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Kodiak Copper Corp
Symbol KDK
Shares Issued 55,618,314
Close 2023-01-20 C$ 1.18
Recent Sedar Documents

Kodiak drills 358 m of 0.31% CuEq at MPD

2023-01-23 09:55 ET - News Release

Ms. Claudia Tornquist reports

KODIAK REPORTS ADDITIONAL RESULTS FROM GATE AND PRIME ZONES, INCLUDING 0.41% CUEQ OVER 177 M WITHIN 0.31% CUEQ OVER 358 M

Kodiak Copper Corp. has released further results from the recently completed 2022 drill program of over 26,000 metres at the 100-per-cent-owned MPD copper-gold porphyry project in Southern British Columbia.

Assay results reported herein extends the Prime mineralized envelope from bedrock surface to 780 metres depth, confirms the continuity of mineralization within the Prime and Gate zones, and demonstrates the potential to expand copper-gold mineralization at depth and outward from Gate.

Claudia Tornquist, president and chief executive officer of Kodiak, said: "These results provide further proof of the extensive mineralized envelope associated with the Gate/Prime porphyry system which continues to grow and show strong continuity of mineralization. With copper prices rallying and long-term fundamental as strong as ever, there couldn't be a better time to advance a copper porphyry project, particularly one located in a safe jurisdiction and an established mining district with existing infrastructure like Kodiak's MPD project. Preparations are already under way for another substantial drill program in 2023, which will kick off later in Q1 and test several prospective targets at MPD such as the Dillard, Man, Blue, 1516 and Beyer zones."

Highlights:

  • MPD-22-018 intersected both the Prime zone near surface and the Gate zone at depth. The Gate zone portion intersected 177 metres of 0.32 per cent copper (Cu), 0.11 gram per tonne (g/t) gold (Au) and 1.13 g/t silver (Ag) (0.41 per cent copper equivalent (CuEq)), within 358 m of 0.25 per cent Cu, 0.08 g/t Au, and 0.82 g/t Ag (0.31 per cent CuEq). The upper Prime zone intercept returned 156 m of 0.14 per cent Cu, 0.1 g/t Au and 1.03 g/t Ag (0.22 per cent CuEq).
  • MPD-22-031 tested the north end of the copper-in-soil anomaly at the Prime zone and intersected shallow mineralization beginning at only 33 m depth. The drill hole returned 117 m of 0.19 per cent Cu, 0.23 g/t Au and 1.34 g/t Ag (0.36 per cent CuEq), within 344 m of 0.12 per cent Cu, 0.12 g/t Au and 0.84 g/t Ag (0.22 per cent CuEq).
  • MPD-22-020 was the deepest hole drilled at Prime and intersected 60 m of 0.17 per cent Cu, 0.31 g/t Au and 1.2 g/t Ag (0.4 per cent CuEq), within 501 m of 0.07 per cent Cu, 0.09 g/t Au and 0.49 g/t Ag (0.14 per cent CuEq).
  • Results to date have confirmed porphyry-related alteration and copper-gold-silver mineralization at Prime with 200 m width and 400 m of strike, which has now been extended from near-surface down to 780 m depth.
  • Drilling results continue to demonstrate that the Gate and Prime zone mineralized envelopes are open to extension with further drilling.

Preparations are continuing for another large exploration program at MPD testing multiple targets in 2023. Field operations are planned to commence in Q1. High-priority targets include historically drilled zones in the Dillard, Man and Axe areas, as well as the recently discovered Beyer high-grade gold-silver zone, and the Blue copper-gold target which has been newly defined through Kodiak's prospecting and geochemical work. Further new targets are being generated and refined across the MPD property.

The 2022 MPD program drilled over 26,000 m in 41 holes, and included regional exploration composed of sizeable geophysical and geochemical surveys in prospective areas. The company will continue to report on the 2022 work.

Drilling at the Prime zone in 2022 was carried out from three setups located within a 500 m north-south oriented corridor. Holes were drilled at various azimuths and inclinations to intersect copper-in-soil anomalies, 3-D induced polarization (IP) responses at depth, and to infill areas between previous holes below historic trenching. The drilling at Prime confirmed the continuity of significant copper-gold mineralization plunging south and dipping to the east, similar to Gate. When combined with previous work, the Prime trend measures 200 m wide (east-west) with over 400 m of strike (north-south) and has now been extended down to 780 m depth.

Holes MPD-22-018 and MPD-22-014 were drilled to the northwest from two separate pads. After passing through the shallower Prime zone mineralization, both holes intersected the Gate zone and related alteration envelope at depth.

Holes MPD-22-019, 020 and 031 were drilled at various azimuths and inclinations from pads central to the Prime zone. These holes infilled a 250 m gap and tested 3-D IP responses at depth, and along strike of trenches and shallow historic drilling. The Prime zone measures 200 m wide (east-west) with over 400 m of strike (north-south) and was extended down to 780 m depth with recent results.

Exploratory holes MPD-22-011, 012, 016, and 021 to 025 were drilled to test look-alike 3-D IP geophysical signatures south of Prime and east of the Gate zone. Four of these provided valuable targeting, geological and structural information. However, weak and discontinuous mineralization did not warrant assaying at this time. The remaining four holes did not reach target depths due to difficult ground conditions.

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 communities of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby. Following Kodiak's Gate zone discovery in 2020, continuing drill programs in 2021 and 2022 have significantly expanded the size and depth of known mineralization at the Gate zone to one km of strike length, 350 m width and 900 m depth. In addition, the company has discovered a parallel porphyry trend at the nearby Prime zone and will be expanding exploration efforts to new copper-gold target areas like Dillard, Man and 1516 (Axe), plus new high-grade gold-silver trends like the Beyer discovery.

Quality assurance/quality control procedures

NQ-size core was split and sampled over approximately three m 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 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- or 48-element four-acid digest ICP-AES analysis (inductively coupled plasma atomic emission spectroscopy) (ME-ICP61 or MS61), with additional analysis for ore-grade elements (ME-OG62) and ore-grade Cu (Cu-OG62). In addition to ALS 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 of 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 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 reported herein.

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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