There is every possibility that this is a very large copper/gold system of dimensions exceeding the nearby Copper Mountain mining complex, which commenced production on a smaller surface expression. The drill program is still relatively small but has already been able to make a high grade discovery. Last year it intersected a high grade zone over 350m width.
The MPD is located between the established Copper Mountain and Highland Valley copper mines and benefits from the local mining infrastructure. It is a very accessible project and enjoys the support of the local First Nations community.
Similarities with Red Chris deposit
Kodiak Copper said ongoing drilling will test the full extent of the Gate Zone on its MPD property as well as testing other target deposits. Up until now results have only focused on the Gate Zone itself which is really less than 20% of the total prospective area.
“With a six-fold increase in its drill-confirmed strike length to over 800 metres, and the identification of high-temperature bornite-rich copper mineralisation, the Gate Zone has growing similarities to other large scale copper porphyry systems in British Columbia,” noted Chris Taylor, Chairman of Kodiak Copper. “In particular, recent mineralisation and alteration discoveries have similarities to the Red Chris deposit where Newcrest Mining Ltd. recently acquired a 70% interest.”
Effectively the strike has been extended by a factor of six. To step out over 0.5km and hit this kind of mineralisation is incredible. In terms of the area and the volume Kodiak Copper is beginning to define, it is a much bigger prospect than Kodiak was originally looking at in 2020. Taylor says it reminds him of what he saw in a previous life at the Red Chris deposit, where he saw astonishing looking mineralisation.
Red Chris was a very valuable acquisition for Newcrest which acquired 70% in a joint venture agreement with Imperial Metals in 2019. The deal was valued at over $800m. Red Chris was one of the best copper porphyry discoveries in British Columbia with a strike length of 1km. Unlike Red Chris, MPD still has other targets – e.g. Dillard – which is also overlain by the strong copper soil anomaly.
Taylor: MPD looks less eroded than Red Chris
MPD exhibits a similar map scale footprint and similar copper-gold-silver mineralisation. MPD looks less eroded with the high grade material beginning at greater than 100m depth.
“We now know there are very nice grades of copper and gold mineralisation and we are drilling just one of our three targets,” Taylor added. He confirmed he had not expected to see such high levels of mineralisation from a step out hole. “The system is still open to extension in these directions,” he added.
CEO Claudia Tornquist said Kodiak Copper has 30,000 metres of drilling planned for this year with two rigs now operational at the Gate Zone. The intention is to move one drill to Dillard later in the summer. The firm is fully-funded for the work this year.