Chakana Pivots to La Joya High-grade Silver Discovery and Proposes Share Consolidation
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 (CHKKF) annuncia un cambio strategico per concentrarsi sulla sua scoperta di argento ad alta grado La Joya nell'area dell'opzione Barrick. Il programma di perforazione 2024 ha prodotto risultati impressionanti di 1.005 gpt di argento e 0,45 gpt di oro su 0,75 m all'interno di un'intersezione più ampia. L'azienda prevede un programma di perforazione di 2.000 m per il 2025.
L'azienda ha rinunciato al suo accordo di opzione Aija, eliminando obbligazioni di pagamento per un totale di 3.275.000 USD. Questa decisione porta l'azienda a non avere stime di risorse sul progetto Soledad. Inoltre, il consiglio ha approvato una consolidazione delle azioni 10:1, riducendo le azioni in circolazione da circa 267.008.571 a 26.700.857.
Il Progetto La Joya, che include l'obiettivo Mega-Gold porfido e il prospetto d'oro Compañero, sarà il principale focus dell'azienda, non richiedendo pagamenti in contante e basandosi su spese a terra.
Chakana Copper (CHKKF) anuncia un giro estratégico para centrarse en su descubrimiento de plata de alta ley La Joya dentro del área de opción de Barrick. El programa de perforación de 2024 arrojó resultados impresionantes de 1,005 gpt de plata y 0.45 gpt de oro sobre 0.75 m dentro de una intersección más amplia. La compañía planea un programa de perforación de 2,000 m para 2025.
La empresa ha renunciado a su acuerdo de opción Aija, eliminando obligaciones de pago por valor de 3,275,000 USD. Esta decisión resulta en que la compañía no tenga una estimación de recursos en el proyecto Soledad. Además, la junta aprobó una consolidación de acciones 10:1, reduciendo las acciones en circulación de aproximadamente 267,008,571 a 26,700,857.
El Proyecto La Joya, que incluye el objetivo Mega-Gold porfirio y el prospecto de oro Compañero, será el foco principal de la compañía, sin requerir pagos en efectivo y basado en gastos en terreno.
Chakana Copper (CHKKF)는 Barrick 옵션 지역 내에서 La Joya 고급 은 발견에 집중하기 위한 전략적 전환을 발표했습니다. 2024년 시추 프로그램은 0.75m의 넓은 교차점에서 1,005gpt 은과 0.45gpt 금이라는 인상적인 결과를 얻었습니다. 회사는 2025년을 위해 2,000m 시추 프로그램을 계획하고 있습니다.
회사는 Aija 옵션 계약을 포기하여 3,275,000 USD의 지불 의무를 없앴습니다. 이 결정은 회사가 Soledad 프로젝트에 대한 자원 추정치를 가지지 않게 함을 의미합니다. 또한 이사회는 10:1 주식 통합을 승인하여 발행 주식 수를 약 267,008,571주에서 26,700,857주로 줄였습니다.
메가 골드 포필리 및 Compañero 금 전망을 포함하는 La Joya 프로젝트는 회사의 주요 초점이 될 것이며, 현금 지급이 필요 없고 지상 지출에 기반합니다.
Chakana Copper (CHKKF) annonce un pivot stratégique pour se concentrer sur sa découverte d'argent à haute teneur La Joya dans la zone d'option de Barrick. Le programme de forage 2024 a produit des résultats impressionnants de 1 005 gpt d'argent et 0,45 gpt d'or sur 0,75 m dans une intersection plus large. La société prévoit un programme de forage de 2 000 m pour 2025.
La société a renoncé à son accord d'option Aija, éliminant des obligations de paiement de 3 275 000 USD. Cette décision fait que la société n'a aucune estimation de ressources sur le projet Soledad. De plus, le conseil d'administration a approuvé une consolidation des actions 10:1, réduisant les actions en circulation d'environ 267 008 571 à 26 700 857.
Le projet La Joya, qui comprend l'objectif Mega-Gold porphyry et le prospect d'or Compañero, sera la priorité de la société, sans nécessiter de paiements en espèces et basé sur des dépenses au sol.
Chakana Copper (CHKKF) kündigt einen strategischen Wechsel an, um sich auf seine La Joya Hochgrad-Silberentdeckung im Barrick-Optionsgebiet zu konzentrieren. Das Bohrprogramm 2024 lieferte beeindruckende Ergebnisse von 1.005 gpt Silber und 0,45 gpt Gold über 0,75 m innerhalb einer breiteren Schnittstelle. Das Unternehmen plant ein Bohrprogramm von 2.000 m für 2025.
Das Unternehmen hat seinen Aija-Optionsvertrag aufgegeben, wodurch Zahlungsverpflichtungen in Höhe von 3.275.000 USD entfallen. Diese Entscheidung führt dazu, dass das Unternehmen keine Ressourcenschätzung für das Projekt Soledad hat. Zudem genehmigte der Vorstand eine 10:1 Aktienkonsolidierung, die die ausstehenden Aktien von etwa 267.008.571 auf 26.700.857 reduziert.
Das La Joya Projekt, das das Mega-Gold-Porphyrziel und das Compañero-Goldprojekt umfasst, wird der Hauptfokus des Unternehmens sein, ohne dass Barzahlungen erforderlich sind und basierend auf Ausgaben zu Boden.
- High-grade silver discovery at La Joya with 1,005 gpt silver and 0.45 gpt gold over 0.75m
- Elimination of US$3,275,000 in payment obligations through termination of option agreements
- No cash payment requirements for the Barrick option (La Joya Project)
- Loss of resource estimate on the Soledad project
- Significant share dilution through 10:1 consolidation
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the "Company" or "Chakana"), announces that it plans to expand on the success of its 2024 drill program by focusing on the exploration of the La Joya high-grade silver discovery confined to its Barrick option that also includes the Mega-Gold porphyry target area and the Compañero gold prospect. The Company also announces that it has relinquished its interest in the Aija option agreement in order to eliminate all remaining option payment obligations related to the Soledad mineral concessions and is initiating a proposed share consolidation.
2024 Exploration Success and 2025 Focus
The high-grade silver discovery from scout drilling at La Joya in 2024 yielded 1,005 gpt silver and 0.45 gpt gold over 0.75 m within 4.5 m of 323.6 gpt silver and 0.25 gpt gold from 58.0 m associated with a preserved lithocap and high sulfidation epithermal (HSE) style mineralization (see news release dated August 29, 2024). La Joya is located in the same belt with similar geology as the world-class multi-million-ounce Pierina HSE gold-silver deposit mined by Barrick and located 35 km to the north. La Joya is ready for follow-up drilling and has what appears to be a lower cost expansion discovery opportunity that will be the focus for 2025. Detailed mapping, sampling, and target definition work will be completed prior to a proposed 2,000 m drill program.
Limited scout drilling at Mega-Gold confirmed narrow zones of strong mineralization, a variety of porphyry-style vein types, elevated gold, copper, molybdenum, and hydrothermal alteration zoning consistent with a high-level porphyry environment. The Mega-Gold target area is defined by a very large 2.5 km2 gold in soil anomaly and warrants additional drilling.
Compañero is an exciting high-grade gold target that requires the final stage of permitting but holds promise after returning surface channel samples up to 14.4 gpt gold (see news release dated July 16, 2018). The final stage of permitting will be completed for this area for future drill testing.
Termination of Aija Option Agreement
The Company has decided to relinquish its interest in the Aija option agreement, eliminating all remaining option related property payment obligations for the Soledad property. Terminating the Condor option agreement (see news release dated October 8, 2024) and Aija option agreement alleviates cash payment commitments of US
The Company is focusing on the highly prospective Barrick option, now referred to as the La Joya Project (Figure 1), which has no cash payments and is based on expenditures in the ground (see news releases dated July 16, 2018, and October 12, 2021). The Company believes that this is both fiscally responsible and offers the greatest potential for larger discovery success.
Share Consolidation
The Board of Directors have approved a restructuring of the Company through a consolidation of the Company's issued and outstanding common shares on the basis of one (1) new common share for every ten (10) existing common shares (the "Consolidation").
The Consolidation will affect all shareholders uniformly (except for the treatment of post-consolidated fractional common shares, as noted below) and will not affect any shareholder's proportional ownership interest in the Company. The principal effects of the Consolidation will be that the number of common shares issued and outstanding will be reduced from approximately 267,008,571 pre-consolidation common shares outstanding as of the date hereof to approximately 26,700,857 post-consolidated common shares.
No fractional post-consolidation common shares will be issued. Any fractional common shares resulting from the Consolidation will be rounded down to the nearest whole common share. The exercise or conversion price and the number of common shares issuable under any convertible securities of the Company will be proportionately adjusted to account for the Consolidation. Registered shareholders will receive a letter of transmittal from TSX Trust Company, Chakana's transfer agent, with information on how to replace their pre-consolidated common shares with post-consolidated common shares. The completion of the Consolidation is subject to the approval of the TSX Venture Exchange ("TSX-V").
Qualified person
David Kelley, an officer and a director of Chakana and a qualified person as defined by National Instrument 43-101 - Standards for Disclosure of Mineral Projects, reviewed and approved the technical information in this news release.
ON BEHALF OF THE BOARD
(signed) "Douglas Silver"
Douglas Silver
Chairman of the Board
And
(signed) "David Kelley"
David Kelley
President and CEO
For further information contact:
Phone: 720-233-2166
Email: info@chakanacopper.com
Neither TSX Venture 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.
Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward looking statements or information relates to, among other things, the Company's exploration plans for the La Joya Project, our belief in the potential for mineralization on its exploration targets, and the proposed Consolidation of the Company's common shares. These forward-looking statements are based on management's current expectations and beliefs and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks and risks that the development of the Company's material properties will not be acceptable for social, environmental or other reasons; availability of equipment (including drills) and personnel to carry out work programs; that each stage of work will be completed within expected time frames; that current geological models and interpretations prove correct; the results of ongoing work programs may lead to a change of exploration priorities; and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Additional risk factors and details with respect to risk factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release are set out in the Company's management discussion and analysis, which is available under the Company's profile at www.sedarplus.ca. Accordingly, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Figure 1 - Map showing the 1,600 hectare La Joya Project located in Ancash, Peru, incorporating the Barrick option and Chakana-owned concessions. The currently known prospective areas are highlighted associated with anomalous gold in soil - La Joya, Mega-Gold, and Compañero. Principal structures, veins, and mantos in the western part of the Aija-Ticapampa mining district are also shown.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/240361_eb78ebf53478d8e4_001full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240361
FAQ
What were the drill results from Chakana's (CHKKF) La Joya silver discovery in 2024?
How many shares will CHKKF have after the 2025 share consolidation?
How much did CHKKF save by terminating the Aija and Condor option agreements?
What is the size of CHKKF's planned drill program at La Joya for 2025?
Where is CHKKF's La Joya Project located relative to Barrick's Pierina mine?
