Kodiak Copper TSXV:KDK, the Canadian copper explorer, has reported on five drill holes from its fully funded 25,000 metre drill program at its 100% owned MPD copper-gold porphyry project in British Columbia. Kodiak’s Gate Zone has delivered further impressive drill intercepts as the company continues to increase the size of the mineralised envelope which now extends to a kilometre in north-south direction and a depth of 900 metres.
Kodiak Copper sits within The Armchair Trader’s venture portfolio as a copper mining project which could see its value considerably enhanced if the right results come through. Its focus project right now is MPD. The company’s chairman is Chris Taylor, founder and CEO of Great Bear Resources which made a district-scale gold discovery in Canada and was taken over by Kinross Gold for $1.8bn. He is also an ex-copper geologist with Imperial Metals and identified MPD as a prize worth exploring further.
In terms of actual drill results, Kodiak’s MPD-22-006 intersected 117 metres of 0.69% Cu, 0.46 g/t Au and 2.22 g/t Ag (1.03% CuEq) within 735.4 metres of 0.24% Cu, 0.14 g/t Au and 0.71 g/t Ag (0.34% CuEq). Also MPD-22-008 intersected 59.9 metres of 0.33% Cu, 0.25 g/t Au and 1.77 g/t Ag (0.52% CuEq) within 585 metres of 0.18% Cu, 0.09 g/t Au and 0.71 g/t Ag (0.25% CuEq).
Claudia Tornquist, President and CEO of Kodiak Copper, said “We also commenced testing geophysical targets with coincident copper-in-soil signatures in the wider area around the Gate Zone and are pleased that we were able to delineate a parallel mineralized trend at the Prime Zone.”
Tornquist said that this new mineralized trend crystalises further size potential and validates Kodiak Copper’s model of a large multi-centric porphyry system at MPD.
Still early days at the new discovery
“The latest Gate Zone drill results exceed our conceptual model expectations (namely a 0.5% CuEq grade over significant width),” noted Stefan Ioannou at Comark Securities in Canada. “Although initial grades returned from the Prime Zone are lower, we remain cognisant that it is still early days at the new discovery, which at the very least stands to potentially provide satellite feed to an operation centred on the Gate Zone or elsewhere at MPD.”
Comark Securities observed in a note last week (30 September) that all three new Gate Zone holes tested the southern end of “a compelling pink banana 3D IP geophysical anomaly” lending further proof of concept with regard to the survey’s ability to detect mineralisation at depth. There are further pink banana anomalies that have been identified recently by Kodiak Copper which have yet to be drilled.
The drilling points towards another nearby porphyry centre at MPD which warrants further exploration. We are anticipating some further results in Q4 as there are still delays on assay, although the drilling program has been on schedule.
Kodiak Copper has now expanded its exploration efforts to other high-priority areas it owns like Dillard and Man and anticipates that its next phase of exploration should lead to more new discoveries like Gate and Prime across the 147 square kilometre MPD Project area. Comark in its note reckons Kodiak is looked at a significantly larger potential resource envelope.
