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Chakana Copper Corp is a Canadian-based minerals exploration company focusing on advancing the Soledad Project in Peru's Ancash region. Notable for high-grade copper-gold-silver mineralization in tourmaline breccia pipes, the company recently initiated a 3,000m drill program to explore key targets including Mega-Gold porphyry, La Joya high-sulfidation epithermal zone, and Estremadoyro breccia pipe. With ambitions to enhance its resource potential, Chakana has unveiled promising results from the Estremadoyro drilling, showcasing notable grades and mineralization extending into the wall rock. The ongoing drilling at Mega-Gold has identified various mineralizations like chalcopyrite and molybdenite, underscoring the project's exploration upside and prospective value.
Chakana Copper Corp. (CHKKF) announces its decision to relinquish the option to acquire three concessions from Condor Resources, which constitute 25% of its Soledad project in Ancash, Peru. Chairman Douglas Silver cites investor reluctance to fund projects with substantial outstanding payments as the primary reason. Despite efforts to negotiate a buyout, the costs exceeded the property's current value. Existing exploration permits on these concessions will be canceled, and Condor must start a new permitting process. Chakana will retain a 1% net smelter returns royalty on the relinquished concessions, with Condor having the option to purchase half of it for $1 million. The relinquished area includes 1.2 million tonnes for open-pit mining and 4.7 million tonnes for underground mining. Despite the loss, Chakana remains optimistic about its remaining 2,775 hectares, where recent drilling has shown promising results.
Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) has reported final drill results from its 2024 program at the Soledad project in Peru. Highlights include:
- High-grade silver mineralization at La Joya: 1,005 gpt Ag and 0.45 gpt Au over 0.75 m within 4.5 m of 323.6 gpt Ag and 0.25 gpt Au from 58.0 m
- Confirmation of a 700 m-long alteration system at La Joya
- Identification of two discrete porphyry targets at Mega-Gold
- Hyperspectral core scanning confirming high-level alteration environments
The company plans additional drilling at La Joya and Mega-Gold based on these promising results.
Chakana Copper Corp. (OTCQB: CHKKF) provides an update on its Mega-Gold Scout Drilling Program at the Soledad Project in Peru. Initial results from three holes reveal significant mineralization, including 2 m of 1.8 g/t gold and 0.35% copper, and 1.5 m of 11.05 g/t gold. The drilling encountered widespread alteration, with up to 15% pyrite and traces of chalcopyrite and molybdenite. Additionally, hyperspectral core scanning has been initiated to identify mineral zoning patterns. Assays for five more holes from Mega-Gold and three from La Joya are pending. An option agreement with Condor Resources is under discussion due to a delayed US$1,000,000 payment. Chakana will also participate in the Rick Rule Investment Symposium from July 7-11, 2024, in Boca Raton, Florida.
Chakana Copper Corp. reports impressive results from drilling at the Estremadoyro breccia pipe in Peru, with mineralized intercepts showing significant grades of gold, copper, and silver. Additionally, bornite mineralization and a low-grade copper halo in the wall rock were identified, indicating potential for further mineralization. The ongoing drill program at the Mega-Gold target area is progressing well, with sulfides and chalcopyrite-molybdenite mineralization identified in all three holes drilled so far. Chakana is optimistic about the future drilling potential and resource evaluation based on the latest findings.
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