KDK.V · 2024-04-25 12:00:00

Kodiak Reports New Copper Porphyry Discovery at 1516 Zone and Final 2023 Drill Results

Drill Results

Kodiak Reports New Copper Porphyry

Discovery at 1516 Zone and Final 2023 Drill

Results

Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - Kodiak Copper Corp. (TSXV: KDK)

(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports a new copper porphyry

discovery at the 1516 Zone located on the southern portion of the 100% owned MPD copper-gold

porphyry project in southern British Columbia. Results from the final 21 holes drilled at MPD in 2023 are

presented in this release, which include the first assays from discovery holes at 1516, as well as the last

holes reporting from the West, South and Man Zones from 2023.

Highlights

The new 1516 Zone is the second previously unknown copper porphyry centre

discovered by Kodiak on the MPD Project, after the Gate Zone discovery

(see Figure 1)

The new 1516 Zone is interpreted to be part of a larger, multi-centred 4.5 square kilometre

porphyry system that also hosts the South, Mid and Adit Zones, based on drill core

chemistry and historic copper in soils. (see Figure 2)

The

1516 Zone was discovered underlying a 2-kilometre-long, zoned polymetallic copper-

gold-molybdenum-bismuth-tungsten soil anomaly, having a coincident historic Induced

Polarization (IP) anomaly

on the east flank of the larger historic copper anomaly. The target is

twice the strike length

of Kodiak's first discovery at the Gate Zone.

Drill hole AXE-23-018 at the 1516 Zone intersected 0.12% CuEq* over 258 metres, within a

broader zone of 0.09% CuEq* over 525 metres

, extending from 368 to 893 metres downhole.

(

see Figures 3, 4 and Tables 1,2)

. Drill hole AXE-23-15 assayed 0.43% Cu and 659 g/t Ag near-

surface between 36 and 49 metres depth. Core recovery was poor for this solitary high-grade

result, but more follow up is warranted.

Like the early Gate Zone drilling,

the first holes into the 1516 discovery are interpreted to be

within a lower grade shell and follow-up drilling is warranted to test for higher-grade

zones within this large target. In addition to copper, soil results suggest significant gold

and molybdenum potential within this complexly zoned porphyry system.

Final results from holes drilled in 2023 at the West, South and Man Zones infill previous

work and show large extents of mineralization from surface and to substantial depths.

These areas continue to be priority targets for further drilling. (see Figures 5, 6 and Tables

1, 2)

Claudia Tornquist, President & CEO of Kodiak, said, "Kodiak's 2023 exploration program was a

resounding success. We set out to demonstrate the potential of MPD beyond our initial discovery at the

Gate Zone, and our drilling has now proven multiple kilometre-scale mineralized porphyry centres across

the property. Importantly, 2023 results include high-grade intercepts and mineralization right from

surface. The discovery of an entirely new porphyry centre at 1516 is a particularly positive development

which we will certainly follow up on. Preparations for this year's field program are well under way. We are

prioritizing numerous promising drill targets with the help of innovative AI technology from VRIFY, and we

are looking forward to announcing our 2024 plans soon. Against a backdrop of rallying copper prices

and exceptionally strong market fundamentals for the red metal I am confident that Kodiak's exploration

success will translate into strong opportunities for our shareholders going forward."

Figure 1:

2023 Porphyry Zones and Target Location Map - MPD Project, Southern BC. In 2023,

Kodiak drill tested five of the now 24 targets identified at MPD.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_c63fe86394ef2b6f_002full.jpg

Figure 2:

MPD South plan map showing new 1516 Zone and 2023 holes with assays at 1516, West

and South Zones (yellow traces). Bar graphs show downhole copper (green) and gold (red).

Background is colour contour historic copper-in soil data.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_c63fe86394ef2b6f_003full.jpg

Final 2023 Drill Results

The 2023 drill program at MPD was comprised of 18,562 metres in 33 holes and evaluated five of the

now 24 targets currently identified on the project (see Figure 1). Final results from 21 holes drilled in

2023 are reported herein, with assays from 10 holes at four zones, (1516, West, South and Man), with

the remainder not reaching target depth, had no significant assays, or were not assayed at this time.

(see Table 2)

1516 Zone Discovery (see Figures 2,3,4, and Tables 1,2)

Seven holes were drilled from two pads with various azimuths at the 1516 Zone soil anomaly. Due to

poor weather and ground conditions only three holes reached their targets and assays for two are

reported herein. Drilling intersected Nicola Group volcanics intruded by Copper Mountain suite diorite,

the target host rocks for most copper mineralization in this region. Host rock alteration includes epidote-

chlorite-potassic feldspar zones generally indicative of peripheral-type porphyry mineralization adjacent

to a mineralized centre.

Drill hole AXE-23-018 drilled to the northeast intersected 0.10% Cu and 2.14 g/t Ag (0.12% CuEq*) over

258 metres, within a broader zone of 0.08% Cu and 1.71 g/t Ag (0.09% CuEq*) over 525 metres from

368 to 893 metres downhole. Drill hole AXE-23-015 assayed 0.43% Cu and 659 g/t Ag between 36 and

49 metres depth. However, the interval recovered only 25% of the core and this result is assumed to

represent a narrow, near-surface high grade vein of unknown width, which will be followed up.

Porphyry related mineralization at 1516 included disseminated and vein hosted Cu-Ag-Mo+/-W+/-Bi.

This metallic mineral suite is similar to that seen in core from both the South, Mid and Adit Zones,

approximately two and three kilometres west and northwest. South, Mid and Adit appear part of the

same large 4.5 square km (3.5 km long) multicentered porphyry system as 1516,

separated by an

interpreted

structural break or splay from the Summers Creek Fault.

West Zone (see Figure 5 and Tables 1,2)

The final three holes reporting from the West Zone were drilled

as infill from two pads at the north and

south ends. Hole AXE-23-004 drilled from the north pad reported shallow porphyry mineralization, with

0.26% Cu, 0.11 g/t Au and 0.80 g/t Ag (0.29% CuEq*) over 117 metres between 146 and 263 metres

within a broader 387 metre interval assaying 0.14% Cu, 0.23 g/t Au and 0.52 g/t Ag (0.24% CuEq*).

New and historic drilling at the West Zone has confirmed significant Cu and/or Au grades over an area of

350 metres by 650 metres, and from surface to depths of 962 metres, which is open to extension.

South Zone (see Figure 5, and Tables 1,2)

The last hole reporting from the South Zone was a near vertical hole, infilling between two previously

reported holes and confirming significant shallow mineralization extending to depth. Hole AXE-23-013

assayed

0.29% Cu, 0.08 g/t Au and 1.16 g/t Ag (0.30% CuEq*) over 72 metres between 413 and 485

metres within a broader 706 metre interval assaying 0.14% Cu, 0.04 g/t Au and 0.78 g/t Ag (0.15%

CuEq*). Kodiak's drilling at the South Zone has confirmed copper mineralization along 900 metres of

strike, from surface to over 775 metres depth and when combined with historic soil geochemistry and

geophysics, suggests that the South, Mid, Adit and 1516 Zones may all be part of a much larger

porphyry system.

Figure 3:

New 1516 Zone east-west long section at 5501900m N (looking north). See Table 1 for

results from holes AXE-23-015 and AXE-23-018

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_c63fe86394ef2b6f_004full.jpg

Figure 4:

Core from 1516 Zone hole AXE-23-018 (left). Patchy epidote-pyrite-chalcopyrite in

brecciated intermediate altered volcanics with molybdenite in quartz veining at 729 m. Drilling at 1516

Zone (right).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_kodiak4.jpg

Figure 5:

West Zone (left) and South Zone (right) north-south long sections at 5501900m N (looking

west). See Table 1 for final 2023 results from the West and South Zones.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_kodiak5.jpg

Man Zone (see Figure 6 and Tables 1,2)

Results from four of the five holes drilled at the Man Zone in 2023 are reported herein. Kodiak's holes at

Man were drilled at various azimuths from the same set up to assess the extent of copper -gold

mineralization in trenches and historic drilling near surface. Drill hole MPD-23-006 intersected 0.15%

Cu, 0.37 g/t Au and 0.76 g/t Ag (0.33% CuEq*) over 60 metres between 195 and 255 metres. Drilling at

Man continues to extend copper-gold porphyry zones in multiple directions, from surface down to 995

metres depth and along 600 metres of strike. In particular hole MPD-23-007 drilled to the north

intersected low-grade copper and gold mineralization within pyrite dominated, porphyry alteration,

suggesting mineralization exists toward the Bellcarra target area, a possible link to the Gate Zone which

has been drilled to one kilometre north of Man.

Beyer Zone (see Figure 6, and Table 2)

Five shallow angled holes were drilled from two pads at the Beyer Zone to test below a high-grade gold-

silver zone discovered by trench sampling in 2022. Although narrow intervals of elevated silver values

were noted in hydrothermal altered and sheared host rock, no significant gold assays were reported in

the 2023 holes that were assayed. The mineralized zone in trenches at Beyer is interpreted to be a

narrow lens that does not continue to depth, or a structural zone related to Man Zone located 375 metres

northwest.

Figure 6:

MPD North drill plan map showing 2023 holes with assays at the Man and Beyer Zones

(yellow traces). Bar graphs show downhole copper (green) and gold (red). Background is colour

contour historic copper-in soil data.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3803/206707_c63fe86394ef2b6f_009full.jpg

Table 1:

Weighted average grade composite intervals for final 2023 holes reporting:

1516 Zone

AXE-23-015 and AXE-23-018;

West Zone:

AXE-23-004, AXE-23-009 and AXE-23-010;

South

Zone:

AXE-23-013;

Man Zone:

MPD-23-003, MPD-23-005, MPD-23-006, and MPD-23-007. Eleven

additional holes did not reach target depth, had no significant assays or did not warrant assaying at

this time. See Table 2 and Figures 2 through 5

Hole ID

From (m)

To (m)

Interval** (m)

% Cu

Au g/t

Ag g/t

% CuEq*

1516 Zone

AXE-23-015

0.43

0.04

659

N/A

AXE-23-018

368

893

525

0.08

0.02

1.71

0.09

includes

368

626

258

0.10

0.02

2.14

0.12

West Zone

AXE-23-004

400

387

0.14

0.23

0.52

0.24

includes

146

263

117

0.26

0.11

0.80

0.29

AXE-23-009

0.14

0.16

0.50

0.20

AXE-23-010

225

402

177

0.08

0.19

0.31

0.17

South Zone

AXE-23-013

715

706

0.14

0.04

0.78

0.15

includes

277

359

0.24

0.07

0.96

0.26

and

413

485

0.29

0.08

1.16

0.30

Man Zone

MPD-23-003

179

151

0.08

0.11

0.3

0.13

and

626

791

165

0.13

0.08

0.35

0.16

MPD-23-005

101

255

154

0.17

0.25

0.56

0.28

MPD-23-006

195

255

0.15

0.37

0.76

0.33

MPD-23-007

0.18

0.11

0.99

0.22

and

270

342

0.12

0.15

0.71

0.19

* Copper equivalent grades (%CuEq) are for comparative purposes only. No metallurgical work has been done at the MPD Project to date and

metal recoveries used in equivalency calculations are assumed from information on comparable deposits and/or mines. Metallurgical recovery

assumptions are: 88% for copper, 67% for gold and 68% for silver. Metal prices used in equivalency calculations are solely for relative weighting

factors. Metal prices of US$3.75/lb copper, US$1,950/oz gold, and US$24/oz silver, using the formula: %CuEq = Cu % x 88% rec. + (Au g/t x 0.76

x 67% rec.) + (Ag g/t x 0.0093 x 68% rec.)

**Intervals are downhole drilled core intervals. Drilling data to date is insufficient to determine true width of mineralization.

Table 2:

2023 MPD Drill Collar Information (Complete)

HOLE ID

EASTING

(UTM Z10)

NORTHING

(UTM Z10)

ELEVATION

(M)

AZIMUTH

(DEGREES)

DIP

(DEGREES)

EOH

(M)

TARGET

REPORTED

AXE-23-001

677400

5503115

1405

180

-65

732

West

2023-07-27

AXE-23-002

677400

5503115

1405

-90

819

West

2023-07-27

AXE-23-003

677400

5503115

1405

-45

367

West

2023-07-27

AXE-23-004

677400

5503115

1418

-75

707

West

2024-04-25

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