Chakana Copper Corp. provided results from thirteen additional resource definition and exploration holes drilled in Huancarama totaling 3,265m at the Soledad project, Ancash, Peru. The resource drilling is part of a fully funded exploration and resource drilling program completed in 2021.

These results compliment previous results from Huancarama and will increase confidence in the initial resource estimate covering several breccia pipes, which is currently being finalized. Huancarama: The Huancarama breccia pipe is in the central part of the project at an elevation of 3,950m and is one of several breccia pipes that will be included in Chakana's initial resource estimate. This breccia pipe is part of a breccia complex with six outcropping breccias over a lateral distance of 200m east-west.

Two of the breccias, separated by 50m at surface, coalesce at depth, forming a large breccia pipe approximately 100m x 60m in plan. Breccia has been intercepted to a depth of 492m below surface and remains open. Drill holes described in this release were drilled from three different platforms and were designed to confirm the geometry and continuity of mineralization within the breccia pipe.

All resource definition holes intersected significant mineralization. In addition to the high copper, gold and silver grades reported in these drill holes, three of the holes also intersected very strong molybdenum mineralization at depts of around 350m below surface. For example, SDH21-271 intersected 36m of 0.26% molybdenum from 337m; SDH21-273 intersected 13.7m of 0.29% molybdenum from 354m; and SDH21-275 intersected 21.25m of 0.20% molybdenum from 350m.

The significance of this mineralization in relation to surrounding intrusive rocks is being investigated. One exploration hole (SDH21-274) was drilled to the northeast of the main Huancarama breccia complex testing a possible feeder structure to the breccia complex. This hole intersected strongly altered andesitic lithic tuff along structures, but no significant mineralization was encountered.

2021 Resource and Exploration Drill Program: A total of 23,947m of drilling has been completed in 2021. The objectives of this drill program are to complete resource definition drilling on several breccia pipes and test several new exploration targets. Breccia pipes that will be included in the initial resource estimate are: Bx1, Bx 5, Bx6, Paloma East, Paloma West, and Huancarama; a seventh pipe, Bx 7, may also be included pending a final evaluation of the results to date.

During 2021 drilling was focused on the north half of the project where drill permits are in place. Permitting for the south half of the project is well advanced. The southern half of the property hosts several outcropping mineralized tourmaline breccia pipes and has been recently covered by the Company's ongoing geophysical program.

Numerous targets exist, none of which have been drilled previously. Geophysical Surveys: Gradient-array induced-polarization (IP) surveys have been completed over the entire 12km2 footprint of the Soledad mineral system. Off-set IP surveys are now in-progress covering high priority target areas.

This work complements the extensive exploration database that supports current inventory of 110 exploration targets. This new information identifies both new targets and prioritizes existing targets that will be tested when the exploration drilling programs resume.