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Chakana Intersects 12m of Massive Sulfide with 27.39% Copper, 967.7 g/t Silver, and 0.38 g/t Gold at Soledad, Peru

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Chakana Intersects 12m of Massive Sulfide with 27.39% Copper, 967.7 g/t Silver, and 0.38 g/t Gold at Soledad, Peru

 

 

 

 

 

Soledad Project Highlights Include:

  • Huancarama East – 41m of 1.40 g/t Au, 1.24% Cu, and 79.5 g/t Ag (2.83% Cu-eq) from 112m depth;
  • Paloma West – 48.45m of 1.09 g/t Au, 0.84% Cu, and 39.6 g/t Ag (1.89% Cu-eq) starting at 20.3m depth;
  • Bx1 – 53m of 4.51 g/t Au, 1.22% Cu, and 55.5 g/t Ag (4.64% Cu-eq) starting at 40m depth; and 12m of 0.38 g/t Au, 27.39% Cu, and 967.7 g/t Ag (35.91% Cu-eq) starting at 140m depth;
  • Bx7 – 39m of 1.39 g/t Au, 0.13% Cu, and 50.4 g/t Ag (2.25 g/t Au-eq) starting at 211m depth.

 

Chakana Copper Corp. (TSX-V: PERU) (OTCQB: CHKKF) (FSE: 1ZX) is pleased to provide results from nine resource definition and exploration holes totaling 1,993.15m from the Soledad project, Ancash, Peru (Table 1). Drilling continues as part of a fully funded 26,000m exploration and resource drilling program planned for 2021 (Fig. 1). The Company will complete approximately 16,000m of resource definition drilling. These results will increase confidence in the initial resource estimate, anticipated in Q4 of 2021.

 

“These results are an outstanding continuation of the drill program we started in 2020. We have seen zones of massive sulfide at Soledad before but never to this extent. Even with 55,000 metres drilled to date on multiple mineralized breccia pipes, we are still encountering these types of features, which demonstrates the exceptional upside potential of this project. This is particularly significant when you consider that we have only tested 15 out of 110 targets thus far,” stated President and CEO David Kelley.

 

Drill Results

 

Table 1. Mineralized intervals from drilling at:

 

Huancarama (Resource Definition)

 

DDH # From – To (m) Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t*
SDH21-200 91.00 182.00 91.00 0.34 58.6 0.62 1.34 2.05
SDH21-203 69.00 162.70 93.70 0.43 45.8 0.55 1.22 1.87
SDH21-205 85.00 184.00 99.00 0.71 40.0 0.56 1.37 2.09
including 112.00 153.00 41.00 1.40 79.5 1.24 2.83 4.34

 

 

Paloma West (Resource Definition)

 

DDH # From – To (m) Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t*
SDH21-201 1.20 4.25 3.05 6.27 46.7 6.88
and 20.30 68.75 48.45 1.09 39.6 0.84 1.89 2.89
SDH21-202 28.00 69.00 41.00 0.47 49.9 1.06 1.79 2.74
and 85.00 98.55 13.55 0.65 24.5 1.01 1.64 2.52
SDH21-204 91.50 114.00 22.50 0.15 13.7 1.15 1.37 2.09

 

 

Bx 1 (Resource Definition)

 

DDH # From – To (m) Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t*
SDH21-206 0.00 93.00 93.00 4.76 39.0 0.71 4.16 6.36
including 0.00 40.00 40.00 5.08 17.1 5.30
including 40.00 93.00 53.00 4.51 55.5 1.22 4.64 7.10
and 173.20 182.00 8.80 0.26 100.7 1.99 3.02 4.62
and 196.00 214.00 18.00 0.11 46.3 0.62 1.09 1.66
and 232.00 262.00 30.00 2.26 57.5 1.48 3.45 5.28
and 285.00 308.00 23.00 0.55 52.7 2.08 2.89 4.42
SDH21-208 0.00 93.00 93.00 3.79 42.0 0.66 3.50 5.35
including 0.00 39.00 39.00 3.40 22.2 0.12 3.87
including 39.00 93.00 54.00 4.07 56.3 1.05 4.19 6.41
and 132.40 140.00 7.60 1.86 140.7 1.93 4.35 6.65
and 140.00 152.00 12.00 0.38 967.7 27.39 35.91
and 152.00 296.00 144.00 0.34 32.2 0.77 1.27 1.94

 

 

Bx 7 (Exploration)

 

DDH # From – To (m) Core Length (m) Au
g/t
Ag
g/t
Cu % Cu-eq
%*
Au-eq g/t*
SDH21-207 155.00 196.00 41.00 0.43 100.6 0.12 1.93
and 211.00 250.00 39.00 1.39 50.4 0.13 2.25

 

* 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).

 

Huancarama East

 

Three holes were drilled through the Huancarama East breccia pipe to the northeast from a platform on the south side of the complex (Figs. 2 and 3). All three holes intersected mineralized breccia, with depths ranging between approximately 70m to 200m below surface. The breccia pipe has approximate lateral dimensions of 100m by 60m and is open at depth. Additional infill holes have been drilled as part of the ongoing drill program. Examples of mineralized drill core from these holes are shown in Figure 5.

 

Paloma West

 

Paloma West is located 300m northwest of Huancarama and is part of the Paloma trend (Fig. 2). Three holes were drilled to further define mineralization from surface to a depth of approximately 100m depth. The breccia pipe demonstrates zoning with stronger gold and silver grades near surface and increasing copper grades with depth. Mineralization is open at depth. Examples of mineralized drill core from these holes are shown in Figure 5.

 

Bx 1

 

There are two breccia pipes at Bx 1, the Main Zone that crops out at surface, and the North Zone that is 40 metres north of the Main Zone and 125m below surface (Fig. 3). Additional holes were planned to penetrate the north zone to fill in gaps for the resource estimate (see news release dated June 26, 2018). A significant zone of massive sulfide was intersected in hole SDH21-208 (Figs. 4 and 5). Textures indicate sulfide replacement of tourmaline breccia, a common feature documented in several of the breccia pipes. The massive sulfide zone is part of a continuous mineralized interval of 163.6m length, starting at 132.4m depth within the North Zone. Assay composites for the massive sulfide interval were averaged separately from the overlying and underlying intervals given the extreme grade ranges. Additional in-fill holes have been completed at Bx1 to supplement the existing drilling for the resource estimate.

 

Bx 7

 

One exploration hole was completed in Bx 7, a mineralized breccia pipe located 300 metres northeast of Bx 1. The hole encountered two mineralized intervals with elevated gold and silver grades, and low overall copper grades. Mineralization is open at depth. Additional holes are needed to define the geometry of the breccia pipe and grade characteristics.

 

2021 Resource and Exploration Drill Program

 

Results reported here are part of the fully funded 2021 drill program of 26,000m. Combined with the drilling in the second half of 2020, approximately 32,000m is anticipated through 2021. Of this, 15,939.35m have been reported in 76 drill holes. The remaining metres will focus on new targets located in the northern half of the project that have not been drilled previously but are strategic to any eventual development at Soledad. Exploration targets have been ranked based on their technical merit, access, and logistics.

 

About Chakana Copper

 

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the 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 55,000 metres of exploration and resource definition drilling has been completed since 2017, testing 15 of 110 total exploration targets, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver.

 

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. Sample 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 by AA24. Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

 

Figure 1 – View looking north showing outcropping breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Breccia pipes shown in green are new discoveries made in 2020. 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 showing drill holes reported in this release, outcropping tourmaline breccias (darker red shapes), and modeled breccia pipes (light red shapes) based on all drill holes. Light gray contours are 25m interval. Untested outcropping targets are also shown. Blue rectangle in the inset map shows the area of Figure 2 within the overall Chakana property.

 

Figure 3 – 3D sectional views of the various breccia pipes reported in this release. Light red 3D shapes show breccia pipe geometry based on all drill holes within each pipe. All breccia pipes are presented at the same scale.

 

Figure 4 – Massive sulfide intersected in the North Zone breccia pipe at Bx 1. Core diameter is 6.35cm (HQ).

 

Figure 5 – Select core photos from Paloma West, Huancarama East, and Bx 1 reported in this release: Paloma West SDH21-202 (34.7m) mosaic tourmaline breccia with chalcopyrite-pyrite cement; Paloma West SDH21-204 (97.3m) mosaic breccia with chalcopyrite filling void space in breccia; Huancarama East SDH21-205 (112.9m) black tourmaline breccia with chalcopyrite filling void spaces; Bx 1 SDH21-206 (47.15m) shingle breccia with selective partial clast replacement by chalcopyrite and pyrite; Bx 1 SDH21-208 (246.9) mosaic breccia cemented with chalcopyrite and pyrite. Core diameter is 6.35cm (HQ) in all instances.

 

Posted July 27, 2021

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