Pointing the Drills and Hitting in Peru
by Mike Fagan
Chakana Copper (TSX-V: PERU)(OTC: CHKKF) – currently trading below C$0.65 per share – has released assays from two additional drill holes from one of the largest copper-gold-silver bearing breccia pipes discovered to-date at its flagship Soledad Project in central-Peru.
You may recall from the previous release that Chakana is proving serially successful in intersecting long intervals of copper-gold-silver mineralization at Soledad – and this week’s release continues in that same trend with highlights of:
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120.4 meters of 0.51 grams per tonne (g/t) gold; 0.83% copper; and 34.6 g/t silver from 101.3 meters
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107.0 meters of 0.28 grams per tonne (g/t) gold; 0.42% copper; and 33.7 g/t silver from 86 meters
These impressive results are representative of the third discovery in a row for Chakana at Soledad (Paloma East, Paloma West, and now Huancarama) where the company continues to produce significant mineralized intercepts at a more than 90% hit-rate.
Chakana CEO, David Kelley, whom you’re about to hear more from, commented via press release:
"These two holes were drilled from a new platform on the south side of the Huancarama Breccia Complex and confirm the breccia geometry previously reported with approximate horizontal dimensions of 100m by 50m, one of the largest breccias we have discovered to date at Soledad. The mineralized breccia crops out at surface and extends to a vertical depth of approximately 225m below surface and is open at depth. The results demonstrate good continuity of mineralization within the breccia with excellent grades. The high-grade zone within hole SDH20-162 shows copper sulfide-cemented breccia and the late copper sulfide replacement process that we have seen in several other high grade breccia pipes at Soledad. Drilling is ongoing at Huancarama and we look forward to reporting additional drill results in the near future."
Chakana also recently announced a C$10 million financing. And its partner, Gold Fields, has increased its stake in the Soledad Project from 16.8% to 19.99%.
Chakana is cashed up, has an experienced and committed partner in Gold Fields, and will soon have a total of 3 rigs drilling at Soledad. Or in other words, speculators can anticipate a steady stream of drill results from Soledad over the coming weeks and months.
Our own Gerardo Del Real of Junior Resource Monthly caught up with Chakana CEO, David Kelley, to discuss the drilling, the financing, and the exploration agenda as we move forward in this new year. You can listen to the interview here.
You can also click here for our most recent report on Chakana Copper.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.