CHKKF - Chakana Copper Corp (CHKKF)(PERU:CA) - Scratching the Surface of Soledad's Resource Potential
Exploration drill results. Chakana released results from five exploration holes that tested two targets, including Bx 7 and the Marker breccia. Hole SDH21-212 at Breccia Bx 7 returned 0.62 grams of gold per tonne, 79 grams of silver per tonne, and 0.20% copper from surface to a depth of 220 meters. Three higher grade intervals were revealed at depth with increasing gold grades, high silver grades, and moderate copper grades. Additional drilling is needed to define its shape and depth before initiating resource definition drilling. At Marker, three shallow drill holes intersected tourmaline breccia but returned no significant grades.Initial resource estimate expected by year-end. The company expects to release an initial resource estimate in December which will include Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama down to a depth of 300 meters. Resource definition drilling has been completed and the company has paused its exploration drilling program to complete geophysical surveys. Results for 51 resource definition drill holes from Breccia Bx 5 and Huancarama remain outstanding and are expected to be released in the lead up to the initial resource estimate.Geophysical surveys in progress. Two different types of geophysical surveys are being employed to identify new breccia pipe targets and refine the ranking of the 110 targets identified to date. These include gradient array and 3D induced polarization orientation surveys which are being applied throughout the Soledad mineral system.Rating is Outperform. We expect exploration drilling will resume at the start of the new year following completion of geophysical surveys. While the company expects to publish an initial resource estimate by year-end, significant potential will remain for resource expansion. The company is fully permitted to test targets in the northern half of the project area, while permitting is well advanced for the southern half where Chakana has identified numerous outcropping mineralized breccia pipes. Read More >>