Kodiak Reports Initial Mineral Resource Estimate on Four of Seven Mineralized Zones at the MPD Copper-Gold Project
Kodiak Reports Initial Mineral Resource
Estimate on Four of Seven Mineralized Zones
at the MPD Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Kodiak Copper Corp. (TSXV: KDK)
(OTCQB: KDKCF) (FSE: 5DD1) (the "
Company
" or "
Kodiak
") today reports the first part of its initial
Mineral Resource estimate at the Company's 100%-owned MPD copper-gold project in southern British
Columbia, which comprises four of seven mineralized zones.
Highlights
Sizable copper- gold initial Mineral Resource estimate ("MRE") delineated
for four of seven
mineralized zones outlined to date at MPD: Gate, Ketchan, Man and Dillard. Figure 1
Indicated Mineral Resource: 56.4 million tonnes (Mt) grading 0.42% copper equivalent
(CuEq) for 385 million pounds (Mlb) of copper (Cu) and 0.25 million ounces (Moz) of gold
(Au)
. Table 1
Inferred Mineral Resource: 240.7 million tonnes (Mt) grading 0.33% copper equivalent
(CuEq) for 1,291 million pounds (Mlb) of copper (Cu) and 0.96 million ounces (Moz) of
gold (Au)
. Table 1
The MRE is defined using
open pit
design shells to constrain the Resource models and a
cut-off
grade of 0.2% CuEq
. Sensitivity cases using lower cut-of grades have significantly higher
tonnages and metal contents. Table 2
Mineralization remains
open for expansion within and beyond the MRE pit shells
, in multiple
directions and at depth.
The full
MRE for MPD is planned for completion in Q4
with the addition of three further
mineralized zones (West, Adit and South),
where confirmation and infill drilling is currently
under way as part of the Company's 2025 exploration program (see
news release June 18, 2025
).
The
higher-grade, near surface mineralization
identified at the West, Adit and South zones has
the potential to make an
important contribution to the full MRE
. Figure 1
Webinar: Thursday, June 26
th
@ 9:00am PT
(register here)
Join President & CEO Claudia Tornquist and Chairman Chris Taylor as they discuss the
Initial Mineral Resource Estimate for Kodiak Copper's MPD Project
Claudia Tornquist, President and CEO of Kodiak, said, "The initial Resource estimate for MPD is an
important strategic milestone for Kodiak and marks the culmination of six years of systematic exploration
and district consolidation. The estimate released today is for only four of the seven mineralized zones
that will form the full Mineral Resource estimate for MPD but it already shows the considerable scale and
potential of the project. We are currently drilling the remaining three mineralized zones and plan to
incorporate the results into the full Mineral Resource estimate for MPD by the end of this year. I am
looking forward to the next stage in MPD's development as we progress towards economic evaluation."
Chris Taylor, Chairman of Kodiak, said, "I've had the vision right from the start that MPD's rich mineral
endowment holds the potential for a major mine in British Columbia and our initial Resource estimate
clearly demonstrates this. We expect to grow this Resource estimate substantially with the inclusion of
the remaining zones later this year. It is also worth noting that our sensitivity analysis shows a significant
increase in tonnage and metal content when using a lower cut-off grade of 0.12% copper equivalent,
which is comparable to mines in the area. I consider this initial Resource estimate a starting point for
future growth, as most of our zones remain open to extension, and our work to date has identified more
than 20 additional copper and gold occurrences and targets."
Figure 1:
MPD Project - location map and Mineral Resources/mineralized zones
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/256857_4e263199144c5b05_002full.jpg
Initial Mineral Resource Estimate
The drill hole density in the central part of the Gate Zone was sufficient to develop a 56.4 Mt Indicated
Resource grading 0.42% CuEq. Inferred Resources at the Man, Dillard, Ketchan and Gate zones total
240.7 Mt with an average grade of 0.33% CuEq (see Table 1). The Inferred Resource at Gate is
peripheral to the Indicated Resource. The effective date for the MRE reported herein is June 25, 2025.
Figure 2 shows the MRE pit shells that support the Reasonable Prospects of Eventual Economic
Extraction (RPEEE).
Table 1:
MPD Initial Mineral Resource Estimate
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/256857_kodiaktab1.jpg
Notes:
1. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum(CIM), Definition Standards for
Mineral Resources and Reserves, as prepared by the CIM Standing Committee and adopted by CIM Council.
2. A cut-off grade of 0.2% CuEq was applied to the MRE models within the pit shells.
3. Pit shell optimization used average recoveries derived from metallurgical test work of Cu 82%, Au 60% and Ag 54%, exchange rate of 1.35
CAD:USD, mining cost of C$2.3/t, process cost of C$8.5/t, and pit slope of 45 degrees.
4. Copper equivalence (CuEq) and constraining pit shells assume metal prices (US$) of: $4.2/lb copper, $2,600/oz gold, $30/oz silver.
5. The copper equivalency equation used is: CuEq(%) = Cu(%) + Au(g/t) x 0.6606 + Ag(g/t) x 0.0069
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
There is no certainty that all or any part of the
mineral resources will be converted into mineral reserves in the future. The MRE may be materially affected by considerations including, but not
limited to, permitting, legal, sociopolitical, environmental issues, market conditions or other factors.
7. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum due to rounding as required by reporting guidelines.
Figure 2: MPD Project – RPEEE shells used to constrain the Initial Mineral Resource Estimate
To view an enhanced version of this graphic, please visit:
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Sensitivity Cut-off Grades
In addition to the base case cut-off grade ("COG") of 0.2% CuEq a range of cut-off grades from 0.12%
to 0.22% CuEq were applied to the Resource models to evaluate the potential effect on tonnage, grade
and metal content (Table 2). Lower cut-off grade sensitivity cases demonstrate a notable increase in
tonnage and in-situ metal, with a decrease in average grades. The values in the COG sensitivity cases
are for comparison purposes only and should not be considered Mineral Resources.
Table 2:
Cut-Off Grade Sensitivity Summary
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/256857_kodiaktab2.jpg
Notes:
1. Copper equivalence (CuEq) assumes metal prices (US$) of: $4.2/lb copper, $2,600/oz gold, $30/oz silver.
2. CuEq is based on average recoveries derived from metallurgical test work as applied in the pit optimization process. Average recoveries are:
Cu 82%, Au 60% and Ag 54%.
3. The copper equivalency equation used is: CuEq(%) = Cu(%) + Au(g/t) x 0.6606 + Ag(g/t) x 0.0069
Next Steps
Kodiak is actively advancing the MPD Project through the following key work streams and upcoming
catalysts in 2025:
File a NI 43-101 Technical Report in support of this MRE on SEDAR+ within 45 days of this press
release
Receive results from infill and confirmation drilling at West, Adit and South Zones - Q3/4 2025
Report a Resource Estimate for West, Adit and South Zones to complete initial MRE for MPD
project -Q4 2025
Follow-up metallurgical testing
Plan further step-out, infill and exploration drilling
Continue environmental baseline studies and engagement with indigenous rightsholders and local
stakeholders
Estimation Methods
The Resource estimate was completed by James N. Gray, P.Geo. of Advantage Geoservices Ltd., an
Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for
Mineral Projects (NI 43-101) in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council, as
amended.
Estimation methods are summarized below.
The Gate and Man Resource estimates are
controlled by an alteration model based on three-dimensional interpretation of drill results.
Estimation
control at Dillard and Ketchan is based on models of lithology. A total of 216 core drill holes, completed
by Kodiak and previous operators through 2024, have been used for grade estimation at MPD-N; 70
holes at Gate, 47 at Man, 35 at Dillard and 64 at Ketchan. Of the 216 core holes drilled, 89 were
completed under the supervision of Kodiak. Minor high-grade capping was applied to assay values to
appropriately control the impact of outliers to copper, gold, and silver distributions, prior to compositing
to a length of three metres. Grades at Gate were estimated by ordinary kriging; Man, Dillard and
Ketchan grades were estimated by inverse distance weighting. Block size was 10 x 10 x 10 m for all
Mineral Resources. Average rock densities were applied based on models of lithology.
A total of 13,419
density measurements have been made on core samples in MPD-N.
Bulk density averages 2.65
tonnes/m
3
at Gate, 2.51 tonnes/m
3
at Man, 2.57 tonnes/m
3
at Dillard and 2.64 tonnes/m
3
at Ketchan.
Block models were classified based on a calculated drill spacing. Blocks were assigned as an Inferred
Mineral Resource where drilled at up to a 150 metre spacing. At Gate, where more drill information has
allowed a higher degree of confidence in the geologic model, blocks at a drill spacing of up to 70 m have
been classified as an Indicated Mineral Resource.
Reasonable prospects of eventual economic extraction (RPEEE) were established by JDS Energy &
Mining Inc ("JDS") to constrain the MRE. To consider the RPEEE, JDS produced Lerchs-Grossmann
optimized pit shells at each project area using the following parameters: Cu US$4.2/lb, Au US$2,600/oz,
Ag US$30/oz, an exchange rate of 1.35 CAD:USD, average recoveries of: 82% Cu, 60% Au and 54%
Ag, slope of 45°, mining cost of C$2.30/t and an average process cost of C$8.50/t (including G&A).
Recovery assumptions were determined by JDS from the initial metallurgical testwork conducted earlier
this year. All material included in the MRE is contained within the optimized pit shells.
Quality Assurance and Quality Control procedures employed by Kodiak for the laboratory analysis of drill
core included the inclusion of certified standards, blanks and duplicates. All Kodiak samples were sent
to ALS Canada Ltd for analysis where the analytical procedures meet the requirements of International
Standards ISO/IEC 17025:2005 and ISO 9001:2015. The historic results included in the Mineral
Resources were reviewed and are believed to be from reliable sources using industry standards at the
time, however the company has not independently verified, or cannot guarantee, the accuracy of
historical information. The historical results will be summarized in the accompanying NI 43-101 technical
report.
Qualified Person
The MRE was prepared by James Gray, P.Geo., of Advantage Geoservices Ltd.,
with contributions from
Tysen Hantelmann, P.Eng., of JDS Energy & Mining Inc. for cut-off grade and Pit Shell optimization and
Shane Tad Crowie, P.Eng., of JDS Energy & Mining Inc., for metallurgical parameters, in accordance
with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and
Canadian National Instrument 43-101 ("NI 43-101"). James Gray, Tysen Hantelmann and Shane Tad
Crowie, are independent Qualified Persons as defined by NI 43-101 and have reviewed and approved
the contents of this news release. Dave Skelton, P.Geo. (AB), Vice President Exploration and a
Qualified Person as defined by National Instrument 43-101, has approved and verified the technical
information used in this news release. The historic work referenced herein is believed to be from reliable
sources using industry standards at the time, based on Kodiak's review of available documentation.
However, the Company has not independently validated all historic work, and the reader is cautioned
about its accuracy.
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 that have been
historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
Kodiak Copper's most advanced asset is the 100% owned MPD copper-gold porphyry project in the
prolific Quesnel Terrane in south-central British Columbia, Canada, a mining district with producing
mines and excellent infrastructure. MPD exhibits all the hallmarks of a major, multi-centered porphyry
district with the potential to become a top-tier mine. To date, drilling has outlined seven substantial
mineralized zones across the property, and Kodiak is delivering an Initial Resource estimate for MPD in
2025. The estimate for the first four mineralized zones has already highlighted the project's scale and
potential. Drilling is underway on the remaining three zones and results will be incorporated into the full
Resource estimate, expected by year end. With known mineralized zones open to expansion and
multiple untested targets, Kodiak continues to systematically explore the district-scale potential of MPD
to build critical mass and make the next discovery.
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.
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