West Zone Drilling Discovers New High-Grade Copper-Gold-Silver And Mineralized Breccia Zones

VANCOUVER- Kodiak Copper Corp. reported on a large drill program at its MPD copper-gold porphyry project in southern British Columbia. Kodiak's drilling at the West Zone to date has confirmed porphyry mineralization from surface over an area of 300 metres by 300 metres and up to 819 metres depth, extending well below historic drilling and open to extension. A new zone of structurally hosted high-grade copper-gold-silver mineralization has been discovered to the east of the West Zone. For the first time at the MPD project, significant mineralized hydrothermal breccia has been drilled. The breccia includes copper mineralized clasts suggesting additional undrilled mineralization at depth.

Three drill holes were completed into the West Zone, collared near the centre of the geophysical target and drilled to the south, vertically, and to the east. Additional drill holes are also being completed, with assays pending. Drill hole AXE-23-001, drilled towards the south, intersected significant mineralization from bedrock surface to 539 metres depth. Assays include 0.28% Cu, 0.28 g/t Au and 0.83 g/t Ag (0.51% CuEq) over 158 metres, within a broader interval of 0.18% Cu, 0.20 g/t Au and 0.61 g/t Ag (0.34% CuEq) over 533 metres. Drill hole AXE-23-002, drilled vertically, intersected mineralization from surface to 488 metres depth, assaying 0.21% Cu, 0.30 g/t Au and 1.36 g/t Ag (0.45% CuEq) over 203 metres, within 0.15% Cu, 0.16 g/t Au and 0.80 g/t Ag (0.28% CuEq) over 482 metres. Drill hole AXE-23-003, drilled to the east, also intersected from-surface mineralization assaying 0.22% Cu, 0.27 g/t Au and 1.08 g/t Ag (0.44% CuEq) over 51 metres, within a broad interval of 0.13% Cu, 0.20 g/t Au and 0.61 g/t Ag (0.29% CuEq) over 209 metres. West Zone drilling by Kodiak and others show an approximately 1:1 ratio of g/t gold to % copper, similar to the central Gate Zone and usually indicative of higher temperature mineralization.

A review of drill core from AXE-23-001, 002 and 003 suggests some of the high copper-gold-silver values observed within the intervals reported also originate from interpreted north-south trending vein-like structures that enrich the porphyry mineralization. Examples of these are: 1) AXE-23-001: 5.14 g/t Au, 2.68 g/t Ag and 0.83% Cu over 2.1 metres at 21 metres downhole. 2) AXE-23-002: 10.7 g/t Au, 2.16 g/t Ag and 0.10% Cu over 0.8 metres at 591 metres downhole. 3) AXE-23-003: 9.51 g/t Au, 3.31 g/t Ag and 0.33% Cu, over 0.9 metres at 71 metres downhole. 4) AXE-23-003: 8.29 g/t Au, 17.15 g/t Ag and 0.13% Cu over 0.8 metres at 192 metres downhole

New Structurally Hosted High-Grade Zone: 1) Drilling east beyond the limits of the West Zone magnetic anomaly, drill hole AXE-23-003 intersected a new, structurally controlled high-grade copper-gold silver zone assaying 0.93% Cu, 0.64 g/t Au and 3.2 g/t Ag (1.44% CuEq) over 16 metres starting at 274 metres down hole. 2) The interval contains distinctive copper-gold-silver zone with semi-massive pyrite-chalcopyrite mineralization in phyllic/propylitic altered andesite.

Discovery of Mineralized Hydrothermal Breccia: 1) A new discovery was also made at depth in vertical drill hole AXE-23-002 where mineralized high-temperature, high-energy hydrothermal breccia was intersected over 175 metres from 644 to 819 metres. The hole was lost prematurely in mineralization. This is the first significant breccia-hosted porphyry mineralization drilled at MPD. 2) The breccia contains chalcopyrite-mineralized clasts which account for a portion of the total mineralized grade. In most high-energy hydrothermal breccia systems, mineralized clasts indicate a separate, deeper mineralized zone below the breccia. Future drilling will test for mineralization at depth, including the source of the mineralized clasts. 3) The discovery interval assayed 0.29% Cu, 0.22 g/t Au and 0.72 g/t Ag (0.46% CuEq) over 30 metres, within a broader zone assaying 0.11% Cu, 0.13 g/t Au and 0.53 g/t Ag (0.21% CuEq) over 175 metres, which remains open at depth.

Claudia Tornquist, President and CEO, said, "I am very pleased with these initial results from our 2023 drill program. The first three holes at the West Zone are a promising start and confirm our thesis that porphyry mineralization exists below and adjacent to shallow historic drilling. The West Zone is only one of several targets we will test this year and I am looking forward to the next batch of results from the Man Zone where our second drill is currently turning. In total we are aiming to test four or five targets in 2023, each with excellent discovery potential."

Chris Taylor, Chairman of Kodiak said, "We have been looking for mineralized breccias like the ones we have discovered beneath the West Zone since we began drilling at MPD, as higher-grade breccias are key contributors to many alkalic porphyry mines. We interpret both MPD North and MPD South as overlying major structural intersections that controlled porphyry magma emplacement and are using geophysical and drill data to define new targets within these mineralized corridors. This approach has proven effective in similar alkalic porphyry systems such as the Cadia-Ridgeway deposits in Australia, and locally at many British Columbia porphyry mines including Copper Mountain, Mount Polley and Red Chris."