The company announces that it has cancelled 1,250,327 options to purchase shares of the Company held by directors, officers and consultants with the consent of the holders. The Company also advises that its efforts to secure funding under the loan agreement with an arm's length private lender in connection with a US$12.5 million unsecured loan, originally announced in the press release dated October 14, 2024, has not been successful.
Funding was ultimately subject to the discretion of the lender and the Company no longer believes that funding will be forthcoming. Dave Prins, the Company's President and CEO said,'We undertook significant efforts in good faith to secure the Loan and are disappointed we could not deliver a positive outcome. Moving forward, our attention will be focused on the Company's 100% owned property Kio Buggy located in northern Chile whereby as a result of our previously completed extensive field exploration program, we have clearly identified two potential porphyry targets. We also plan to advance the 100% owned La Rica property located in the Apurimac Province, 80km SW of Cusco, 45km NW of Las Bambas Mine & 30km SW of Cotabambas, Perú, whereby skarn mineralization can be traced for approximately 2km along strike & persists 50-70 m in width within the property, with two surface rock samples returning grades including 7.17% Copper and 4.75% Copper.'A total of 36 historical surface rock samples (4 rock chip and 32 channel samples; see Table 1) were collected as part of the initial surface exploration programs completed in December 2017, February 2018 and April 2018 by Nigel Chapman of Luna Recursos Naturales SAC at La Rica. Surface rock sampling was focused on outcropping skarn mineralization, both at surface and from an underground adit, that has been mapped and extends for approximately 2 kilometers and ranges in thickness from 60m-70m and which constitutes the primary target for copper mineralization at La Ric
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