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Chakana Copper Expands Mineral Rights by 1,066 Hectares Acquiring Second Cluster of Copper-Gold-Bearing Breccia Pipes
VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (TSX-V:PERU) (OTC:CHKKF) (FWB:1ZX) (the “Company” or “Chakana”), is pleased
About this update from Chakana Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (TSX-V:PERU) (OTC:CHKKF) (FWB:1ZX) (the “Company” or “Chakana”), is pleased to announce that it has expanded its mineral rights adjacent to the Soledad project (the “Project”) optioned from Condor Resources Inc. Chakana now has, or can earn, a 100% interest in a total of 3,085 hectares covering two clusters of breccia pipes shown in Figure 1. The new 1,066 hectares of mineral rights were acquired through an option agreement with Minera Barrick Misquichilca S.A. (\"Barrick\"). The Project is located 35 km south of the Pierina mine in the prolific Miocene metallogenic belt of Peru. “We are excited to have completed this agreement with Barrick, which significantly expands our mineral rights to the south of Soledad and brings a new cluster of mineralized tourmaline breccia pipes and occurrences to the project”, said President and CEO David Kelley. “The new cluster, referred to as Compañero, is located 2.5 km southwest of the main cluster of pipes at Soledad. The cluster consists of 5 principle tourmaline breccia bodies, one of which has a prominent outcrop like many of the other known breccia pipes in the Soledad cluster (Fig. 2).” These breccias occur in both andesitic tuff of the Calipuy formation, and arenite of the Chimu formation. Results from surface sampling shows strongly anomalous gold from composite rock chip samples with results up to 14.25 g/t Au (Figs. 3a and 3b). These results are highly significant as they suggest similar mineralization to what has already been drilled in Bx 1 and Bx 5 over the last 11 months. The 5 breccia pipes at Compañero bring the project total to 14 known pipes, with an additional 11 areas having strongly altered andesitic volcanic rock consisting of sheeted quartz-sericite-tourmaline veining believed to be the vertical expression of blind breccia bodies. Surface exposures show both shingle and mosaic-textured breccias, favorable features encountered in outcrop and drilling in the Soledad cluster (Fig. 4). Alteration consists of pervasive quartz-sericite-tourmaline replacement of all primary minerals in the host andesitic crystal-lithic tuff and sericite alteration of arenite clasts. Drilling at Bx 1 and Bx 5 has shown that both types of breccia can be strongly mineralized, with exceptional grades often fo...