Kodiak Copper, the Canadian mining exploration business that is now focusing on some interesting new prospects in British Columbia, has issued an updated report on progress at its copper-gold porphyry project, MPD.
Drilling commenced on 13 July, and Kodiak Copper says that the program is progressing well. It is concentrating on an area called the Gate Zone, where it discovered the highest grade copper-gold intervals ever reported in drill core from this property.
Phase II drill program is progressing well
Kodiak Copper said that all of its new Phase II drill holes had successfully intersected prospective, sulphide-bearing, altered porphyritic host rocks. This is consistent with a well-developed alkalic porphyry system. Current Phase II drilling at the site aims to expand the known dimensions and define geological controls in place at the Gate Zone.
Core samples are being shipped to ALS Canada in North Vancouver for preparation and final analysis. Assay results from the drilling program are expected to be reported from late August onwards.
“Our Phase II drill program is progressing efficiently and we are very pleased to observe encouraging alteration with sulphide mineralisation in all drill holes,” explained Claudia Tornquist, President and CEO of Kodiak. “Just over half of the planned meterage has been completed to date. We are looking forward to the first new Phase II drill results in the coming weeks and are already planning the next phase of work and a potential acceleration of our drilling.”
Kodiak is focused on a portfolio of 100% owned copper porphyry projects in Canada and the USA. Its most advanced asset is the MPD copper-gold porphyry project in the Quesnel Trough region of south-central British Columbia.
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Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, near the world-class Bagdad mine, and the Trapper copper-gold porphyry project located in the northern Golden Triangle region of British Columbia. All three of the projects have been historically drilled and present known mineral discoveries, with the potential to hold large scale deposits.
Kodiak Copper’s founder is Chris Taylor, who is well known in Canadian mining circles for his gold discovery success with Great Bear Resources. Kodiak is also part of the Discovery Group, led by John Robins, one of the most successful mining entrepreneurs in Canada.
Survey results expected by month end
The Armchair Trader started covering Kodiak Copper on 23 April. At the time shares could be had for CAD 0.24. Since then Kodiak Copper stock has ascended to CAD 0.61, more than doubling in price.
One of the key premises behind the MPD site is that, apart from its interesting location, it has been explored previously but not to the same extent as Kodiak is currently doing. Mining giants like Rio Tinto and Newmont have been active in the MPD previously, but while the data has been interesting, exploration has rarely gone beyond 200 metres.
The team at Kodiak Copper believes there is much more to be found here, and we expect to hear more on survey results before the end of this month.