VANCOUVER, April 4, 2018 /CNW/ - Chakana Copper Corp.
(TSX-V: PERU; OTC: CHKKF; FWB:
1ZX) (the "Company" or "Chakana"),
is pleased to announce assays from four additional step-out holes
in Breccia Pipe 1 (Bx 1) at its Soledad copper-gold-silver project
in central Peru, optioned from
Condor Resources Inc. The Soledad project (the "Project") is
located 35 km south of the Pierina mine in the prolific Miocene
metallogenic belt of Peru. These
results are a successful continuation of the drilling program that
was initiated August 16, 2017, with
the results of the first thirty-two drill holes released previously
(see: www.chakanacopper.com). This Phase 1 drilling program
is ongoing with a total of 12,328m
drilled to date out of an original planned program of 16,660m and is ahead of schedule and under
budget.
"These four additional holes in Bx 1 from a step-out platform
drilling across the pipe demonstrate excellent continuity of the
high-grade mineralization", said President and CEO David Kelley. "Hole SDH18-049 has a very
impressive high-grade margin zone with 19.4m of 2.70% Cu, 14.36 g/t Au, and 26.0 g/t Ag
in a broader interval of 44.1m with
2.02% Cu, 8.50 g/t Au, and 27.1 g/t Ag. The four holes have long
runs of continuous mineralization ranging from 44.1m to 73.1m.
Holes SDH18-050 and SDH18-051 also intersect a deeper mineralized
breccia on the southwest side of the pipe, with hole SDG18-050
having 17.85m of 3.62% Cu, 0.89 g/t
Au, and 53.1 g/t Ag (Figure 1)."
New mineralized intervals from Breccia Pipe 1 are:
DDH
#
|
Az
|
Dip
|
From -
To
(m)
|
Core
length
(m)
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Cu-
eq
%*
|
Au-
eq
g/t*
|
Note
|
SDH18-049
|
220
|
-40
|
76.90
|
121.00
|
44.10
|
8.50
|
27.1
|
2.02
|
7.81
|
11.94
|
|
including
|
|
|
77.60
|
97.00
|
19.40
|
14.36
|
26.0
|
2.70
|
12.31
|
18.83
|
Margin
|
SDH18-050
|
218
|
-49
|
89.00
|
159.00
|
70.00
|
1.44
|
75.9
|
1.57
|
3.16
|
4.83
|
|
and
|
|
|
198.00
|
215.85
|
17.85
|
0.89
|
53.1
|
3.62
|
4.66
|
7.12
|
Margin
|
SDH18-051
|
215
|
-55
|
114.00
|
167.00
|
53.00
|
0.56
|
65.6
|
1.47
|
2.40
|
3.67
|
|
and
|
|
|
227.00
|
238.00
|
11.00
|
0.48
|
12.0
|
1.01
|
1.43
|
2.18
|
|
SDH18-052
|
239
|
-49
|
84.00
|
157.10
|
73.10
|
1.42
|
65.1
|
1.41
|
2.89
|
4.42
|
|
* Cu_eq and Au_eq
values were calculated using copper, gold, and silver. Metal prices
utilized for the calculations are Cu – US$2.90/lb, Au –
US$1,300/oz, and Ag – US$17/oz. No adjustments were made for
recovery as the project is an early stage exploration project and
metallurgical data to allow for estimation of recoveries are not
yet available. The formulas utilized to calculate equivalent values
are Cu_eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and
Au_eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t *
0.01307).
|
The true widths of the mineralized intervals reported in this
release are difficult to ascertain and additional drilling will be
required to constrain the geometry of the mineralized zones.
Exploration Update
A total of 9 mineralized breccia pipes have been identified by
mapping on the Project thus far. The pipes form a cluster within an
area of four-square kilometers and are spaced between 175m to 625m apart
with vertical relief between the pipes of over 500m.
The focus of the drilling program is to determine the economic
potential of several of the quartz-tourmaline-sulfide breccia pipes
that crop out at surface. Phase 1 is directed toward pipes 1 and 5
(Bx 1 and Bx 5). Phase 2 will be an expanded drill program proposed
under a Semi-detailed Environmental Impact Assessment permit
(EIA-SD) that was submitted for review to the Ministry of Energy
and Mines on December 29, 2017. Phase
2 will allow for additional drill platform locations and more drill
holes to test several other pipes and targets identified on the
Project. Based on detailed mapping, Bx 1 has a surface diameter of
40m and Bx 5 of 50m. Mineralization is open at depth in both
pipes based on previous drilling. Current drilling is designed to
determine the geometry (volume) and grade of the breccia hosted
mineralization. Tourmaline breccia pipes can have diameters that
increase at depth, and often have higher grades at the margins of
the pipe, interpreted to result from higher permeability of the
breccia. Drilling at the Project is designed to test this in each
pipe from surface to 400m depth based
on: 1) drilling from a central platform at various azimuths and dip
angles to penetrate the margin of the breccia throughout its
vertical extent; and 2) from platforms outside the pipe to drill
across the breccia body. The four holes from Bx 1 reported here
were drilled from a step-out platform 80m northeast of the breccia
pipe. Mineralized intercepts will vary in length due to the shape
of the breccia body and the orientation of the drill hole (see
Figure 2). For example, shallow holes drilled near the perimeter of
the pipe may have shorter intercepts compared to steeper holes.
Nonetheless, all holes that intersect mineralized breccia are
important for constraining the overall shape and grade of the
breccia body. Once a sufficient number of intercepts are obtained
and modelled, the overall geometry of the breccia body and the
grade profile will become apparent.
Sampling and Analytical Procedures
Chakana follows rigorous sampling and analytical protocols that
meet industry standards. Samples for assay are stored in a secured
area until transport in batches to the ALS facility in Callao,
Lima, Peru. Samples are
processed under the control of ALS with the samples including
certified reference materials, a coarse and finely-crushed blank
and duplicates samples. All samples are analyzed using the ME-MS41
procedure in order to obtain a comprehensive multi-element overview
of the geochemistry. Gold is analyzed by ME-MS41 (considered to be
least reliable), AA24 (higher precision) and GRA22 when values
exceed 10 g/t. Over limit silver, copper, lead and zinc is
analyzed using the OG-46 procedures.
Additional information concerning the Project is available in a
technical report prepared in accordance with National Instrument
43-101 made available on Chakana's SEDAR profile at
www.sedar.com.
Qualified Person
David Kelley, an officer and a
director of Chakana, and a Qualified Person as defined by NI
43-101, reviewed and approved the technical information in this
news release.
ON BEHALF OF THE BOARD
(signed) "David
Kelley"
David Kelley
President and CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This release may contain forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of Chakana to be materially
different from any future results, performance, or achievements
expressed or implied by the forward-looking statements. Forward
looking statements or information relates to, among other things,
the interpretation of the nature of the mineralization at the
Project, the potential to grow the Project, the potential to expand
the mineralization, the planning for further exploration work, the
ability to de-risk the potential exploration targets, and our
belief about the unexplored parts of the Project. These
forward-looking statements are based on management's current
expectations and beliefs but given the uncertainties, assumptions
and risks, readers are cautioned not to place undue reliance on
such forward- looking statements or information. The Company
disclaims any obligation to update, or to publicly announce, any
such statements, events or developments except as required by
law.
SOURCE Chakana Copper Corp