Chakana Copper Corp. provided an initial Inferred resource estimate for the Soledad Project, located in Ancash, Peru. Copper-gold-silver mineralization at the Soledad project is hosted within multiple, vertically-extensive tourmaline breccia pipes; important minerals are chalcopyrite, gold, electrum, and tetrahedrite.

The resource estimate confirms that the tourmaline breccia pipes at Soledad host significant mineralization with good continuity that is vertically extensive. The pipes exhibit strong zonation between gold, copper, and silver. Drilling has confirmed the existence of blind breccia pipes that do not crop out a surface (Bx 1 North Zone), and breccia pipes that do crop out coalescing into larger breccias at depth (Huancarama East).

The resource model, when combined with the company's other exploration data sets, helps refine the targeting model that will be used in future exploration drilling campaigns. Since the commencement of its exploration at Soledad in 2017, Chakana has completed 260 core holes totaling 60,850m. The majority of the resource drilling was focused on Breccia Pipe 1 (Bx 1), Bx 5, Paloma East, and the eastern side of the Huancarama breccia complex, with much less drilling on Bx 6, Bx 7 and Paloma West.

All zones are open to extension at depth, while many more targets remain untested in the broader Soledad project. Soledad is held under three separate 100% earn-in agreements with Condor Resources Inc. The resources reported herein occur within a portion of the Condor and private Peruvian concessions. 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 $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. Sampling and Analytical Procedures: All core is cut in half and sampled in one-metre intervals within a secured area until transport in batches to the ALS Chemex facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS.

All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead, and zinc are analyzed using the OG-46 procedure.