extended down to a depth of over 800 metres by Kodiak. Our exploration program at MPD continues and Kodiak is well fund[ed] with approximately $15-million for up to 30,000 metres of additional drilling. The Gate zone is wide open and we look forward to expanding on this discovery. To date we have only drilled a small portion of the substantial soil anomaly that overlays it. Virtually all significant copper mines in the Quesnel trough, including nearby Copper Mountain, consist of multiple porphyry centres. With numerous underexplored historic copper showings across an area of over 10 square kilometres at MPD, the additional discovery potential is very strong, and we also are planning to test other targets across the property throughout 2021."
The MPD project is located 40 kilometres south of Merritt and 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 anomaly. Drilling has focused on determining the extent of copper-gold mineralization with a total of 5,859 metres completed in eight holes to date, and drilling continues with a ninth hole. Drill holes MPD-20-001, 002 and 003 were drilled from the first drill set-up located 190 metres east of the original 2019 discovery hole. Holes MPD-20-004 to 007 and 009 are situated at a second pad 75 metres south of the first (MPD-20-008 was lost in overburden). Hole MPD-20-010 is currently being drilled from a third pad located 290 metres west of the second set-up.
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. Continuing exploration of the Gate zone will prioritize stepout drilling along the broad, kilometre-long copper-in-soil anomaly that underlies this target, in addition to analogous porphyry zones 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.
WEIGHTED ASSAY INTERVALS FOR MPD-20-005
Hole ID From To Width** Cu Au Ag CuEq*
(m) (m) (m) (%) (g/t) (g/t) (%)
MPD-20-005 223.5 739.3 515.8 0.41 0.22 1.50 0.63
includes 308.0 500.0 192.0 0.74 0.48 2.75 1.21
includes 332.0 482.0 150.0 0.84 0.57 3.06 1.38
includes 350.0 458.0 108.0 0.94 0.68 3.28 1.59
includes 401.0 446.0 45.0 1.18 1.01 4.00 2.13
* Copper equivalent grades (CuEq) 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.) per pound copper. The following equation was used to
calculate copper equivalence: CuEq equals (($1,800 (U.S.) times Au g/t divided by 31.10) plus
($19.00 times Ag g/t divided by 31.10) plus ($2.90 (U.S.) times per cent Cu divided by
2,204.62 times 100)) divided by ($2.90 (U.S.) divided by 2,204.62 times 100).
** Widths are downhole drilled core lengths. Drilling data to date are insufficient to
determine true width of mineralization.
Hole ID From To Width** Cu Au Ag CuEq
(m) (m) (m) (%) (g/t) (g/t) (%)
MPD-20-005 401.00 404.40 3.40 1.06 0.75 3.30 1.77
MPD-20-005 404.40 406.75 2.35 6.59 3.90 19.40 10.31
MPD-20-005 406.75 408.33 1.58 1.93 1.82 7.00 3.63
MPD-20-005 408.33 412.20 3.87 0.58 0.63 2.20 1.16
MPD-20-005 412.20 416.00 3.80 0.91 0.75 4.00 1.63
MPD-20-005 416.00 419.00 3.00 1.18 1.37 3.90 2.45
MPD-20-005 419.00 422.00 3.00 0.99 0.75 4.70 1.71
MPD-20-005 422.00 425.00 3.00 1.06 0.94 5.20 1.96
MPD-20-005 425.00 428.00 3.00 0.80 0.80 2.10 1.54
MPD-20-005 428.00 431.00 3.00 0.50 0.48 1.80 0.95
MPD-20-005 431.00 434.00 3.00 0.62 0.58 1.90 1.16
MPD-20-005 434.00 437.00 3.00 0.45 0.46 1.10 0.88
MPD-20-005 437.00 440.00 3.00 0.94 0.87 3.20 1.75
MPD-20-005 440.00 443.00 3.00 1.07 1.25 3.00 2.23
MPD-20-005 443.00 446.00 3.00 0.89 1.02 2.60 1.84
* Copper equivalent grades (CuEq) 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.) per pound copper. The following equation was used to
calculate copper equivalence: CuEq equals (($1,800 (U.S.) times Au g/t divided
by 31.10) plus ($19.00 times Ag g/t divided by 31.10) plus ($2.90 (U.S.)
times per cent Cu divided by 2,204.62 times 100)) divided by ($2.90 (U.S.)
divided by 2,204.62 times 100).
** Widths are downhole drilled core lengths. Drilling data to date are
insufficient to determine true width of mineralization.
Quality assurance/quality control procedures
NQ-size core was sampled over approximately three-metre intervals. All core samples were sent to ALS Canada Ltd. in North Vancouver, B.C., for preparation and analysis. ALS meets all requirements of international standards ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using ALS's fire assay fusion method (Au-AA24) with an AA (atomic absorption) finish for gold; and by a 33-element four-acid digest ICP-AES (inductively coupled plasma atomic emission spectroscopy) analysis (ME-ICP61) with additional analysis for ore-grade elements (ME-OG62) and ore grade Cu (Cu-OG62). In addition to ALS Laboratory quality assurance/quality control (QA/QC) protocols, Kodiak implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards in the field.
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 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.
We seek Safe Harbor.
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