Kodiak Provides Exploration Update and Final 2022 Drill Results
Kodiak Provides Exploration Update and Final
2022 Drill Results
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2023) - Kodiak Copper Corp. (TSXV: KDK)
(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today provides an update on its fully
funded 2023 exploration program at the 100% owned MPD copper-gold porphyry project in southern
British Columbia. The 2023 drill program commenced in April, with receipt of initial assay results
expected in July. Assay results from the final fourteen holes drilled at MPD in 2022 are also presented in
this release.
2023 Exploration Program
Plans for the year include up to 25,000 metres of drilling, focused predominantly on new porphyry
targets that have not previously been drilled by Kodiak, as well as 3D IP surveying, soil
geochemical sampling and trenching.
Kodiak has drilled 2,450 metres in four holes as of June 6, 2023, into the West Zone target at
MPD South (formerly Axe).
A north-south cross section showing three holes is provided in Figure
1.
A map of targets at MPD South is provided in Figure 2.
All new drill holes have intersected porphyry mineralization and sulphides with the deepest hole
completed to-date ending at 820 metres.
Drilling to date supports retaining a drill rig in the porphyry cluster containing the West, South and
Adit targets, and adding a second drill rig in the coming weeks to test other high priority targets
including the 1516, Man and Beyer zones.
Final 2022 Drill Results
Six drill holes were completed into the northern and eastern margins of the Gate and Prime zones
in late 2022, to confirm the boundaries of the zones.
As expected, these intersected lower grade
copper and gold mineralization within pyrite dominated predominantly propylitic porphyry alteration
outboard of the higher grade, central zones.
Figure 3
Hole MPD-22-033 intersected encouraging copper mineralization 150 metres northwest on the
flank of the Gate Zone, indicating the potential for further extension at depth in that direction.
The
hole encountered a deep intercept of pyrite-chalcopyrite mineralization assaying 0.28% copper
0.03 g/t gold and 0.32 g/t silver (0.30% CuEq) over 27 metres from 743 to 770 metres downhole,
within a broader 105 metre interval assaying 0.14% copper, 0.06 g/t gold and 0.33 g/t silver
(0.19% CuEq), from 725 to 830 metres downhole.
Eight drill holes were also completed into the Dillard target in late 2022. These intersected low-
grade copper and gold mineralization within pyrite dominated, predominantly propylitic porphyry
alteration.
Results confirm that the Dillard 2+ kilometre copper-in-soil anomaly overlies a shallow,
extensive, predominantly lower-grade porphyry target that warrants further work. Figure 4
The best results were from drill hole MPD-22-030 which intersected copper mineralization starting
at bedrock surface and continuing for 401 metres downhole, assaying 0.13% copper, 0.05 g/t gold
and 0.65 g/t silver (0.18% CuEq) from 15 to 416 metres downhole.
Claudia Tornquist, President and CEO of Kodiak said, "We are pleased to see prospective sulphide-
bearing, altered porphyritic rocks significantly below the shallow historic drilling at the West Zone, just as
we did when we first started drilling the Gate Zone. This is a promising start and we will continue testing
the cluster of porphyry centres in the southern part of MPD for potential to host higher-grade
mineralization at depth. We are looking forward to the first batch of 2023 drill results in July. A second
drill rig will soon be added to the program to accelerate our progress as we test our compelling suite of
drill targets to prove the district-scale potential at MPD. In addition, final results from the 2022 drilling
continue to show continuity of copper-gold zones and confirm that future work is certainly warranted at all
of the areas drilled to date."
Figure 1:
North-south cross section at West Zone at MPD South showing shallow historic drilling
<400 m (downhole scale bars: green=Cu/red=Au), maximum 300 m depth extent of historic 3D IP
Data (chargeability high), and magnetic inversion high extending to greater depths. A schematic of
three 2023 Kodiak drill holes are also shown.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/169653_d0a4eb2cf4a89948_002full.jpg
Figure 2:
MPD South claim block (formerly Axe) showing multiple target areas highlighted by
magnetic anomalies and historic drill intercepts annotated below (left) and historic copper-in-soil
trends (right). Initial drilling in 2023 began at the West Zone (yellow highlight).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/169653_d0a4eb2cf4a89948_003full.jpg
Figure 3:
Gate / Prime Zone plan map showing all 2022 drilling with assay results. Yellow drill traces
reported herein
with scale bars for downhole copper-gold values. Background is contoured historic
copper-in soil data. Porphyry-related mineralisation
at Gate has been traced down to 900 m depth,
across a width of 350 m (east-west) and has been extended to 1 km in length (north-south).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/169653_d0a4eb2cf4a89948_004full.jpg
Figure 4:
Dillard Zone plan map showing all 2022 drilling with assay results. Yellow drill traces
reported herein with scale bars for downhole copper-gold values. Background is colour contoured
historic copper-in soil data.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/169653_d0a4eb2cf4a89948_005full.jpg
Table 1:
Select
weighted assay intervals for holes MPD-22-015, 032 and 033 (Gate-Prime), and
MPD-22-027, 030, 034, 035, 037, 039 and 040 (Dillard). Four additional holes did not return
significant assays or did not warrant assaying at this time. See Figures 3 and 4
Hole ID
From (m)
To (m)
Interval** (m)
% Cu
Au g/t
Ag g/t
%CuEq*
Gate-Prime Zones
MPD-22-015
210.8
264
53.2
0.11
0.13
1.39
0.22
and
885
922
37
0.22
0.15
0.66
0.34
MPD-22-032
54
293
239
0.10
0.06
0.66
0.14
and
317
320
3
0.97
3.03
12.55
3.39
MPD-22-033
725
830
105
0.14
0.06
0.33
0.19
includes
743
770.3
27.3
0.28
0.03
0.32
0.30
Dillard Zone
MPD-22-027
9
359
350
0.08
0.06
0.32
0.13
MPD-22-030
15
416
401
0.13
0.05
0.65
0.18
includes
332
335
3
0.11
0.03
46.30
na
MPD-22-034
97
286
189
0.12
0.05
0.33
0.16
MPD-22-035
21
269
248
0.06
0.02
0.18
0.07
MPD-22-037
21.4
455
433.6
0.08
0.04
0.22
0.11
MPD-22-039
285
360
75
0.08
0.05
0.27
0.12
MPD-22-040
24
320
296
0.09
0.10
0.34
0.17
and
500
503
3
0.05
3.10
0.33
na
*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$3.75/lb copper, US$1,950/oz gold, and US$24/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 mineralisation.
In the Gate-Prime area, holes MPD-22-015, 032 and 033 were drilled at various orientations to establish
the relationship of Prime to the high-grade Gate Zone. Results from these holes will be incorporated into
a geological model developed for future targeting. Figure 3, Tables 1 and 2.
At Dillard, holes MPD-22-027, 030, 034, 035, 037, 039, and 040 were drilled at various orientations in
the northern half of the 2.7-kilometre-long copper-in-soil anomaly. Results will be used on future
programs to vector-in on higher-grade portions of the Dillard Zone. Figure 4, Tables 1 and 2.
Four holes; MPD-22-007, 009, 010 and 041 did not intersect significant mineralization, or did not
warrant analysis at this time.
Table 2:
2022 MPD Drill Collar Information
Hole ID
Easting
(UTM Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH (m)
Target
Reported
MPD-22-001
681105
5514934
1176
210
-60
468
Gate
2022-06-29
MPD-22-002
681105
5514934
1176
65
-67
628
Gate
2022-06-29
MPD-22-003
681105
5514934
1176
120
-67
836
Gate
2022-06-29
MPD-22-004
681278
5515080
1203
90
-75
830
Gate
2022-06-29
MPD-22-005
681278
5515080
1203
70
-70
921
Gate
2022-09-29
MPD-22-006
681344
5515246
1197
157
-75
803
Gate
2022-09-29
MPD-22-007
681341
5515247
1198
90
-47
674
Gate*
2023-06-13
MPD-22-008
681341
5515247
1198
134
-76
944
Gate
2022-09-29
MPD-22-009
681647
5515308
1279
270
-86
605
Gate*
2023-06-13
MPD-22-010
681647
5515308
1279
75
-60
626
Gate/Prime*
Not assayed
MPD-22-011
682055
5515445
1335
90
-70
645
Exploration*
Not assayed
MPD-22-012
682055
5515445
1335
90
-45
447
Exploration*
Not assayed
MPD-22-013
682055
5515445
1335
310
-60
849
Prime
2022-09-29
MPD-22-014
682055
5515445
1335
310
-47
882
Prime/Gate
2023-01-23
MPD-22-015
682055
5515445
1335
270
-57
922
Prime
2023-06-13
MPD-22-016
682055
5515445
1335
150
-57
762
Exploration*
Not assayed
MPD-22-017
682030
5515615
1318
248
-58
860
Prime/Gate
2022-09-29
MPD-22-018
682030
5515615
1318
270
-54
975
Prime/Gate
2023-01-23
MPD-22-019
682030
5515615
1318
325
-67.5
623
Prime
2023-01-23
MPD-22-020
682030
5515615
1318
270
-80
794
Prime
2023-01-23
MPD-22-021
682273
5514807
1392
270
-55
110.9
Exploration
Lost hole
MPD-22-022
682273
5514807
1392
270
-55
101.8
Exploration
Lost hole
MPD-22-023
682273
5514807
1392
270
-70
226.4
Exploration
Lost hole
MPD-22-024
682444
5514973
1395
270
-55
314.3
Exploration
Lost hole
MPD-22-025
682444
5514973
1395
270
-50
716
Exploration*
Not assayed
MPD-22-026
683250
5514550
1486
270
-50
740
Dillard
2023-02-28
MPD-22-027
683250
5514550
1482
0
-50
713
Dillard
2023-06-13
MPD-22-028
683250
5514550
1482
90
-63
235
Dillard
Lost hole
MPD-22-029
683250
5514550
1482
85
-63
630
Dillard
2023-02-28
MPD-22-030
683250
5514550
1482
85
-89
575
Dillard
2023-06-13
MPD-22-031
681947
5515885
1278
0
-90
557
Prime
2023-01-23
MPD-22-032
681947
5515885
1278
0
-70
473
Prime
2023-06-13
MPD-22-033
681514
5515925
1270
260
-60
839
North Gate
2023-06-13
MPD-22-034
683350
5514500
1486
80
-58
498.2
Dillard
2023-06-13
MPD-22-035
683350
5514500
1486
50
-50
269
Dillard
2023-06-13
MPD-22-036
683350
5514500
1488
160
-57
833
Dillard
2023-02-28
MPD-22-037
683250
5514550
1482
220
-50
746
Dillard
2023-06-13
MPD-22-038
683450
5514050
1450
165
-70
611
Dillard
2023-02-28
MPD-22-039
683450
5514050
1450
95
-50
405
Dillard
2023-06-13
MPD-22-040
682900
5514050
1425
0
-50
722
Dillard
2023-06-13
MPD-22-041
682325
5513655
1455
90
-50
694
Dillard*
Not assayed
*Holes did not intersect significant mineralization or did not warrant analysis at this time.
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 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).
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.
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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release.
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward-looking
statements within the meaning of applicable securities laws.
The use of any of the words "anticipate",
"plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict",
"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
to, assumptions and risks associated with conditions in the equity financing markets, and
assumptions and risks regarding receipt of regulatory and shareholder approvals.
Management has provided the above summary of risks and assumptions related to forward looking
statements in this press release in order to provide readers with a more comprehensive perspective
on the Company's future operations.
The Company's actual results, performance or achievement
could differ materially from those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by the forward-looking