Kodiak Copper Corp (CVE:KDK) (OTCMKTS:KDKCF) (FRA:5DD1) has unveiled encouraging first drill results from its MPD copper-gold project in British Columbia, which have underscored the potential for the property housing a major porphyry system.
Notably, the work has expanded the 2019 Gate zone discovery six times to a strike length of around 800 metres (m) from 125m previously, while drilling also suggests that a 1.2 kilometre long copper-in soil target in the area is underlain by a 'significant' copper-gold-silver porphyry system.
READ: Kodiak Copper adds a second rig to drill its MPD copper-gold project in British Columbia
So far, 15 holes have been completed of the fully funded 30,000m program for this year.
"We have still only tested a portion of the target area defined by the copper-in-soil anomaly that is related to the Gate Zone mineralization," noted Claudia Tornquist, CEO, who added that she had been "delighted" with drill assays to date.
"We are also looking forward to further exploration along the underlying three kilometre-long magnetic trend that extends all the way to the Man area, which has historical copper in trenches and shallow drill holes. With two drill rigs turning now we also plan to turn our attention to other, equally promising target areas such as Dillard in the second half of this year."
Chairman of Kodiak Chris Taylor told investors in the statement that the Gate Zone had "growing similarities to other large-scale copper porphyry systems in British Columbia".
"In particular, recent mineralization and alteration discoveries have similarities to the Red Chris deposit where Newcrest Mining Ltd. recently acquired a 70% interest. Like the Gate Zone at MPD, Red Chris has high-grade copper-gold-silver mineralization core with a broad lower grade halo. Grades at Red Chris are similar to many of the drill intervals reported from the Gate Zone to date."
One hole, which was a 575m step-out from all other Gate holes hit 87m of 0.51% copper, 0.43 grams per ton (g/t) gold and 0.81 g/t silver starting from a depth of 446m.
The same hole hit the first high-grade bornite-dominated copper-gold-silver mineralization seen at the project. Geology here points to the fact that this location may be closer to the potential mineralization source than the original Gate Zone discovery area.
Three new holes were drilled southward between the original Gate Zone discovery and the 575m step-out hole and all three successfully intersected copper-gold-silver mineralization, added Kodiak.
A highlight from one of those three holes was a long 678m interval starting from a depth of 143m, showing 0.26% copper, 0.11 g/t gold and 0.89 g/t silver.
The MPD project spans 147 sq km and lies near several operating mines in British Columbia's copper-gold producing belt. It is Kodiak's most advanced asset, where it made a discovery of high-grade mineralization within a wide mineralized envelope in 2020.
Kodiak Copper also owns the Mohave copper-molybdenum-silver porphyry project in Arizona, near the world-class Bagdad mine.
Shares in Canada added around 6% to stand at C$1.71 each.
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Contact the author at giles@proactiveinvestors.com