Kodiak Drills 213 m of 0.65% Copper and 0.37 g/t Gold (1.00% CuEq) and 171 m of 0.62% Copper and 0.43 g/t Gold (1.03% CuEq)
Kodiak Drills 213 m of 0.65% Copper and 0.37
g/t Gold (1.00% CuEq) and 171 m of 0.62%
Copper and 0.43 g/t Gold (1.03% CuEq)
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - Kodiak Copper Corp. (TSXV:
KDK) (the "Company" or "Kodiak") today reports drill results from five further holes at 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.
Claudia Tornquist, President and CEO of Kodiak said, "Once again, the Gate Zone has yielded
impressive copper-gold numbers over significant widths.
With only a small number of holes drilled so far,
we have already intersected the newly discovered high-grade zone at Gate and the surrounding larger
mineralized envelope over significant dimensions.
Over 90% of this kilometre-long target remains
unexplored by Kodiak, with considerable discovery potential yet to be unlocked.
With our expanded drill
program, we anticipate drilling over four times as much as last year, with up to 30,000 metres planned
and fully funded.
Field crews have now been mobilized and are preparing a new dedicated core logging
facility, and rigs are anticipated to be turning again shortly.
Against the backdrop of the strongest copper
market in a decade, Kodiak is well positioned to make 2021 its most active and exciting year yet."
Highlights
The 2020 MPD drill campaign has demonstrated excellent continuity of porphyry
mineralization at the Gate Zone
by intersecting a large, zoned and significantly enriched copper-
gold envelope.
New drill hole
MPD-20-007 intersected 213 m of 0.65% Cu, 0.37 g/t Au and 2.23 g/t Ag
(1.00% CuEq*)
within a broader
441 m interval of 0.42% Cu, 0.22 g/t Au and 1.49 g/t Ag
(0.63% CuEq*)
from 279 to 720 m down hole.
Table 1
New drill hole
MPD-20-006 intersected 171 m of 0.62% Cu, 0.43 g/t Au and 2.55 g/t Ag
(1.03% CuEq*)
within a broader
449.2 m interval of 0.34% Cu, 0.21 g/t Au and 1.48 g/t Ag
(0.55% CuEq*)
from 183 to 633 m down hole.
Table 1
New drill hole
MPD-20-010 was a 290 m step-out to the west of all other Gate drilling
, and
successfully intersected the same mineralised system containing high-grade copper-gold vertically
above, and west of previous intercepts. It also
intersected the first high-grade gold intercept
from Kodiak's 2020 drill program, returning 9.62 g/t Au and 2.40 g/t Ag
over
3.0 m
within a
carbonate-sericite-pyrite breccia (phyllic zone) from 778 to 781 m downhole.
The extension of the
Gate zone high-grade copper zone returned
46.4 m of 0.57% copper, 0.16 g/t gold and 1.80 g/t
silver (0.73% CuEq)
from 269.0 to 315.4 m downhole.
Mineralization at Gate has been traced down to 800 m depth, across a width of 350 m
(east-west) and over 100 m in length (north-south)
. However, drilling to date has tested only
the northern edge of a one km long copper-in-soil target, which also lies within a larger 3 km
regional magnetic low that extends south to the Man Zone.
Figure 1 and 5
Results from the southern most set-ups (holes MPD-20-004 to 010) suggest a higher-
grade porphyry centre is emerging as drilling moves southward, which remains open to
extension
.
Results from the northern set-up (holes MPD-20-001 to 003) are interpreted to be
within a lower temperature, lower grade propylitic envelope that surrounds the porphyry centre at
Gate.
Figures 2, 3 and 4
In addition to extending the Gate Zone,
drilling in 2021 will test high-priority targets elsewhere
at MPD
that exhibit similar regional magnetic lows, copper-in-soil anomalies, and mineralization in
historic drilling.
Figure 5
Table 1
: Weighted assay intervals for holes MPD-20-003 and MPD-20-006 to MPD-20-010
Hole ID
From (m)
To (m)
Interval** (m)
% Cu
Au g/t
Ag g/t
%CuEq*
MPD-20-003
158.0
663.1
505.1
0.15
0.04
0.69
0.20
Includes
188.0
363.0
175.0
0.20
0.05
0.59
0.25
Includes
308.0
347.0
39.0
0.29
0.06
0.67
0.35
and includes
399.5
608.0
208.5
0.17
0.04
0.95
0.22
MPD-20-006
183.8
633.0
449.2
0.34
0.21
1.48
0.55
Includes
195.0
555.0
360.0
0.40
0.25
1.72
0.65
Includes
261.0
432.0
171.0
0.62
0.43
2.55
1.03
Includes
337.1
414.0
76.9
0.93
0.72
4.12
1.62
and Includes
376.0
414.0
38.0
1.18
1.08
5.54
2.21
MPD-20-007
279.0
720.0
441.0
0.42
0.22
1.49
0.63
Includes
435.0
648.0
213.0
0.65
0.37
2.23
1.00
and Includes
447.0
543.4
96.4
0.75
0.42
2.52
1.16
MPD-20-008
Drill Hole Lost in Overburden
MPD-20-009
Drill Hole Lost at Depth, No Significant Assays
MPD-20-010
212.0
749.0
537.0
0.23
0.09
1.15
0.33
Includes
212.0
315.4
103.4
0.37
0.11
2.04
0.49
Includes
269.0
315.4
46.4
0.57
0.16
1.80
0.73
Includes
522.9
661.6
138.7
0.28
0.07
0.80
0.35
and includes
778.0
781.0
3.0
0.05
9.62
2.40
n/a
*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: %CuEq = %Cu + ((1800/31.104)*Au
g/t)/(2.90/0.454*10)) + ((19.00/31.104)*Ag g/t))/(2.90/0.454*10))
**Intervals are downhole drilled core lengths.
Drilling data to date is insufficient to determine true width of mineralization.
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 1).
The 2020 MPD campaign
focused on determining the extent of copper-gold mineralization with a total of 6,698 metres drilled in
nine holes from three set-ups.
Drill holes MPD-20-001, 002, 003 were drilled westerly from the first drill
set-up located 190 metres east of the original 2019 discovery hole.
Holes MPD-20-004 to 007 and 009
were also inclined from a second pad 75 metres south of the first (MPD-20-008 was lost in overburden
and MPD-20-009 was lost before reaching the target depth).
Hole MPD-20-010 was drilled vertically
from a third pad located 290 metres west of the second set up (Figures 2 and 3, Table 2).
Figure 1:
Plan map of the Gate zone showing results of all 2020 drilling.
Background data is
contoured historic copper-in soil data that shows a 300 metre wide copper anomaly related to and
extending over 1 kilometre south from the Gate Zone.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3803/74509_812257d3d4ed1af6_002full.jpg
Figure 2:
Cross-section 5515650mN (southern section) and results table for drill holes MPD-20-004
to MPD-20-010, including new results for MPD-20-006 to MPD-20-010.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3803/74509_812257d3d4ed1af6_003full.jpg
Figure 3:
Cross-section 5515725mN (northern section) and results table for drill holes MPD-20-001
to MPD-20-003, including new results for MPD-20-003.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3803/74509_812257d3d4ed1af6_004full.jpg
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 (Figure 4).
Exploration in
2021 will include up to 30,000 metres, continuing with step-out drilling at Gate to evaluate the kilometre-
long copper-in-soil anomaly, but also the related and larger three kilometre long magnetic low.
Drilling
will likewise test additional high-priority targets across the MPD property that demonstrate strong
potential for copper-gold mineralization.
Like Gate, the Dillard and Dillard East Zones are characterized
by large regional magnetic lows, copper-in-soil anomalies and encouraging historic drill results (Figure
5).
Kodiak has a multi-year, area-based exploration permit for the MPD Project to late 2021.
Figure 4:
Cross-section 5515650mN (southern section), simplified geology and core photos.
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/3803/74509_812257d3d4ed1af6_005full.jpg
Figure 5:
MPD Target Areas, 2020 ZTEM Survey - Total Magnetic Intensity (RTP) with historic Cu
overlay (heat contours) (Source: 2020 Compilation and GeoInterp, Condor Consulting.
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/3803/74509_812257d3d4ed1af6_006full.jpg
Table 2:
2020 MPD Drill Collar Information - Gate Zone
Hole ID
Easting
(UTM
Z10)
Northing
(UTM
Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
EOH
(m)
Reported
MPD-20-001
681747
5515700
1260
270
-60
779
2020-09-03
MPD-20-002
681747
5515700
1260
270
-66
836
2020-10-22
MPD-20-003
681747
5515700
1260
270
-50
731
2020-02-16
MPD-20-004
681703
5515625
1265
270
-65
785
2020-09-03
2020-10-22
MPD-20-005
681703
5515625
1265
270
-71
739
2020-11-09
MPD-20-006
681703
5515625
1265
270
-55
726
2020-02-16
MPD-20-007
681703
5515625
1265
270
-80
720
2020-02-16
MPD-20-008
681703
5515625
1265
270
-45
n/a
lost in OB
MPD-20-009
681703
5515625
1265
90
-80
543
2020-02-16
MPD-20-010
681410
5515633
1238
0
-90
839
2020-02-16
Total
6,698
Kodiak has also granted an aggregate of 939,000 stock options to management, directors and
consultants of the Company, exercisable at C$1.56 per share for a period of five years.
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.
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In particular,
this press release contains forward-looking statements concerning the Company's exploration plans.
Although the Company believes that the expectations and assumptions on which the forward-looking
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forward-looking statements address future events and conditions, they involve inherent assumptions,
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Actual results could differ materially from those currently anticipated due to a
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These assumptions and risks include, but are not limited
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Management has provided the above summary of risks and assumptions related to forward-looking
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