Kodiak Copper updates on summer exploration of prime MPD site

Canadian copper explorer – and Armchair Trader venture pick – Kodiak Copper [TSXV: KDK] is well down the road now with its fully-funded 2023 exploration program at its MPD property. Plans for the year include up to 25,000 metres of drilling, focused predominantly on new porphyry targets that have not previously been drilled by Kodiak, as well as 3D IP surveying, soil geochemical sampling and trenching,

Kodiak is focused on its 100% owned copper porphyry projects in Canada and the US. The company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia. MPD has all the hallmarks of a large, multi-centred porphyry system.

Filling out the picture at MPD
We met with CEO of Kodiak Copper, Claudia Tornquist, on a recent visit to the UK. She confirmed that new drill holes have intersected porphyry mineralisation and sulphides with the deepest hole completed to-date ending at 820 metres. Emphasis is on further filling out the picture of underlying mineralisation within MPD. The site is conforming to anticipated geological trends, and still holds out prospect of being a large scale copper deposit.

Drilling at MPD to date supports retaining a drill rig in the porphyry cluster containing the West, South and Adit targets, and adding a second drill rig in the coming weeks to test other high priority targets including the 1516, Man and Beyer zones.

Final drill results are in for 2022 as well. Management confirmed that there are no delays in getting results through from the labs, as we were seeing across the Canadian mining sector in late 2021 / early 2022, as a consequence of COVID.

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Six drill holes were completed into the northern and eastern margins of the Gate and Prime zones in late 2022, to confirm the boundaries of the zones. As expected, these intersected lower grade copper and gold mineralisation within pyrite dominated predominantly propylitic porphyry alteration outboard of the higher grade, central zones.
Eight drill holes were also completed into the Dillard target in late 2022. These intersected low-grade copper and gold mineralisation within pyrite dominated, predominantly propylitic porphyry alteration. Results confirm that the Dillard 2+ kilometre copper-in-soil anomaly overlies a shallow, extensive, predominantly lower-grade porphyry target that warrants further work.

The best results were from drill hole MPD-22-030 which intersected copper mineralisation starting at bedrock surface and continuing for 401 metres downhole, assaying 0.13% copper, 0.05 g/t gold and 0.65 g/t silver (0.18% CuEq) from 15 to 416 metres downhole.

“We are pleased to see prospective sulphide-bearing, altered porphyritic rocks significantly below the shallow historic drilling at the West Zone, just as we did when we first started drilling the Gate Zone,” Tornquist said. “This is a promising start and we will continue testing the cluster of porphyry centres in the southern part of MPD for potential to host higher-grade mineralisation at depth. We are looking forward to the first batch of 2023 drill results in July.”

Support from Teck Resources on private placing
In April the company closed an oversubscribed non-brokered private placement that was announced on April 4, 2023 and upsized on April 6, 2023, for gross proceeds of approximately C$3.4 million. Together with the bought deal private placement that was announced and closed on April 14, 2023, the aggregate gross proceeds to Kodiak are approximately C$8.4 million.

Tornquist reported that there was considerable demand for the financing and that the company continues to receive support from Teck Resources. With a treasury reported at over C$13m at the end of April, Kodiak Copper looks well positioned to continue to delineate the zones under investigation over the course of the summer.