Drilling Blind & Hitting Gold-Silver Mineralization in Peru

by Mike Fagan

 

Chakana Copper (TSX-V: PERU)(OTC: CHKKF) — currently trading right around C$0.50 per share — has confirmed yet another breccia pipe discovery at the Huancarama West target at its flagship Soledad copper-gold-silver project in Peru. Importantly, this was a blind target, completely covered by overburden, wherein the company was able to intersect the breccia starting at just 3 meters below surface — a true testament to the team's geologic modeling prowess and their growing understanding of the mineralized system at Soledad.

The highlight intercept came in at 6.29 grams per tonne (g/t) gold and 92.8 g/t silver, or 7.66 g/t gold equivalent, over 11 meters.

Chakana president & CEO, David Kelley — whom you’ll be hearing more from momentarily — commented via press release:
 

"The discovery of a second high-grade tourmaline breccia pipe within the Huancarama Breccia Complex is an exciting development for the project. The drill rig was set up 50m north of the H5 breccia in an area with andesitic tuff exposed at surface. High-grade gold and silver mineralization was encountered about 3m below surface, demonstrating the significant potential of near-surface mineralization at Soledad. The precious metal-rich nature of the mineralization may be related to oxidation but also primary zonation. Often breccias at Soledad become strongly mineralized at depth with copper in addition to precious metals."


I won’t go through the rest of the numbers here as my colleague, Mr. Gerardo Del Real of Junior Resource Monthly, did yeoman's work on that, as he always does, in his timely interview with CEO, David Kelley.

What I will point out is that the company is in the midst of a 26,000 meter drill program at Soledad with only about 3,000 meters of drill assays released to-date. And that means there’s lots and lots of news flow yet to come.

Additionally, a resource estimate is in the works and slated for release in Q3, which is covered as well. So without further ado, here’s that interview. Please enjoy!

And don’t forget to 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.