Kodiak Reports Infill Drilling from Southern Gate Zone: 0.44% CuEq Over 114 m, Within 0.28% CuEq Over 501 m
Kodiak Reports Infill Drilling from Southern
Gate Zone: 0.44% CuEq Over 114 m, Within
0.28% CuEq Over 501 m
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2022) - Kodiak Copper Corp. (TSXV: KDK)
(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports the drill results for the first
four drill holes from the fully funded 25,000 metre 2022 drill program at the 100% owned MPD copper-
gold porphyry project in southern British Columbia.
Initial 2022 drilling has focused on infill drilling within the sparsely drilled southern Gate Zone.
Drilling is
testing continuity of the copper-gold-silver mineralization within up to 200 metre wide, previously undrilled
gaps in the 2021 drill program.
New results in drill holes MPD-22-002 and MPD-22-004 confirm wide
intervals of significant mineralization are present between earlier drill holes in this area.
Results suggest
high potential for strong continuity of mineralization, similar to what has been observed in the northern
discovery area of Gate.
Ongoing drilling in 2022 is focused on potential extensions to Gate and adjacent look-alike geophysical
targets. Drilling will then subsequently move to additional high-priority targets like Dillard, following the
receipt of new 3D IP data collected this year.
Gate Zone Highlights
New drill holes
MPD 22-004 and MPD-22-002 in the southern Gate Zone confirmed
continuity of mineralization within up to 200 metre undrilled gaps in the zone, and help
define the down dip extent of mineralization.
Results also correlate to the 3D IP
conductor just east of Gate
.
Figure 1
MPD-22-004 intersected
114 metres of 0.30% Cu, 0.20 g/t Au and 2.36 g/t Ag (0.44% CuEq)
within 501 metres of 0.20% Cu, 0.12 g/t Au and 0.98 g/t Ag (0.28% CuEq).
Table 1, Figures
2 and 3A-B
MPD-22-002 intersected 47 metres of 0.33% Cu, 0.08 g/t Au and 0.29 g/t Ag (0.38% CuEq)
within 227 metres of 0.20% Cu, 0.06 g/t Au and 0.10 g/t Ag (0.24% CuEq) before ending
prematurely in the mineralized zone when the drill hole was lost. Table 1, Figure 2
Holes MPD-22-001 and 003 tested beyond the outer margins of the Gate Zone to the southeast
and southwest, and intersected minor host rock alteration and sulfide mineralization with no
significant assays to report, typical of the outer envelope of larger porphyry systems.
Results
confirm a tight association between copper-in-soil results and underlying bedrock
mineralization
Drilling is on schedule and
Kodiak has completed 13 holes totalling 9,651 metres as of June
26.
Both drill rigs are currently focused on extending the Gate Zone and will be redeployed to other
priority areas like Dillard upon receipt of new 3D IP geophysics and as the 2022 program
progresses
Results from all holes at the Gate Zone continue to recognize patterns of strongly mineralized
porphyry alteration, sulphide zoning and the possible controls for higher-grade domains
surrounded by a lower grade shell
New drilling at Gate confirms that new 3D IP data can be an effective tool when targeting
porphyritic host geology and vectoring-in on prospective mineralization on the MPD Project
The Gate and Dillard Zones remain open in multiple directions
and the Company expects to
further extend known mineralization to date, and in addition drill new high-priority targets in the
Prime, Man and Axe areas which exhibit similar geophysical and geochemical signatures as the
Gate Zone
Claudia Tornquist, President and CEO of Kodiak said, "Our 2022 drill program is progressing well and
we are pleased with our continued drilling success at the Gate Zone. It is promising to see the close
correlation between drill results and geophysical signatures as this makes our geophysical data an
excellent targeting tool to not only expand the Gate Zone, but also accelerate and refine targets at the
Man, Dillard and Axe areas which are slated for drilling as the season progresses.
We are also
generating new targets as we expand out geophysical and geochemical databases and replicate the
approach that led to our Gate Zone discovery."
Ongoing Exploration Program
The Company expects to achieve up to 25,000 metres of drilling in multiple target areas before
year-end
A new 3D IP geophysical survey currently underway has completed over half of the 7.5 square
kilometres planned, including the Dillard Target area. The survey extends southward from the Gate
Zone to the Man and Dillard target areas and covers areas with past and planned soil geochemical
coverage (see news release June 10, 2022)
Soil geochemical surveys are underway to follow-up new kilometre-scale copper-gold anomalies
discovered in 2021 (see news release February 3, 2022). 3D IP and soil geochemistry will be
important complementary tools for drill targeting elsewhere at MPD
Figure 1:
Gate Zone plan maps showing all Kodiak drilling and 2022 assay results (yellow trace).
Background left is contoured 3D IP conductivity slice at 975 m above sea level (200 to 300 m depth);
and background right is historic copper-in soil data. Porphyry-related mineralisation at Gate has been
traced down to 850 m depth, across a width of 350 m (east-west) and over 1 km in length (north-south)
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3803/129346_1df2deb6d4969bc4_002full.jpg
.
Figure 2:
Gate Zone north-south long section at 681400mE. See results Table 1 for new drill holes
MPD-22-001, MPD-22-002, MPD-22-003, and MPD-22-004
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3803/129346_1df2deb6d4969bc4_003full.jpg
.
Table 1:
Weighted assay intervals for holes MPD-22-004 and MPD-22-002. No significant assays
received for holes MPD-22-001 and MPD-22-003. See Figures 1 and 2
Hole ID
From (m)
To (m)
Interval**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
MPD-22-004
308.0
809.0
501.0
0.20
0.12
0.98
0.28
Includes
452.0
566.0
114.0
0.30
0.20
2.36
0.44
and includes
586.7
600.5
13.8
0.40
0.38
3.90
0.67
Includes
716.0
773.0
57.0
0.33
0.16
0.15
0.43
MPD-22-002
401.0
628.0
227.0
0.20
0.06
0.10
0.24
Includes
581.0
628.0
47.0
0.33
0.08
0.29
0.38
MPD-22-003
611.0
712.5
101.5
0.06
0.02
0.00
0.07
MPD-22-001
324.9
335.0
10.1
0.05
0.01
0.78
0.06
*
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 mineralisation.
Table 2: 2022 MPD Drill Collar Information - Gate Zone
Hole ID
Easting
(UTM Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH
(m)
Reported
MPD-22-001
681105
5514934
1176
210
-60
468
2022-06-29
MPD-22-002
681105
5514934
1176
65
-67
628
2022-06-29
MPD-22-003
681105
5514934
1176
120
-67
836
2022-06-29
MPD-22-004
681278
5515080
1203
90
-75
830
2022-06-29
Holes MPD-22-001 to 003 were drilled at various azimuths and inclinations from the southern most pad
at Gate to investigate the extents and relationship between copper in soil and 3D IP responses down dip
to the east, and along strike to the south of known mineralization. Hole MPD-22-002 began entering
significant mineralization at 400 metres under existing holes but ended in mineralization at 628 metres
due to difficult drilling conditions. Holes MPD-22-001 and 003 intersected minor alteration and sulfides
with no significant assays to report.
Hole MPD-22-004 was drilled eastward from a site 200 metres northeast of the holes referenced above.
This hole was also drilled under existing holes and successfully confirmed the continuation of significant
copper-gold mineralisation down dip, and a correlation with the untested 3D IP geophysical response on
the eastern flank of the Gate Zone.
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.
Figure 3:
Examples of core from 2022 drilling at Gate Zone, hole
MPD-22-004
:
3A)
Altered diorite
with bornite and chalcopyrite replacing dark colored biotite clots at 583.5 metres.
3B)
Massive pyrite-
chalcopyrite hydrothermal breccia vein in altered diorite host rock at 588 metres. Core is within a 13.8
metre intercept reporting 0.40% Cu, 0.38 g/t Au and 3.90 g/t Ag from 586.7 to 600.5 metres.
3A
To view an enhanced version of Figure 3A, please visit:
https://orders.newsfilecorp.com/files/3803/129346_1df2deb6d4969bc4_004full.jpg
.
3B
To view an enhanced version of Figure 3B, please visit:
https://orders.newsfilecorp.com/files/3803/129346_1df2deb6d4969bc4_005full.jpg
.
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. 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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