Kodiak Copper Corp. (TSX-V:KDK) announced a significant copper porphyry discovery at the 1516 Zone within its MPD copper-gold porphyry project in southern British Columbia.
The newly identified 1516 Zone stands as the second copper porphyry center unearthed by Kodiak within the MPD project, following the Gate Zone discovery.
Kodiak interprets this zone to be part of a larger, multi-centered 4.5 square kilometer porphyry system that also encompasses the South, Mid, and Adit Zones.
Results from the final 21 drill holes conducted at MPD in 2023 encompass the maiden assays from discovery holes at the 1516 Zone, as well as the concluding findings from the West, South, and Man Zones from the same year.
Situated beneath a two-kilometer-long polymetallic soil anomaly, the 1516 Zone is believed to harbor substantial copper-gold-molybdenum-bismuth-tungsten reserves.
Notably, one hole at the 1516 Zone intersected 0.12% copper equivalent (CuEq) over 258 meters, within a broader zone of 0.09% CuEq over 525 meters.
Another drill hole exhibited promising assays of 0.43% Cu and 659 g/t silver (Ag) near the surface, between 36 and 49 meters depth.
CEO Claudia Tornquist called the 2023 program 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,” Tornquist told investors.
“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.”
The final 2023 drill results also shed light on significant mineralization at the West, South, and Man Zones, underscoring the vast potential of the MPD Project.
“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,” Tornquist added.
The company said it will reveal its 2024 exploration program shortly.