Chakana Copper Corp. is a Canadian junior exploration company advancing its Soledad project near Aija, Peru. The company acquired the Soledad property in 2017 which hosts copper, silver and gold mineralisation. 

The company has recently been underway with geophysical surveys at the Soledad project which it concluded with at the beginning of May 2022. The geophysical surveys included Gradient Array IP analysis, a rapid mapping technique traditionally implemented to identify mineralisation structures and offset IP analysis, which creates a block model of resistivity over an area. 

The company plans to implement the geophysical data in a target identification workshop it plans to host at the end of May. Gold Fields Ltd, which is a strategic investor in Chakana Copper Corp. will participate in the target identification workshop. 

Chakana Copper Corp. recently announced that it had reached a binding agreement with Condor Resources Inc. to amend the terms of the purchase option agreement it holds relating to the company’s Soledad project. The previous agreement involved a final payment of USD$ 4.425 million due to Condor Resources Inc. The new binding agreement will consist of either a final payment of USD$ 2.8 million and the issuing of 9,480,198 common shares or a 4-year cash and common share issuing and payment plan to Condor Resources Inc. 

The company plans to initiate a drilling program on the north side of the Soledad project in June 2022, from where it will also initiate a drilling program on the south side of the project in 2023, pending permitting. The next two years of exploration drilling will, according to the company, enable it to better understand the project’s potential.