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 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*)
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - Kodiak Copper Corp. (TSXV:
KDK) (the "Company" or "Kodiak") today reports further drill results from the Gate Zone from its ongoing
fully funded exploration program at the 100% 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.
Results Include:
A drill program with nine drill holes to date is ongoing near the
northern end of an approximately
one kilometre long copper-in-soil target
.
Figure 1
.
New drill hole
MPD-20-005
returned
192 m of 0.74% copper, 0.48 g/t gold and 2.75 g/t silver
(1.21% CuEq*)
from 308 to 500 metres down hole.
Table 1.
This included a
45 metre
central high-grade interval of
1.18% copper, 1.01 g/t gold and 4.00 g/t
silver (2.13% CuEq*)
from 401 to 446 metres down hole.
Table 2.
The total mineralized interval in MPD-20-005 was
515.8 m of 0.41% Copper, 0.22 g/t Gold and
1.50 g/t silver (0.63% CuEq*)
from 223.5 to 739.3 metres down hole.
Results are very similar to MPD-20-004
, originally reported on October 22, 2020 and
September 3, 2020, which assayed 535.1 metres of 0.49% copper, 0.29 g/t gold and 1.76 g/t
silver (0.76% CuEq).
Figure 2
.
All 9 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.
Figure 3.
Drilling to date has tested
up to 500 metres of potential width of the Gate Zone
, and
only 125
metres of the approximately 1 kilometre strike length
of the total copper-in-soil target.
Claudia Tornquist, President and CEO 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 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, 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 Hwy 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 (Figure 3). 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, 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.
Table 3 and Figure 1.
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. Ongoing exploration of
the Gate Zone will prioritize step-out 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 multi-year, area-based exploration permit for the MPD Project to late
2021.
Table 1
: Weighted assay intervals for MPD-20-005
Hole ID
From (m)
To (m)
Width**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
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% as no metallurgical data is available. The following metal prices
were used to calculate copper equivalence: US$1800/oz Gold, US$19/oz Silver & US$2.90/lb Copper.
The following equation was used to calculate copper equivalence: %CuEq = (($1800 x Au g/t ÷ 31.10)
+ ($19.00 x Ag g/t ÷ 31.10) +( $2.90 x % Cu ÷ 2204.62 x 100)) ÷ ($2.90 ÷ 2204.62 x 100)
**Widths are downhole drilled core lengths. Drilling data to date is insufficient to determine true width
of mineralization.
Figure 1:
Plan map of the Gate zone showing results of 2020 drilling to date. Background data is
contoured historic copper-in soil data that shows a 300 metre wide copper anomaly related to and
extending 1 kilometre south from the Gate Zone.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3803/67761_766e9bfa34cdbaa1_002full.jpg
Figure 2:
Cross-section of drill holes showing results for
MPD-20-
004 and MPD-20-005 and drill
traces for MPD-20-006, 007 and 009 (all results pending).
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3803/67761_766e9bfa34cdbaa1_003full.jpg
Figure 3
: Examples of MPD-20-005 core:
A)
Strongly altered porphyry with sulphide veining dominated by chalcopyrite at 333 metres. Core is
from a 3 metre sample reporting 1.19% Cu, 0.55 g/t Au and 6.40 g/t Ag at 332.0 to 335.0 metres.
To view an enhanced version of Figure 3A, please visit:
https://orders.newsfilecorp.com/files/3803/67761_766e9bfa34cdbaa1_004full.jpg
B)
Strongly mineralized quartz veining with chalcopyrite at 405.2 metres reporting 6.59% Cu, 3.90 g/t
Au and 19.40 g/t Ag in a sample between 404.4 to 406.7 metres.
Images are of selected intervals and
do not represent all mineralization on the property.
To view an enhanced version of Figure 3B, please visit:
https://orders.newsfilecorp.com/files/3803/67761_766e9bfa34cdbaa1_005full.jpg
Table 2:
Example of sample assay intervals from the central, strongly mineralized section of MPD-20-
005.
The interval averages 1.18 copper, 1.01 g/t gold, and 4.00 g/t silver (2.13% CuEq*) over 45 metres.
Hole ID
From (m)
To (m)
Width**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
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% as no metallurgical data is available. The following metal prices
were used to calculate copper equivalence: US$1800/oz Gold, US$19/oz Silver & US$2.90/lb Copper.
The following equation was used to calculate copper equivalence: %CuEq = (($1800 x Au g/t ÷ 31.10)
+ ($19.00 x Ag g/t ÷ 31.10) + ($2.90 x % Cu ÷ 2204.62 x 100)) ÷ ($2.90 ÷ 2204.62 x 100)
**Widths are downhole drilled core lengths. Drilling data to date is insufficient to determine true width
of mineralization.
Table 3:
2020 MPD Drill Collar Information to date - Gate Zone
Hole ID
Easting
(UTM
Z10)
Northing
(UTM
Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
EOH
(m)
Reported
MPD-20-
001
681747
515700
1260
270
-60
779
2020-09-03
MPD-20-
002
681747
515700
1260
270
-66
836
2020-10-22
MPD-20-
003
681747
515700
1260
270
-50
731
results
pending
MPD-20-
004
681703
515625
1265
270
-65
785
2020-09-03
2020-10-22
MPD-20-
005
681703
515625
1265
270
-71
739
2020-11-09
MPD-20-
006
681703
515625
1265
270
-55
726
results
pending
MPD-20-
007
681703
515625
1265
270
-80
720
results
pending
MPD-20-
008
681703
515625
1265
270
-45
na
lost in OB
MPD-20-
009
681703
515625
1265
90
-80
543
results
pending
MPD-20-
010
681410
515633
1238
0
-90
na
in progress
Total to
date
5,859
QA/QC Procedures
NQ size core was 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-element four acid digest ICP-AES 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, 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
For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or
.
On behalf of the Board of Directors
Kodiak Copper Corp.
Claudia Tornquist
President & CEO
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, 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, 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.
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.
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.