Kodiak Provides Update on 2022 Exploration Program at MPD Copper-Gold Porphyry Project in Southern British Columbia
Kodiak Provides Update on 2022 Exploration
Program at MPD Copper-Gold Porphyry Project
in Southern British Columbia
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) - Kodiak Copper Corp. (TSXV:
KDK) (OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") provides an update on its fully
funded 2022 exploration program at its 100% owned MPD copper-gold porphyry project ("MPD") in
southern British Columbia.
Highlights
The 2022 exploration program at MPD is progressing well with up to 25,000 metres of drilling
planned.
Drilling is on schedule and the Company has completed 29 holes totalling 19,150
metres
as of September 9.
Drilling in early 2022 focused on
infill work at the Gate Zone and testing adjacent look-alike
geophysical targets
. Core samples are being shipped to ALS Canada Ltd. in North Vancouver,
BC for analysis and
the next batch of assay results will be reported in September
.
Results to date
(see news release June 29, 2022
) have confirmed wide intervals of significant
mineralization at the south end of Gate and the Company has intersected prospective, sulphide-
bearing, porphyritic host rock adjacent to the Gate Zone in the north.
The drill program has transitioned to
evaluating widespread additional targets for copper-
gold mineralization across the rest of MPD property
.
A rig
has been mobilized to the Dillard area
where drilling commenced in 2021 with two holes
and early results from the 2022 3D Induced Polarization (3D IP) work have already identified new
high-priority drill targets situated within a 2.7 kilometre long copper-in-soil anomaly
.
Exploration target drilling will continue throughout the fall
to test new soil geochemical and
3D IP geophysical anomalies across the large MPD property.
Claudia Tornquist, President and CEO of Kodiak, said, "Our interpretation has been from the start that
MPD is a large, multi-centred copper gold porphyry system. After our first discovery of a high-grade
porphyry centre at the Gate Zone we are now replicating the same systematic exploration approach at
additional target areas with the aim to make further high-grade discoveries and bring the project to the
next level. With a healthy treasury and a fully funded exploration program we are well placed to continue
advancing MPD to unlock the value of what we believe is a district-scale porphyry copper system for our
shareholders".
The Company is now extending its exploration efforts across the large 147 square kilometre MPD
property by drill testing targets which have similar geophysical and geochemical signatures to the Gate
Zone, including historically drilled areas such as Dillard, Man, and other newly defined targets. A new 3D
IP geophysical survey is being conducted which covers nine square kilometres, extending southward
from the Gate Zone to the Man and Dillard target areas. Similarly, a 7.2 square kilometre soil
geochemical survey (1,577 samples) has just been finished which follows up kilometre-scale copper-
gold anomalies from soil and prospecting work in 2021 (see Figure 1). Soil geochemical samples from
the 2022 survey have been shipped to ALS Canada Ltd. in North Vancouver, BC for analysis and results
are pending.
At the Dillard Zone, early results from the 2022 3D IP survey show a clear relationship between
geophysical responses, soil anomalies, geology and copper-gold intercepts
reported in both
historic, and Kodiak's maiden drilling (
see news release May 4, 2022
). In particular, high chargeability
responses coincide exceptionally well with porphyry-related mineralization drilled in Kodiak's first two
holes at Dillard (MPD-22-034 and 035, see Figure 2). The new 3D IP data also highlights comparable
responses throughout the 2.7 kilometre long copper-in-soil footprint at Dillard, including potential
extensions of copper-gold zones to depth (see Figure 3). Drill testing of these compelling targets is
ongoing.
New 3D IP surveys, soil geochemical data and prospecting results continue to be important tools for
finding new discoveries in areas not fully explored or previously drilled at MPD. Several new target areas
have been identified for drill testing, including Dillard West, Blue and Man South (see Figure 1 and 4).
Figure 1:
Central MPD Property showing
multiple untested target areas
highlighted by kilometre-
scale, copper-in-soil trends
(
colour contour), and copper-gold in prospecting samples (squares). Gate
Zone is at top left and priority areas covered by new soil and 3D IP surveys in 2022 are in dashed
boxes
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3803/136906_bb6d1a11b4a4e9f9_002full.jpg
?
Figure 2:
Dillard Zone north-south cross section at 683350mE showing Kodiak's 2021 drilling, shallow
historic drill holes. Kodiak's drilling at Dillard traced porphyry-related mineralisation down to 530 m
depth and correlates extremely well with plunging chargeability high response from new 3D IP survey
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3803/136906_bb6d1a11b4a4e9f9_004full.jpg
Figure 3:
Dillard Zone north-south cross section at 683250mE showing conceptual drill holes (dashed
black lines) to test plunging chargeability high responses (and conductors) below mineralization
reported in shallow historic drilling
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/3803/136906_bb6d1a11b4a4e9f9_005full.jpg
Kodiak has contracted SJ Geophysics Ltd. to conduct the first deep DC Resistivity/Induced Polarization
(3D IP) surveys on the MPD Project. The 2022 3D IP program is assessing regional copper-gold
geochemical trends and cover a nine square kilometre area extending south and eastward from the
Gate Zone to the Man and Dillard target areas. Based on the survey configuration, the 3D IP data is
interpreted to a depth of roughly 500 metres.
Preliminary data has been received from the eastern side
of this survey over zones reporting shallow mineralization in trenches, historic drilling, and within the 2.7
kilometre long Dillard soil anomaly. The remainder of the survey (western half) is ongoing, and results are
expected in Q4.
Figure 4:
Grab sample from untested Blue target area, central MPD property. Altered diorite porphyry
with azurite-malachite-chalcopyrite. Sample is from a 0.3 metre wide sample assaying 3.19% Cu, 0.21
g/t Au and 40.5 g/t Ag reported in news release February 3, 2022
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/3803/136906_bb6d1a11b4a4e9f9_006full.jpg
MPD is a large, 147 square kilometre land package located near several operating mines in the
southern Quesnel Terrane, British Columbia's primary copper-gold producing belt. It is situated between
the towns of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby.
Following Kodiak's Gate Zone discovery in 2020 a 21,675 metre drill program in 2021 significantly
expanded the size and depth of known mineralization at the Gate Zone to one kilometre of strike length,
350 metres width and 850 metres depth. In addition, the Company's first two holes at the Dillard target in
2021 intersected better copper-gold results than any historic results reported from the Dillard area.
QA/QC Procedures
Technical information and quality assurance with respect to geophysical data in this news release was
provided by SJ Geophysics Ltd. Data was collected using the Direct Current Resistivity, Induced
Polarization ("DCIP") method, using a 5-line acquisition set, based on two receiver lines (Rc) and three
adjacent transmitting lines (Tx), with a line spacing of 100 m. The dipoles were 100 m inline and 100 m
crosslines resulting in an effective dipole size of 141 m. The 3DIP data was acquired with currents
injected every 50 m along each of the transmitting lines. Calculated geophysical parameters were
provided in an ASCII format, brought into Geosoft's Oasis Montaj platform, and unconstrained 3D
inversions of the apparent resistivity and chargeability data were produced using the UBC-GIF DCIP3D
inversion codes. Digital maps provided 2D sections and plan maps of the inverted 3D models.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
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
statements will transpire or occur, or if any of them do so, what benefits the Company will derive from
them.
These forward-looking statements are made as of the date of this press release, and, other than
as required by applicable securities laws, the Company disclaims any intent or obligation to update
publicly any forward-looking statements, whether as a result of new information, future events or results or
otherwise.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136906