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Chakana hits more high grades at expanded Soledad

Chakana Copper Corp (TSXV: PERU) has hit more high grades as it continues drilling at the Soledad copper-gold-silver project, where it has acquired new drill targets by recently doubling its land position in central Peru.
Chakana hits more high grades at expanded Soledad Chakana hits more high grades at expanded Soledad Chakana hits more high grades at expanded Soledad Chakana hits more high grades at expanded Soledad Chakana hits more high grades at expanded Soledad

Inspecting drill core in Lima

Staff reporter

Among the latest highlights, Chakana intersected 119.4m at 1.14% copper, 3.36g/t gold and 61.3g/t silver from surface, as well as 115m from surface grading 0.59% copper, 1.66g/t gold and 56.5g/t silver.

Soledad is under option from Condor Resources and Chakana recently expanded its position to now have or earn a 100% interest in just over 2,000ha covering a cluster of nine known breccia pipes.

The company last month struck an option agreement to acquire 10 concessions from a Peruvian family for US$2.3 million, bought two smaller concessions from an individual for $200,000 and staked a further 217.63ha.

President and CEO David Kelley said the latest drilling results highlighted the high-grade nature of Breccia Pipe 1 from surface and said holes 54-57 also penetrated a lower mineralised zone.

"Our drill programme will continue to track this impressive mineralisation to depth," he said.

Chakana had working capital of C$8.6 million (US$6.6 million) at the end of February and in March raised C$8 million (US$6.2 million) in an increased a private placement at 90c per share.

Its shares closed C2c lower yesterday to 67c but remain up more than 8.4% year-to-date, capitalising it at $53.6 million.