CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Another Positive Step Toward a Maiden Resource Estimate
Latest drilling results. Chakana Copper released results from 11 in-fill drill holes representing 2,873.7 meters of drilling at the Huancarama, Paloma East, and Paloma West tourmaline breccia pipe discoveries. Mineralization was encountered in all holes drilled. To date, only 15 out of 110 targets on the Soledad property have been drill-tested.Making exceptional progress. Including drilling activities that commenced in August 2020, a total of 32,000 meters of drilling is anticipated through 2021. This includes 67 drill holes, representing 13,946.2 meters of drilling in the Paloma and Huancarama areas, for which results have been released. For the 26,000 meters of drilling planned in 2021, the company expects to complete 16,000 meters of resource definition drilling leading to the publication of a maiden resource estimate in 2021, and 10,000 meters of exploration drilling testing new targets in the northern portion of the project that have not been drilled previously.Drilling results underscore significant mineral resource potential. Four holes at Huancarama East revealed high-grade intercepts, including 134.3 meters of 0.92 grams of gold per tonne, 0.86% copper, and 80.7 grams of silver per tonne starting at 119.7 meters depth. Five holes at Paloma East encountered strong grades, including 126.1 meters of 0.91 grams of gold per tonne, 0.20% copper, and 11.6 grams of silver per tonne starting at surface. Two holes at Paloma West intercepted high grades, including 101.0 meters of 0.53 grams of gold per tonne, 1.01% copper, and 41.5 grams of silver per tonne starting at surface.Rating is Outperform. The company’s recent drilling activities at Paloma East, Paloma West, and the Huancarama Breccia Complex represent a positive forward in positioning the company to complete a maiden resource estimate this year. The company is well funded to execute its drilling program and to publish a maiden resource. As of February 28, 2021, the company reported cash and cash equivalents amounted to C$9.2 million. Read More >>