Chakana Copper Intersects Highest Grade Interval to Date 11m of 2.79 g/t Au, 4.04% Cu, and 330.8 g/t Ag (13.30 g/t Au-Eq) at Huancarama, Soledad Project, Peru
February 09, 2021 at 06:30 AM EST
Within 93m of 1.63 g/t Au, 0.95% Cu, and 129.2 g/t Ag (4.77 g/t Au-Eq) from 117m
Vancouver, British Columbia--(Newsfile Corp. - February 9, 2021) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the "Company" or "Chakana"), is pleased to release results for two additional drill holes with the highest-grade intercepts reported to date from the Huancarama Breccia Complex, within the Soledad Project in Ancash, Peru (Fig. 1). These holes complement the initial ten holes previously published (see news releases dated January 12, 2021, and January 25, 202). Twenty-two HQ diamond core holes have been completed thus far with continued success expanding the mineralized breccia at Huancarama.
Mineralized intervals from two additional holes at Huancarama include:
* 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).
Utilizing the same platform on the south side of the breccia complex that holes SDH20-161 and SDH20-162 were drilled from, holes SDH20-163 and SDH20-164 were oriented east-northeast across the breccia body outlined by the first 10 drill holes (Figures 2 and 3). Both holes intersected continuous mineralization across the breccia body. Hole SDH20-163 was oriented beneath the north edge of the outcropping H1 breccia and intersected 88.05m with 0.28 g/t Au, 0.32% Cu, and 30.2 g/t Ag (1.17 g/t Au-eq) starting at 61m. Hole SDH20-164, drilled beneath the southeast edge of the collapse zone, encountered 93m with 1.63 g/t Au, 0.95% Cu, and 129.2 g/t Ag (4.77 g/t Au-eq) from 117m depth, including 42m with 2.90 g/t Au, 1.41% Cu, and 182.3 g/t Ag (7.44 g/t Au-eq) from 124m. Examples of mineralized drill core from these holes are shown in Figure 4.
David Kelley, President and CEO commented, "these two holes demonstrate the successful continuation of the drilling at Huancarama, further defining a large mineralized breccia pipe. The H1 and H2 breccias exposed at surface coalesce at depth, forming a large coherent breccia pipe. We continue to see excellent grades, particularly in the central part of the breccia body below the collapse zone. Hole SDH20-164 exhibits spectacular mineralization with 11m of 2.79 g/t Au, 4.04% Cu, and 330.8 g/t Ag; and 4m of 2.61 g/t Au, 5.44% Cu, and 926.2 g/t Ag, within two separate intervals. The high-grade zones reported in previous drill holes correlate well with those reported in this hole and are open at depth. Drilling is ongoing at Huancarama and we look forward to reporting additional results soon."
Huancarama Target Area and the Phase 3b Drill Program
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-two holes have now been reported from the Phase 3b program.
About Chakana Copper
Sampling and Analytical Procedures
Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
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Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the "Project"), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
To view an enhanced version of Figure 1, please visit:
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.
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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 ten holes and lithology mapped in the underground tunnel.
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Figure 4 - Core photos from Huancarama: SDH20-163 (83.3m) mosaic tourmaline breccia with partial clast replacement by chalcopyrite; SDH20-163 (117.85m) tourmaline breccia with chalcopyrite and red sphalerite open space filling ; SDH20-164 (123.2 to 131.12m) - example of high-grade copper sulfide (chalcopyrite) clast replacement and sulfide-cemented breccia. Core diameter is 6.35cm (HQ) in all instances.
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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.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73940