Accelerating Copper-Gold-Silver Drill Program in Peru

by Mike Fagan

Mike Fagan

Chakana Copper (TSX-V: PERU)(OTC: CHKKF) — currently trading below C$0.60 per share — has added a second drill rig to its flagship Soledad Copper-Gold-Silver Project in central-Peru where its most extensive drill program to-date, at 26,000 meters, is now underway.

The company is deploying an intelligent two-pronged strategy:

  • 16,000 meters dedicated to resource infill and step-out drilling for inclusion in the forthcoming maiden resource due out this summer
  • 10,000 meters earmarked for scout drilling via a third rig arriving in April

Chakana president and CEO, David Kelley — whom you’ll be hearing directly from in just a moment — commented via press release:

“Adding a second drill rig at Soledad, to accelerate the project, is an exciting development. We are now fully funded for our 26,000m drill program in 2021 with $9.3 million in treasury. We look forward to releasing additional exploration results from Huancarama, and resource drilling results from Paloma in the near future.”

As you may be aware from our ongoing PERU/CHKKF coverage, Chakana Copper has already made multiple discoveries at the Paloma East, Paloma West, and Huancarama breccia targets via a more than 90% drilling success rate with mineralization continuing to increase at-depth and with only 10 of 23 confirmed breccia pipes tested thus far.
                         Soledad cluster

View looking north showing tourmaline breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red; targets shown in green are focus of the current drill program. Additional breccia pipes on the southern half of Soledad property are not shown here.

As part of the current 26,000 meter program, one rig will be toggling back and forth between Paloma East and Paloma West — which are only about 150 meters apart — with the other rig focusing on Huancarama — a very large target that’s actually two breccia bodies coalescing into a much larger potential ore body at-depth.

A third rig — on-track to arrive in early-April — will be deployed to drill-test some of the 13 other known breccia outcroppings on the Soledad property as well as other newly identified targets that have yet to be adequately explored.

For speculators, this is perhaps the most exciting stage yet for the junior explorer. The company’s geologic team has been systematically locking down the complex geometry of the numerous tourmaline breccia pipes on the property through each successive drilling round.

And as noted, the company is cashed-up with C$9.5 million in the treasury with which to accomplish its near-term objectives, which includes the release of a maiden resource estimate in Q3 2021.

Our own Gerardo Del Real of Junior Resource Monthly caught up with Chakana president & CEO, David Kelley, to discuss the accelerated drill program at Soledad as well as the timeline for next results and an update on the highly anticipated maiden resource estimate. You can listen to that interview here (transcript is available).

You can also click here for our most recent report on Chakana Copper.

Yours in profits,

Mike Fagan

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.