Chakana Provides Exploration Update and Resumes Drilling at the Soledad Project, Peru Soledad Project Highlights Include: Drilling campaign will test thirteen new targets on the north side of the Soledad project. The priority targets were selected from an inventory of 154 total targets defined after
Chakana Provides Exploration Update and
Resumes Drilling at the Soledad Project, Peru
Soledad Project Highlights Include:
Drilling campaign will test thirteen new targets on the north side of the Soledad project.
The priority targets were selected from an inventory of 154 total targets defined after
integrating results from recently completed geophysical surveys.
Permitting on the south side of the project is advancing and will allow testing of
additional high priority targets once approved.
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2022) -
Chakana Copper Corp. (TSXV:
PERU) (OTCQB: CHKKF) (FSE: 1ZX)
(the
"
Company
"
or
"
Chakana
"), is pleased to confirm that
drilling will start June 15, 2022 to test thirteen new targets not previously drilled on the north side of the
project. These thirteen targets were selected from a total of 154 targets identified on the project that
were prioritized during an in-house technical workshop incorporating recently acquired Offset IP survey
results. The objective of the drill program is to test the exploration potential of numerous additional
targets beyond the targets that have been drilled leading to the initial resource estimate for the project
(see news release dated January 11, 2022).
"For 2022, our goal is to test some of the best targets outside the current resource area to better
understand the upside potential of the Soledad project. Although we have numerous targets defined
on the project, these targets rank highly based on the multiple datasets derived as a result of detailed
mapping, rock and soil geochemistry, geophysical surveys, detailed modeling of several well-
mineralized targets, and an improved understanding of the structural controls on the Soledad mineral
system,"
stated President and CEO David Kelley.
Exploration Update and 2022 Drill Program
A targeting workshop was recently held to review and update drill targets for the Soledad project. Since
the original targeting workshop was held in 2019, several new data sets have been acquired over the
entire 12 square kilometer area of the prospective Soledad mineral system. New data sets incorporated
into the targeting include 1) detailed ground magnetics, 2) gradient array induced polarization, 3) offset
(3D) induced polarization, 4) detailed mapping, and 5) hyperspectral alteration mineralogy studies.
Targets are categorized as breccias, vein-breccias, mineralized intrusions, and high sulfidation
alteration zones, representing a continuum of mineralization styles related to an intrusive-driven mineral
system that underlies the Soledad project (Figure 1).
Drilling will begin on June 15, 2022 with one drill rig
to test thirteen targets with approximately 3,000m of drill core with one or two holes in each target. Once
these targets have been drilled, a decision will be made regarding both additional target testing and
follow-up drilling.
The principal target areas for the next round of drilling on the north side of the project are 1) Cima
Blanca, 2) Bx 4 cluster, 3) Faro, 4) Western Breccias, 5) Paloma Trend, and 6) Paloma-Huancarama
megabreccia target (Figure 1). A number of targets exist in the Paloma Trend and Paloma-Huancarama
area defined by outcropping tourmaline breccias, and Gradient Array IP and Offset IP metal factor
anomalies (Figure 2).
Three principal target areas exist on the south side of the project: 1) Compañero breccia complex, 2)
Mega-gold anomaly, and 3) La Joya (Figure 1). The Compañero breccias are similar to the mineralized
breccia pipes on the north side of the project with strongly enriched gold in surface rock channel samples
(see news release dated July 16, 2018). The Mega-gold target is defined by a large soil anomaly
strongly anomalous in gold-molybdenum-tin, in part overlying a poorly exposed, phylically-altered
granodiorite intrusion. The La Joya target area shows evidence of high sulfidation advanced argillic
alteration with vuggy silica, alunite, dickite, zunyite, diaspore, and pyrophyllite.
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 is notable for the high-grade copper-gold-silver
mineralization that is hosted in tourmaline breccia pipes. An initial inferred resource estimate for seven
breccia pipes was announced in Q1 2022 (see news release dated February 23, 2022), with 6.73 Mt
containing 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper. In
addition, extensive multidisciplinary exploration has defined 154 exploration targets, 18 of which have
been tested to date (12%), 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 copper and precious metals. For more information on the Soledad project, please visit the
website at
www.chakanacopper.com
.
Results of an initial resource estimate and additional information concerning the Project, including a
technical report prepared in accordance with National Instrument 43-101, are available on Chakana's
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.
ON BEHALF OF THE BOARD
(signed) "
David Kelley
"
David Kelley
President and CEO
For further information contact:
Joanne Jobin, Investor Relations Officer
Phone:
647 964 0292
Email:
Neither TSX Venture Exchange nor its 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 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.
Figure 1 - Map showing total defined targets for the Soledad project by type. Principal target clusters on
the north side of the project will be tested in the current exploration drilling program - Cima Blanca, Bx 4,
Faro, Western Breccias, Paloma-Huancarama trends. Target clusters on the south side will be drill
tested once the drill permit is approved for this area.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2172/127042_e716ea12546e7bda_001full.jpg
Figure 2 - A) Plan map showing principal features in the Paloma Trend and Paloma-Huancarama target
areas; and B) 3D section showing the blind megabreccia target between the drilled Paloma and
Huancarama breccia pipes. Red shapes show Offset (3D) IP metal factor anomalies (combination of
chargeability and resistivity); black shapes show known tourmaline breccias; contours show Gradient
Array metal factor intensity.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2172/127042_e716ea12546e7bda_002full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/127042