Chakana Drills 4.89% CuEq Over 50.7M at Soledad, Peru – Shares Up 6.67%

Chakana Copper Corp. [PERU-TSXV; CHKKF-OTCQB] reported results from 13 additional resource definition and exploration holes drilled in Huancarama totalling 3,265 metres at the 100%-optioned Soledad project, Ancash, Peru. The resource drilling is part of a fully financed exploration and resource drilling program completed in 2021. These results complement previous results from Huancarama and will increase confidence in the initial resource estimate covering several breccia pipes, which is currently being finalized.

David Kelley, president and CEO, stated, “The multiple high-grade intercepts from Huancarama are a fitting conclusion to the 2020/2021 resource drilling program at Soledad. Since restarting the drill program in August of 2020, we have completed over 30,000 metres of drilling in 143 drill holes. The initial resource estimate on the shallower extent of several breccia pipes, a first for the project, is nearing completion and will help us better understand the upside potential of the broader Soledad project. Mineralized tourmaline breccia pipes occur within a 12-square-kilometre area, within which we have defined 110 targets through systematic multidisciplinary exploration. Only 16 out of the 110 targets have been tested thus far. In addition, the current geophysical program has defined numerous new targets within the known productive structural corridors that host mineralized breccia pipes.”

Drill hole SDH21-254 returned 72.80 metres of 0.98 g/t gold, 87.4 g/t silver, and 0.53% copper for a 1.93% CuEq., including 20.00 metres of 2.61 g/t gold, 222.3 g/t silver and and 1.06% copper for a 4.67% CuEq and 18.00 metres of 0.73 g/t gold, 47.3 g/t silver and 0.19% copper for 1.07% CuEq.

Hole SDH21-259 returned 7.00 metres of 1.08 g/t gold, 333.9 g/t silver and 1.92% copper for 5.48% CuEq. Hole SDH21-266 returned 107.85 metres of 0.46 g/t gold, 62.7 g/t silver and 0.72% copper for 1.56% CuEq and 4.00 metres of 1.39 g/t gold, 281.0 g/t silver and 7.38% copper for 10.69% CuEq.

Hole SDH21-271 returned 50.70 metres of 0.63 g/t gold, 118.8 g/t silver and 3.46% copper for 4.89% CuEq, including 20.70 metres of 1.12 g/t gold, 181.8 g/t silver and 6.64% copper for 8.93% CuEq. Refer to company press release for complete drill results.

Drill holes described in this release were drilled from three different platforms and were designed to confirm the geometry and continuity of mineralization within the breccia pipe. All resource definition holes intersected significant mineralization. In addition to the high copper, gold and silver grades reported in these drill holes, three of the holes also intersected very strong molybdenum mineralization at depths of around 350 metres below surface. For example, SDH21-271 intersected 36 metres of 0.26% molybdenum from 337 m; SDH21-273 intersected 13.7 metres of 0.29% molybdenum from 354 metres; and SDH21-275 intersected 21.25 metres of 0.20% molybdenum from 350 metres. The significance of this mineralization in relation to surrounding intrusive rocks is being investigated.

A total of 23,947 metres of drilling were completed in 2021. The objectives of this drill program are to complete resource definition drilling on several breccia pipes and test several new exploration targets. Breccia pipes that will be included in the initial resource estimate are: Bx1, Bx 5, Bx6, Paloma East, Paloma West and Huancarama; a seventh pipe, Bx 7, may also be included pending a final evaluation of the results to date.

During 2021 the company’s drilling was focused on the north half of the project where drill permits are in place. Permitting for the south half of the project is well advanced.

Gradient array induced polarization surveys were completed over the entire 12 km2 footprint of the Soledad mineral system. Offset IP surveys are now in progress covering high-priority target areas.

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Author: Staff Writer