Kodiak Drills 1.03% CuEq Over 117 m, Within 0.34% CuEq Over 735.4 m at Gate Zone, and Discovers New Trend at Prime Zone
Kodiak Drills 1.03% CuEq Over 117 m, Within
0.34% CuEq Over 735.4 m at Gate Zone, and
Discovers New Trend at Prime Zone
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2022) - Kodiak Copper Corp. (TSXV:
KDK) (OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports results for five drill
holes from the fully funded 25,000 metre 2022 drill program at the 100% owned MPD copper-gold
porphyry project in southern British Columbia.
The Company's initial work in 2022 focused on additional drilling at the Gate Zone and testing look-alike
geophysical targets nearby. New high-grade copper-gold-silver intercepts reported herein infill a 170
metre gap at the south end of Gate. In addition, drill-testing geophysical anomalies northeast of Gate has
identified a 400 metre long, parallel mineralized trend at the nearby Prime Zone.
Claudia Tornquist, President and CEO of Kodiak said, "The Gate Zone has delivered further impressive
drill intercepts as we continue to increase the size of mineralized envelope which now extends to a
kilometer in north-south direction and a depth of 900 metres. We also commenced testing geophysical
targets with coincident copper-in-soil signatures in the wider area around the Gate Zone and are
pleased that we were able to delineate a parallel mineralized trend at the Prime Zone. This new
mineralized trend crystalizes further size potential and validates our model of a large multi-centric
porphyry system at MPD. The Company has now expanded its exploration efforts to other high-priority
areas like as Dillard and Man and we look forward to this next promising phase of work which should
lead to more new discoveries like Gate and Prime across the 147 square kilometre MPD Project area.
"I would also like to take this opportunity on behalf of the Kodiak team
and ahead of tomorrow's National
Day for Truth and Reconciliation, to share our support to the ongoing healing, hope and reconciliation
efforts with Indigenous communities. We will continue to build relationships based on mutual trust and
respect, and are grateful for the opportunity to work together in a positive and collaborative manner."
Highlights
New drill holes MPD 22-006, MPD-22-008 and MPD-22-05 at the southern end of Gate
encountered significant chalcopyrite +/- bornite mineralized intervals,
infilling 170 metres of
strike and
extending the Gate Zone by an additional 50 metres to 900 metres depth
. The
Gate Zone remains open to depth.
Figure 1 and 2
MPD-22-006 intersected
117 metres of 0.69% Cu, 0.46 g/t Au and 2.22 g/t Ag (1.03% CuEq)
within 735.4 metres of 0.24% Cu, 0.14 g/t Au and 0.71 g/t Ag (0.34% CuEq).
Table 1,
Figures 2 and 4
MPD-22-008 intersected 59.9 metres of 0.33% Cu, 0.25 g/t Au and 1.77 g/t Ag (0.52%
CuEq) within 585 metres of 0.18% Cu, 0.09 g/t Au and 0.71 g/t Ag (0.25% CuEq). Table 1,
Figure 2
MPD-22-005 extended the Gate Zone mineralization to depth and intersected 190.2 metres
of 0.19% Cu, 0.12 g/t Au and 1.07 g/t Ag (0.29% CuEq) within 715.2 metres of 0.13% Cu,
0.07 g/t Au and 0.65 g/t Ag (0.19% CuEq). Table 1 Figure 2
Drilling continues to demonstrate a
strong correlation between coincident copper-in-soil
anomalies and underlying bedrock copper mineralization, with new copper
mineralization discovered adjacent to the Gate Zone at the Prime target
.
This confirmation is
important as new, compelling copper-in-soil targets with coincident geophysical signatures similar
to the Gate Zone will be tested by Kodiak through its ongoing, fully-funded drill program in 2022
and 2023.
Targets include Dillard, Man, Blue and the 1516 Zones.
Holes MPD-22-013 and MPD-22-017 intersected a new mineralized trend northeast of, and
adjacent to Gate now called the Prime Zone
. When combined with historic work, drilling at
Prime has identified porphyry-related alteration and copper-gold-silver mineralization
over 200
metres width, with 400 metres of strike and down to 550 metres depth
.
MPD-22-013 intersected
180 metres of 0.15% Cu, 0.10 g/t Au and 0.61 g/t Ag (0.22% CuEq)
within 330 metres of 0.11% Cu, 0.09 g/t Au and 0.55 g/t Ag (0.17% CuEq).
Table 1, Figure 3
MPD-22-017 intersected
183 metres of 0.16% Cu, 0.07 g/t Au and 0.76 g/t Ag (0.21%
CuEq).
A second, deeper interval extended into the Gate Zone at 764 meters depth, with
96 metres of assaying 0.28% Cu, 0.14 g/t Au and 0.81 g/t Ag (0.38% CuEq).
Table 1, Figure
3
The extension of the Gate Zone and delineation of the new Prime Zone confirm that recent 3D
Induced Polarization (3D IP) surveys are an effective tool for targeting host geology and
discovering prospective porphyritic mineralization on the MPD Project. Further work to extend both
the Gate and Prime Zones is warranted.
Figure 1:
Plan map showing all Kodiak drilling and new 2022 assay results (yellow trace).
Background
is historic copper-in soil data. Porphyry mineralization at Gate has been traced down to 900 m depth,
across a width of 350 m (east-west) and over 1 km in length (north-south). The new Prime Zone trend
has been drilled down to 550 m depth, across 200 m width (east-west) and over 400 m length (north-
south).
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3803/138815_0068cdb434b409d2_002full.jpg
Figure 2:
Gate Zone north-south long section at 681400mE. See results Table 1 for new drill infill
holes MPD-22-005, MPD-22-006, and MPD-22-008
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3803/138815_0068cdb434b409d2_003full.jpg
Figure 3:
Prime Zone north-south long section at 681800mE. See results Table 1 for new drill holes
MPD-22-013 and MPD-22-017
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/3803/138815_0068cdb434b409d2_004full.jpg
Table 1: Weighted assay intervals for holes MPD-22-006, MPD-22-008, MPD-22-005, MPD-22-
013 and MPD-22-017. See Figures 1, 2 and 3
Hole ID
From (m)
To (m)
Interval** (m)
% Cu
Au g/t
Ag g/t
%CuEq*
Gate Zone
MPD-22-006
67.7
803.0
735.4
0.24
0.14
0.71
0.34
includes
438.7
791.0
352.3
0.40
0.24
1.12
0.57
includes
587.0
704.0
117.0
0.69
0.46
2.22
1.03
includes
587.0
650.1
63.1
0.82
0.56
3.13
1.24
MPD-22-008
212.0
797.0
585.0
0.18
0.09
0.71
0.25
includes
306.5
734.0
427.5
0.20
0.09
0.79
0.27
includes
404.0
464.0
60.0
0.28
0.07
0.71
0.34
includes
674.1
734.0
59.9
0.33
0.25
1.77
0.52
MPD-22-05
206.0
921.2
715.2
0.13
0.07
0.65
0.19
includes
731.0
921.2
190.2
0.19
0.12
1.07
0.29
Prime Zone
MPD-22-013
261.0
591.0
330.0
0.11
0.09
0.55
0.17
includes
363.0
543.0
180.0
0.15
0.10
0.61
0.22
and
693.0
732.0
39.0
0.11
0.20
0.70
0.25
MPD-22-017
275.0
458.0
183.0
0.16
0.07
0.76
0.21
and
764.0
860.0
96.0
0.28
0.14
0.81
0.38
*Copper equivalent grades (%CuEq) are for comparative purposes only.
Calculations are uncut and recovery is assumed to be 100% as no
metallurgical data is available.
Metal prices are US$3.50/lb copper, US$1,700/oz gold, and US$19/oz silver, using the formula: %CuEq = Cu grade
+ (Au price x Au grade + Ag price x Ag grade)/31.104/(Cu price*22.046)
**Intervals are downhole drilled core intervals.
Drilling data to date is insufficient to determine true width of mineralisation
Table 2: 2022 MPD Drill Collar Information - MPD Project
Hole ID
Easting
(UTM Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH
(m)
Zone
Reported
MPD-22-001
681105
5514934
1176
210
-60
468
Gate
2022-06-29
MPD-22-002
681105
5514934
1176
65
-67
628
Gate
2022-06-29
MPD-22-003
681105
5514934
1176
120
-67
836
Gate
2022-06-29
MPD-22-004
681278
5515080
1203
90
-75
830
Gate
2022-06-29
MPD-22-005
681278
5515080
1203
70
-70
921
Gate
2022-09-29
MPD-22-006
681344
5515246
1197
157
-75
803
Gate
2022-09-29
MPD-22-008
681341
5515247
1198
134
-76
944
Gate
2022-09-29
MPD-22-013
682055
5515445
1335
310
-60
849
Prime
2022-09-29
MPD-22-017
682030
5515615
1318
248
-58
860
Prime/Gate
2022-09-29
Figure 4:
Example of core from 2022 drilling at Gate Zone, hole
MPD-22-006.
Quartz vein with
centerline of
chalcopyrite and bornite in hornblende-phyric diorite host rock at 696 metres. Core is
within a 117 metre intercept reporting 0.69% Cu, 0.46 g/t Au and 2.22 g/t Ag from 587 to 704 metres
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/3803/138815_0068cdb434b409d2_005full.jpg
Holes MPD-22-005, 006 and 008 were drilled at various azimuths and inclinations from two pads at the
south end of Gate (Table 2). These holes infilled a 170 metre gap between previous set-ups, while
investigating higher grade mineralization and the correlation with 3D IP responses down dip to the east.
Holes MPD-22-013 and MPD-22-017 were drilled westward from sites 400 metres east of the Gate
Zone (Table 2).
These holes were drilled to test 3D IP responses at depth and along strike of trenches
and shallow drilling on historic Prime claims. New drilling confirmed the continuation of significant
copper-gold mineralisation plunging south and dipping to the east, similar to Gate. This trend is called
the "Prime Zone" and when combined with previous work, measures 200 metres wide (east-west), with
over 400 metres of strike (north-south) and has been drilled down to 550 metres depth.
Hole MPD-22-
017 continued drilling westward past the Prime Zone and intersected the Gate Zone at 764 meters
depth, ending in mineralization at 860 metres downhole.
Ongoing Exploration Program
Drilling for 2022 is on schedule and the Company has completed 33 holes totalling 21,300 metres
as of September 26. Drilling has transitioned to testing high priority targets in the Dillard area and
the program will continue evaluating additional copper-gold drill targets across the MPD property
throughout the fall.
A new 3D IP geophysical survey currently underway will be completed next month, covering nine
square kilometres and extending southward from the Gate Zone to the Man and Dillard target
areas.
Soil geochemical surveys covering 7.5 square kilometres follow-up previously unknown kilometre-
scale copper-gold anomalies and new prospects discovered in 2021. This work is now complete
and both core and soil samples have been shipped to ALS Canada Ltd. in North Vancouver, BC
for analysis.
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, ongoing drill programs in 2021 and 2022 have
significantly expanded the size and depth of known mineralization at the Gate Zone to one kilometre of
strike length, 350 metres width and 900 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.
QA/QC Procedures
NQ size core was split and sampled over approximately three metre intervals.
All core samples were
sent to ALS Canada Ltd.
(ALS) in North Vancouver, BC 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
finish for gold and by a 33 or 48 element four acid digest ICP-AES analysis (ME-ICP61 or MS61) 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, P.Geo, 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.
On behalf of the Board of Directors
Kodiak Copper Corp.
Claudia Tornquist
President & CEO
For further information contact:
Nancy Curry, VP Corporate Development
+1 (604) 646-8362
About Kodiak Copper Corp.
Kodiak is focused on its 100% owned copper porphyry projects in Canada and the USA.
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, multi-centered 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, USA, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.