Chakana Copper Corp. announced that the corporation has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI-43-101") supporting the inferred mineral resource statement for the Soledad Project located in Ancash, Peru. The highlights of the Report were previously announced in a news release dated January 11, 2022, and the effective date of the Report is January 3, 2022.

Mineral resources were estimated by W.F. Tanaka (FAusIMM) and audited and accepted by Dr. Gilles Arseneau (PGeo.) of ARSENEAU Consulting Services Inc. of Vancouver. Resources were estimated for seven tourmaline breccias by ordinary kriging into 5 by 5 by 10 m blocks. Grades were composited to 5 m length and silver composites were capped at 500 g/t for Breccia 1 and 720 g/t for Breccia 6. The mineral resources were estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended, and in accordance with National Instrument 43-101.

Near surface mineral resources were reported inside an optimized pit shell and at a dollar equivalent cut-off of USD 25.00. The dollar equivalent is calculated using a USD 1,600 per ounce for gold, USD 20 per ounce for silver, and USD 3.50 per pound for copper. Metallurgical recoveries were assumed to be 85% for gold, 75% for silver and 90% for copper.

Material not captured by the optimized pit shell was assumed to be extractable by underground mining methods if the blocks were above a USD 60 cut-off and represented a shape amenable to underground mining below the pit shell. Lead and zinc values also present at Soledad were not considered in the equivalent calculation. Based on the above parameters, ACS estimated that the Soledad Project contains 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper amenable to extraction by underground mining methods plus an additional 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper amenable to extraction by open pit mining methods.

All resources are classified as Inferred mineral resource as the term is defined by CIM. The QP is not aware of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves per section 3.4(d) of 43-101.