Peru has had a state of emergency in place since March 15th, which was recently extended until May 24. The country’s government has indicated that mining will be one of the first industries to restart once the lockdown is eased.
Tinka’s employees have been in self-isolation since the beginning of the lockdown, and the company believes there are no other cases among them.
Before the company is able to restart exploration activities it will have to obtain approval from the government of its health protocols, including social distancing, disinfection proceduces and coronavirus testing.
For now, Tinka’s expectation is that the next phase of exploration at its Ayawilca operation will occur in late 2020 and include 7,000 meters of infill and step-out drilling. The primary focus is upgrading the high-grade zinc-silver resources in the area.
In the meantime, the company is confident in its funding levels after an investment from Buenaventura and Sentient in January. Tinka also has no debt.
"Tinka's fundamentals remain strong following the strategic financing completed early in 2020, underpinned by our 100% owned Ayawilca zinc-silver project.,” CEO Graham Carman said in a statement. “The safety of our employees and their families and our nearby communities remains our highest priority, and our Peruvian management team is to be congratulated for its decisive response to prevent the spread of COVID-19 at our project camp.
“Corporate administration costs have been reduced during this lockdown period as we aim to preserve the company's cash position. We look forward to updating the market as our field activities in Peru recommence in coming weeks."
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