Kodiak Copper suspends B.C. drilling amid flooding risk
Geologists examining copper exposure at Prime Zone, MPD
Kodiak Copper Corp. [KDK-TSXV] said work has been temporarily suspended at its 100%-owned MPD copper-gold porphyry project in southern British Columbia due to flooding and road closures.
The company said the move follows an evacuation order for the town of Merritt as a result of flooding. Personnel has been safely demobilized and there is no risk to the project infrastructure, the company said.
Earlier this year, Kodiak reported the discovery of a significant high-grade copper-gold extension of the recently discovered Gate Zone at the MPD project.
The company said a significant high-grade copper-gold discovery was made on a 75-metre step out, south of the Gate Zone discovery which was originally drilled in late 2019 and announced in January, 2020.
It said the discovery is a higher-grade extension of the Gate Zone that is likely near a porphyry centre based on mineralization and alteration strength.
A 282-metre section of strongly mineralized and altered core from drill hole MPD-20-004 (drilled to 785 metres and partially reported in an April, 2021 news release) was prioritized and rushed through assay. It returned 0.70% copper, 0.49 g/t gold, and 2.64 g/t silver (1.16% copper equivalent) over 282 metres from 263 to 545 metres.
The MPD project covers a 97.3 square kilometre land package in south-central British Columbia and represents the consolidation of three properties (Man, Prime, Dillard) which had never been explored as a single project with modern techniques.
It is located in the Quesnel Trough, B.C.’s primary copper-producing belt, the one that hosts Teck Resources Ltd.’s (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) Highland Valley mine, Imperial Metals Corp.’s (III-TSX) Mount Polley mine, and Centerra Gold Inc.’s [CG-TSX, CAGDF-OTC] Mount Milligan mine.
Kodiak has said the MPD project’s Nicola Belt geology has many similar characteristics to the neighbouring alkalic porphyry systems at the Copper Mountain mine to the south and New Gold Inc.’s (NGD-TSX, NYSE American) New Afton mine to the north.
MPD is adjacent to the highway and is usually accessible year-round via service roads.
In a press release that was issued after the close of trading on November 17, 2021, Kodiak said its 2021 drill program is substantially complete. It said 21,675 metres have been drilled. “Work will be resumed when the evacuation order is lifted and it is safe to do so,” it said.
“For 2022, a drill program of over 25,000 metres is planned, and drilling will commence in the first quarter,” the company added.
On November 17, 2021, Kodiak shares closed at $1.24 and currently trade in a 52-week range of $2.34 and $1.11.