Kodiak Reports New Copper Porphyry Discovery at 1516 Zone and Final 2023 Drill Results
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - Kodiak Copper Corp. (TSXV: KDK) (OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports a new copper porphyry discovery at the 1516 Zone located on the southern portion of the
Highlights
The new 1516 Zone is the second previously unknown copper porphyry centre discovered by Kodiak on the MPD Project, after the Gate Zone discovery. (see Figure 1)
The new 1516 Zone is interpreted to be part of a larger, multi-centred 4.5 square kilometre porphyry system that also hosts the South, Mid and Adit Zones, based on drill core chemistry and historic copper in soils. (see Figure 2)
The 1516 Zone was discovered underlying a 2-kilometre-long, zoned polymetallic copper-gold-molybdenum-bismuth-tungsten soil anomaly, having a coincident historic Induced Polarization (IP) anomaly on the east flank of the larger historic copper anomaly. The target is twice the strike length of Kodiak's first discovery at the Gate Zone.
Drill hole AXE-23-018 at the 1516 Zone intersected
0.12% CuEq* over 258 metres, within a broader zone of0.09% CuEq* over 525 metres, extending from 368 to 893 metres downhole. (see Figures 3, 4 and Tables 1,2). Drill hole AXE-23-15 assayed0.43% Cu and 659 g/t Ag near-surface between 36 and 49 metres depth. Core recovery was poor for this solitary high-grade result, but more follow up is warranted.Like the early Gate Zone drilling, the first holes into the 1516 discovery are interpreted to be within a lower grade shell and follow-up drilling is warranted to test for higher-grade zones within this large target. In addition to copper, soil results suggest significant gold and molybdenum potential within this complexly zoned porphyry system.
Final results from holes drilled in 2023 at the West, South and Man Zones infill previous work and show large extents of mineralization from surface and to substantial depths. These areas continue to be priority targets for further drilling. (see Figures 5, 6 and Tables 1, 2)
Claudia Tornquist, President & CEO of Kodiak, said, "Kodiak's 2023 exploration program was a resounding success. We set out to demonstrate the potential of MPD beyond our initial discovery at the Gate Zone, and our drilling has now proven multiple kilometre-scale mineralized porphyry centres across the property. Importantly, 2023 results include high-grade intercepts and mineralization right from surface. The discovery of an entirely new porphyry centre at 1516 is a particularly positive development which we will certainly follow up on. Preparations for this year's field program are well under way. We are prioritizing numerous promising drill targets with the help of innovative AI technology from VRIFY, and we are looking forward to announcing our 2024 plans soon. Against a backdrop of rallying copper prices and exceptionally strong market fundamentals for the red metal I am confident that Kodiak's exploration success will translate into strong opportunities for our shareholders going forward."
Figure 1: 2023 Porphyry Zones and Target Location Map - MPD Project, Southern BC. In 2023, Kodiak drill tested five of the now 24 targets identified at MPD.
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Figure 2: MPD South plan map showing new 1516 Zone and 2023 holes with assays at 1516, West and South Zones (yellow traces). Bar graphs show downhole copper (green) and gold (red). Background is colour contour historic copper-in soil data.
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Final 2023 Drill Results
The 2023 drill program at MPD was comprised of 18,562 metres in 33 holes and evaluated five of the now 24 targets currently identified on the project (see Figure 1). Final results from 21 holes drilled in 2023 are reported herein, with assays from 10 holes at four zones, (1516, West, South and Man), with the remainder not reaching target depth, had no significant assays, or were not assayed at this time. (see Table 2)
1516 Zone Discovery (see Figures 2,3,4, and Tables 1,2)
Seven holes were drilled from two pads with various azimuths at the 1516 Zone soil anomaly. Due to poor weather and ground conditions only three holes reached their targets and assays for two are reported herein. Drilling intersected Nicola Group volcanics intruded by Copper Mountain suite diorite, the target host rocks for most copper mineralization in this region. Host rock alteration includes epidote-chlorite-potassic feldspar zones generally indicative of peripheral-type porphyry mineralization adjacent to a mineralized centre.
Drill hole AXE-23-018 drilled to the northeast intersected
Porphyry related mineralization at 1516 included disseminated and vein hosted Cu-Ag-Mo+/-W+/-Bi. This metallic mineral suite is similar to that seen in core from both the South, Mid and Adit Zones, approximately two and three kilometres west and northwest. South, Mid and Adit appear part of the same large 4.5 square km (3.5 km long) multicentered porphyry system as 1516, separated by an interpreted structural break or splay from the Summers Creek Fault.
West Zone (see Figure 5 and Tables 1,2)
The final three holes reporting from the West Zone were drilled as infill from two pads at the north and south ends. Hole AXE-23-004 drilled from the north pad reported shallow porphyry mineralization, with
South Zone (see Figure 5, and Tables 1,2)
The last hole reporting from the South Zone was a near vertical hole, infilling between two previously reported holes and confirming significant shallow mineralization extending to depth. Hole AXE-23-013 assayed
Figure 3: New 1516 Zone east-west long section at 5501900m N (looking north). See Table 1 for results from holes AXE-23-015 and AXE-23-018
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Figure 4: Core from 1516 Zone hole AXE-23-018 (left). Patchy epidote-pyrite-chalcopyrite in brecciated intermediate altered volcanics with molybdenite in quartz veining at 729 m. Drilling at 1516 Zone (right).
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Figure 5: West Zone (left) and South Zone (right) north-south long sections at 5501900m N (looking west). See Table 1 for final 2023 results from the West and South Zones.
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Man Zone (see Figure 6 and Tables 1,2)
Results from four of the five holes drilled at the Man Zone in 2023 are reported herein. Kodiak's holes at Man were drilled at various azimuths from the same set up to assess the extent of copper -gold mineralization in trenches and historic drilling near surface. Drill hole MPD-23-006 intersected
Beyer Zone (see Figure 6, and Table 2)
Five shallow angled holes were drilled from two pads at the Beyer Zone to test below a high-grade gold-silver zone discovered by trench sampling in 2022. Although narrow intervals of elevated silver values were noted in hydrothermal altered and sheared host rock, no significant gold assays were reported in the 2023 holes that were assayed. The mineralized zone in trenches at Beyer is interpreted to be a narrow lens that does not continue to depth, or a structural zone related to Man Zone located 375 metres northwest.
Figure 6: MPD North drill plan map showing 2023 holes with assays at the Man and Beyer Zones (yellow traces). Bar graphs show downhole copper (green) and gold (red). Background is colour contour historic copper-in soil data.
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Table 1: Weighted average grade composite intervals for final 2023 holes reporting: 1516 Zone: AXE-23-015 and AXE-23-018; West Zone: AXE-23-004, AXE-23-009 and AXE-23-010; South Zone: AXE-23-013; Man Zone: MPD-23-003, MPD-23-005, MPD-23-006, and MPD-23-007. Eleven additional holes did not reach target depth, had no significant assays or did not warrant assaying at this time. See Table 2 and Figures 2 through 5
| Hole ID | From (m) | To (m) | Interval** (m) | % Cu | Au g/t | Ag g/t | % CuEq* |
| 1516 Zone | |||||||
| AXE-23-015 | 36 | 49 | 13 | 0.43 | 0.04 | 659 | N/A |
| AXE-23-018 | 368 | 893 | 525 | 0.08 | 0.02 | 1.71 | 0.09 |
| includes | 368 | 626 | 258 | 0.10 | 0.02 | 2.14 | 0.12 |
| West Zone | |||||||
| AXE-23-004 | 13 | 400 | 387 | 0.14 | 0.23 | 0.52 | 0.24 |
| includes | 146 | 263 | 117 | 0.26 | 0.11 | 0.80 | 0.29 |
| AXE-23-009 | 27 | 77 | 50 | 0.14 | 0.16 | 0.50 | 0.20 |
| AXE-23-010 | 225 | 402 | 177 | 0.08 | 0.19 | 0.31 | 0.17 |
| South Zone | |||||||
| AXE-23-013 | 9 | 715 | 706 | 0.14 | 0.04 | 0.78 | 0.15 |
| includes | 277 | 359 | 82 | 0.24 | 0.07 | 0.96 | 0.26 |
| and | 413 | 485 | 72 | 0.29 | 0.08 | 1.16 | 0.30 |
| Man Zone | |||||||
| MPD-23-003 | 28 | 179 | 151 | 0.08 | 0.11 | 0.3 | 0.13 |
| and | 626 | 791 | 165 | 0.13 | 0.08 | 0.35 | 0.16 |
| MPD-23-005 | 101 | 255 | 154 | 0.17 | 0.25 | 0.56 | 0.28 |
| MPD-23-006 | 195 | 255 | 60 | 0.15 | 0.37 | 0.76 | 0.33 |
| MPD-23-007 | 48 | 93 | 45 | 0.18 | 0.11 | 0.99 | 0.22 |
| and | 270 | 342 | 72 | 0.12 | 0.15 | 0.71 | 0.19 |
* 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:
**Intervals are downhole drilled core intervals. Drilling data to date is insufficient to determine true width of mineralization.
Table 2: 2023 MPD Drill Collar Information (Complete)
| HOLE ID | EASTING (UTM Z10) | NORTHING (UTM Z10) | ELEVATION (M) | AZIMUTH (DEGREES) | DIP (DEGREES) | EOH (M) | TARGET | REPORTED |
| AXE-23-001 | 677400 | 5503115 | 1405 | 180 | -65 | 732 | West | 2023-07-27 |
| AXE-23-002 | 677400 | 5503115 | 1405 | 0 | -90 | 819 | West | 2023-07-27 |
| AXE-23-003 | 677400 | 5503115 | 1405 | 90 | -45 | 367 | West | 2023-07-27 |
| AXE-23-004 | 677400 | 5503115 | 1418 | 90 | -75 | 707 | West | 2024-04-25 |
| AXE-23-005 | 677400 | 5503115 | 1418 | 25 | -50 | 87 | West | 2023-10-17 |
| AXE-23-006 | 677400 | 5503120 | 1418 | 15 | -45 | 97 | West | 2023-10-17 |
| AXE-23-007 | 677400 | 5503120 | 1418 | 15 | -50 | 459 | West | 2023-10-17 |
| AXE-23-008 | 677397 | 5502825 | 1398 | 350 | -75 | 897 | West | 2023-10-17 |
| AXE-23-009 | 677397 | 5502825 | 1398 | 90 | -85 | 83 | West | 2024-04-25 |
| AXE-23-010 | 677397 | 5502825 | 1398 | 90 | -80 | 709 | West | 2024-04-25 |
| AXE-23-011 | 677383 | 5502933 | 1398 | 0 | -90 | 1031 | West | 2023-10-17 |
| AXE-23-012 | 678515 | 5501650 | 1310 | 100 | -68 | 849 | South | 2023-12-07 |
| AXE-23-013 | 678515 | 5501650 | 1335 | 305 | -80 | 944 | South | 2024-04-25 |
| AXE-23-014 | 678515 | 5501650 | 1310 | 345 | -57 | 1062 | South | 2023-12-07 |
| AXE-23-015 | 680135 | 5501665 | 1000 | 0 | -90 | 253 | 1516 | 2024-04-25 |
| AXE-23-016 | 680135 | 5501665 | 1000 | 90 | -80 | 782 | 1516* | 2024-04-25 |
| AXE-23-017 | 680135 | 5501665 | 1000 | 90 | -50 | 600 | 1516* | 2024-04-25 |
| AXE-23-018 | 680135 | 5501665 | 1000 | 20 | -50 | 938 | 1516 | 2024-04-25 |
| AXE-23-019 | 680139 | 5501677 | 995 | 145 | -50 | 146 | 1516* | 2024-04-25 |
| AXE-23-020 | 680139 | 5501677 | 995 | 145 | -60 | 129 | 1516* | 2024-04-25 |
| AXE-23-021 | 680344 | 5501891 | 1150 | 290 | -75 | 183 | 1516* | 2024-04-25 |
| MPD-23-001 | 681435 | 5513816 | 1360 | 90 | -90 | 995 | Man | 2023-11-08 |
| MPD-23-002 | 681435 | 5513816 | 1360 | 90 | -70 | 924 | Man | 2023-11-08 |
| MPD-23-003 | 681435 |
