Kodiak Copper (TSXV: KDK) has released complete assay results for drill hole 20-004, after reporting partial assays in September, and new assays for drill hole 20-002, which were completed at the Gate zone within its wholly owned MPD project in British Columbia.
The latest intercepts indicate a “large zoned and significantly enriched copper-gold envelope at Gate,” which would be typical for porphyry-hosted mineralization, the company said.
Drillhole 20-004 hit a total of 535 metres of 0.49% copper, 0.29 gram gold per tonne and 1.76 grams silver per tonne (0.76% copper-equivalent), from 202 meters.
In September, Kodiak reported the initial 282-metre section of the hole, which hit 0.7% copper, 0.49 gram gold and 2.65 grams silver (1.16% copper-equivalent) from 263 metres, and includes a previously reported section of 282 metres of 1.16% copper-equivalent.
Hole 20-002 returned 642 metres of 0.21% copper, 0.06 gram gold and 0.84 gram silver (0.27% copper-equivalent) starting at 173 metres. The long intercept also included higher-grade intervals, such as 33 metres 0.59% copper-equivalent and 59 metres 0.51% copper-equivalent.
In its news release, Claudia Tornquist, Kodiak’s president and CEO, noted that the 282-metre higher-grade intercept within MPD-20-004 is “one of the most impressive copper-gold intercepts reported from a porphyry project in southern B.C.” She also said that the latest results “confirm that this high-grade zone is not unique, but part of a wider mineralized envelope intersected over 535 metres in MPD-20-004 and 642 metres in MPD-20-002.”
Additional assays from the Gate zone are pending and, with ongoing drilling, the company expects the news flow to continue into next year.
The drill program has been focused on the northern portion of a 1-km-long gold-in-soil anomaly overlying last year’s Gate zone porphyry discovery.
Results from the Gate zone to date suggest a zone of copper-gold mineralization that is at least 300 metres wide and extends down to a depth of 800 vertical metres, and remains open.
Kodiak’s wholly owned, road-accessible MPD project is 40 km south of Merritt. Last month, Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) invested $10.5 million in the junior through a private placement, for a 9.9% stake in the copper-focused explorer.