CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Drill Results Augur Well for Soledads Initial Resource Estimate
Remaining 12 Breccia Bx 5 drill results. Chakana Copper released results for the remaining 12 resource definition holes drilled in Breccia Bx 5. Recall Bx 5 is one of six breccia pipes that will support Chakana’s initial resource estimate. Beyond mineralization near surface, Chakana has confirmed mineralization to a depth of 485 meters. Drilling has affirmed consistent and continuous mineralization, along with high grade zones.Initial resource estimate may just scratch the surface. Chakana expects to release an initial resource estimate by year end which will include Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama down to a depth of three hundred meters. Given that drilling has confirmed mineralization at greater depth, 23 mineralized breccia pipes have been identified at surface, and the company has identified a total of 110 targets, investors should view the initial resource estimate as a starting point. Moreover, drilling in 2021 focused on the northern half of the project area where drill permits are in place. Permitting for the southern half of the project, where Chakana has identified additional mineralized breccia pipes, is well advanced.Geophysical surveys nearing completion. Gradient-array induced-polarization (IP) surveys have been completed over the entire 12-square kilometer Soledad mineral system. Information from off-set IP surveys that are in progress will be used to identify new and prioritize existing targets that will be tested when exploration drilling resumes at the start of the new year.Rating is Outperform. The company's exploration and drilling program has yielded successful outcomes. Since 2017, Chakana has completed 261 diamond core holes, representing 60,584 meters of exploration and resource definition drilling, on 16 exploration targets. Based on drill results to date, we think management's initial inferred resource goal of 10 million tonnes of ore with an average grade of 2% copper equivalent, or 440.9 million pounds of copper equivalent, appears reasonable. Read More >>