Chakana Copper Timeline 2023 - Milestones to Unlock Value at High-Grade Soledad Project

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company advancing the Soledad copper project near Aija, Peru. Leveraging the latest exploration technologies, Chakana funded aggressive drilling to rapidly test a project’s potential.

Led by David Kelley, CEO, President and Director, Chakana’s goal was to efficiently progress projects from discovery through resource definition and position them for further advancement by mid-tier and major miners. The company employed a selective approach, targeting large, high-grade copper systems to create substantial shareholder value through potential copper discoveries.

What Happened in 2023?‍

December

Private Placement Extension, Gold Fields Applies Participation Rights 

An extension to the closing time of Chakana Copper's non-brokered private placement for gross proceeds of up to $2.2 million was announced where the extended date for final acceptance was moved to January 12, 2024. The company had closed $821,659.84 of the placement so far with each unit consisted of one common share and one common share purchase warrant. Gold Fields Nazca Holdings Inc. has exercised its participation right to purchase 8,555,643 units in the first tranche for $342,225.75 and informed Chakana Copper that it intends to participate in the second tranche.

Upsize of Private Placement ‍

An increase of the previously announced non-brokered private placement was raised to gross proceeds of up to $3,000,000 due to demand. Each unit consisted of one common share and one common share purchase warrant. Chakana Copper intends to use $2.7 million of the proceeds for exploration drilling and development at the high-grade copper-gold-silver Soledad Project in Peru while remaining funds would be used for working capital and administrative purposes.

Financed for March 2024 Drill Campaign‍

Chakana Copper completed the oversubscribed financing securing over $3M with Goldfields as a cornerstone investor. This ensured funding to drill test the gold anomaly where initial drilling at Soledad revealed exceptional grades starting at surface. Chakana believed they had only discovered 50-100 of the total breccia pipes within this fertile district with only ~15,000 meters drilled so far. In March 2024, the company plans to drill test a large 2.5 sq km gold-in-soil anomaly that likely indicated a mineralized intrusive source. 

November‍

First Tranche of Private Placement

The first tranche of private placement for 20,541,495 units at $0.04 per unit for gross proceeds of $821,659.84 was closed. This first tranche funded the critical exploration drilling at priority targets seeking to expand the defined mineralization at Soledad. Completion of second tranche will then allow Chakana to continue its aggressive program for 2,400 meters of exploration drilling and advancement of the high-grade copper-gold-silver discovery at the Soledad Project in Peru.

New Drilling Campaign at Soledad Project

Chakana Copper aims to demonstrate and test its Mega Gold porphyry target, a never before drilled large mineralized porphyry existence which could host substantial copper and gold resources. Unlocking this porphyry was key to realizing the project’s full value. As Chakana closed and raised $1.1 million from the first tranche of a private placement financing, this enable the company to launch aggressive drilling starting March 2024 after the rainy season passed. Permits were now in hand to access important targets on the southern project half. ‍

October‍

New Placement Gross Proceeds of Up to C$2.2 Million

Chakana Copper announced a non-brokered private placement of up to 55,000,000 units at $0.04 per unit for gross proceeds of up to $2.2 million.  Gold Fields Nazca Holdings Inc., a subsidiary of Gold Fields Limited which owned 17.4% of Chakana's shares, informed the company it intended to participate in the financing to increase its ownership to 19.9%. Chakana intends to use the net proceeds for exploration drilling and development of its high-grade copper-gold-silver discovery at the Soledad Project in Peru.

September

Advancing High-Grade Gold Project in Peru

The Soledad project hosted high-grade, near-surface mineralization along with large-scale porphyry targets. An initial resource estimate outlined 109,000 ounces of gold equivalent over 650,000 tonnes covering just 28% of known breccia pipe targets, indicating significant upside. Having obtainied drill permits doubling target area to enable testing priority targets including the compelling Paloma porphyry target, Chakana plans a 4,000m drill program for 2024 to significantly expand resources and test new areas.‍

July‍

Permit Approval for Large-Scale Drilling Program‍

Chakana Copper received final approval to drill several high-priority targets on the southern half of its Soledad copper-gold-silver concessions in Peru to test large-scale copper-gold porphyry and epithermal targets never drill tested before. The company planned to start with a 4,000m drill program focused on the Mega-Gold intrusion-hosted copper-gold zone, the La Joya high-sulfidation epithermal gold-silver zone, and the Estremadoyro tourmaline breccia pipe. The Mega-Gold target in particular had "enormous upside potential" based on a large 2.5km2 soil gold anomaly indicative of a major copper-gold porphyry deposit. Permitting delays had previously hampered exploration efforts for over 2.5 years but with thepermits now in place, Chakana could finally unlock the value of its compelling targets.‍

May‍

New High-Grade Copper-Gold-Silver Discovery in Peru‍

A significant high-grade copper-gold-silver discovery was made by Chakana Copper at its Soledad project in Peru where extensive drilling revealed exceptional mineralization across seven inferred breccia pipes discovered so far. Breccia one exhibited 6.9% copper, 124 g/t silver and 0.3 g/t gold over 12 meters including 27% copper, emphasizing the asset's remarkable grades.

Recognizing untapped potential in the south Soledad area, Chakana focused on expanding exploration efforts there and initiated a 4,000 meter drill program targeting new zones in the north. Additionally, a PEA would assess underground potential and bulk sampling in the north area.‍

February‍

Drill the Mega-gold and La Joya HSE Targets

Chakana Copper provided updates on its Soledad copper-gold-silver project in Peru. Mega-Gold was interpreted as a blind intrusion below anomalous gold in soils. La Joya had historical small-scale mining. The Compañero breccias were unexplored but had surface samples up to 14.4 g/t gold. These included the large Mega-Gold zone exhibiting a 2.5 km2 gold-in-soil anomaly over alteration; the La Joya high-sulfidation epithermal target with surface samples up to 1300 g/t silver; and the Compañero breccia complex and other undrilled gold-copper breccia pipes.

The targets were chosen for drilling once permits were finalized. Once approved, drilling could commence at these exceptional targets seeking to demonstrate additional resource potential and further upside at Soledad.