Kodiak Copper Delays Initial Resource Estimate for MPD Project, Focusing on Expansion
Vancouver-based Kodiak Copper has decided to delay the release of its initial resource estimate for the MPD copper-gold project in British Columbia to achieve a more substantial outcome. According to Chairman Chris Taylor, the company is focusing on systematically drilling and building a resource base that fully reflects the project's potential rather than rushing to announce a smaller figure. "We want a resource that truly showcases the project's value," Taylor said.
During a presentation at the company's Vancouver office, Taylor highlighted near-surface copper, gold, and silver mineralization discovered in multiple zones across the MPD project. Given copper's critical role in renewable energy, electric vehicles, and battery storage, Kodiak's MPD project has considerable relevance amid an anticipated medium-term global supply crunch. The project lies within the copper-rich Quesnel Terrane, close to major highways, power lines, and existing mines, such as Imperial Metals’ Mount Polley and Hudbay Minerals’ Copper Mountain, located approximately 15 km south.
Taylor emphasized that Kodiak's strategy aligns with the region's history of large porphyry deposits. "MPD is more than just one mineralized zone; it's a district-scale project that we are systematically building," he said. In September, Kodiak expanded its footprint by acquiring the adjacent Aspen Grove property, adding 69 sq. km to the MPD project. This acquisition brings the total land package to 338 sq. km and includes the Ketchan discovery, a near-surface porphyry center located 4.5 km from the Gate zone.
This year, Kodiak's drill program at MPD included 9,252 meters across 25 holes, targeting several zones, including Adit and Celeste. The remaining drill results are expected to be released through the first quarter of 2025. The Adit zone has yielded promising results, with a recent intercept of 0.45% copper-equivalent over 139 meters from a depth of 21 meters, within a broader 327-meter interval. In September, Kodiak also reported an interval of 0.76% copper-equivalent over 156 meters from 89 meters deep, including a standout 13-meter section that assayed at 2.77% copper-equivalent, driven by a high silver content. The company has extended the high-grade discovery made in 2020 at the Gate zone by an additional 400 meters at Adit.
Taylor drew a parallel between Kodiak’s approach at MPD and the successful strategy used with Great Bear Resources’ Dixie project in Ontario’s Red Lake district, which was acquired by Kinross Gold for C$1.8 billion ($1.4 billion USD) in February 2022. "With Great Bear, our goal was to maximize the discovery's value by fully delineating the resource before making major moves," Taylor explained. "We are following a similarly disciplined path at MPD, with each drill program building on the last and revealing a district-scale copper-gold system with long-term potential." The MPD project also benefits from existing infrastructure, such as roads and power, reducing costs compared to remote projects. "Having the infrastructure already in place is a game-changer, making MPD economically viable in the long term," Taylor added.
Kodiak’s major investors include Teck Resources, which holds an 8.4% stake in the company. Kodiak’s shares, listed on the Toronto Stock Exchange, are currently priced at C$0.485 ($0.35 USD) per share, down 16% over the past year, having traded between C$0.40 ($0.29 USD) and C$0.77 ($0.56 USD). The company has a market capitalization of C$36.1 million ($26.1 million USD).
