February 16, 2021 (Source) — Kodiak Copper Corp. (TSXV: KDK) (the “Company” or “Kodiak”) today reports drill results from five further holes at its ongoing fully funded exploration program at the 100% owned MPD copper-gold porphyry project. MPD is located near producing mines in the prolific Quesnel Trough in southern British Columbia, with excellent infrastructure and year-round accessibility from paved highways.
Claudia Tornquist, President and CEO of Kodiak said, “Once again, the Gate Zone has yielded impressive copper-gold numbers over significant widths. With only a small number of holes drilled so far, we have already intersected the newly discovered high-grade zone at Gate and the surrounding larger mineralized envelope over significant dimensions. Over 90% of this kilometre-long target remains unexplored by Kodiak, with considerable discovery potential yet to be unlocked. With our expanded drill program, we anticipate drilling over four times as much as last year, with up to 30,000 metres planned and fully funded. Field crews have now been mobilized and are preparing a new dedicated core logging facility, and rigs are anticipated to be turning again shortly. Against the backdrop of the strongest copper market in a decade, Kodiak is well positioned to make 2021 its most active and exciting year yet.”
- The 2020 MPD drill campaign has demonstrated excellent continuity of porphyry mineralization at the Gate Zone by intersecting a large, zoned and significantly enriched copper-gold envelope.
- New drill hole MPD-20-007 intersected 213 m of 0.65% Cu, 0.37 g/t Au and 2.23 g/t Ag (1.00% CuEq*) within a broader 441 m interval of 0.42% Cu, 0.22 g/t Au and 1.49 g/t Ag (0.63% CuEq*) from 279 to 720 m down hole. Table 1
- New drill hole MPD-20-006 intersected 171 m of 0.62% Cu, 0.43 g/t Au and 2.55 g/t Ag (1.03% CuEq*) within a broader 449.2 m interval of 0.34% Cu, 0.21 g/t Au and 1.48 g/t Ag (0.55% CuEq*) from 183 to 633 m down hole. Table 1
- New drill hole MPD-20-010 was a 290 m step-out to the west of all other Gate drilling, and successfully intersected the same mineralised system containing high-grade copper-gold vertically above, and west of previous intercepts. It also intersected the first high-grade gold intercept from Kodiak’s 2020 drill program, returning 9.62 g/t Au and 2.40 g/t Ag over 3.0 m within a carbonate-sericite-pyrite breccia (phyllic zone) from 778 to 781 m downhole. The extension of the Gate zone high-grade copper zone returned 46.4 m of 0.57% copper, 0.16 g/t gold and 1.80 g/t silver (0.73% CuEq) from 269.0 to 315.4 m downhole.
- Mineralization at Gate has been traced down to 800 m depth, across a width of 350 m (east-west) and over 100 m in length (north-south). However, drilling to date has tested only the northern edge of a one km long copper-in-soil target, which also lies within a larger 3 km regional magnetic low that extends south to the Man Zone. Figure 1 and 5
- Results from the southern most set-ups (holes MPD-20-004 to 010) suggest a higher-grade porphyry centre is emerging as drilling moves southward, which remains open to extension. Results from the northern set-up (holes MPD-20-001 to 003) are interpreted to be within a lower temperature, lower grade propylitic envelope that surrounds the porphyry centre at Gate. Figures 2, 3 and 4
- In addition to extending the Gate Zone, drilling in 2021 will test high-priority targets elsewhere at MPD that exhibit similar regional magnetic lows, copper-in-soil anomalies, and mineralization in historic drilling. Figure 5
Table 1: Weighted assay intervals for holes MPD-20-003 and MPD-20-006 to MPD-20-010
|Hole ID||From (m)||To (m)||Interval** (m)||% Cu||Au g/t||Ag g/t||%CuEq*|
|MPD-20-008||Drill Hole Lost in Overburden|