July 7, 2021 – Vancouver, British Columbia – Kodiak Copper Corp. (the "Company" or “Kodiak”) (TSX-V: KDK) today reports the first drill results for the fully funded 30,000 metre 2021 drill program at the 100% owned MPD copper-gold porphyry project in southern British Columbia.
Gate Zone: 575 metre Step-out to South
- The Gate Zone discovery has been successfully expanded by 6x its previous strike length from approximately 125 metres to approximately 800 metres in a north-south direction.
- New drill hole MPD 21-009 was a 575 metre step-out south of all other Gate drill collars, and intersected 87 metres of 0.51% Cu, 0.43 g/t Au and 0.81 g/t Ag (0.78% CuEq*) within 242 metres of 0.38% Copper and 0.22g/t Gold (0.52% CuEq*) and a broader 468 metre interval of 0.25% Cu, 0.16 g/t Au and 0.51 g/t Ag (0.35% CuEq*). Table 1 and Figure 3A.
- MPD 21-009 intersected the first high-grade bornite-dominated copper-gold-silver mineralization observed on the property, accompanied by strong, illite-kaolinite overprinting of potassic alteration. Alteration and mineralization suggest this is the highest temperature area of the Gate Zone porphyry copper system drilled to date and may be located closer to a potential mineralization source than the original Gate Zone discovery area.
- With over 15 drill holes completed by Kodiak to date, results suggest that the 1.2 kilometre long copper-in soil target in this area is underlain by a significant copper-gold-silver porphyry system.
Chris Taylor, Chairman of Kodiak said, “With a six-fold increase in its drill-confirmed strike length to over 800 metres, and the identification of high-temperature bornite-rich copper mineralization, the Gate Zone has growing similarities to other large scale copper porphyry systems in British Columbia. In particular, recent mineralization and alteration discoveries have similarities to the Red Chris deposit where Newcrest Mining Ltd. recently acquired a 70% interest. Like the Gate Zone at MPD, Red Chris has high-grade copper-gold-silver mineralization core with a broad lower grade halo. Grades at Red Chris are similar to many of the drill intervals reported from the Gate Zone to date.”
Ongoing Drilling in Gate Zone Discovery Area
- Step-out drilling has intersected a significantly enriched copper-gold system over 800 metres of strike length, 350 metres width, and to 850 metres depth. Drilling continues to demonstrate excellent continuity of porphyry mineralization at the Gate Zone. Figure 1 and 2.
- New drill holes MPD-21-003, 004 and 006 were drilled southward between the original Gate Zone discovery and the 575 metre step-out in drill hole MPD-21-009. All holes successfully intersected copper-gold-silver mineralization.
- Drill hole MPD-21-004 intersected 87 metres of 0.58% Cu, 0.32 g/t Au and 3.33 g/t Ag (0.81% CuEq*) within a broader 361.4 metre interval of 0.35% Cu, 0.18 g/t Au and 1.50 g/t Ag (0.47% CuEq*). Table 1.
- Drill hole MPD-21-006 intersected 51 metres of 0.54% Cu, 0.36 g/t Au and 2.77 g/t Ag (0.79% CuEq*) within a broader 678.0 metre interval of 0.26% Cu, 0.11 g/t Au and 0.89 g/t Ag (0.34% CuEq*). Table 1 and Figure 3B.
- Drill hole MPD-21-003 intersected 72 metres of 0.39% Cu, 0.09 g/t Au and 1.23 g/t Ag (0.46% CuEq*) within a broader 546 metre interval of 0.12% Cu, 0.04 g/t Au and 0.48 g/t Ag (0.15% CuEq*). Table 1 and Figure 4B.
- Step-out drilling will continue to systematically evaluate the Gate Zone copper-in-soil anomaly, which lies central to a regional magnetic low spanning three kilometres. The Company also plans to explore for possible connections between the Gate Zone into the Man target area which is located an additional 1 kilometre to the south within the same regional magnetic low.
Claudia Tornquist, President and CEO of Kodiak said, “We are delighted with the 2021 drill results to date. This is a big step forward, validating our thesis that MPD has the potential to host a major porphyry system. We have still only tested a portion of the target area defined by the copper-in-soil anomaly that is related to the Gate Zone mineralization. We are also looking forward to further exploration along the underlying three kilometre-long magnetic trend that extends all the way to the Man area which has historical copper in trenches and shallow drill holes. With two drill rigs turning now we also plan to turn our attention to other, equally promising target areas such as Dillard in the second half of this year.
Step-Out to North of Gate Discovery Area
- Two step-out drill holes MPD-21-001 and 002 were collared 70 metres north of the original Gate Zone discovery. While the centre of the porphyry system is interpreted to occur to the south, the Company must also define the outer margins of the copper mineralization in all directions.
- Both drill holes intersected wide intervals of lower grade copper mineralization, with propylitic alteration (epidote pyrite +/- chalcopyrite) typical of the outer envelope of larger porphyry systems. These holes represent the northern most intercepts of the wider envelope of porphyry related mineralization at Gate.
- New drill hole MPD-21-001 intersected a broad zone of 517.5 metres of 0.10% Cu, 0.02 g/t Au and 0.35 g/t Ag (0.11% CuEq*). Table 1.
- New drill hole MPD-21-002 also intersected a wide zone of 537 metres of 0.15% Cu, 0.04 g/t Au and 0.57 g/t Ag (0.18% CuEq*) Table 1 and Figure 4A.
Table 1: Weighted assay intervals for holes MPD-21-001 to MPD-21-004, MPD-21-006 and MPD-21-009 (also see Figure 2)
|Hole ID||From (m)||To (m)||Interval**(m)||% Cu||Au g/t||Ag g/t||%CuEq*|
*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 mineralization.
Figure 1: Plan map of the Gate Zone showing all 2021 drilling with assay results to date. Background data is contoured historic copper-in soil data. Mineralization at Gate has been traced down to 850 m depth, across a width of 350 m (east-west) and over 800 m in length (north-south).
Figure 3: Examples of core from 2021 Drilling at MPD: 3A) MPD-21-009 – Bornite-dominated copper mineralization as disseminations and in late quartz veining. Core is from an 87.0 metre intercept reporting 0.51% Cu, 0.43 g/t Au and 0.81 g/t Ag from 446.0 to 533.0. 3B) MPD-21-006 – Strongly mineralized hydrothermal breccia with chalcopyrite-pyrite. Core is from a 51.0 metre intercept reporting 0.54% Cu, 0.36 g/t Au and 2.77 g/t Ag from 623.0 to 674.0 metres. Images are of selected intervals and do not represent all mineralization on the property.
Figure 4: Examples of core from 2021 drilling at MPD: 4A) MPD-21-002 – Massive sulphide vein dominated by chalcopyrite. Core is from a 99.7 metre intercept reporting 0.21% Cu, 0.04 g/t Au and 0.64 g/t Ag from 306.0 to 405.7 metres 4B) MPD-21-003 – Chalcopyrite-pyrite-quartz veining in altered volcanics. Core is from a 72 metre intercept reporting 0.39% Cu, 0.09 g/t Au and 1.23 g/t Ag from 576.0 to 648.0 metres. Images are of selected intervals and do not represent all mineralization on the property.
Table 2: 2021 MPD Drill Collar Information – Gate Zone
The Gate Zone was discovered in 2019 and the 2020 drill campaign extended the Gate Zone with a total of 6,698 metres drilled in nine holes. Drilling in 2021 will continue to focus on expanding the copper-gold mineralization at the Gate Zone through step-out drilling along the kilometre-long copper-in-soil anomaly. The 2021 drill program of up to 30,000 metres will also test additional analogous porphyry targets such as Dillard that demonstrate strong potential for similar copper-gold porphyry mineralization.
Drill holes MPD-21-001 and 002 were drilled westward from the first 2021 drill set up located 70 metres north of last year’s drilling. Holes MPD-21-003 to 006 were drilled to test the Gate zone mineralization south and southeast from a previously approved site (MPD-21-005 was lost before target depth). Hole MPD-21-009 was drilled from a third pad located 575 metres south of the second set up (Table 2).
The Company recently received an amendment to its current area-based exploration permit authorizing expanded exploration activity and multiple new drill sites to 2026. Work will now focus on infill drilling at Gate and additional high priority targets across the MPD Property. Plans for 2021 also include geotechnical studies, prospecting, and geophysical, geochemical and environmental surveying.
MPD is a large, consolidated land package (14,716 hectares with the recent Axe acquisition) 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.
Kodiak will host a webinar to discuss the Company’s recent results and future exploration plans. The webinar will take place on Wednesday, July 7th at 9am PST / 12pm EST. Management will be available to answer questions following the presentation.
To join the webinar, register from this link (also includes dial-in instructions): https://my.6ix.com/8Jg24o4r
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.
For further information please contact Mr. Knox Henderson, Investor Relations, at +1 604 646 8362 or firstname.lastname@example.org.
On behalf of the Board of Directors
Kodiak Copper Corp.
President & CEO
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.
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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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.