In this interview, FTMIG catches up with David Kelly, President & CEO of Chakana Copper, to discuss the results to date from the Company's fully-funded Phase III drilling program on their flagship Soledad high grade copper/gold/silver project. After beginning their Phase III drill program in mid-August 2020 (15,000 meters planned), the company has reported some notable high-grade intercepts of copper, gold and silver mineralization to date, including 10.7 m of 24.99 g/t gold equivalent and 12.2 m of 13.61 g/t gold equivalent at their Paloma West target, starting only 20 - 30 meters below surface. These high grade intercepts complement longer runs of lower grade mineralization encountered at the Paloma East target only a short distance away, including a 226 m intercept of 1.1 g/t gold equivalent starting from only 3 meters below surface. At the time of writing, the company has reported on 16 holes in their Phase III program, with 4 holes from Paloma West left to report. The company is now focused on its large Huancarama target, with 10 holes drilled to date and more to come. Chakana expects to start reporting assay results from Huancarama in January of 2021. These initial holes drilled on Paloma West, Paloma East and Huancarama are part of Chakana's scout drilling first pass, intended to identify the most prospective targets in follow-up infill drilling that can be expected to positively impact the planned 2021 initial resource estimate and maximize tonnage.
00:00 - Introduction
03:56 - Update on Remaining Holes & Huancarama
07:00 - Follow-Up Drilling Plans
12:04 - Paloma West Discussion
14:32 - How Have Results Compared to Expectations?
Chakana Copper (TSX-V: PERU) is a Canadian junior exploration company focused on its high grade copper, gold and silver Soledad project located in the Ancash province of Peru. The property hosts multiple tourmaline breccia pipes that provide a target rich environment for drilling. Most of the pipes drilled so far have been mineralized with copper, gold and silver, including some notable high grade sections in several pipes. The Soledad project as a whole is located in a very favourable mining jurisdiction in Peru, with some notable Tier 1 mine neighbours within 60 km such as Barrick Gold's Pierina gold mine and the Antamina copper/zinc mine (BHP Billiton / Glencore / Teck Resources / Mitsubishi). There is also an active zinc, lead and silver mine located immediately adjacent to the Soledad property. Roads, grid power and plentiful water are readily available and make for a very favourable infrastructure situation.
Chakana has a strong share structure, with a cornerstone investment from Gold Fields, one of the world's largest gold companies, secured in 2019 at above market prices. Management and insiders own 18% and are highly incented to see Soledad become a success. Notable institutional shareholders include well-known resource investor Rick Rule and billionaire gold bug Eric Sprott.
Chakana currently trades on the Toronto Venture Exchange under the symbol TSX-V: PERU, on the OTCQB marketplace under the symbol OTC: CHKKF and on the Frankfurt Exchange under FRA: 1ZX.
To learn more about Chakana Copper, please visit their website at: https://www.chakanacopper.com/
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Originally filmed on December 4th, 2020