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Chakana Copper Corp
Symbol PERU
Shares Issued 80,070,347
Close 2018-05-28 C$ 0.67
Recent Sedar Documents

Chakana Copper drills 119.4 m of 3.86% CuEq at Soledad

2018-05-28 08:49 ET - News Release

Mr. David Kelley reports

CHAKANA COPPER INTERSECTS MORE HIGH GRADE - 119.4 METRES WITH 1.14% COPPER AND 3.36 G/T GOLD (3.86% CU_EQ) AND 114 METRES WITH 0.97% COPPER AND 2.86 G/T GOLD (3.32% CU_EQ) IN BRECCIA PIPE 1

Chakana Copper Corp. has released assays from five additional holes in breccia pipe 1 (Bx 1) at its Soledad copper-gold-silver project in central Peru, optioned from Condor Resources Inc. The Soledad project is located 35 kilometres south of the Pierina mine in the prolific Miocene metallogenic belt of Peru. These results are a successful continuation of the drilling program that was initiated Aug. 16, 2017, with the results of the first 36 drill holes released previously (see the company's website). This phase 1 drilling program is continuing with a total of 14,700 metres in 55 holes drilled to date out of an original planned program of 16,660 m and is ahead of schedule and under budget. The five holes were designed to explore the west and northwest contacts of Bx 1 from a central platform.

"These latest results continue to highlight the high-grade nature of Bx 1 from surface," said president and chief executive officer David Kelley. "All of the holes penetrate the upper supergene zone where copper is leached, but gold is retained. Beneath this, copper, gold and silver are strongly enriched in the primary zone with abundant visible chalcopyrite mineralization. Holes 54 to 57 also penetrate a lower mineralized zone with copper grades in excess of 1.58 per cent. In holes 56 and 57, the upper part of this zone is strongly mineralized with 22 m of 2.96 per cent Cu and 1.30 g/t Au, and 23 m of 2.82 per cent Cu and 1.10 g/t Au, respectively. Most of the mineralization occurs as matrix sulphides in either shingle or mosaic breccia, but hole 54 shows some very impressive massive and semi-massive sulphide zones dominated by chalcopyrite. It's also important to note that hole 34, drilled to the southwest from a stepout platform 80 northeast of the central platform, intersected the southwest margin of the breccia pipe approximately 100 to 125 m below the mineralized breccia zone in holes 54 to 57 and returned 71.4 m of 1.53 per cent Cu, 1.05 grams per tonne Au and 81.7 g/t Ag from 317.6 m, including a very high-grade margin zone with 34.4 m of 2.84 per cent Cu, 1.30 g/t Au and 89.3 g/t Ag from 354.6 m (see news release dated Feb. 22, 2018, at the company's website). Our drill program will continue to track this impressive mineralization to depth."

New mineralized intervals from breccia pipe 1 are shown in the table.

Hole       From (m)   To (m)    Core length (m)  Au (g/t) Ag (g/t)    Cu (%)  CuEq (%)* AuEq (g/t)*

SDH18-053     0.00   119.40             119.40      3.36     61.3      1.14      3.86        5.91
including     0.00    41.00              41.00      4.16     20.7                            4.43
including    41.00   119.40              78.40      2.94     82.5      1.72      4.35        6.65
SDH18-054     0.00   115.00             115.00      1.66     56.5      0.59      2.16        3.30
including     0.00    50.00              50.00      0.42      8.9                            0.54
including    50.00   115.00              65.00      2.61     93.1      1.03      3.53        5.40
and         140.00   251.00             111.00      0.82     83.9      1.58      2.83        4.33
SDH18-055     0.00   122.00             122.00      2.14     37.9      0.56      2.28        3.49
including     0.00    46.30              46.30      0.72     12.0                            0.88
including    46.30   122.00              75.70      3.01     53.8      0.88      3.31        5.06
and         140.00   214.70              74.70      0.88    112.1      2.04      3.57        5.47
SDH18-056     0.00   116.00             116.00      2.05     53.5      0.99      2.79        4.26
including     0.00    52.40              52.40      2.27     10.5                            2.41
including    52.40   116.00              63.60      1.87     88.9      1.77      3.75        5.74
and         181.00   246.00              65.00      1.28    103.9      1.96      3.69        5.64
including   181.00   203.00              22.00      1.30     16.6      2.96      3.95        6.04
SDH18-057     0.00   114.00             114.00      2.86     55.7      0.97      3.32        5.07
including     0.00    49.70              49.70      2.49     11.1                            2.64
including    49.70   114.00              64.30      3.15     90.2      1.68      4.51        6.90
and         179.00   233.70              54.70      0.95     93.3      1.73      3.15        4.82
including   179.00   202.00              23.00      1.10    31.98      2.82      3.81        5.83

* CuEq and AuEq values were calculated using copper, gold and silver. Metal prices utilized for 
the calculations were copper -- $2.90 (U.S.) per pound, gold -- $1,300 (U.S.)/ounce and silver -- 
$17 (U.S.)/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 CuEq (per cent) equals Cu per cent plus 
(gold g/t multiplied by 0.6556) plus (silver g/t multiplied by 0.00857) and AuEq (g/t) equals Au 
g/t plus (Cu per cent multiplied by 1.5296) plus (Ag g/t multiplied by 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.

Sampling and analytical procedures

Chakana follows rigorous sampling and analytical protocols that meet industry standards. Samples for assays are 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 multielement overview of the geochemistry. Gold is analyzed by ME-MS41 (considered to be least reliable), AA24 (higher precision) and GRA22 when values exceed 10 g/t. Overlimit silver, copper, lead and zinc are analyzed using the OG-46 procedures.

Additional information concerning the project is available in a technical report prepared in accordance with National Instrument 43-101 made available on Chakana's SEDAR profile.

Qualified person

David Kelley, an officer and a director of Chakana, and a qualified person as defined by NI 43-101, reviewed and approved the technical information in this news release.

We seek Safe Harbor.

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