CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Impressive Drill Results Among Four Targets at Soledad
Latest drill results. Chakana Copper released results from 9 resource definition and exploration holes, representing 1,993.2 meters of drilling, at the Huancarama East, Paloma West, Bx1, and Bx7 tourmaline breccia pipe discoveries. Mineralization was encountered in all holes drilled. The drilling program continues to yield impressive results and affirm zones of massive sulfide at the Soledad project. To date, only 15 out of 110 targets on the Soledad property have been drill-tested.Initial resource estimate expected in Q4' 2021. Including drilling activities that commenced in August 2020, a total of 32,000 meters of drilling is anticipated through 2021. This includes 76 drill holes, representing 15,939.35 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 an initial resource estimate in the fourth quarter of 2021, and 10,000 meters of exploration drilling to test new targets in the northern portion of the project that have not been drilled previously. The initial resource estimate will be based on drilling associated with six breccia pipes down to a depth of 300 meters.Significant resource potential at depth. While Chakana's near-term focus is the completion of the initial resource estimate, the company still has a great deal of ground to cover in terms of defining Soledad's full resource potential. Additionally, because they have never identified the bottom of a breccia pipe, considerable resources could be contained at depth. As part of its exploration program, Chakana may decide to drill down to 600 meters in 2022.Rating is Outperform. Chakana Copper's recent drilling activities at Paloma East, Paloma West, and the Huancarama Breccia Complex represent a positive step forward in positioning the company to complete an initial resource estimate this year. The company is well funded, with C$6.1 million cash on hand as of July 20, to execute its drilling program and to publish an initial resource estimate. Read More >>