Kodiak Copper Corp. (TSX-V:KDK) said it is eyeing another 'sizeable' exploration program in 2023 in British Columbia after recently completing its largest program to date at its MPD copper-gold porphyry project, which saw the company drill 26,103 metres (m) in 41 holes at the Gate/Prime and Dillard targets.
Assays for nine holes have been released so far and the next batch are expected in January, while more results will be reported throughout the first quarter alongside findings from other fieldwork such as geophysics at the company's most advanced asset.
"We were able to further extend our already sizeable high-grade copper porphyry Gate Zone and were delighted to discover a parallel porphyry trend at the nearby Prime Zone," said Claudia Tornquist, the CEO of Kodiak in a statement.
"Just recently we announced the discovery of the Beyer high-grade gold-silver zone, which is an exciting new development with a lot of potential. We are well-funded and looking forward to another sizable exploration program in 2023 to unlock further value on the MPD project for our shareholders through exploration and discovery," she added.
READ: Kodiak discovers new gold-silver 'Beyer Zone' at MPD project in British Columbia
The firm's Gate Zone discovery has now been extended to 1km (kilometre) of north-south length and 900m depth, while Kodiak has also identified a 400m long, parallel copper-porphyry trend at the nearby Prime Zone to a depth of 550m.
Trenching led to the new high-grade gold-silver discovery called the Beyer zone, which sits in a 2.2 kilometre (km) long, 750m wide gold-in-soil corridor that will be followed up in detail as part of the 2023 program.
Other highlights from 2022 included four trenches in the Beyer and Dillard East target areas, which resulted in 131 rock samples, while a further 46 rock samples were collected during property-wide exploration.
In addition, an expanded 3D Induced Polarization (3D IP) geophysical survey was conducted over 9.5 square kilometre from the Gate Zone to Man/Beyer area in the south, and extending eastward over to Dillard.
The final results for this 3D IP survey are now under review, said Kodiak, which added that it is now widening its exploration efforts across the large 147 square kilometre MPD property.
Plans for 2023 include continued drilling to further assess multiple regional porphyry targets as well as the hydrothermal gold discovery and trend at the Beyer Zone. The 2023 program will also include additional supporting ground geophysical and geochemical surveying, the company said.
Kodiak also highlighted a "strong" cash position of over C$8 million and a tight capital structure.
MPD is a large, 147 square kilometre land package near several operating mines in the southern Quesnel Terrane, British Columbia's primary copper-gold producing belt.
Contact the author at giles@proactiveinvestors.com