Lithium, cobalt and other metals involved with electric vehicles may be all the rage lately, but it shouldn't be forgotten that other metals, like copper, have been performing very well over the last year too. In fact, when spot copper hit $3.32 at the end of December, that was the highest level for the industrial metal since 2014.
Vancouver-based Chakana Copper Corp. (TSX-V:PERU) is new to the public space, only yesterday completing a reverse takeover transaction with Remo Resources, so how it will react is still up to the markets to decide. Shares are surging Wednesday morning, though, on the back on drilling news from its Peruvian project.
Chakana released assay results from five diamond drill holes at its Soledad copper-gold-silver project in central Peru, a project optioned from Condor Resources Inc.
The ongoing drill program commenced in August with the results of the first five drill holes released in October to little fanfare under the Remo moniker.
About 8,600 metres of the planned 16,660 metres have been drilled to date.
The October results were highlighted by an intersect of 113 metres from surface grading 1.17% copper, 3.58 g/t gold and 51.5 g/t silver.
Today, Chakana reported several substantial intersects, again from surface down. Of particular note was a cut of 69 metres grading 3.15 g/t gold, 0.39% copper and 11.3 g/t silver. Within that intersect, there was a 22-metre core at 3.89 g/t gold, 21.3 g/t silver and 1.18% copper.
Another hole had an intersect of 33.0 metres from 43-76 metres depth grading 5.31 g/t gold, 66.1 g/t silver and 0.39% copper. Culling the overall results showed gold grades as high as 10.05 g/t and silver grades as high as 892.5 g/t.
After closing at 50 cents with no volume yesterday, over 401,000 shares of PERU have changed hands two hours into Wednesday session, with shares skyrocketing 35 cents to 85 cents for a gain of 70.0% so far on the day.
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