Chakana Reports Channel Sampling At Huancarama
November 19 2019 - 8:30AM
Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA:
1ZX) (the “
Company” or
“
Chakana”), is pleased to provide new surface and
subsurface assay results from the Huancarama Breccia Complex, a
general exploration update, and additional reconnaissance drilling
results for the Soledad project in Peru.
Huancarama Channel Sampling
The Huancarama Breccia Complex (HBC) is a large
exposure of mineralized tourmaline breccia within the main Soledad
cluster of breccia pipes (Fig. 1). Several breccia bodies are
exposed over a width of approximately 200m. Previous surface
sampling and continuous underground channel sampling along a 170m
long adit revealed strong gold and silver values (Fig. 2; also see
news release dated May 23, 2018). Copper values are generally low
due to the oxidized nature of the surface samples. Recent detailed
mapping identified a 15m-long adit into one of the smaller breccia
bodies (HBx2). Twenty-one metres of continuous channel samples on
one metre intervals were collected from the adit and exposure of
breccia outside the adit (Figs. 3 and 4). This continuous channel
sample of 21 metres averaged 2.52 g/t Au and 100.4 g/t Ag. The
estimated true width of the breccia from this sampling is
14.3m. Huancarama will be drill tested during the next
campaign when final drilling permits are obtained.
“The recent sampling provides additional
confirmation of the potential of the Huancarama breccias,” said
President and CEO David Kelley. “These breccias and the Paloma East
and West breccias are examples of the numerous high priority
targets we have yet to drill,” added Kelley.
Exploration Program Update
A total of 5,717m of drilling has been completed
in the Phase 3 drill program that began in June, 2019. The drilling
has been successful in
- confirming mineralization in Bx 7 that requires additional
drilling,
- in-fill drilling on Bx 6 that we expect will contribute to an
inferred resource in the upper levels of breccia,
- extending mineralization in Bx 5 at depth to the east and north
with significant copper grades encountered, and
- confirming that the Corral breccias are mineralized and require
additional drilling from more optimal platform locations when
permits are obtained.
In addition, Bx 3W is mineralized with pyrite in
a well-developed tourmaline breccia but lacks significant grade to
the depths tested. This may be a function of zoning with the
potential for copper at depth.
Continued permitting delays have limited our
ability to drill in the Huancarama and Paloma areas. While we have
successfully completed drill testing on other priority targets to
date, we have decided to temporarily suspend drilling until the
permits are obtained for these higher priority targets. This will
ensure that we have the capital available to drill high priority
drill targets as soon as the proper permits are obtained. The
recent dismissal of Congress by the current administration and
subsequent temporary replacement of Cabinet positions until
elections are held has caused additional disruptions in the
permitting process. We remain persistent in our approach to
obtain the necessary permit approvals that will allow the restart
of drilling.
Additional Drill Results
Assay results are provided for two additional
holes in Bx 5 East, two holes in the Corral Breccia, and one hole
testing a target southeast of Bx 1. The two holes in Bx 5 East were
drilled from new platform locations to provide better control on
the geometry of the breccia (Fig. 5). The first hole at the Corral
target intersected two mineralized breccia bodies, Corral Bx 1 and
Corral Bx 2. The second hole intersected Corral Bx 1. Both holes
were drilled downhill at shallow angles due the restricted access
pending permits closer to the breccia bodies. Recoveries in the
mineralized breccia were poor due to the shallow angles and broken
nature of the rock. One exploration hole southeast of Bx 1 was
drilled beneath a mineralized structure. Only a narrow interval of
mineralization was encountered.
Mineralized intervals from Bx 5 East
include:
Bx 5E - Exploration Holes |
DDH # |
Az |
Dip |
From - To(m) |
Core Length (m) |
Aug/t |
Agg/t |
Cu % |
Cu-eq %* |
Au-eq g/t* |
Note |
SDH19-128 |
192 |
-85 |
325.00 |
330.00 |
5.00 |
0.79 |
9.3 |
1.00 |
1.61 |
2.46 |
|
and |
|
|
349.00 |
362.00 |
13.00 |
0.25 |
3.5 |
0.50 |
0.69 |
1.06 |
|
and |
|
|
371.00 |
378.00 |
7.00 |
0.18 |
13.7 |
0.34 |
0.58 |
0.88 |
|
and |
|
|
385.00 |
426.00 |
41.00 |
0.12 |
6.0 |
0.79 |
0.92 |
1.41 |
|
including |
|
|
385.00 |
395.00 |
10.00 |
0.19 |
16.0 |
1.32 |
1.58 |
2.41 |
|
SDH19-132 |
300 |
-70 |
313.00 |
319.00 |
6.00 |
0.20 |
15.8 |
0.95 |
1.22 |
1.86 |
|
and |
|
|
364.00 |
368.00 |
4.00 |
0.29 |
4.8 |
0.22 |
0.45 |
0.69 |
|
and |
|
|
384.00 |
389.00 |
5.00 |
0.28 |
7.0 |
0.89 |
1.13 |
1.73 |
|
and |
|
|
480.00 |
485.00 |
5.00 |
0.08 |
26.8 |
0.52 |
0.81 |
1.23 |
|
* 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). |
Additional Exploration Holes |
DDH # |
Az |
Dip |
From - To(m) |
Core Length (m) |
Aug/t |
Agg/t |
Cu % |
Pb % |
Zn % |
Note |
SDH19-129 |
210 |
-44 |
85.00 |
87.00 |
2.00 |
0.23 |
122.1 |
0.01 |
1.28 |
|
Corral Bx 1 |
and |
|
|
99.00 |
119.00 |
20.00 |
0.27 |
49.4 |
0.04 |
0.53 |
|
Corral Bx 1 |
inc |
|
|
113.00 |
119.00 |
6.00 |
0.72 |
121.8 |
0.10 |
0.95 |
|
Corral Bx 1 |
and |
|
|
204.00 |
211.00 |
7.00 |
0.09 |
66.2 |
0.03 |
3.22 |
|
Corral Bx 2 |
SDH19-130 |
213 |
-59 |
159.00 |
162.00 |
3.00 |
0.23 |
21.6 |
0.01 |
0.54 |
|
Corral Bx 1 |
and |
|
|
174.55 |
178.00 |
3.45 |
0.06 |
17.2 |
0.02 |
1.35 |
|
Corral Bx 1 |
SDH19-131 |
87 |
-53 |
72.75 |
73.55 |
0.80 |
2.22 |
249.0 |
0.28 |
2.32 |
1.8 |
Bx 1SE |
Reported mineralized intervals are not true
widths given the vertical nature of the breccia pipe and the steep
inclination of the holes.
Sampling and Analytical
Procedures
Chakana follows rigorous sampling and analytical
protocols that meet or exceed industry standards. Core samples are
stored in a secured area until transport in batches to the ALS
facility in Callao, Lima, Peru. Sample batches include
certified reference materials, blank, and duplicate samples that
are then processed under the control of ALS. All samples are
analyzed using the ME-MS41 (ICP technique that provides a
comprehensive multi-element overview of the rock geochemistry),
while gold is analyzed by AA24 and GRA22 when values exceed 10
g/t. Over limit silver, copper, lead and zinc are analyzed
using the OG-46 procedure. Soil samples are analyzed by 4-acid
(ME-MS61) and for gold by Fire Assay on a 30g sample
(Au-ICP21).
Results of previous drilling and additional
information concerning the Project, including a technical report
prepared in accordance with National Instrument 43-101, are 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
For further information contact:Michelle
Borromeo, Manager – Corporate CommunicationsPhone: 604-715-6845
Email: mborromeo@chakanacopper.com
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.
Forward-looking Statement Advisory: 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 Soledad
copper-gold-silver project (the “Project”), the potential
to expand the mineralization, and to develop and grow a
resource within the Project, the planning for
further exploration work, the ability to de-risk the potential
exploration targets, and our belief in the potential
for mineralization within 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.
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/47563cdf-073e-4a65-9221-d2aca724f165https://www.globenewswire.com/NewsRoom/AttachmentNg/429e7e97-1ea2-4288-8220-59478cdfccb2https://www.globenewswire.com/NewsRoom/AttachmentNg/88181e8b-6fb6-49e8-b822-71b5057f40b9https://www.globenewswire.com/NewsRoom/AttachmentNg/5dcdc8c6-74bc-4a0c-8575-16b3dd60a19bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d7453a7d-4c12-4900-9721-25aee0380ff1
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