On Monday,
Kodiak Copper Corp. (TSX-V: KDK, OTCQB: OCPFF, Forum) announced that Canada's largest diversified resource company,
Teck Resources Ltd., had agreed to make a strategic investment in the Company by way of a $10.5 million (CAD) private placement.
Kodiak’s President and CEO, Claudia Tornquist stated that Teck’s investment is a strong endorsement of the Company’s MPD copper-gold porphyry project in Southern BC, and the Company’s management.
“With the proceeds of this private placement we will be able to expand on the momentum of our recent Gate Zone discoveries, and test other porphyry targets across the MPD property through 2020 and 2021.”
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Kodiak Copper added that this investment will provide capital to fund the Company’s ongoing work program at its MPD copper-gold porphyry project, where its team had
discovered a significant high-grade copper-gold extension of the recently discovered Gate Zone. The Company tallied 282 metres of 0.70% copper and 0.49 g/t gold (1.16% CuEq), Including 45.7 metres of 1.41% copper and 1.46 g/t gold (2.75% CuEq). KDK had advanced second phase drilling in mid August and is expanding its known zones that contain the highest grade copper-gold intervals, all new Phase II drill holes have successfully intersected prospective sulphide-bearing, altered porphyritic host rocks consistent with a well-developed alkalic porphyry system.
FULL DISCLOSURE: Kodiak Copper Corp. is a client of Stockhouse Publishing.