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Chakana Copper Intersects 120.4m of 0.51 g/t Au, 0.83% Cu, and 34.6 g/t Ag (1.46% Cu-Eq; 2.23 g/t Au-Eq) from 101.3m at Huancarama, Soledad Project, Peru

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Chakana Copper Intersects 120.4m of 0.51 g/t Au, 0.83% Cu, and 34.6 g/t Ag (1.46% Cu-Eq; 2.23 g/t Au-Eq) from 101.3m at Huancarama, Soledad Project, Peru

 

 

 

 

 

Chakana Copper Corp. (TSX-V: PERU) (OTCQB: CHKKF) (FSE: 1ZX), is pleased to release results for two additional drill holes from the recently-announced discovery at the Huancarama Breccia Complex, within the Soledad Project in Ancash, Peru (Fig. 1). The holes complement the initial eight holes that were published on January 12, 2021. Drilling at Huancarama is ongoing where eighteen HQ diamond core holes have been completed thus far.

 

Mineralized intervals from two additional holes at Huancarama include:

 

 

DDH # From – To (m) Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t*
SDH20-161 86.00 193.00 107.00 0.28 33.7 0.42 0.89 1.36
including 126.00 162.00 36.00 0.34 59.8 0.93 1.66 2.54
SDH20-162 101.30 221.70 120.40 0.51 34.6 0.83 1.46 2.23
including 101.30 173.50 72.20 0.79 46.9 1.32 2.24 3.42
including 109.00 139.00 30.00 1.44 88.2 2.55 4.26 6.50

 

* 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).

 

Holes SDH20-161 and SDH20-162 were drilled to the northeast from the south side of the breccia complex (Figures 2 and 3). Both holes intersected continuous mineralization across the breccia body previously defined by the first eight holes and an historical tunnel that transects the breccia. Hole SDH20-161 was oriented directly beneath a collapse zone and intersected 107m with 0.28 g/t Au, 0.42% Cu, and 33.7 g/t Ag (1.36 g/t Au-eq) starting at 86m; hole SDH20-162, drilled beneath the west edge of the collapse zone, encountered 120.4m with 0.51 g/t Au, 0.83% Cu, and 34.6 g/t Ag (3.71 g/t Au-eq) from 101.3m depth, including 72.2m with 0.79 g/t Au, 1.32% Cu, and 46.9 g/t Ag (3.42 g/t Au-eq) from 101.3m. A higher-grade zone of 30.0m with 1.44 g/t Au, 2.55% Cu, and 88.2 g/t Ag (6.50 g/t Au-eq) starting at 109.0m depth occurs within this interval. Examples of mineralized drill core from these holes are shown in Figure 4.

 

David Kelley, President and CEO commented, “These two holes were drilled from a new platform on the south side of the Huancarama Breccia Complex and confirm the breccia geometry previously reported with approximate horizontal dimensions of 100m by 50m, one of the largest breccias we have discovered to date at Soledad. The mineralized breccia crops out at surface and extends to a vertical depth of approximately 225m below surface and is open at depth. The results demonstrate good continuity of mineralization within the breccia with excellent grades. The high-grade zone within hole SDH20-162 shows copper sulfide-cemented breccia and the late copper sulfide replacement process that we have seen in several other high grade breccia pipes at Soledad. Drilling is ongoing at Huancarama and we look forward to reporting additional drill results in the near future.”

 

Huancarama Target Area and the Phase 3b Drill Program

 

The Huancarama Breccia Complex is located 300m south of and 400m above the deepest breccia intercept at Paloma. Within the complex there are five principal breccia bodies exposed at surface over approximately 200m (Fig. 5). There is a distinctive feature believed to be a collapse zone with dimensions of 50m by 30m. Unverified reports suggest that this may be due to small-scale mining. Two historic adits are in the complex, one trending north-northeast for 170m along the western side of H1 (Fig. 2), and a second shorter adit of 21m at H2. Surface sampling from the breccia bodies and channel sampling of the adits yielded strongly anomalous gold results (see news release dated November 19, 2019). In addition to several targets within the complex, numerous additional targets exist in the Huancarama and Paloma area.

 

Results reported here are part of the ongoing Phase 3b drill program, which is fully funded from the Company’s current treasury and is anticipated to see 15,000 metres completed. Phase 3b is testing a cluster of high-grade, gold-enriched tourmaline breccia pipe targets within the Paloma and Huancarama target areas. Thirty holes have now been reported from the Phase 3b program.

 

About Chakana Copper

 

Chakana Copper Corp. is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 36,185 metres of drilling has been completed to-date, testing ten (10) of twenty-three (23) confirmed breccia pipes. The exploration team has identified 92 targets in total on the project, confirming that Soledad is well endowed and has strong exploration potential. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

 

Figure 1 – View looking north showing breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Targets shown in green are the focus on this 15,000m drill campaign. Other pipes and occurrences remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.

Figure 2 – Map of the Huancarama Breccia Complex and drill hole lithology in holes completed to date. Red represents tourmaline breccia based on the first ten holes and lithology mapped in the underground tunnel. Black dotted outlines show surface expression of mapped breccias; white dashed line shows collapse zone. Location of section line for Figure 3 indicated.


Figure 3 – Section looking northwest highlighting the drill holes at Huancarama reported in this release. Light red 3D shape shows preliminary shape of breccia based on the first eight holes and lithology mapped in the underground tunnel.


Figure 4 – Core photos from Huancarama: SDH20-161 (74.5m) chalcopyrite-cemented tourmaline breccia; SDH20-162 – examples of high-grade copper sulfide (chalcopyrite) replacement within the interval of 118.4m to 122.07 Core diameter is 6.35cm (HQ) in all instances.



Figure 5 – Drone image looking northeast at the Huancarama Breccia Complex showing the five principal tourmaline breccia bodies exposed at surface (H1-H5), historic adit portal, and drill platforms. Note drill rig in center of image.

 

Posted January 25, 2021

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