A Milestone Moment for a Soaring Copper and Gold Miner
Chakana Copper (TSX-V: PERU) (OTC: CHKKF) just received its long-awaited permit which will allow it to drill some of the most exciting copper-gold targets in the space.
I caught up with David Kelley to go over the Soledad copper-gold silver project, which Chakana has an exiting option on that will allow it to retain 100% of the project. We talked about the excellent grades to date, when to expect drilling, and the multiple important catalysts ahead. Enjoy.
To your wealth,
Gerardo Del Real: This is Gerardo Del Real with the Outsider Club. Joining me today is the President and CEO of Chakana Copper (TSX-V: PERU)(OTC: CHKKF), Mr. David Kelley. Dave, how are you today?
David Kelley: Gerardo, I'm doing a lot better than the last time I talked to you. I can tell you that.
Gerardo Del Real: Let's explain to everyone why. And congratulations, of course. This is a milestone moment and I think a pivotal and critical one for the company moving forward.
David Kelley: Well, thank you. I appreciate that. I know the team appreciates it as well. They certainly have been working really, really hard to get this drill permit approval, which allows us to expand the work area. We're moving into a part of the property that we have not been able to drill yet. We've been able to do surface exploration and geophysics and that type of thing.
We have some phenomenal targets, but we haven't been able to drill there. That's why it's such an important step to move into this new area. We know we have really, really robust targets and we've got a drill rig on the property. So we're super excited to get that permit.
Gerardo Del Real: Let's talk about what that looks like and provide some context because we are in a drastically different market than we were the last time we spoke just a month ago. If you were announcing the kind of drill results that you've already announced from previous campaigns, as robust as the share price has been lately, it would be multiples of today's share price.
I want to highlight a couple of select intercepts; 209 meters of 2.22 grams per tonne gold, 69.6 grams per tonne silver, 0.96% copper. That would be 4.60 gold equivalent or 3.01 copper equivalent. These are the type of grades that you have consistently been able to intercept.
I also want to talk a bit about the project. It’s 100% owned. It's a big project and you're moving into a part of it that many within the Chakana team believe is the most prospective. Can you talk about that a bit?
David Kelley: Yeah. The grade profile is really, really, I think, somewhat unique and it's a real bonus on this project. It's often that you get gold going with copper and it's maybe a small by-product type of consideration. It could still be material and economic. But we're talking about really, really high grades of precious metals. We've hit over 42 grams in our drilling for gold. We've hit over 5 kilograms of silver and then we've had multiple intercepts over 10% copper. So we're seeing high grades in all three metals. That's a really important, I think, aspect of it.
The other part of it is we've only tested a fraction of the targets on the property. We have 92 targets that have been defined by very detailed, extensive, thorough, and systematic exploration using geophysics, geochemistry, alteration mapping, and that type of thing. So we're really just getting started. If you go back and look at the drill results that we've had previously, I believe that we can produce those kinds of results moving into this new area because we have the same type of targets, very similar surface expression, multi-gram gold in rock chip and channel samples, right over the surface of these breccia pipes that are really obvious and sticking out of the ground. It's a really exciting time to be getting this permit and moving forward again with drilling.
Gerardo Del Real: Well said. You have 23 confirmed mineralized breccia pipes at surface, over 92 total targets. Let's get to the main catalyst here moving forward. There's two of course. One will be an aggressive 15,000-meter definition drill program. We'll talk about when that will commence in just a second. Then closely aligned with that is going to be the mineral resource, which I know was delayed because of the COVID lockdowns. Again, two big catalysts that hopefully we see soon, right?