Kodiak Drills 282 m of 0.70% Copper and 0.49 g/t Gold (1.16% CuEq), Including 45.7 m of 1.41% Copper and 1.46 g/t Gold (2.75% CuEq)
Kodiak Drills 282 m of 0.70% Copper and 0.49
g/t Gold (1.16% CuEq), Including 45.7 m of
1.41% Copper and 1.46 g/t Gold (2.75% CuEq)
Kodiak to Host a Webinar on Thursday, September 3rd @ 1pm
PST/4pm EST
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2020) -
Kodiak Copper Corp. (TSXV:
KDK) (the "Company" or "Kodiak") today reported the discovery of a
significant high-grade copper-
gold extension of the recently discovered Gate Zone
at the Company's 100% owned MPD copper-
gold porphyry project in southern British Columbia.
The MPD project is accessible year-round from
paved highways 5A and 97C.
Chris Taylor, Chairman of Kodiak said, "As compelling as our 2019 discovery of the Gate Zone was, it
now appears we had only grazed the margins of a much stronger copper-gold zone which we have now
successfully targeted.
Our new results include
discovery of a central high-grade copper-gold zone
within the wider copper-gold mineralized envelope of the Gate Zone.
These drill results are among the
strongest that have been reported from this well-established copper mining district in southern British
Columbia. Drilling is ongoing and we will be releasing additional results throughout the coming months."
Claudia Tornquist, President and CEO of Kodiak said, "While we are just beginning to unlock the
untapped potential of the MPD project, we view this new discovery as transformative for the project, and
by extension for Kodiak.
Especially remarkable are the new high gold values, which we would have
viewed as a successful stand-alone gold discovery in the absence of any copper.
Given our 100%
ownership of MPD, and its position adjacent to highways with year-round accessibility, we anticipate a
very active remainder of 2020, and that 2021 will be our most exciting and productive year so far."
Highlights Include:
A significant high-grade copper-gold discovery has been made on a 75 metre step-out south of the
"
Gate
Zone"
discoverywhich was originally drilled in late 2019 and announced in January
2020.New results are from a higher-grade extension of the Gate Zone that is likely near a porphyry
centre based on mineralization and alteration strength.
Figure 1 and Figure 2.
A
282 metre
section of strongly mineralized and altered drill core from drill hole
MPD-20-004
(drilled to 785 metres and partially reported herein) was prioritised and rushed through assay,
returning
0.70% copper, 0.49 g/t gold and 2.64 g/t silver
(1.16% CuEq*) over
282 metre
s from
263 to 545 metres.
Tables 1 and 2
.
The central section of the MPD-20-004 interval included
1.41% copper, 1.46 g/t gold and 5.56
g/t silver
(2.75% CuEq*)
over 45.7 metre
s from 380.0 to 425.7 metres.
The gold content of the MPD-20-004 interval in grams per tonne (g/t) approximately matches the
copper content expressed as a percent.
This approximately
1:1 ratio of g/t gold to % copper
is
generally indicative of higher temperature porphyry mineralization
proximal to a porphyry
centre
.
A wider envelope of copper mineralization (pyrite + chalcopyrite +/- bornite) was observed within
MPD-20-004 over a total interval of
475 metres, from 255 to 730 metres depth.
Assays are
pending for the remainder of this drill hole.
The strongest observed porphyry-style mineralization is
from the MPD-20-004 interval reported in this release.
Two holes have been completed on this east-west drill section and a third is underway.
Drill hole MPD-004 (partially reported herein) was drilled to 785 metres at a -65 angle and drill hole
MPD-20-005 was completed to 739 metres at -71 degrees (results pending). Drill hole MPD-20-
006 is currently being drilled at a -55 degree angle from this same setup.
All drill holes are directed
west and approximately perpendicular to the interpreted northerly strike of the mineralized zone.
Pending drill hole MPD-20-005 has intersected similar porphyry style sulphide
mineralization as MPD-20-004.
Figure 3
Copper-gold mineralization in recent drilling
projects upward toward historic copper-in-soil
anomalies seen at surface west and south of the Gate Zone.
Figure 4
Table 1
: Complete weighted assay intervals for MPD-20-001 and partial assays for MPD-20-004
(assays pending).
MPD-20-001 was drilled from the first setup of 2020.
MPD-20-004 was collared at a
75 metre step-out south of MPD-20-001 and targeted the same zone.
Hole ID
From (m)
To (m)
Width**(m)
% Cu
Au g/t
Ag g/t
%CuEq*
MPD-20-
001
152.0
778.8
626.8
0.19
0.06
0.76
0.25
Includes
340.5
616.3
275.8
0.28
0.08
1.12
0.36
Includes
340.5
483.1
142.6
0.34
0.10
1.35
0.45
Includes
404.7
483.1
78.5
0.39
0.12
1.71
0.52
MPD-20-
004
263
545.0
282.0
0.70
0.49
2.65
1.16
Includes
305
530.0
225.0
0.80
0.58
2.92
1.34
Includes
329
482.0
153.0
0.88
0.74
3.37
1.57
Includes
329
425.7
96.7
1.00
0.86
4.19
1.80
Includes
380
425.7
45.7
1.41
1.46
5.56
2.75
* 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.
Additional New Drill Results:
New drill holes MPD-20-001, 002 and 003
were collared 190 metres east of the original 2019
Gate discovery setup and drilled as a "fan" westward.
All holes successfully intersected the
Gate Zone mineralization.
Drill hole MPD-20-001 is the only drill hole with complete assays to date.
It intersected a central
zone of
0.39% copper, 0.12 g/t gold and 1.71 g/t silver
(0.52% CuEq*)
over 78.5 metres
within
a broader zone of
0.34% copper, 0.10 g/t gold and 1.35 g/t silver
(0.45% CuEq*)
over 142.6
metres
.
The total mineralized envelope in MPD-20-001 was
0.19% copper, 0.06 g/t gold and 0.76 g/t
silver
(0.25% CuEq*)
over 626.8 metres
from 152.0 to 778.8 metres.
A)
Figure 1: A) Cross-section of drill holes from the second setup 75 metres south of the first,
showing partial results from MPD-20-004 and MPD-20-005 (results pending).
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_002full.jpg
B)
B) Cross-section of drill holes from the first setup showing results from MPD-20-001 and MPD-
20-002 and 003 (results pending).
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_003full.jpg
A)
Figure 2: Examples of MPD-20-004 core: A) Strongly altered porphyry with semi-massive
sulphide veining dominated by chalcopyrite at 330.5 metres. Core is from a 96.7 metre intercept
reporting 1.00% Cu, 0.86 g/t Au and 4.19 g/t Ag from 329.0 to 425.7 metres.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_004full.jpg
B)
B)
Strongly mineralized quartz veining with chalcopyrite at 418 metres. Core is from a 45.7 metre
intercept reporting 1.41% Cu, 1.46 g/t Au and 5.56 g/t Ag from 380 to 425.7 metres.
Images are of
selected intervals and do not represent all mineralization on the property.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_005full.jpg
Figure 3: Example of strongly altered siliceous breccia with semi-massive sulphide (chalcopyrite
+ pyrite) from the central mineralized zone of MPD-20-005 (approximately 405.2 metres). Assays
from this hole are pending.
Image is of a selected interval and does not represent all
mineralization on the property.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_006full.jpg
Table 2:
Example of 3 metre assay intervals from the central, strongly mineralized section of MPD-20-
004.
The interval averages 1.41% copper, 1.46 g/t gold, and 5.56 g/t silver over 45.7 metres.
Hole ID
From (m)
To (m)
Width**(m)
% Cu
Au g/t
Ag g/t
%CuEq*
MPD-20-004
380.0
382.8
2.8
0.99
0.58
3.7
1.55
MPD-20-004
382.8
386.0
3.3
1.19
0.67
4
1.83
MPD-20-004
386.0
389.0
3.0
2.54
1.39
6.9
3.86
MPD-20-004
389.0
392.0
3.0
2.64
1.87
13.3
4.46
MPD-20-004
392.0
395.0
3.0
1.61
1.43
6.8
2.97
MPD-20-004
395.0
398.0
3.0
1.15
1.20
3.8
2.27
MPD-20-004
398.0
401.0
3.0
1.06
1.45
4.2
2.41
MPD-20-004
401.0
404.0
3.0
1.75
1.79
7.6
3.43
MPD-20-004
404.0
407.0
3.0
1.87
3.34
9.3
4.98
MPD-20-004
407.0
410.0
3.0
0.70
1.21
2.7
1.81
MPD-20-004
410.0
413.0
3.0
0.90
1.57
4.5
2.36
MPD-20-004
413.0
416.0
3.0
0.54
0.89
2.5
1.37
MPD-20-004
416.0
419.0
3.0
1.20
1.33
4.7
2.44
MPD-20-004
419.0
422.0
3.0
1.48
1.79
5
3.14
MPD-20-004
422.0
423.0
1.0
0.87
0.97
2.3
1.77
MPD-20-004
423.0
425.7
2.7
1.70
1.67
5.5
3.26
* 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.
Gate Zone Drilling Summary
The Gate Zone was discovered by Kodiak in 2019 by drilling into bedrock beneath glacial till cover in an
area where an approximately 1 kilometre long (north-south) by 300 metre wide (east-west) copper-in-soil
target is present
(Figure 4).
The 2020 Phase II drilling at the MPD property is ongoing. The program has completed five holes, with a
sixth hole currently underway, resulting in 3,870 metres drilled to date
(Table 3)
. Drilling has focussed on
determining the extent of copper-gold mineralization around discovery hole MPD-19-003 by drilling
"fans' of angled holes through the zone from two setups. Holes MPD-20-001 to 003 were collared from
the first setup located 190 metes east of the 2019 discovery hole and drilled westward. In order to
understand the orientation and continuity of copper at Gate, holes MPD-20-004 to 006 were collared
from a second and separate setup located 75 metres south and drilled similarly to the west.
All holes
have intersected significant mineralization over substantial widths, with complete assays from MPD-20-
001 and partial assays from MPD-20-004 reported herein. Mineralization occurs as chalcopyrite + pyrite
in strongly altered porphyritic diorite (and volcanic equivalents), siliceous breccia and quartz veining.
Intermittent bornite generally occurs below 500 metres depth.
The 2020 Phase II program at the Gate Zone has encountered mineralization and altered porphyritic host
rocks that have all the hallmarks of a well-developed and prospective, alkalic porphyry system.
Kodiak
will continue drilling at Gate to further understand geological and structural controls for high grade
copper-gold encountered to date. Kodiak is fully permitted and has a multi-year, area-based exploration
permit for the MPD Project to late 2021.
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)
Results Status
MPD-20-001
681747
515700
1260
270
-60
778.76
reported results
MPD-20-002
681747
515700
1260
270
-66
836
results pending
MPD-20-003
681747
515700
1260
270
-50
731
results pending
MPD-20-004
681703
515625
1265
270
-65
785
partial results
MPD-20-005
681703
515625
1265
270
-71
739.25
results pending
Total to date
3870.01
Figure 4: Plan map of the Gate zone showing drill collars, traces and 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 this graphic, please visit:
https://orders.newsfilecorp.com/files/3803/63171_8d4ce348d41f8844_007full.jpg
Webinar
Kodiak will host a webinar to discuss the Company's recent results and future exploration plans. The
webinar will take place on
Thursday, September 3rd at 1pm PST/4pm EST
. Management will be
available to answer questions following the presentation.
To join the webinar, register from this link (also includes dial-in instructions):