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Chakana Copper Confirms Deep Surface-Down Mineralization at Breccia Pipe 1, Highlight Intersection of 439 Metres With 0.69% Copper, 1.45 g/t Gold and 50.5 g/t Silver (2.07% Cu_EQ, 3.16 g/t Au_EQ) From Surface

 

 

 

 

 

Chakana Copper Corp. (TSX-V: PERU) (OTC: CHKKF) (FWB: 1ZX), is pleased to announce assays from four additional core holes into Breccia Pipe 1 (Bx 1) at its Soledad copper-gold-silver project in central Peru. A portion of the Soledad Project is subject to an option agreement with Condor Resources Inc. where all drilling to date has occurred. These results follow from a Phase 1 program that began August 16, 2017. Results of the previous fifty-four drill holes have been released and are also available at www.chakanacopper.com. The four holes reported here were designed to explore the limits of Bx 1, including the main breccia pipe (Main Zone) to the northwest and northeast with one hole also orientated to test the deep extension of the blind North Zone breccia pipe, all from a central platform (Fig. 1). 

 

 

Drilling demonstrates that Bx 1 extends from surface to 439m depth and is open at depth, highlighting the vertical extent these tourmaline breccia pipe targets potentially offer. Drill hole SDH18-071 cuts this vertical extent, returning 0.69% Cu, 1.45 g/t Au and 50.5 g/t Ag (2.07% Cu_EQ; 3.16 g/t Au_EQ). It is notable that this hole first cuts a thick interval of the Main Zone breccia with 207.45m at 0.88% Cu, 2.58 g/t Au, and 53.0 g/t Ag (3.02 Cu_EQ; 4.62 g/t Au_EQ) from surface, cuts pre-mineral intrusive host rock with 32.95m at 1.37% Cu, 1.03 g/t Au, and 211.1 g/t Ag (3.85% Cu_EQ; 5.89 g/t Au_EQ), then enters the blind North Zone breccia returning 139.05m with 0.54% Cu, 0.47 g/t Au, and 29.3 g/t Ag (1.10% Cu_EQ; 1.68 g/t Au_EQ) beginning at 300.75m.  This hole deviated out of the pipe at 439m, leaving mineralization open to further extension. “Hole SDH18-071 is the best hole ever drilled on the property to date in terms of grade-thickness. The vertical extent confirmed in this hole, combined with the discovery of the blind North Zone (see news release dated June 26, 2018 at www.sedar.com), highlights the exploration potential of the Soledad project. It is also noteworthy to see mineralization in the pre-mineral host rock to the tourmaline breccia” states David Kelley, President and CEO. Examples of mineralized intervals from holes in this release are shown in Figure 2.

 

 

New mineralized intervals from Breccia Pipe 1 are:

 

 

Bx #1 – Main and North Zone Targeted Holes
DDH # Az Dip From – To
(m)
Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t* Note

 

SDH18-071 312 -81 0.00 439.80 439.80 1.45 50.4 0.69 2.07 3.16 Main Zone
including     0.00 37.00 37.00 6.40 21.3     6.68 Main Zone
including     37.00 207.45 170.45 1.75 59.9 1.06 2.72 4.15 Main Zone
including     207.45 240.40 32.95 1.03 211.1 1.37 3.85 5.89 host rock
and     300.75 439.80 139.05 0.47 29.3 0.54 1.10 1.68 North Zone
SDH18-072 115 -82 0.00 136.00 136.00 0.97 44.0 0.73 1.74 2.66 Main Zone
including     0.00 60.00 60.00 0.85 12.8     1.02 Main Zone
including     60.00 136.00 76.00 1.06 68.7 1.28 2.56 3.92 Main Zone
SDH18-073 82 -70 0.00 40.00 40.00 1.69 20.5     1.96 Main Zone
and     149.00 151.80 2.80 0.71 77.0     1.72 Main Zone
SDH18-074 290 -80 0.00 112.00 112.00 3.99 62.1     4.80 Main Zone
and     138.00 203.00 65.00 0.78 166.7 2.13 4.07 6.22 Main Zone
including     187.00 203.00 16.00 1.17 202.6 2.63 5.13 7.84 margin zone

 

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu_eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au_eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

 

 

Reported mineralized intervals are not true widths given the vertical nature of the breccia pipe and the steep inclination of the holes.

 

 

The Phase 1 drilling program was increased to 18,863m in 70 holes over and above an original planned program of 16,660m. The original Phase 1 drill program was expanded due to the discovery of a blind breccia body immediately north of the exposed main breccia pipe (North Zone). A Phase 2 drill program began at Soledad, as announced August 15, 2018, utilizing a second core rig where drilling is currently in progress at Bx 3E and Bx 6 (see news release dated August 15, 2018 at www.sedar.com). A total of 14 mineralized breccia pipes have been identified in two clusters within an area of 3,085 hectares where Chakana has or can earn a 100% interest (see news release dated July 16, 2018 at www.sedar.com).

 

 

Sampling and Analytical Procedures

 

 

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru.  Samples batches include certified reference materials, blank and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t.  Over limit silver, copper, lead and zinc is analyzed using the OG-46 procedure.

 

 

Additional information concerning the Project is available in a technical report prepared in accordance with National Instrument 43-101 made available on Chakana’s SEDAR profile at www.sedar.com.

 

 

Qualified Person

 

 

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

 

Posted September 11, 2018

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