Kodiak Copper Corp. (TSX-V: KDK) reported additional drill results from its 100% owned MPD copper-gold porphyry project in southern British Columbia. The Company released new results for hole MPD-20-002 and the remaining upper and lower sections of hole MPD-20-004 at the newly discovered Gate Zone. This follows partial reporting of a central high-grade copper gold zone in MPD-20-004, disclosed along with hole MPD-20-001 on September 3, 2020.
Claudia Tornquist, President and CEO of Kodiak said, “We are pleased to report complete assays for two holes of this year’s drill program at the Gate Zone. We previously reported the discovery of a high-grade copper-gold zone central to MPD-20-004 having 1.16% copper equivalent over 282 metres. This is one of the most impressive copper gold intercepts reported from a porphyry project in southern B.C. New results confirm that this high-grade zone is not unique, but part of a wider mineralized envelope intersected over 535 metres in MPD-20-004 and 642 metres in MPD-20-002. We are looking forward to receiving results for hole MPD-20-005 over the coming weeks and from additional holes later in 2020 and into early 2021. Drilling at the Gate Zone is ongoing and we continue to intersect copper-gold mineralization with strong alteration characteristic of a large porphyry system. As we round out the 2020 program, we are also making plans for a very active 2021, where we will also test other high-priority targets across the property.”
Table 1: Weighted assay intervals for MPD-20-002 and MPD-20-004 (partial results from MPD-20-004 were reported in a release on September 3, 2020).
|Hole ID||From (m)||To (m)||Width** (m)||% Cu||Au g/t||Ag g/t||%CuEq*||Reported|
* 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. The following metal prices were used to calculate copper equivalence: US$1800/oz Gold, US$19/oz Silver & US$2.90/lb Copper. The following equation was used to calculate copper equivalence: %CuEq = ($1800 x Au g/t ÷ 31.10 + $19.00 x Ag g/t ÷ 31.10 + $2.90 x % Cu ÷ 2204.62 x 100) ÷ ($2.90 ÷ 2204.62 x 100).
**Widths are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization.
Additional Results and Drilling:
Figure 1: Cross-section of drill holes from the second set up 75 m south of the first, showing results for MPD-20-004 and drill traces for MPD-20-005, 006 and 007 (results pending).
Figure 2: Cross-section of drill holes from the first set up showing results for MPD-20-001, MPD-20-002 and drill trace for MPD-20-003 (results pending).
Table 2: 2020 MPD Drill Collar Information to date – Gate Zone
|Total to date||5316|
The MPD Project is located 40 kilometres south of Merritt, 25 kilometres north of Princeton and is easily accessible by a network of gravel and logging roads. The current drilling at the Gate Zone is 13 kilometres south of Hwy 97C.
The Gate Zone was discovered in 2019 at the north end of an approximately one kilometre long (north-south) by 300-metre-wide (east-west) copper-in-soil target is present (Figure 3). Drilling has focussed on determining the extent of copper-gold mineralization around discovery hole MPD-19-003 by drilling “fans’ of angled drill holes from several setups.
Kodiak’s drilling has encountered significant copper-gold mineralization and altered porphyritic host rocks that display all the hallmarks of a well-developed alkalic porphyry system. Future drilling will prioritize sites along the coincident copper in soil anomalies, and at “Gate-like” analogues found elsewhere on the property such as the Dillard Zone. Kodiak has a multi-year, area-based exploration permit for the MPD Project to late 2021.
Kodiak has also granted 30,000 stock options to a consultant of the Company, exercisable at C$2.28 per share for a period of one year.
Figure 3: Plan map of the Gate zone showing drill collars, traces and results of historic and 2020 drilling to date. Background data is contoured historic copper-in soil data that shows a 300 metre wide copper anomaly related to and extending 1 kilometre south from the Gate Zone.
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, where the Company made a discovery of high-grade mineralization within a wide mineralized envelope in 2020. 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.
The Company also holds the advanced-stage Kahuna diamond project in Nunavut, Canada. Kahuna hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets.
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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