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Copper explorer Kodiak Copper (TSX-V:KDK) is adding a second drill rig for its 100% owned MPD copper-gold porphyry project in Canada’s British Columbia. It is in the process of executing a fully-funded drill program of up to 30,000 metres in the course of this year.

Drilling this year has focused on extending the Gate Zone where Kodiak made a high-grade copper-gold discovery at the northern end of a one kilometre long soil anomaly. The second rig will initially assist in step out and infill drilling at the Gate Zone.

As the year progresses, Kodiak said that it expects to move one of the rigs to the Dillard Zone, situated approximately two kilometres southeast of the current drilling. Dillard is a high-priority target similar to the Gate Zone, characterised by a substantial copper-in-soil anomaly, geophysical responses and encouraging mineralization in historic drilling.

Kodiak is focused on its 100% owned copper porphyry projects in Canada and the USA. Its most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, Canada, where it made a discovery of high-grade mineralisation within a wide mineralised envelope in 2020.

First results from Kodiak expected in a few weeks

“We are pleased with the progress of the program to date and are looking forward to accelerating the drilling at the Gate Zone,” said Kodiak’s CEO, Claudia Tornquist. “Our shareholders can expect the first results from this year’s drill campaign in a few weeks and a steady flow of drill results throughout the remainder of 2021.”

Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. Kodiak’s porphyry projects have both been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.

MPD is a large, consolidated land package (147 square kilometres) located near several operating mines in the southern Quesnel Terrane, British Columbia’s primary copper-gold producing belt. The project is located midway between the towns of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby.

MPD project is getting a lot of interest from explorers

The MPD real estate continues to attract interest in the Canadian copper mining space. Bullet Exploration (TSX-V:AMMO) recently picked up the Anita Property from Independence Gold Corp, which is adjacent to the AXE Property, recently acquired by Kodiak. AXE constitutes 4,980 hectares with four drill-proven copper-gold porphyry centres. Kodiak picked this up from Orogen Royalties.

A recent report from Intrynsyc Capital Corp has described Kodiak Copper as the next go-to story for the base metals sector, and “poised to build value by the drill bit.” Its analysis estimated that given the geology of the property and the belt, there are more porphyry centres on the property and potentially additional deposits, including in untested areas like Man and Prime. The addition of the second drill rig this year means Kodiak can cover much more ground in terms of its drill program.

Kodiak’s founder and Chairman is Chris Taylor who is well-known for his gold discovery success with Great Bear Resources. Kodiak is also part of Discovery Group led by John Robins, one of the most successful mining entrepreneurs in Canada.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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