Kodiak Extends the Central Gate Zone to East and at Depth: 150 m of 0.69% CuEq within 372 m of 0.47% CuEq
Kodiak Extends the Central Gate Zone to East
and at Depth: 150 m of 0.69% CuEq within 372
m of 0.47% CuEq
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2022) - Kodiak Copper Corp. (TSXV: KDK)
(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports drill results from the 100%
owned MPD copper-gold porphyry project in southern British Columbia.
Results from five additional holes drilled in 2021 at the Gate Zone are presented in this release.
Drilling
continues to
intersect significant copper-gold grades over substantial intervals, defining a
broad mineralized envelope surrounding a higher-grade central zone.
New drill results have
now extended the higher-grade central zone at Gate further to the east and to depth.
The Gate
Zone porphyry target remains open to extension in multiple directions.
Highlights
(complete results are shown in Table 1 and Figure 2):
New drill hole
MPD-21-029
intersected
150 metres of 0.50% Cu, 0.28 g/t Au and 1.86 g/t Ag
(0.69% CuEq*) within a broader 372 metre interval of 0.35% Cu, 0.18 g/t Au and 1.16 g/t Ag
(0.47% CuEq*)
MPD-21-029 extends the central Gate zone eastward and to depth.
As it ended in
copper-gold mineralization, it demonstrates the zone remains open to extension
Results support the mineralized potential of high-priority drill targets identified by a
recent 3D Induced Polarization (3D IP) geophysical survey,
as reported on February 3,
2022
The high-grade, bornite-chalcopyrite copper mineralization in MPD-21-029
suggests
that a higher-temperature, mineralizing source for the central Gate Zone may lie to the east-
southeast and at depth.
Figure 3
New drill hole MPD-21-028 intersected
51 metres of 0.43% Cu, 0.10 g/t Au and 1.67 g/t Ag
(0.51% CuEq*) within a broader 130.6 metre interval of 0.27% Cu, 0.06 g/t Au and 1.07 g/t
Ag (0.32% CuEq*)
New drill hole MPD-21-027 intersected
72 metres of 0.31% Cu, 0.09 g/t Au and 0.55 g/t Ag
(0.36% CuEq*) within a broader 173.0 metre interval of 0.18% Cu, 0.05 g/t Au and 0.37 g/t
Ag (0.22% CuEq*)
Claudia Tornquist, President and CEO of Kodiak, said, "As we kick-off the 2022 exploration campaign
at the MPD Project against the backdrop of a very strong copper market, we continue to be extremely
pleased with the results from our 2021 drilling, with the Gate Zone consistently delivering long intercepts
of high-grade copper-gold mineralization. The latest results support the interpreted extension of the Gate
Zone to the south-east that is also evident in our geophysical data. The fact that this presents only one of
several target areas for further drilling highlights the potential to still significantly expand the mineralized
envelope at Gate. We will carry on with systematic drilling at the Gate Zone, and also look forward to
using the same approach that led to this discovery to unlock the potential of multiple other targets at
MPD in 2022".
Results from 29 of 36 drill holes from the 2021 drill have been reported to date and Kodiak expects the
outstanding drill results in Q2 2022. A large drill program of up to 25,000 metres and additional 3D IP
surveying will be conducted in 2022. This will further evaluate Gate and parallel high-priority drill targets
nearby, as well as targets in the Dillard, Man and Axe areas, which exhibit similar regional geophysical
and geochemical anomalies, and near-surface mineralization from historic trenches and drilling.
Figure 1:
Gate Zone plan map showing all 2021 drilling with assay results to date.
Background is
contoured historic copper-in soil data. Porphyry-related mineralization
at Gate has been traced down
to 850 m depth, across a width of 350 m (east-west) and over 950 m in length (north-south)
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3803/115943_adac53a7c47a48f7_002full.jpg
Figure 2:
North-South long section at 681400mE. See results Table 1 for new drill holes MPD-21-
019, MPD-21-027 to MPD-21-029, and MPD-21-031
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3803/115943_adac53a7c47a48f7_003full.jpg
Table 1: Weighted assay intervals for holes MPD-21-029, MPD-21-028, MPD-21-027, MPD-21-
031 and MPD-21-019 (see Figure 2)
Hole ID
From (m)
To (m)
Interval**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
MPD-21-
029
428.0
800.0
372.0
0.35
0.18
1.16
0.47
includes
437.1
740.4
303.3
0.41
0.21
1.38
0.55
includes
464.0
683.0
219.0
0.45
0.24
1.52
0.61
includes
464.0
614.0
150.0
0.50
0.28
1.86
0.69
includes
503.0
584.0
81.0
0.55
0.26
1.82
0.72
MPD-21-
028
296.0
426.6
130.6
0.27
0.06
1.07
0.32
includes
341.0
392.0
51.0
0.43
0.10
1.67
0.51
MPD-21-
027
542.0
715.0
173.0
0.18
0.05
0.37
0.22
includes
596.0
668.0
72.0
0.31
0.09
0.55
0.36
includes
614.0
641.0
27.0
0.56
0.16
1.10
0.67
MPD-21-
031
318.0
423.0
105.0
0.22
0.07
0.71
0.27
includes
338.5
366.0
27.5
0.37
0.13
1.39
0.47
and
includes
402.0
423.0
21.0
0.46
0.17
1.84
0.58
MPD-21-
019
27.0
249.0
222.0
0.10
0.04
0.36
0.12
includes
177.0
213.0
36.0
0.15
0.06
0.83
0.19
*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 of US$4.25/lb copper, US$1,800/oz gold, and US$26/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 mineralization.
Figure 3:
Example of core from 2021 Drilling at MPD:
MPD-21-029:
Biotite-magnetite clots with fine
disseminated bornite-chalcopyrite mineralization hosted in
altered microdiorite. Core is at 653 metres
within a 219 metre intercept reporting 0.45% Cu, 0.24 g/t Au and 1.52 g/t Ag from 464 to 683 metres.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3803/115943_adac53a7c47a48f7_004full.jpg
Table 2: 2021 MPD Drill Collar Information - Gate Zone
Hole ID
Easting
(UTM Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH
(m)
Reported
MPD-21-
001
681755
5515769
1258
270
-67
766
2021-07-07
MPD-21-
002
681756
5515769
1258
270
-50
750
2021-07-07
MPD-21-
003
681415
5515638
1237
165
-60
648
2021-07-07
MPD-21-
004
681415
5515638
1237
115
-67
641
2021-07-07
MPD-21-
005
681415
5515638
1237
135
-75
86
Lost hole
MPD-21-
006
681415
5515638
1237
130
-76
821
2021-07-07
MPD-21-
007
681415
5515638
1237
270
-60
545
2021-10-18
MPD-21-
008
681280
5515076
1204
90
-60
686
2021-10-18
MPD-21-
009
681280
5515076
1204
90
-89
713
2021-07-07
MPD-21-
010
681280
5515076
1204
270
-80
671
2021-10-18
MPD-21-
011
681280
5515076
1204
270
-60
515
2021-10-18
MPD-21-
012
681280
5515076
1204
150
-80
713
2021-10-18
MPD-21-
013
681280
5515076
1204
150
-70
623
2021-10-18
MPD-21-
014
681280
5515076
1204
150
-55
54
Lost Hole
MPD-21-
015
681280
5515076
1204
150
-50
695
2021-10-18
MPD-21-
016
681344
5515246
1197
90
-78
799
2021-10-18
MPD-21-
017
681344
5515246
1197
90
-88
587
2021-12-14
MPD-21-
018
681344
5515246
1197
90
-70
827
2021-12-14
MPD-21-
019
681344
5515246
1197
90
-60
463
2022-03-08
MPD-21-
021
681602
5515544
1248
270
-75
97
Lost hole
MPD-21-
022
681602
5515544
1248
270
-78
215
Lost hole
MPD-21-
023
681602
5515544
1248
270
-85
222
Lost hole
MPD-21-
024
681645
5515498
1265
270
-73
767
2021-10-18
MPD-21-
025
681645
5515498
1265
270
-63
278
Lost hole
MPD-21-
026
681645
5515498
1265
270
-81
812
2021-12-14
MPD-21-
027
681645
5515393
1277
270
-80
715
2022-03-08
MPD-21-
028
681645
5515393
1277
270
-68
662
2022-03-08
MPD-21-
029
681645
5515393
1277
350
-69
800
2022-03-08
MPD-21-
031
681645
5515306
1284
270
-57
634
2022-03-08
Drilling at the Gate Zone continues to identify patterns of strongly mineralized porphyry alteration,
sulphide zoning and the possible structural controls for higher-grade domains surrounded by lower grade
shells. To investigate the extents of the Gate Zone, holes MPD-21-019, MPD-21-027 through 029 and
MPD-21-031 were drilled at various azimuths from three pads located central to, and east of Gate Zone.
Holes MPD-21-019, 027, 028 and 031 were drilled to test the continuity of mineralization, and a possible
minor offset between the north and south lobes of the Gate Zone. Hole MPD-21-029 was drilled
northward under pads used in 2020 and 2021, specifically to test for an extension of the central high-
grade zone eastward and down dip. All holes intersected copper-gold-silver mineralization. (see Figures
1 and 2 and Table 2).
MPD is a large land package (14,716 hectares) 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
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-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.
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, 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.
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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"potential" and similar expressions are intended to identify forward looking statements.
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
statements are based are reasonable, undue reliance should not be placed on the forward looking
statements because the Company cannot give any assurance that they will prove correct.
Since
forward looking statements address future events and conditions, they involve inherent assumptions,
risks and uncertainties.
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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assumptions and risks regarding receipt of regulatory and shareholder approvals.
Management has provided the above summary of risks and assumptions related to forward looking
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