Chakana Commences 20,000M Phase 3 Drill Program at Soledad
NEWS RELEASE
CHAKANA COMMENCES 20,000M PHASE 3 DRILL PROGRAM AT
SOLEDAD
• Phase 3 program has commenced that will test numerous targets and complete
definition drilling on additional mineralized breccia pipes
• 92 targets defined and ranked based on systematic surface exploration work
• 23 outcropping tourmaline breccia pipes, 12 more to be confirmed by drilling
• Fully funded to complete drill program and initial resource estimate
Vancouver, B.C., June 24, 2019 – Chakana Copper Cor p. (TSX-V: PERU; OTCQB:
CHKKF; FWB: 1ZX) is pleased to announce that it has commenced its Ph ase 3 drill program
approved for up to 20,000m at the expanded Soledad copper-gold-silver project in central Peru. A
total of 25,211m has already been drilled on the project by Chakana.
Phase 3 Drill Program
This 20,000m drill program is designed to both test a variety of targets on the expanded property
and to complete additional definition drilling. Bas ed on systematic surface exploration work
completed since Phase 2 drilling, a total of 92 tar gets have been defined and ranked. Targets are
categorized as 1) outcropping breccia (n=45), 2) in terpreted breccia on the basis of breccia float,
geochemistry or geophysics (n=39); and 3) non-brecc ia for intrusive-hosted mineralization and
polymetallic vein occurrences (n=8). Of these targe ts, 23 are confirmed tourmaline breccia pipes,
and 12 are areas with the alteration characteristic of the halo seen proximal to breccia pipes
(Figure 1). When additional breccia pipes are drill ed with pervasive mineralization like Bx 1, Bx
5 and Bx 6, they will be evaluated for definition drilling .
Drilling will progress based on continued permit approvals in the areas of expanded mineral rights
from the original Soledad project area optioned fro m Condor Resources (see Condor news release
dated April 25, 2017). The recently approved permit allows for drilling in the original Condor
concession area where drilling on Bx 7 has begun. S ubsequent to this, approval will allow drilling
further to the south where mineral rights were acqu ired from a private Peruvian family, and then
proceed to the entire southern half of the property where several very attractive targets have been
defined.
“The goal of the Phase 3 drill program is to test a number of highly ranked targets and continue
definition drilling on Bx 6 and a minimum of 2 addi tional breccia pipes,” stated David Kelley,
President and CEO. “Combined with the definition dr illing already completed on Bx 1 and Bx 5,
this information will be used in an initial resourc e estimate. The 92 targets were ranked based on
geologic and alteration mapping, rock and soil geoc hemistry, and geophysical survey results. The
highest-ranking targets are those with outcropping mineralized tourmaline breccia, but we know
from our previous drilling that blind breccia pipes also occur, so we have to be systematic in our
exploration approach to ensure that the full potential of Soledad is tested,” added Kelley.
The order of drilling the targets may change as the program evolves and analytical results are
received. Drilling is currently underway with one d rill rig; a second rig is on the property and will
be deployed as needed. Chakana is fully funded for this 20,000m drill program and planned
resource estimate.
Phase 1 and 2 Completed Drill Programs
In Phase 1, 18,600m of definition drilling was comp leted in 68 holes on breccia pipes 1 and 5.
The drill program was expanded beyond the original plan of 16,660m after discovery of a well-
mineralized blind breccia pipe adjacent to Bx 1 (se e news release dated June 26, 2018
at www.sedar.com ). Definition drilling has been completed at Bx 1 d own to approximately 450m
and at Bx 5 down to approximately 400m. Phase 2 con sisted of 6,611m on Bx 3E and Bx 6.
Pervasive mineralization was encountered in Bx 1, Bx 5 and Bx 6 and is open at depth. Drilling to
date has confirmed the vertical pipe-like geometrie s, continuity of mineralization, and in the case
of Bx 1, areas with higher grade along the pipe’s m argins and the increasing size of the pipe with
depth. Approximately 2,500m of additional drilling is needed on Bx 6 to complete definition
drilling in the upper 400m extent of the breccia pi pe. All drilling to date has been by diamond
drill core.
ON BEHALF OF THE BOARD
(signed) “ David Kelley ”
David Kelley
President and CEO
For further information contact:
Michelle Borromeo, Manager – Corporate Communicatio ns
Phone: 604-715-6845
Email: [email protected]
Neither TSX Venture Exchange (the “Exchange”) nor i ts Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statement Advisory: This release m ay contain forward-looking statements. Forward-
looking statements involve known and unknown risks, uncertainties, and other factors which may cause t he
actual results, performance, or achievements of Cha kana to be materially different from any future res ults,
performance, or achievements expressed or implied b y the forward-looking statements. Forward looking
statements or information relates to, among other t hings, the interpretation of the nature of the
mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand th e
mineralization, and to develop and grow a resource within the Project, the planning for further explor ation
work, the ability to de-risk the potential explorat ion targets, and our belief in the potential
for mineralization within unexplored parts of the P roject. These forward-looking statements are based on
management’s current expectations and beliefs but g iven the uncertainties, assumptions and risks, read ers
are cautioned not to place undue reliance on such f orward- looking statements or information. The
Company disclaims any obligation to update, or to p ublicly announce, any such statements, events or
developments except as required by law.
Figure 1 - Map showing location of confirmed breccia pipes and occurrences.