Chakana Copper Corp. provided update on the Soledad project, located in the Ancash Province of Peru within the Miocene mineral belt. Soledad is an emerging copper-gold-silver discovery in the active Aija-Ticapampa mining district.

An initial Inferred Resource (MRE) of 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper hosted in tourmaline breccia pipes and open at depth was published in First Quarter 2022 contained within 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods, plus an additional Inferred Resource of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods. This resource reflects only a small portion of the potential of the Soledad mineral system as the tourmaline breccias are just one of several mineralization styles related to a major intrusive center at Soledad that are subject to ongoing exploration. The environmental permit for the southern half of the Soledad project was recently approved and once finalized, will allow exploration drilling on several of large exploration targets now defined through systematic multidisciplinary exploration.

Exploration Targeting Three principal target areas have been chosen for drilling once permits are finalized: Mega-Gold target, and La Joya high-sulfidation epithermal (HSE) zone, and the Compañero breccia complex and other high-grade tourmaline breccia targets. This new area of exploration covers different geological environments at Soledad, including multiple intrusions centered upon the Lincuna fault, and distal high-sulfidation precious metals mineralization. The Lincuna fault is an important arc-normal structure related to the Querococha Arch, extending to the northeast just north of the Antamina mine.

Intrusive phases at Soledad cut Jurassic to Cenozoic sedimentary and volcanic rocks and are closely related in space and time to the tourmaline breccia pipes and mineralization. The young intrusive rocks include granodiorite, dacite porphyry, and monzodiorite, ranging in age from 15.2 +/= 0.3 million years. These intrusive rocks are cut by tourmaline breccias, which are probably coeval with the waning stages of intrusive and hydrothermal activity.

The late-stage copper replacement mineralization encountered in drilling is believed to have also formed during the waning stages of the Soledad mineral system. Mega-Gold Target Area The Mega-Gold target is a very large area occupying 2.5 km2 with anomalous gold in soil overlying pervasive tourmaline-quartz-white mica alteration, overprinted by localized advanced argillic alteration zones and tourmaline breccias. The target area is oriented northeast and is underlain by older andesitic tuff (Calipuy Formation) and a pre- mineral granodiorite, thought to be the first pulse of intrusive activity in the Soledad mineral system.

Within the anomaly is a distinct Offset (3D) induced polarization chargeability feature with a similar orientation as the soil anomaly. The chargeability feature is modelled to be a vertical intrusive or pipe-like body on the south side of the Lincuna fault with a sub-horizontal feature extending up the hill to the southwest. Soil gold values over the vertical chargeability body reach up to 0.325 g/t. The vertical body is interpreted to be a blind intrusion cutting the earlier granodiorite.

The planned drilling will test these features for gold mineralization and base metal sulfides. La Joya High-Sulfidation Epithermal Target Area The La Joya target area is associated with high-sulfidation advanced argillic alteration consisting of vuggy silica, alunite, dickite, zunyite, diaspore, and pyrophyllite. The zone of alteration extends 700 metres in a north-south direction at an elevation of approximately 4,500 metres.

Surface rock samples collected from the alteration zone have silver and gold values up to 1,300 g/t and 0.36 g/t, respectively. An access road from off-property leads to five scattered drill pads on the southernmost 200 metre segment of La Joya, and locals report that Buenaventura completed seven short drill holes over 20 years ago, encountering silver mineralization and some gold. A QP is unable to confirm the Buenaventura history.

Compañero Breccia Complex (and other Tourmaline Breccias) The Compañero breccia complex is a cluster of breccia bodies located in the southwest part of the Soledad mineral system. The breccias include one monument outcrop (BxC1) surrounded by three other breccias. Another additional tourmaline breccia is located about 500 m to the west.

All of the breccias are gold- bearing, with one channel sample collected on the top of BxC1 reporting 14.4 g/t Au. Several of the breccias show copper oxides on the weathered surfaces. The Compañero breccias are similar to the mineralized breccia pipes in the MRE on the north side of the project where strongly elevated gold in surface rock channel samples correlate well with underlying mineralization.

The Estremadoyro breccia pipe is exposed along the road near the bottom of the valley and has artisanal workings where copper oxides are clearly visible. Rock samples from breccia exposures reported values up to 1.25 g/t gold, 0.57% copper, and 37.6 g/t silver. None of these targets have been previously drilled.

Permitting Update The Company has received approval of the environmental permit for the modification of the semi-detailed environmental impact assessment (EIAsd) to allow exploration drilling on the south half of the project and has now entered the final Initiation of Activities (AIA) stage. Permitting team meets regularly with the Ministry of Energy and Mines, who remain attentive in completing the final stage of the permit as soon as possible. Once the AIA is approved, drilling can begin.