Business
Kodiak Expands MPD Project Through Acquisition of Contiguous Claims
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - Kodiak Copper Corp. (TSXV: KD...
About this update from Kodiak Copper Corp.
[{"type":"text","content":"Kodiak Expands MPD Project Through Acquisition of Contiguous ClaimsVancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - Kodiak Copper Corp. (TSXV: KDK) (OTCQB: KDKCF) (FSE: 5DD1) (the \"Company\" or \"Kodiak\") today announces that it has entered into a purchase agreement with Donald Rippon of Mineworks Ventures Inc.to acquire a 100% interest in eleven claims (the \"Property\") contiguous with Kodiak's 100% owned MPD copper-gold porphyry project (\"MPD\") in Southern British Columbia.The Property comprises 7,800 hectares (78 square kilometres) and will expand Kodiak's MPD project to 22,642 hectares (226 square kilometres). The new claims are adjacent to the southeast (see Figure 1) and host prospective geology and structural trends important to known mineralization at MPD.Claudia Tornquist, President and CEO of Kodiak, said, \"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. 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 DetailsKodiak 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$3,000,000 at any time; andA 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 programs in 2021 and 2022 have significantly expanded the size and depth of known mineralization at the Gate Zone to one kilometre of strike length, 350 metres width and 900 metres depth. Most of the copper-gold porphyry targets on the MPD pr...