Kodiak Copper of Vancouver (TSXV: KDK) has reported the first drill results for the fully funded 30,000-metre 2021 drill program at its 100%-owned MPD copper-gold porphyry project. The company’s most-advanced asset, MPD is a 147-sq.-km consolidated land package near several operating mines in the southern Quesnel Terrane, southern British Columbia, midway between the towns of Merritt and Princeton.
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.
Recent drilling has successfully expanded the Gate Zone discovery to six times its previous strike length in a north-south direction, from around 125 metres to 800 metres. New drill hole MPD 21-009 was a 575-metre stepout south from all other Gate Zone drill collars, and intersected 87 metres of core length grading 0.51% copper, 0.43 g/t gold and 0.81 g/t silver (0.78% copper equivalent). This intercept was included in a longer interval of 242 metres grading 0.38% copper and 0.22 g/t gold (0.52% copper equivalent), which was within a broader 468-metre interval of 0.25% copper, 0.16 g/t gold and 0.51 g/t silver (0.35% copper equivalent).
Hole 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-km-long copper-in-soil target in this area is underlain by a significant copper-gold-silver porphyry system. Stepout drilling in the Gate Zone discovery area 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.
Stepout drilling will continue to systematically evaluate the Gate Zone copper-in-soil anomaly, which lies central to a regional magnetic low spanning 3 km.
The company recently received an amendment to its current area-based exploration permit authorizing expanded exploration activity and multiple new drill sites to 2026. Drilling in 2021 will continue to focus on expanding the copper-gold mineralization at the Gate Zone through step-out drilling along the 3-km-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.
Kodiak last year attracted a $10.5 investment from Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK).
For further details see Kodiak's website.