CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Drilling at Huancarama Reveals Second High-Grade Discovery
High-grade breccia pipe discovery at Huancarama. Chakana Copper announced the discovery of a second high-grade breccia pipe within the Huancarama Breccia Complex at the Soledad Project in Peru. The new high-grade breccia pipe (Huancarama West) is only 75 meters west of the previously announced Huancarama East discovery. To date, a total of 33 diamond core holes have been completed within the Huancarama Breccia Complex to delineate the boundaries of the breccia pipes. Drill results highlight near-surface mineralization potential. The company released results for six drill holes at Huancarama West and three drill holes at Huancarama East. Five of the six drill holes at Huancarama West intersected mineralized breccia starting at depths ranging from 2.75 to 4.0 meters with significant gold and silver intercepts. The three holes at Huancarama East confirmed that the breccia is closer to surface than previously thought with depths ranging from 20 to 28 meters below surface. The drill results at Huancarama West appear to be consistent with those of Huancarama East in that the company has intercepted high-grade mineralization close to surface with an emphasis on gold and silver. Therefore, one might expect higher copper content associated with greater depth much like at Huancarama East.Drilling program for calendar year 2021. Including drilling activities that commenced in August 2020, a total of 32,000 meters of drilling is anticipated through 2021. This includes 43 drill holes, representing 8,094 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, and 10,000 meters of exploration drilling testing new targets leading to the publication of a maiden resource in 2021. The company currently has two drill rigs operating on the Soledad project.Rating is Outperform. The company’s recent drilling activities at Paloma East, Paloma West, and the Huancarama Breccia Complex resulted in several discoveries, along with identifying areas at Huancarama that represent bulk mining potential. Following a recent private placement, the company is well funded to execute its drilling program and to publish a maiden resource estimate in 2021.Read More >>