Kodiak Copper Corp. (TSXV: KDK) has entered into a purchase agreement with Donald Rippon of Mineworks Ventures Inc. to acquire a 100% interest in 11 claims contiguous with its wholly-owned MPD copper-gold porphyry project (MPD) in Southern British Columbia.
The Property comprises 7,800 hectares (78sq. km) and will expand Kodiak’s MPD project to 22,642 hectares (226sq. km). The new claims are adjacent to the southeast and host prospective geology and structural trends important to known mineralization at MPD.
“Right from the start Kodiak has interpreted MPD as a large, multi-centred copper-gold porphyry system with district-scale potential and every step of our exploration work to date has confirmed this thesis,” President and CEO, Claudia Tornquist, said.
“The addition of this claim package adds further strategic ground that complements our land holdings. The preparations for our 2023 exploration program at MPD are well advanced and I am looking forward to updating our shareholders soon with our plans for a large drill campaign on multiple targets.”
Transaction Details
Kodiak has entered into a purchase agreement to acquire a 100% interest in the Property, subject to the approval of the TSX-Venture Exchange and other customary conditions. The consideration consists of:
- 150,000 Kodiak shares upon closing of the transaction;
- A 2% net smelter returns royalty on the Property of which 1% may be purchased by Kodiak for C$3M at any time; and
- A cash payment of C$5,000.
MPD is a large land package located near several operating mines in the southern Quesnel Terrane, British Columbia’s primary copper-gold producing belt. It is situated between the communities of Merritt and Princeton, with year-round accessibility and excellent infrastructure nearby.
Following Kodiak’s Gate Zone discovery in 2020, ongoing drill programmes in 2021 and 2022 have significantly expanded the size and depth of known mineralization at the Gate Zone to 1km of strike length, 350m width and 900m depth. Most of the copper-gold porphyry targets on the MPD property have yet to be drilled by Kodiak. The 2023 exploration programme will prioritize drilling of these additional high-priority copper-gold porphyry targets across the property.
For further information please visit: https://kodiakcoppercorp.com/
