Chakana Copper (TSX.V: PERU) With PERU as a trading symbol there’s little doubt as to where this junior miner’s projects are.
With copper back over $3/lb. and expected to climb higher, Chakana acquired 100% rights to the Soledad copper-gold project in February 2017 and quickly put down 27 drill holes in 2017 for a total of 7,700 meters.
Raising money doesn’t seem to be a problem for this company as they raised US$14 million in 2 private placements. Raising this kind of money in this market says they have either very good management that are well connected and/or a very good project that the money people believe will do very well. In this case it’s both.
The Soledad project is somewhat unique in that the property contains numerous Tourmaline Breccia Pipes. These pipes are like chimneys venting mineralization from the depths of the earth often right to the surface.
Chakana has drilled two of the pipes to date (Bx1 & Bx5) and the drilling has intercepted long intervals of high grade copper, gold & silver.
Their very first hole in Pipe Bx1 intercepted 113 metres (from surface) with 1.17% Copper, 3.58 grams per tonne Gold and 63.6 grams per tonne Silver (3.16% Copper Equivalent). This included 70 metres with 1.87% Copper, 3.25 g/t gold and 63.6 g/t Silver ( 4.55% Copper Equivalent)
(News Release October 25, 2017)
In January 2018 they announced a further 69 metres (from surface) of 3.91% CuEq in drill hole 17-022
February 7, 2018:
Drill hole 17-031: 76.0 metres of 2.10% CuEq
Drill hole 17-029: 26.1 metres of 6.10% CuEq
February 22, 2018:
Drill hole 17-034: 71.4 metres of 2.91% CuEq
Drill hole 17-041: 164 metres of 1.84% CuEq (Pipe Bx5)
And there latest news on March 2, 2018:
Drill hole 18-046: 52 metres of 5.35% CuEq
Drill hole 18-047: 78.1 metres of 3.00% CuEq
And this is from only two pipes drilled of the several Breccia Pipes on the Soledad property. And with the Chakana treasury well-funded the drilling is ongoing and Chakana will continue to be putting out plenty of more drill results.