CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Outstanding Huancarama Drill Results Initial Resource Estimate Expected Shortly
Huancarama drilling results. Chakana Copper released results from 13 additional resource definition and exploration holes, representing 3,265 meters of drilling, at Huancarama which is one of several breccia pipes that will be included in Chakana’s initial resource estimate. In addition to significant copper, gold, and silver grades intercepted in all resource definition drill holes, three intersected molybdenum at depths of around 350 meters below surface. Results included several high-grade intervals of greater than 50 meters, including Hole SDH21-271 which intercepted 3.46% copper, 118.8 grams of silver per tonne, and 0.63 grams of gold per tonne over 50.7 meters, or 4.89% copper equivalent.Initial resource estimate. Chakana expects to release an initial mineral resource estimate shortly which will include breccias Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, Huancarama, and possibly Bx 7, down to a depth of 300 meters. We think achieving this milestone could be a significant catalyst for the stock and help investors gauge the mineral resource potential of the broader Soledad project. Given that drilling has confirmed mineralization at greater depth and a total of 110 targets have been identified, the initial resource estimate may just scratch the surface. To date, only 16 out of the 110 targets have been tested.Geophysical surveys. 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.Rating is Outperform. The company’s exploration and drilling program has yielded successful outcomes. Since restarting the drill program in August of 2020, Chakana has completed over 30,000 meters of drilling in 143 drill holes. 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 appears reasonable. Read More >>