VANCOUVER, British Columbia, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (TSX-V:PERU) (the “Company” or “Chakana”), is pleased to announce the following assay results from five additional diamond drill holes drilled to date by the Company at its Soledad copper-gold-silver project in central Peru, optioned from Condor Resources Inc. This drilling campaign was initiated August 16, 2017, with the results of the first five drill holes announced on October 6, 2017 and October 25, 2017. The program is ongoing for a total of 8,595m drilled to date of an original program of 16,660 m.
All assays released to date (include those set out below) have been from drilling on Breccia Pipe #1 (Bx #1) where historic drilling had documented continuous mineralization from surface to a depth of 490 m’s until the hole exited the side of the breccia pipe (please refer to Condor Resources news release of July 6, 2016). Drilling by Chakana has been from a central platform on top of Bx #1 with different azimuth and dip angles to define the geometry of the pipe and the grade profile within the pipe and at the contact with the wall rock.
| DDH # | Azimuth | Dip | From - To (m) | Core length (m) | Au g/t | Ag g/t | Cu % | Zn % | Pb % | Cu-eq %* | Au-eq g/t* | |
| SDH17-022 | 98 | -80 | 0.0 | 21.0 | 21.0 | 4.87 | 32.9 | 5.30 | ||||
| and | 43.0 | 76.0 | 33.0 | 5.31 | 66.1 | 0.39 | 4.43 | 6.77 | ||||
| including | 65.0 | 76.0 | 11.0 | 4.03 | 160.8 | 0.95 | 4.96 | 7.59 | ||||
| and | 99 | 107.0 | 8.0 | 1.13 | 35.0 | 1.83 | 2.87 | 4.39 | ||||
| SDH17-023 | 325 | -42 | 0.0 | 36.0 | 36.0 | 2.39 | 8.8 | 2.51 | ||||
| including | 19.0 | 23.0 | 4.0 | 3.62 | 35.7 | 1.84 | 4.51 | 6.90 | ||||
| and | 119.0 | 127.4 | 8.4 | 9.73 | 128.0 | 0.12 | 0.67 | 1.24 | 7.58 | 11.59 | ||
| SDH17-024 | 325 | -62 | 0 | 69.0 | 69.0 | 3.15 | 11.3 | 0.39 | 2.55 | 3.89 | ||
| including | 47.0 | 69.0 | 22.0 | 3.89 | 21.3 | 1.18 | 3.91 | 5.97 | ||||
| and | 73.0 | 84.0 | 11.0 | 0.98 | 2.82 | 1.02 | ||||||
| SDH17-025 | 350 | -50 | 0.0 | 30.0 | 30.0 | 3.50 | 8.0 | 3.60 | ||||
| and | 48.0 | 53.0 | 5.0 | 10.05 | 22.1 | 0.74 | 7.50 | 11.47 | ||||
| and | 131.0 | 144.0 | 13.0 | 3.57 | 892.5 | 2.41 | 1.09 | 0.58 | 12.37 | 18.93 | ||
| SDH17-026 | 190 | -50 | 0 | 5.0 | 5.0 | 3.85 | 23.9 | 4.16 | ||||
* 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). Assays for zinc and lead are not used in the metal equivalent calculations. 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.
The Soledad project is located 35 km south of the Pierina mine in the prolific Miocene metallogenic belt of Peru. The project hosts multiple high-grade quartz-tourmaline-sulfide breccia pipes that crop out at surface. The purpose of this initial drilling campaign is to define an inferred resource on 2 of the 9 known pipes, with additional drilling dedicated to other pipes and targets on the project.
David Kelley, President and CEO of Chakana commented, “These 5 holes provide additional information on the geometry of Bx #1 and confirm the high grades previously reported. Hole SDH17-022 was drilled to the east-southeast at -80 and intersects 3 breccia intervals along the margin of the pipe. Copper is leached in the top 21 metres but it increases with depth in the primary zone, with the lower 8 metre interval averaging 1.83% Cu, 1.13 g/t Au and 35 g/t Ag. Holes SDH17-023 to SDH17-026 are shallower holes between -42 to -62 degrees drilled to the northwest and south. These shallower angled holes are important to locate the margin of the pipe and test the grade. Hole SDH17-023 intersects 36 metres of breccia from surface and also a mineralized structure from 119.0m to 127.4m (8.4m) that averages 9.73 g/t Au, 128 g/t Ag, 0.12% Cu, 0.67% Zn and 1.24% Pb. Hole SDH17-024 has a continuous 69m breccia intercept from surface, with copper leached in the top 47 metres, followed by primary mineralization from 47m to 69m (22.0m) that averages 3.89 g/t Au, 21.3 g/t Ag and 1.18% Cu. An example of the breccia mineralization from this interval is shown in Figure 1. Hole SDH7-025 intersected mineralized breccia in the top part of the hole in two intervals from 0-30m and 48-53m and a very high grade breccia zone from 131-144m (13.0m) that averages 3.57 g/t Au, 892.5 g/t Ag, 2.41% Cu, 1.09% Zn, and 0.58% Pb. Hole SDH17-026 intersected 5 metres of mineralized breccia before exiting the pipe on the south margin.”
Sampling and Analytical Procedures
Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. All core drilled to date has been HQ diameter with down-hole surveying using a Reflex tool. Drill core is photographed, logged and sampled at the project site. Core is split in half using a diamond saw with half of the interval used for assay and the other half for permanent archive. Sample intervals are 1 metre in mineralized breccia and 2 metres in unmineralized host rock unless there is an important contact between these intervals. Samples for assay are placed in individual plastic bags with a unique sample identification, sealed with a plastic zip tie, and 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 (not considered 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 Soledad 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
Technical information in this news release has been approved by David Kelley, Qualified Professional - Geology designation from the Mining and Metallurgical Society of America, the President, CEO and a Director of Chakana and a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects. Mr. Kelley has verified the sampling and analytical procedures and has reviewed the assay data set out in this News Release during continued visits to the Soledad project; inspection of the drill core at site prior to shipment to the assay laboratory; and as the direct recipient of the corresponding assay results from the assay laboratory.
ON BEHALF OF THE BOARD
(signed) “David Kelley”
David Kelley
President and CEO
For further information contact:
Kevin Ma, Chief Financial Officer and Corporate Secretary
Phone: 604-687-7130
Email: kevin@skanderbegcapital.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.
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.