Kodiak Drills Significant From-Surface Copper at West Zone: 0.58% CuEq Over 254 m within 0.27% CuEq over 941 m
Kodiak Drills Significant From-Surface Copper
at West Zone: 0.58% CuEq Over 254 m within
0.27% CuEq over 941 m
Vancouver, British Columbia--(Newsfile Corp. - October 17, 2023) - Kodiak Copper Corp. (TSXV: KDK)
(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports results from its fully funded
drill program at its 100% owned MPD copper-gold porphyry project in southern British Columbia.
Assay
results from
five drill holes at the West Zone
(see figure 1) are presented in this release.
Highlights - Figures 2,3 and Table 1
Best ever drill holes at the West Zone
, following the application of a Cadia-Ridgeway or Red
Chris "style" of exploration model that targets higher grades and significant vertical extents within
the total mineralized system.
Shallow high-grade copper assaying
1.17% Cu (1.26% CuEq*) over 39 metres, within 0.33%
Cu (0.39% CuEq*) over 198 metres
, starting at 33 metres depth in drill hole AXE-23-008.
Best mineralized interval reported from the West Zone to date;
0.49% Cu (0.58% CuEq*) over
254 metres,
within
0.21% Cu (0.27% CuEq*) over 941 metres starting at bedrock surface
in
drill hole AXE-23-011.
Holes AXE-23-008 and 011 confirmed the high-energy, mineralized hydrothermal breccia at depth
in the West Zone, as first reported in AXE-23-002 (
news release July 27, 2023
).
This new zone
has now been extended to 185 metres of strike and remains open in all directions.
New and historic drilling at the West Zone has
confirmed porphyry mineralization over an
area of 300 metres by 650 metres,
and from surface to depths of 962 metres,
which i
s
open
to extension.
Chris Taylor, Chairman of Kodiak, said, "The West Zone is clearly significantly larger than past explorers
had appreciated and contains higher grades as well, where copper and gold are concentrated by key
geological features.
The significant near-surface copper at the West Zone and other porphyry centres at
MPD are an attractive complement to the deeper higher-grade mineralization discovered by Kodiak at
the Gate Zone."
Claudia Tornquist, President & CEO of Kodiak, said, "This year's drill program is an important milestone
for the Company as we are applying the exploration strategy that led to our Gate Zone discovery to five
new targets with the aim to demonstrate the true size potential of our district-scale MPD project. With the
2023 drilling at the West Zone we successfully advanced a second high-grade porphyry centre, in
addition to our original discovery at Gate, which represents a significant step forward for MPD. With the
majority of this year's results yet to come, our shareholders can look forward to more news from multiple
targets over the coming months."
Figure 1:
2023 Porphyry Zones and Target Location Map - MPD Project, Southern BC
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/184194_90531c9194fa39f5_002full.jpg
The Company made the discovery of a much larger porphyry system at the West Zone through
application of a
Cadia-Ridgeway or Red Chris "style" exploration model
, where mineralized zones
occur near high-angle structural controls and changes in geology, exhibiting "chimney-like" geometries
visible in geophysical surveys, and with significant grade and depth extent.
Such models were also used
to find high grade zones at the nearby Copper Mountain mine earlier in 2023.
West Zone Drill Results - Figures 2, 3 and Table 1
Hole AXE-23-011, drilled vertically in the southern portion of the West Zone, intersected
mineralization from
bedrock surface to 962 metres depth, assaying 0.49% Cu, 0.29 g/t Au
and 1.30 g/t Ag (0.58% CuEq*) over 254 metres, within 0.21% Cu, 0.16 g/t Au and 0.64 g/t
Ag (0.27% CuEq*) over
an impressive intercept of 941 metres.
Hole AXE-23-011 also
added 185 metres of strike to the new
mineralized hydrothermal
breccia zone, assaying 0.32% Cu, 0.16 g/t Au and 0.95 g/t Ag (0.37% CuEq*) over 89
metres
from 873 to 962 metres
. Figure 4
Hole AXE-23-008, drilled north along strike, intersected
mineralization from near surface to
540 metres depth, assaying 0.33% Cu, 0.18 g/t Au and 0.88 g/t Ag (0.39% CuEq*) over 198
metres,
within a broader zone of 0.18% Cu, 0.16 g/t Au and 0.59 g/t Ag (0.25% CuEq*) over
519 metres.
Hole AXE-23-008 also
encountered the new hydrothermal breccia zone over 153 metres
from 735 to 888 metres, assaying 0.11% Cu, 0.17 g/t Au and 0.52 g/t Ag (0.19% CuEq*).
Figure 4
Hole AXE-23-007
extended the northern boundary
of the West Zone mineralized envelope
with
0.10% Cu, 0.11 g/t Au and 0.36 g/t Ag (0.15% CuEq*) over 182 metres.
Two additional holes, AXE-23-005 and 006, were abandoned before reaching target depths due
to difficult ground conditions.
These holes nonetheless intersected moderate to high-grade gold in
vein-like structures that enrich the porphyry mineralization, including
0.04% Cu and
4.54 g/t Au
over 6 metres
from 48 metres depth in drill hole AXE-23-005, and
0.12% Cu and
2.08 g/t Au
over 4 metres
from 71 metres depth in drill hole AXE-23-006.
Figure 2:
West Zone plan map showing 2023 Kodiak drilling to date, and new holes reported herein
as yellow traces.
Bar graphs present downhole copper (green) and gold (red) values. Background is
Heli-Airborne TMI magnetic data (Xstrata, 2012).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/184194_90531c9194fa39f5_003full.jpg
Figure 3:
West Zone north-south long section at 677400mE (looking west). See Table 1 for results
from new holes AXE-23-005, AXE-23-006, AXE-23-007, AXE-23-008 and AXE-23-011
.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/184194_90531c9194fa39f5_004full.jpg
Figure 4:
Examples of mineralized hydrothermal sulphide breccia from 2023 drilling at the West
Zone. Left: AXE-23-011 at 878 m within 89-metre intercept reporting 0.32% Cu, 0.16 g/t Au and 0.95
g/t Ag from 873 to 962 m. Right: AXE-23-008 at 865 m within 153-metre intercept reporting 0.11% Cu,
0.17 g/t Au and 0.52 g/t Ag from 735 to 888 m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/184194_90531c9194fa39f5_0005full.jpg
Table 1:
Weighted assay intervals for 2023 drill holes AXE-23-005, AXE-23-006, AXE-23-007, AXE-
23-008 and AXE-23-011 (West Zone). See Figures 2 and 3
Hole ID
From
(m)
To
(m)
Interval**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
West Zone
AXE-23-005
48
54
6
0.04
4.54
1.89
N/A
AXE-23-006
71
75
4
0.12
2.08
0.69
N/A
AXE-23-007
118
300
182
0.10
0.11
0.36
0.15
AXE-23-008
21
540
519
0.18
0.16
0.59
0.25
includes
33
231
198
0.33
0.18
0.88
0.39
includes
174
213
39
1.17
0.42
2.42
1.26
and
735
888
153
0.11
0.17
0.52
0.19
AXE-23-011
21
962
941
0.21
0.16
0.64
0.27
includes
21
275
254
0.49
0.29
1.30
0.58
includes
873
962
89
0.32
0.16
0.95
0.37
*Copper equivalent grades (%CuEq) are for comparative purposes only. No metallurgical work has been done at the MPD Project to date and
metal recoveries used in equivalency calculations are assumed from information on comparable deposits and/or mines. Metallurgical recovery
assumptions are: 88% for copper, 67% for gold and 68% for silver. Metal prices used in equivalency calculations are solely for relative weighting
factors. Metal prices of US$3.75/lb copper, US$1,950/oz gold, and US$24/oz silver, using the formula: %CuEq = Cu % x 88% rec. + (Au g/t x 0.76)
x 67% rec.) + (Ag g/t x 0.0093) x 68% rec.)
**Intervals are downhole drilled core intervals.
Drilling data to date is insufficient to determine true width of mineralization.
Table 2:
2023 MPD Drill Collar Information (West Zone)
Hole ID
Easting (UTM
Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH (m)
Target
Reported
AXE-23-005
677400
5503115
1418
25
-50
87
West
2023-10-17
AXE-23-006
677400
5503120
1418
15
-45
97
West
2023-10-17
AXE-23-007
677400
5503120
1418
15
-50
459
West
2023-10-17
AXE-23-008
677397
5502825
1398
350
-75
897
West
2023-10-17
AXE-23-011
677383
5502933
1398
0
-90
1031
West
2023-10-17
AXE-23-005, 006 and 007 were drilled from the same set-up at various azimuths to test the northern
extents of the West Zone (Table 2 and Figure 1). Holes AXE-23-005 and AXE-23-006 encountered
difficult drilling conditions and did not reach target depths.
AXE-23-008 and AXE-23-011 were drilled from two separate pads located in the south-central portion
of the West Zone to test for continuation of copper-gold along strike, at depth and correlation to a
coincident magnetic high - 3D IP response. Drilling by Kodiak to date has extended the width and strike
of porphyry mineralization at the West Zone and confirmed a new prospective zone down to 962 metres
depth.
Recent drilling by Kodiak at the West Zone has resulted in the deepest copper-gold porphyry intercepts
ever reported from the project, demonstrating that porphyry-related mineralization at MPD is more
extensive and complex than previously known.
MPD is a large land package (226 square kilometres) located near several operating mines in the
southern Quesnel Terrane, British Columbia's primary copper-gold producing belt. The project is located
midway between the towns of Merritt and Princeton, with year-round accessibility and excellent
infrastructure nearby.
QA/QC Procedures
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.
NQ size core was split and sampled over approximately three
metre intervals. Samples were analyzed using ALS's Fire Assay Fusion method (Au-AA24) with an AA
finish for gold and by a 48-element four acid digest ICP-AES analysis (MS61) with additional analysis for
Ore Grade Elements (ME-OG62) and Ore Grade Cu (Cu-OG62).
Results were reported in parts per
million (ppm) and converted to percent (%), or grams per tonne (g/t) when applicable. 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.
Kodiak reports %CuEq for comparative purposes only and as such, past reporting assumed 100%
metallurgical recovery in equivalency calculations.
For more accurate reporting going forward, the
Company adjusted equivalency calculations to include metallurgical recoveries from comparable
deposits or mines, as referenced in the footnote of Table 1.
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.
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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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Since
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
number of assumptions, factors, and risks.
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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accordingly, no assurance can be given that any of the events anticipated by the forward-looking
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