Chakana Reports 268m of 1.17 g/t Gold, 0.55% Copper and 19.2 g/t Silver (1.48% Cu-Eq) in Breccia Pipe 5 from Surface at Soledad, Peru Soledad Project Highlights Include: 14 resource definition holes at Breccia Pipe 5 (Bx 5) reported totalling 2,052.75m
Chakana Reports 268m of 1.17 g/t Gold, 0.55%
Copper and 19.2 g/t Silver (1.48% Cu-Eq) in
Breccia Pipe 5 from Surface at Soledad, Peru
Soledad Project Highlights Include:
14 resource definition holes at Breccia Pipe 5 (Bx 5) reported totalling 2,052.75m
Additional resource definition drill results pending for Bx 5 and Huancarama
Site visit with Qualified Person for 43-101 resource estimate completed
Gradient-array induced-polarization (IP) geophysical surveys continue
Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) -
Chakana Copper Corp. (TSXV:
PERU) (OTCQB: CHKKF) (FSE: 1ZX)
(the
"
Company
"
or
"
Chakana
"), is pleased to provide results
from fourteen resource definition holes drilled in Bx 5 totaling 2,052.75m at the Soledad project, Ancash,
Peru (see table below). The resource drilling is part of a fully funded 26,000m exploration and resource
drilling program planned for 2021 (Fig. 1).
These results will increase confidence in the initial resource
estimate, anticipated to be completed by the end of 2021.
"The additional drill results for Bx 5 are outstanding and improve our understanding of the
mineralization hosted in this breccia pipe. Grades are stronger at depth as seen in the deeper holes in
this release, and mineralization remains open. This is one of six breccia pipes that will be included in
the initial resource estimate. The Soledad project is exceptional in having multiple mineralized
breccia pipes in close proximity to each other. We are also very excited about the new geophysical
data that is being acquired across the entire extent of the 12km
2
mineral system and expect that this
will contribute to the ongoing exploration success on the property,"
stated President and CEO David
Kelley.
Drill Results
Bx 5 (Resource Definition)
DDH #
From
-
To (m)
Core Length
(m)
Au
g/t
Ag
g/t
Cu
%
Cu-eq
%*
Au-eq
g/t*
SDH21-224
174.00
182.00
8.00
2.38
3.2
2.42
and
190.00
204.60
14.60
0.49
63.7
2.08
2.94
4.50
SDG21-226
154.00
311.00
157.00
1.44
13.2
0.66
1.71
2.62
including
194.00
247.00
53.00
1.27
18.7
1.21
2.20
3.37
including
263.00
311.00
48.00
2.81
16.1
0.76
2.73
4.18
SDH21-227
157.85
176.00
18.15
1.19
18.1
0.44
1.37
2.10
and
183.00
288.00
105.00
1.24
23.0
1.09
2.10
3.21
including
184.00
230.00
46.00
1.50
40.5
1.74
3.07
4.69
SDH21-229
0.00
268.00
268.00
1.17
19.2
0.55
1.48
2.26
including
234.00
264.00
30.00
1.94
23.3
1.70
3.17
4.85
SDH21-231
0.00
139.00
139.00
1.21
30.7
0.28
1.33
2.04
SDH21-233
0.00
16.00
16.00
0.86
40.6
0.31
1.22
1.87
SDH21-234
0
26.30
26.30
1.55
39.8
0.30
1.65
2.53
SDH21-235
0.00
55.00
55.00
1.21
45.9
0.32
1.50
2.30
SDH21-236
0.00
73.45
73.45
0.98
37.7
0.23
1.19
1.82
SDH21-238
0.00
27.00
27.00
1.69
54.1
2.40
SDH21-239
0.00
16.45
16.45
3.16
79.0
4.19
SDH21-240
0.00
67.40
67.40
1.43
53.7
0.42
1.81
2.77
SDH21-241
0.00
92.00
92.00
0.92
35.0
0.34
1.24
1.90
including
1.00
15.00
14.00
2.49
62.4
3.31
SDH21-243
0.00
93.00
93.00
1.33
50.9
0.39
1.69
2.59
including
11.00
37.00
26.00
2.25
116.7
0.55
3.02
4.62
DDH #
From
-
To (m)
Core Length
(m)
Au
g/t
Ag
g/t
Cu
%
Cu-eq
%*
Au-eq
g/t*
* 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).
Bx 5
The Bx 5 breccia pipe is in the north-central part of the project and is one of six breccia pipes that will be
included in Chakana's initial resource estimate (Fig. 1). The breccia pipe forms a prominent monument
outcrop and extends to depths greater than 482m where mineralization remains open. Drill holes
described in this release were designed to confirm shallow mineralization in the top western half of the
breccia pipe, as well as deeper extents of mineralization probed by three holes drilled to the north from a
platform located 100m south of the breccia pipe (Figs. 2 and 3). All holes intersected significant
mineralization (see Figure 4 for select core photos of the mineralization). Twelve additional holes have
been drilled as part of the resource definition program; results for these holes are pending.
Resource Estimate Site Visit
A site visit to the Soledad project was completed by a Qualified Person as defined by NI 43-101 for the
purpose of the resource estimation. The visit included a geological overview, visits to several exposed
breccia pipes, core inspection, sampling protocols, surface sampling, and a visit to the ALS laboratory
in Callao, Lima, Peru.
2021 Resource and Exploration Drill Program
A total of 26,850m of drilling has been completed in 2021. The objectives of this drill program are to
complete resource definition drilling on six initial breccia pipes to an approximate depth of 300m and
test several new exploration targets. Breccia pipes that will be included in the initial resource estimate
are: Bx1, Bx 5, Bx6, Paloma East, Paloma West, and Huancarama (Fig. 1). Additional resource
definition drill results for Bx 5 and Huancarama are pending. During 2021 our drilling was focused on the
north half of the project where drill permits are in place. Permitting for the south half of the project is well
advanced. The southern half of the property hosts several outcropping mineralized tourmaline breccia
pipes and has been recently covered by the Company's ongoing geophysical program.
Numerous
targets exist, none of which have been drilled previously.
Geophysical Surveys
Gradient-array induced-polarization (IP) surveys are approximately 90% complete over the entire 12km
2
footprint of the Soledad mineral system.
Once completed, off-set IP surveying will be conducted over
high-priority target areas to supplement the extensive exploration datasets used to identify the current
inventory of 110 exploration targets on the property. This new information will be used to identify both
new targets and prioritize existing targets in preparation for drilling when the exploration drilling program
resumes.
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. A total of 60,854 metres in 261 diamond core
holes for exploration and resource definition drilling have been completed since 2017, testing 16 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 base and precious metals. For more information on the Soledad project, please visit the
website at
www.chakanacopper.com
.
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).
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
.
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 - View looking north showing outcropping breccia pipes and occurrences within the northern
Soledad cluster. Pipes that will be included in the initial resource are shown in green (Bx 1, Bx 5, Bx 6,
Paloma East, Paloma West, and Huancarama). Breccia pipes shown in yellow have had exploration
drilling completed. Other pipes/occurrences and targets defined by other exploration data remain to be
tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown
here.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2172/99623_707b02294429ebf0_001full.jpg
Figure 2 - Map showing drill holes reported in this release and modeled breccia pipe (light red shape)
based on all drill holes. Light gray contours are at 20m intervals. Blue rectangle in the inset map shows
the area of Figure 2 within the overall Chakana property.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2172/99623_707b02294429ebf0_002full.jpg
Figure 3 - 3D sectional view of Bx 5 looking east. Light red 3D shape shows breccia pipe geometry
based on all drill holes. Previous holes drilled shown in grey.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2172/99623_707b02294429ebf0_003full.jpg
Figure 4 - Select core photos from Bx 5 reported in this release: SDH21-226 (310.55m) chalcopyrite-
pyrite-siderite-quartz filling breccia matrix; SDH21-226 (310.95m) chalcopyrite filling matrix in mosaic
breccia; SDH21-229 (32.00m) chalcopyrite-pyrite-cemented chaotic shingle breccia; SDH21-229
(104.50m) chalcopyrite-pyrite-sphalerite-siderite filling breccia matrix; SDH21-231 (57.9m) selective
clast replacement by chalcopyrite with black tourmaline matrix; SDH21-231 (113.55m) chalcopyrite-
cosalite-galena-siderite filling breccia matrix; SDH21-234 (18.00m) chalcopyrite-tourmaline-cemented
shingle breccia; SDH21-235 (42.20m) chalcopyrite-tourmaline-cemented shingle breccia; SDH21-236
(73.2m) selective clast replacement by chalcopyrite-pyrite; SDH21-240 (46.2m) chalcopyrite-pyrite-
cemented mosaic breccia; SDH21-243 (35.10m) chalcopyrite-pyrite-cemented chaotic shingle breccia;
SDH21-243 (55.40m) chalcopyrite-pyrite-cemented chaotic shingle breccia.
Core diameter is 6.35cm
(HQ) in all instances.
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2172/99623_707b02294429ebf0_004full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/99623