Chakana Copper Stock Price, News & Analysis

Chakana Copper (CHKKF) announces a strategic pivot to focus on its La Joya high-grade silver discovery within the Barrick option area. The 2024 drill program yielded impressive results of 1,005 gpt silver and 0.45 gpt gold over 0.75m within a broader intersection. The company plans a 2,000m drill program for 2025.

The company has relinquished its Aija option agreement, eliminating US$3,275,000 in payment obligations. This decision results in the company having no resource estimate on the Soledad project. Additionally, the board approved a 10:1 share consolidation, reducing outstanding shares from approximately 267,008,571 to 26,700,857.

The La Joya Project, which includes the Mega-Gold porphyry target and Compañero gold prospect, will be the company's primary focus, requiring no cash payments and based on ground expenditures.

Chakana Copper Corp. (CHKKF) announces its decision to relinquish the option to acquire three concessions from Condor Resources, which constitute 25% of its Soledad project in Ancash, Peru. Chairman Douglas Silver cites investor reluctance to fund projects with substantial outstanding payments as the primary reason. Despite efforts to negotiate a buyout, the costs exceeded the property's current value. Existing exploration permits on these concessions will be canceled, and Condor must start a new permitting process. Chakana will retain a 1% net smelter returns royalty on the relinquished concessions, with Condor having the option to purchase half of it for $1 million. The relinquished area includes 1.2 million tonnes for open-pit mining and 4.7 million tonnes for underground mining. Despite the loss, Chakana remains optimistic about its remaining 2,775 hectares, where recent drilling has shown promising results.

Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) has reported final drill results from its 2024 program at the Soledad project in Peru. Highlights include:

• High-grade silver mineralization at La Joya: 1,005 gpt Ag and 0.45 gpt Au over 0.75 m within 4.5 m of 323.6 gpt Ag and 0.25 gpt Au from 58.0 m
• Confirmation of a 700 m-long alteration system at La Joya
• Identification of two discrete porphyry targets at Mega-Gold
• Hyperspectral core scanning confirming high-level alteration environments

The company plans additional drilling at La Joya and Mega-Gold based on these promising results.

Chakana Copper Corp. (OTCQB: CHKKF) provides an update on its Mega-Gold Scout Drilling Program at the Soledad Project in Peru. Initial results from three holes reveal significant mineralization, including 2 m of 1.8 g/t gold and 0.35% copper, and 1.5 m of 11.05 g/t gold. The drilling encountered widespread alteration, with up to 15% pyrite and traces of chalcopyrite and molybdenite. Additionally, hyperspectral core scanning has been initiated to identify mineral zoning patterns. Assays for five more holes from Mega-Gold and three from La Joya are pending. An option agreement with Condor Resources is under discussion due to a delayed US$1,000,000 payment. Chakana will also participate in the Rick Rule Investment Symposium from July 7-11, 2024, in Boca Raton, Florida.

Chakana Copper Corp. reports impressive results from drilling at the Estremadoyro breccia pipe in Peru, with mineralized intercepts showing significant grades of gold, copper, and silver. Additionally, bornite mineralization and a low-grade copper halo in the wall rock were identified, indicating potential for further mineralization. The ongoing drill program at the Mega-Gold target area is progressing well, with sulfides and chalcopyrite-molybdenite mineralization identified in all three holes drilled so far. Chakana is optimistic about the future drilling potential and resource evaluation based on the latest findings.