Vancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - Kodiak Copper Corp. (TSXV: KDK) (the "Company" or "Kodiak") today reports further drill results from the Gate Zone from its ongoing fully funded exploration program at the 100% owned MPD copper-gold porphyry project. MPD is located near producing mines in the prolific Quesnel Trough in southern British Columbia, with excellent infrastructure and year-round accessibility from paved highways 5A and 97C.
Results Include:
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A drill program with nine drill holes to date is ongoing near thenorthern end of an approximately one kilometre long copper-in-soil target. Figure 1.
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New drill hole MPD-20-005 returned 192 m of 0.74% copper, 0.48 g/t gold and 2.75 g/t silver (1.21% CuEq*) from 308 to 500 metres down hole. Table 1.
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This included a 45 metre central high-grade interval of 1.18% copper, 1.01 g/t gold and 4.00 g/t silver (2.13% CuEq*) from 401 to 446 metres down hole. Table 2.
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The total mineralized interval in MPD-20-005 was 515.8 m of 0.41% Copper, 0.22 g/t Gold and 1.50 g/t silver (0.63% CuEq*) from 223.5 to 739.3 metres down hole.
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Results are very similar to MPD-20-004, originally reported on October 22, 2020 and September 3, 2020, which assayed 535.1 metres of 0.49% copper, 0.29 g/t gold and 1.76 g/t silver (0.76% CuEq). Figure 2.
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All 9 drill holes completed to date or currently in progress have intersected prospective sulphide-bearing, altered porphyritic host rocks consistent with a well-developed alkalic porphyry system. Figure 3.
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Drilling to date has tested up to 500 metres of potential width of the Gate Zone, and only 125 metres of the approximately 1 kilometre strike length of the total copper-in-soil target.
Claudia Tornquist, President and CEO of Kodiak said, "Hole MPD-20-005 delivered another outstanding drill result from the newly discovered Gate Zone. This hole expands the central high-grade zone previously announced in hole MPD-20-004. Importantly, we are also starting to see significant size to the larger mineralized envelope, first identified in the near-surface by shallow historic drilling and extended down to a depth of over 800 metres by Kodiak. Our exploration program at MPD continues and Kodiak is well-fund with approximately $15 million for up to 30,000 metres of additional drilling. The Gate Zone is wide open and we look forward to expanding on this discovery. To date we have only drilled a small portion of the substantial soil anomaly that overlays it. Virtually all significant copper mines in the Quesnel Trough, including nearby Copper Mountain, consist of multiple porphyry centres. With numerous underexplored historic copper showings across an area of over 10 square kilometres at MPD, the additional discovery potential is very strong, and we also are planning to test other targets across the property throughout 2021."
The MPD Project is located 40 kilometres south of Merritt, 25 kilometres north of Princeton and is easily accessible by a network of gravel and logging roads. The current drilling at the Gate Zone is 13 kilometres south of Hwy 97C.
The Gate Zone was discovered in 2019 at the north end of an approximately one kilometre long (north-south) by 300-metre-wide (east-west) copper-in-soil anomaly (Figure 3). Drilling has focused on determining the extent of copper-gold mineralization with a total of 5,859 metres completed in eight holes to date, and drilling continues with a ninth hole. Drill holes MPD-20-001, 002, 003 were drilled from the first drill set up located 190 metres east of the original 2019 discovery hole. Holes MPD-20-004 to 007 and 009 are situated at a second pad 75 metres south of the first (MPD-20-008 was lost in overburden). Hole MPD-20-010 is currently being drilled from a third pad located 290 metres west of the second set up. Table 3 and Figure 1.
Kodiak's drilling has encountered significant copper-gold mineralization and altered porphyritic host rocks that display all the hallmarks of a well-developed alkalic porphyry system. Ongoing exploration of the Gate Zone will prioritize step-out drilling along the broad, kilometre long copper-in-soil anomaly that underlies this target, in addition to analogous porphyry zones found elsewhere on the property such as the Dillard Zone. Kodiak has a multi-year, area-based exploration permit for the MPD Project to late 2021.
Table 1: Weighted assay intervals for MPD-20-005
| Hole ID | From (m) | To (m) | Width** (m) | % Cu | Au g/t | Ag g/t | %CuEq* |
| MPD-20-005 | 223.5 | 739.3 | 515.8 | 0.41 | 0.22 | 1.50 | 0.63 |
| Includes | 308.0 | 500.0 | 192.0 | 0.74 | 0.48 | 2.75 | 1.21 |
| Includes | 332.0 | 482.0 | 150.0 | 0.84 | 0.57 | 3.06 | 1.38 |
| Includes | 350.0 | 458.0 | 108.0 | 0.94 | 0.68 | 3.28 | 1.59 |
| includes | 401.0 | 446.0 | 45.0 | 1.18 | 1.01 | 4.00 | 2.13 |
*Copper equivalent grades (%CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as no metallurgical data is available. The following metal prices were used to calculate copper equivalence: US$1800/oz Gold, US$19/oz Silver & US$2.90/lb Copper. The following equation was used to calculate copper equivalence: %CuEq = (($1800 x Au g/t ÷ 31.10) + ($19.00 x Ag g/t ÷ 31.10) +( $2.90 x % Cu ÷ 2204.62 x 100)) ÷ ($2.90 ÷ 2204.62 x 100)
**Widths are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization.