Kodiak Copper Corp (CVE:KDK) (OTCMKTS:OCPFF) has released plans for the 2020 drill program at its MPD project that will follow up on the highest-grade copper-gold interval reported on the property.
The Phase II program is designed to expand significant mineralization at the newly discovered Gate zone and drill testing similar copper-gold mineralization found in historic holes in the nearby Dillard area.
Located in southern British Columbia’s prolific Quesnel Trough, MPD is a large land package that covers a copper and gold producing belt and has easy access to infrastructure. The land was evaluated and staked by Kodiak’s chairman Chris Taylor, who is known for his exploration success with Great Bear Resources (CVE:GBR).
The upcoming drill program comes at a time when commodity prices are rallying, presenting a “great backdrop” to the Phase II program, according to Kodiak’s CEO Claudia Tornquist.
“Last fall, our successful maiden drill program and the discovery of the Gate Zone proved our exploration thesis that there is considerable discovery potential below the shallow historic work conducted on the property,” Tornquist told shareholders in a statement.
The company’s first significant discovery in 2019 of 102 metres of 0.5% copper and 0.2 grams per ton gold was made without the benefit of deep geophysics, and ZTEM survey results showed that the high grade copper interval was located within a large resistivity anomaly that could indicate a substantial porphyry copper mineralization centre.
“It will be exciting to test this Gate Zone resistivity target further in our upcoming Phase II drill program, and also a similar target in the Dillard area of the project,” Tornquist added. “In addition, with new geophysics in hand, we have prioritized high-grade gold trends discovered on our eastern claims in the early 1990's that remain underexplored and clearly warrant follow-up investigation."
Kodiak will use geophysical data from the ZTEM survey and historic soil surveys and trenchin to prioritize drill targets. The ZTEM results confirmed high-priority porphyry targets at the Gate and Dillard zones. The Vancouver-based company is fully funded for its 2020 drill program.
Kodiak also said that it has granted 50,000 stock options to a consultant of the company exercisable at C$0.43 per share for a five-year period.
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