Infill Drilling From Southern Gate Zone At MPD Project

VANCOUVER - Kodiak Copper Corp. reported on the first four drill holes from the 25,000 meter 2022 drill program at the MPD copper-gold porphyry project in southern British Columbia. Initial 2022 drilling has focused on infill drilling within the sparsely drilled southern Gate Zone. Drilling is testing continuity of the copper-gold-silver mineralization within up to 200 meter wide, previously undrilled gaps in the 2021 drill program. New results in drill holes MPD-22-002 and MPD-22-004 confirm wide intervals of significant mineralization are present between earlier drill holes in this area. Results suggest high potential for strong continuity of mineralization, similar to what has been observed in the northern discovery area of Gate.

Ongoing drilling in 2022 is focused on potential extensions to Gate and adjacent look-alike geophysical targets. Drilling will then subsequently move to additional high-priority targets like Dillard, following the receipt of new 3D IP data collected this year.

Gate Zone Highlights: 1) New drill holes MPD 22-004 and MPD-22-002 in the southern Gate Zone confirmed continuity of mineralization within up to 200 meter undrilled gaps in the zone, and help define the down dip extent of mineralization. Results also correlate to the 3D IP conductor just east of Gate. 2) MPD-22-004 intersected 114 meters of 0.30% Cu, 0.20 g/t Au and 2.36 g/t Ag (0.44% CuEq) within 501 meters of 0.20% Cu, 0.12 g/t Au and 0.98 g/t Ag (0.28% CuEq). 3) MPD-22-002 intersected 47 meters of 0.33% Cu, 0.08 g/t Au and 0.29 g/t Ag (0.38% CuEq) within 227 meters of 0.20% Cu, 0.06 g/t Au and 0.10 g/t Ag (0.24% CuEq) before ending prematurely in the mineralized zone when the drill hole was lost. 4) Holes MPD-22-001 and 003 tested beyond the outer margins of the Gate Zone to the southeast and southwest, and intersected minor host rock alteration and sulfide mineralization with no significant assays to report, typical of the outer envelope of larger porphyry systems. Results confirm a tight association between copper-in-soil results and underlying bedrock mineralization. 5) Drilling is on schedule and Kodiak has completed 13 holes totaling 9,651 meters as of June 26. Both drill rigs are currently focused on extending the Gate Zone and will be redeployed to other priority areas like Dillard upon receipt of new 3D IP geophysics and as the 2022 program progresses. 6) Results from all holes at the Gate Zone continue to recognize patterns of strongly mineralized porphyry alteration, sulphide zoning and the possible controls for higher-grade domains surrounded by a lower grade shell. 7) New drilling at Gate confirms that new 3D IP data can be an effective tool when targeting porphyritic host geology and vectoring-in on prospective mineralization on the MPD Project. 8) The Gate and Dillard Zones remain open in multiple directions and the Company expects to further extend known mineralization to date, and in addition drill new high-priority targets in the Prime, Man and Axe areas which exhibit similar geophysical and geochemical signatures as the Gate Zone.

Claudia Tornquist, President and CEO, said, "Our 2022 drill program is progressing well and we are pleased with our continued drilling success at the Gate Zone. It is promising to see the close correlation between drill results and geophysical signatures as this makes our geophysical data an excellent targeting tool to not only expand the Gate Zone, but also accelerate and refine targets at the Man, Dillard and Axe areas which are slated for drilling as the season progresses. We are also generating new targets as we expand out geophysical and geochemical databases and replicate the approach that led to our Gate Zone discovery."

Ongoing Exploration Program: The Company expects to achieve up to 25,000 meters of drilling in multiple target areas before year-end. A new 3D IP geophysical survey currently underway has completed over half of the 7.5 square kilometers planned, including the Dillard Target area. The survey extends southward from the Gate Zone to the Man and Dillard target areas and covers areas with past and planned soil geochemical coverage. Soil geochemical surveys are underway to follow-up new kilometer-scale copper-gold anomalies discovered in 2021. 3D IP and soil geochemistry will be important complementary tools for drill targeting elsewhere at MPD.