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Kodiak Copper Corp
Symbol KDK
Shares Issued 55,618,314
Close 2022-09-13 C$ 0.94
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Kodiak Copper drills 29 holes at MPD

2022-09-13 12:02 ET - News Release

Ms. Claudia Tornquist reports

KODIAK PROVIDES UPDATE ON 2022 EXPLORATION PROGRAM AT MPD COPPER-GOLD PORPHYRY PROJECT IN SOUTHERN BRITISH COLUMBIA

Kodiak Copper Corp. has provided an update on its fully financed 2022 exploration program at its 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia.

Highlights:

  • The 2022 exploration program at MPD is progressing well with up to 25,000 metres of drilling planned. Drilling is on schedule and the company has completed 29 holes totalling 19,150 metres as of Sept. 9.
  • Drilling in early 2022 focused on infill work at the Gate zone and testing adjacent look-alike geophysical targets. Core samples are being shipped to ALS Canada Ltd. in North Vancouver, B.C., for analysis and the next batch of assay results will be reported in September.
  • Results to date (see news release June 29, 2022) have confirmed wide intervals of significant mineralization at the south end of Gate and the company has intersected prospective, sulphide-bearing, porphyritic host rock adjacent to the Gate zone in the north.
  • The drill program has transitioned to evaluating widespread additional targets for copper-gold mineralization across the rest of MPD property.
  • A rig has been mobilized to the Dillard area, where drilling commenced in 2021 with two holes and early results from the 2022 3-D induced polarization work have already identified new high-priority drill targets situated within a 2.7-kilometre-long copper-in-soil anomaly.
  • Exploration target drilling will continue throughout the fall to test new soil geochemical and 3-D IP geophysical anomalies across the large MPD property.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "Our interpretation has been from the start that MPD is a large, multicentred copper-gold porphyry system. After our first discovery of a high-grade porphyry centre at the Gate zone we are now replicating the same systematic exploration approach at additional target areas with the aim to make further high-grade discoveries and bring the project to the next level. With a healthy treasury and a fully funded exploration program we are well placed to continue advancing MPD to unlock the value of what we believe is a district-scale porphyry copper system for our shareholders."

The company is now extending its exploration efforts across the large 147-square-kilometre MPD property by drill testing targets which have similar geophysical and geochemical signatures to the Gate zone, including historically drilled areas such as Dillard, Man and other newly defined targets. A new 3-D IP geophysical survey is being conducted which covers nine square kilometres, extending southward from the Gate zone to the Man and Dillard target areas. Similarly, a 7.2-square-kilometre soil geochemical survey (1,577 samples) has just been finished which follows up kilometre-scale copper-gold anomalies from soil and prospecting work in 2021. Soil geochemical samples from the 2022 survey have been shipped to ALS Canada in North Vancouver, B.C., for analysis and results are pending.

At the Dillard zone, early results from the 2022 3-D IP survey show a clear relationship between geophysical responses, soil anomalies, geology and copper-gold intercepts reported in both historic and Kodiak's maiden drilling (see news release May 4, 2022). In particular, high-chargeability responses coincide exceptionally well with porphyry-related mineralization drilled in Kodiak's first two holes at Dillard (MPD-22-034 and 035). The new 3-D IP data also highlight comparable responses throughout the 2.7-kilometre-long copper-in-soil footprint at Dillard, including potential extensions of copper-gold zones to depth. Drill testing of these compelling targets is continuing.

New 3-D IP surveys, soil geochemical data and prospecting results continue to be important tools for finding new discoveries in areas not fully explored or previously drilled at MPD. Several new target areas have been identified for drill testing, including Dillard West, Blue and Man South.

Kodiak has contracted SJ Geophysics Ltd. to conduct the first deep direct current resistivity/induced polarization (3-D IP) surveys on the MPD project. The 2022 3-D IP program is assessing regional copper-gold geochemical trends and cover a nine-square-kilometre area extending south and eastward from the Gate zone to the Man and Dillard target areas. Based on the survey configuration, the 3-D IP data are interpreted to a depth of roughly 500 metres. Preliminary data have been received from the eastern side of this survey over zones reporting shallow mineralization in trenches, historic drilling and within the 2.7-kilometre-long Dillard soil anomaly. The remainder of the survey (western half) is continuing, and results are expected in Q4.

MPD is a large, 147-square-kilometre land package located near several operating mines in the southern Quesnel terrane, British Columbia's primary copper-gold producing belt. It is situated between the towns of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby. Following Kodiak's Gate zone discovery in 2020, a 21,675-metre drill program in 2021 significantly expanded the size and depth of known mineralization at the Gate zone to one kilometre of strike length, 350 metres width and 850 metres depth. In addition, the company's first two holes at the Dillard target in 2021 intersected better copper-gold results than any historic results reported from the Dillard area.

Quality assurance/quality control procedures

Technical information and quality assurance with respect to geophysical data in this news release were provided by SJ Geophysics. Data were collected using the direct current resistivity induced polarization method, using a five-line acquisition set, based on two receiver lines (Rc) and three adjacent transmitting lines (Tx), with a line spacing of 100 m. The dipoles were 100 m inlines and 100 m crosslines, resulting in an effective dipole size of 141 m. The 3-D IP data were acquired with currents injected every 50 m along each of the transmitting lines. Calculated geophysical parameters were provided in an ASCII format, brought into Geosoft's Oasis Montaj platform, and unconstrained 3-D inversions of the apparent resistivity and chargeability data were produced using the UBC-GIF DCIP3D inversion codes. Digital maps provided 2-D sections and plan maps of the inverted 3-D models.

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. MPD has all the hallmarks of a large, multicentred porphyry system. Kodiak has made the Gate zone discovery of high-grade mineralization within a wide mineralized envelope, and MPD hosts several other targets with similar discovery potential. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, U.S., 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.

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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