Kodiak's First Adit Zone Drilling Intersects Near-Surface High-Grade Copper: 0.76% CuEq over 156 m, Within 0.46% CuEq over 357 m
Kodiak's First Adit Zone Drilling Intersects
Near-Surface High-Grade Copper: 0.76% CuEq
over 156 m, Within 0.46% CuEq over 357 m
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Kodiak Copper Corp. (TSXV:
KDK) (OTCQB: KDKCF) (FSE: 5DD1) (the "
Company
" or "
Kodiak
") is pleased to report the first drill
results from the fully funded 2024 drill program at its 100% owned MPD copper-gold porphyry project in
southern British Columbia. Assay results from the Company's first hole drilled at the Adit Zone (MPD
South) as well as four exploratory holes at the Belcarra Target (MPD North) are presented herein.
Highlights - Adit Zone
Kodiak's maiden drilling at the Adit Zone intersected
high-grade mineralization in the near-
surface
, confirming and extending the copper-gold-silver porphyry system observed at surface
and in shallow historic drilling
(Figure 1)
. The Adit Zone remains open in several directions.
Hole
AXE-24-007 is the best hole ever drilled at Adit
based on grade x width, intersecting
357
metres assaying 0.43% Cu, 0.02 g/t Au and 10.05 g/t Ag (0.46% CuEq*) from 89 to 446
metres
downhole.
All intersected mineralization is within 200 metres of surface
due to the slope of the
topography in the area
(Figures 2 to 4)
.
Drill Hole AXE-24-007 also contains several
higher-grade intervals (Figures 2 to 4)
:
0.69% Cu, 0.04 g/t Au, 20.41 g/t Ag (0.76 % CuEq) over 156 metres
from 89 to 245
metres
1.24 % Cu, 0.02 g/t Au, 5.36 g/t Ag (1.13% CuEq) over 21 metres
from 206 to 227
metres
0.54 % Cu, 0.01 g/t Au, 2.55 g/t Ag, (0.49% CuEq) over 51 met
res from 347 to 398
metres
Weathered hydrothermal breccia with high-grade silver assayed
0.66% Cu, 0.03 g/t Au, and 840
g/t Ag over 3 metres
within a wider
13 metre high-grade interval assaying
1.74% Cu, 0.03 g/t
Au and 194.98 g/t Ag (2.77 % CuEq)
from 151 to 164 metres
(Figure 4)
.
Drilling at Adit is targeting coincident copper-in-soil and 3D induced polarization (3D IP)
chargeability anomalies that suggest the Adit Zone is part of a larger porphyry system (Figure 2).
The current drilling is designed to establish controls on near surface copper oxide and sulphide
mineralization at Adit, while extending this zone to depth and along strike. Additional drill holes are
being completed, with assays pending.
Claudia Tornquist, President and CEO of Kodiak said, "Adit is the third sizeable high-grade zone drilled
by Kodiak at MPD to date, in addition to the Gate and West Zones. We are thrilled with our first drill
results from Adit, which successfully extended shallow mineralization from historic drilling and
demonstrate that this zone is significantly larger than interpreted in the past. The success at Adit is
particularly important because the high-grade mineralization is shallow, which enhances its future
economic potential. Adit is also interpreted to be part of a larger porphyry system that extends over 3
kilometres and includes the Mid, South and 1516 Zones. The Adit Zone is still open in multiple
directions, and we expect results from further holes from this zone. The majority of this year's results are
still outstanding, and our shareholders can expect ongoing news flow over the coming months."
Figure 1:
2024 Target Location Map - MPD Project, Southern BC.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/222778_18659ae5f4cb3b99_002full.jpg
Figure 2:
Adit Zone plan map showing historic and Kodiak drilling to date, and the new 2024 hole
reported herein as a yellow trace with assays. Bar graphs showing downhole copper (green) and gold
(red) values for the Kodiak drilling. Background is colour-contoured copper-in soil data.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/222778_18659ae5f4cb3b99_003full.jpg
Figure 3:
Adit Zone east-west long section at 5502800mN (looking north). Background is colour
contoured 3D IP Chargeability (SJV Geophysics, 2005). Results from hole AXE-24-007 in Table 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/222778_18659ae5f4cb3b99_004full.jpg
Adit Zone Drilling
The Adit Zone is located on the MPD South claims. The Company's first holes at Adit are targeting
coincident 3D IP chargeability and copper-in-soil anomalies. The anomalies are located at the northern
end of a geophysical-geochemical trend on the west side of the Summers Creek fault that links the Adit,
Mid and South Zones and suggests these mineralized zones are part of a large copper system
(Figure
2)
.
Historic drilling at the Adit Zone has been carried out since the 1960's, with the majority of the work
involving shallow percussion drill holes. The occurrence is a 500-metre-wide alteration zone
characterised by shallow (surface to 125 metres), well-developed supergene leaching with copper
oxides overprinting earlier potassic altered intrusive host rocks. Previous interpretations suggested that
Adit was structurally bounded at depth and along major faults, however recent work by Evrim Resource
Corp. in 2018 (drill hole 18-04 in
Figure 3
) and Kodiak's current drilling observed significant copper
sulphide mineralization beyond the oxide zone and the interpreted structures.
Kodiak's maiden hole at Adit (AXE-24-007) was an inclined hole, drilled eastward down slope, through
and below historic drilling
(Figure 3)
. The purpose of the 2024 drilling is to confirm reported historic
grades and determine the extent and geological controls of the porphyritic intrusive suite and complex
alteration system at Adit. Initial results from AXE-24-007 confirm the phased nature of the mineralization,
exhibiting a zoned suite that includes Cu-Ag-Au (+/-Mo, Zn, Pb)
(Figure 4, Tables 1 and 2)
. High-grade
copper mineralization was noted in both oxide and sulphide mineralization facies, with sulphides
dominating at depth.
Figure 4:
Examples of core from 2024 drilling at the Adit Zone, hole AXE-24-007:
a)
Strongly
oxidized andesite breccia with pyrite-malachite in veinlets at 49 m
; b)
Hydrothermally altered diorite
breccia with chalcopyrite-malachite-azurite-sphalerite in 13 m high-grade interval assaying 1.74% Cu,
0.03 g/t Au and 194.98 g/t Ag from 150.5 to 164 m;
c)
Massive chalcopyrite-pyrite in quartz flooded
porphyritic dacite breccia at 222 m in 21 m interval assaying 1.24% Cu, 0.02 g/t Au and 5.36 g/t Ag
from 206 to 227 m;
d)
Disseminated chalcopyrite-pyrite in diorite with late quartz stringers hosting
chalcopyrite-molybdenum at 393 m in 51 m interval assaying 0.54% Cu, 0.01 g/t Au, 2.55 g/t Ag and
0.03% Mo from 347 to 398 m
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/222778_18659ae5f4cb3b99_005full.jpg
Belcarra Target Drilling
The Belcarra Target lies 400 metres south of the Gate Zone, midway between the Gate and Man Zones.
Drilling in 2024 was designed to test multiple targets including: 3D chargeability and conductivity
anomalies, copper-in-soil, copper in historic rock / trench samples and the coincident VRIFY AI Epsilon
area of interest
(Figure 5)
.
Drill holes MPD-24-003 and 004 were drilled to the northwest to test a 300-metre-wide copper-in-soil
and conductive geophysical anomaly that coincides with the interpreted extension of the Gate Zone fault.
Drilling confirmed copper mineralization within this target.
Hole MPD-24-004 intersected a 34-metre-
wide zone of clay-sericite altered fault breccia with Cu-Au-Ag mineralization as sulphide veining or
replacement features
(Tables 1 and 2)
. Hole MPD-24-003 did not reach the targeted depth or Gate
Zone fault due to ground conditions.
Drill holes MPD-24-001 and 002 were drilled eastward to test the separate VRIFY AI Epsilon area and a
3D chargeability anomaly present at depth. Both holes intersected pyrite-dominated sulphide
mineralization within altered diorite / andesite host rocks, without significant copper.
Figure 5:
Belcarra Target plan maps showing 2024 Kodiak drilling. Holes reported herein are yellow
traces with assays. Bar graphs showing downhole copper (green) and gold (red) values. Background is
colour contoured copper-in soil data (left) and 3D IP chargeability (right).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3803/222778_18659ae5f4cb3b99_006full.jpg
Table 1:
Weighted assay intervals for 2024 drill holes AXE-24-007 (Adit Zone) and MPD-24-004
(Belcarra Target). See Figures 2, 3 and 4
Hole ID
From
(m)
To
(m)
Interval**
(m)
% Cu
Au g/t
Ag g/t
%CuEq*
Adit Zone
AXE-24-007
89
446
357
0.43
0.02
10.05
0.46
includes
89
245
156
0.69
0.04
20.41
0.76
includes
151
164
13
1.74
0.03
194.98
2.77
and includes
206
227
21
1.24
0.02
5.36
1.13
and includes
347
398
51
0.54
0.01
2.55
0.49
Belcarra Target
MPD-24-004
117
151
34
0.13
0.32
0.94
N/A
includes
138
151
13
0.20
0.81
1.94
N/A
* 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$4.10/lb copper, US$2,200/oz gold, and US$26/oz silver, using the formula: %CuEq = Cu % x 88% rec. + (Au g/t x 0.78)
x 67% rec.) + (Ag g/t x 0.0092) x 68% rec.)
**Intervals are downhole drilled core intervals. Drilling data to date is insufficient to determine true width of mineralization.
Table 2:
2024 MPD Drill Collar Information
Hole ID
Easting
(UTM Z10)
Northing
(UTM Z10)
Elevation
(m)
Azimuth
(degrees)
Dip
(degrees)
EOH
(m)
Target
Reported
AXE-24-007
678346
5502790
1257
75
-50
533
Adit
2024-09-10
MPD-24-001
680964
5514420
1152
100
-50
551
Belcarra
2024-09-10
MPD-24-002
680964
5514420
1152
60
-50
611
Belcarra
2024-09-10
MPD-24-003
680964
5514420
1152
310
-50
202
Belcarra*
2024-09-10
MPD-24-004
680964
5514420
1152
310
-60
504
Belcarra
2024-09-10
* Drill hole did not reach target depth.
Over 8,500 metres have been completed to date in the 2024 drill program. Regional exploration at the
MPD Project is ongoing and includes a 2000 sample soil geochemistry program and 25-line kilometres
of 3D Induced Polarization (3D IP) surveying to advance new targets identified by Kodiak and follow up
several VRIFY AI areas of interest and historic soil anomalies.
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.
HQ and NQ size core was split and sampled over approximately
1.5 to 3.0 metre intervals depending on core size. Samples were analyzed using ALS's Fire Assay
Fusion method (Au-AA24) with an AA finish for gold and by a 48-element four acid digest ICP-AES
analysis (MS61) 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 that have been
historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
The Company's most advanced asset is the 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 has all the hallmarks of a major, multi-centered porphyry system. Kodiak made an
initial discovery of a high-grade porphyry centre of significant size at the Gate Zone and has since
successfully outlined multiple kilometre-scale mineralized zones across the large MPD property. With
more target areas yet to be tested, Kodiak continues to systematically explore the project to build critical
mass and demonstrate MPD's district-scale potential. The Company also holds the Mohave copper-
molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine.
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/222778