Chakana Provides Exploration Update and Response to COVID-19 Pandemic
20 March 2020 - 3:31AM
Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FWB:
1ZX) (the “
Company” or
“
Chakana”), is providing an update on its 2020
exploration program and response to the COVID-19 pandemic.
On March 15, 2020, the Peruvian government
declared a national state of emergency in response to the COVID-19
pandemic and instituted a 15-day period of obligatory social
isolation. In addition, the government temporarily closed its
borders to international travelers. As a result of this, the
Company has temporarily suspended field activities at its Soledad
copper-gold-silver project in Ancash, Peru out of concern for the
health and safety of its employees, contractors and the communities
in which we operate. Employees in Peru, Canada, and the USA will
continue working from home in preparation for our next drill
program.
The Company has just entered the final stages of
permit approval to restart drilling in the Paloma and Huancarama
areas where several high priority drill targets have been defined
on the Soledad project. A detailed ground magnetics survey was
completed prior to the suspension of activities and is currently
being interpreted to provide a better understanding of the geology
and to supplement drill targeting information. The Company remains
in a strong financial position with C$7.0 million in cash,
resulting from the strategic investment made by Gold Fields in 2019
(see news release dated May 13, 2019).
“The measures we have taken are in the best
interests of our employees, contractors, and their families. We
will monitor the situation closely with the Peruvian authorities
and will restart activities as soon as it is safe to do so. In the
meantime, we remain productive advancing our understanding of the
geology at Soledad and preparing for the continuation of our Phase
3 drill program. The goal this year remains to drill test some very
exciting new targets in the Paloma and Huancarama areas,” stated
David Kelley, President and CEO. “We appreciate the support of our
shareholders and they should know that we are being vigilant in
conserving our cash position under the current market conditions”
added Kelley.
ON BEHALF OF THE BOARD
(signed) “David Kelley” David Kelley President
and CEO
For further information contact:
Michelle Borromeo, Manager – Corporate
CommunicationsPhone: 604-715-6845Email:
mborromeo@chakanacopper.com
Neither TSX Venture Exchange (the “Exchange”)
nor its Regulation Services Provider (as that term is defined in
the policies of the Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Completion of the Financing is subject to a
number of conditions, including but not limited to, Exchange
approval. There can be no assurance that the Financing will
be completed as proposed or within in the timeframe disclosed
herein or at all.
This news release contains forward-looking
statements, including relating to the completion of the Financing
and the use of the net proceeds therefrom, and other statements
that are not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than
statements of historical fact included in this release are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. As a result, the
Company cannot guarantee that the Financing will be completed on
the term disclosed herein or at all. The reader is cautioned not to
place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company does not intend to update any of the
included forward-looking statements except as required by Canadian
securities laws.
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