Proactive Investors - Kodiak Copper Corp. (TSXV:KDK) has reported positive assay results from the final holes drilled at the MPD copper-gold porphyry project in southern British Columbia in 2022 and also updated on progress in its fully funded 2023 exploration program.
Kodiak said the final 14 holes drilled at MPD in 2022 confirmed the presence of lower-grade copper and gold mineralization in certain zones, highlighting the potential for further extension at depth.
The best results were from drill hole MPD-22-030 which intersected copper mineralization starting at bedrock surface and continuing for 401 metres (m) downhole, assaying 0.13% copper, 0.05 grams per ton (g/t) gold and 0.65 g/t silver (0.18% CuEq) from 15m to 416m downhole.
In a statement, Claudia Tornquist, president and CEO of Kodiak, expressed enthusiasm about the progress made so far, commenting: "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."
Kodiak aims to conduct up to 25,000m of drilling this year, primarily targeting new porphyry areas that have not been previously explored. The 2023 drill program commenced in April, with receipt of initial assay results expected in July.
As of June 6, 2023, Kodiak said it has drilled 2,450m in four holes at the West Zone target in MPD South. All the new drill holes have encountered porphyry mineralization and sulphides, with the deepest hole reaching a depth of 820m.
Based on the positive results so far, Kodiak said it plans to continue drilling in the porphyry cluster that includes the West, South, and Adit targets. Additionally, the company intends to introduce a second drill rig in the near future to explore other high-priority targets such as the 1516, Man, and Beyer zones.
Tornquist emphasized the company's commitment to exploring the district-scale potential of MPD and the addition of a second drill rig will accelerate the progress.
Kodiak's focus is primarily on its MPD copper-gold porphyry project in the Quesnel Trough, south-central British Columbia, and other copper porphyry projects in Canada and the USA. The MPD project exhibits characteristics indicative of a large, multi-centered porphyry system.