Kodiak reported intercepting 192m at 1.21% copper-equivalent, or 0.74% copper, 0.48g/t gold and 2.75g/t silver, from 308m.

It was part of a 515.8m interval grading 0.63% Cu-eq and included a higher-grade 45m at 2.13% Cu-eq.

Tornquist said the hole expanded the central high-grade zone previously announced in hole MPD-20-004, which had included 282m at 1.16% Cu-eq and was part of a wider 535.1m at 0.76% Cu-eq.

"The Gate zone is wide open and we look forward to expanding on this discovery," she said.

"Our exploration program at MPD continues and Kodiak is well-fund with approximately C$15 million for up to 30,000m of additional drilling."

Teck Resources had made a $10.5 million investment in October to own about 9.9% of Kodiak and was granted an equity participation right.

Kodiak raised a further circa $2.2 million in an additional placement in response to strong interest from potential investors.

The company is chaired by founder Chris Taylor, who also founded successful explorer Great Bear Resources.

Kodiak also has the Mohave copper-molybdenum-silver porphyry project in Arizona and the Kahuna diamond project in Nunavut.

Kodiak shares (TSXV: KDK) spent the year to September generally below the 50c mark, before peaking at $3.37 last month.

They closed down 14.3% yesterday to $1.56 to capitalise it at $63.5 million (US$48.8 million).