Business
Chakana Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2022) - Chakana Copper Corp. (TSXV: ...
About this update from Chakana Copper Corp.
[{"type":"text","content":"Chakana Provides Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - December 21, 2022) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the \"Company\" or \"Chakana\"), is pleased to announce that it has modified the payment terms with M&R Aija S.A.C. for the Aija Option Agreement (the \"Agreement\") covering a portion of the Soledad project, located in the Ancash Province of Peru. The agreement relates to 10 mining concessions totalling 639 hectares covering the Huancarama, Paloma East, and Paloma West breccia pipes that are included in the initial inferred mineral resource estimate (MRE) published Q1 2022 (see news releases dated January 11 and February 23, 2022). In addition, there are numerous untested exploration targets within this ground. Under the existing agreement, a final payment of US$1.5 million dollars was due on May 1, 2023. The parties have agreed to extend and amend the terms of the agreement as follows:20222023202420252026Aija Option01-Dec-2201-May-2301-Nov-2301-May-2401-Nov-2401-May-2501-Nov-2501-May-2601-Nov-26Cash (US$)$100,000$100,000$100,000$150,000$150,000$150,000$150,000$150,000$250,000Shares (US$)$75,000$125,000$150,000$75,000$75,000N/AN/AN/AN/A The number of shares will be determined based on the greater of (i) the ten (10) day volume weighted average trading price of the Chakana common shares as of the date of issuance of such Chakana Shares, or (ii) the market value at the time the obligation arises, provided that the shares for each payment may not be issued at a price of lower than CAD $0.05 per share. The Agreement is subject to the approval of the TSX Venture Exchange.\"This is a great outcome as it ensures that the company's capital is more proportionately allocated to advancing the Soledad project with additional exploration and studies on our existing mineral resource. We continue to make steady progress with our permit to allow drilling some very exciting targets on the south half of the project,\" stated President and CEO David Kelley.Permitting UpdateChakana is in the process of modifying the semi-detailed environmental impact assessment (EIAsd) to allow exploration drilling on the south half of the project. The Company is in the final stage of the environmental permit certification. Once approved, the permit moves to the final Initiation of Activities (AI...