Mr. Timothy Turner reports

BOCANA RESOURCES CORP. ANNOUNCES DIAMOND DRILL ASSAY RESULTS FROM THE ESCALA GOLD/SILVER/BASE METAL PROJECT IN BOLIVIA

Bocana Resources Corp. has released assay results from diamond drill holes HRC2303 to HRC2305 on the Escala area concession in southwestern Bolivia. Assay results confirmed high-grade gold/silver and base metals associated with late-stage hydrothermal breccias.

The company's inaugural drilling was completed on Oct. 24, 2023, and tested both the Cerro Galapagos and Cerro Blancos areas, as well as the Laura zone. The Cerro Galapagos target area hosts a large, multiphased, felsic intrusive complex with extensive alteration and up to four phases of sulphide mineralization observed. HRC2303 and HRC2304 tested the Cerro Galapagos area, and HRC2305 was completed in the Cerro Blanco area.

Highlights of assay results for holes HRC2303 to HRC2305 are set out in the attached table.

Discussion of results

Cerro Galapagos

Cerro Galapagos contains a large approximately 2.0-by-2.0-kilometre, circular, induced polarization, chargeability high and moderate- to high-resistivity anomalies. Diamond drill holes (HRC2303 and HRC2304) were completed at Cerro Galapagos, where a large, felsic porphyry complex containing multiple phases and extensive argillic and phyllic alteration zones occur.

HRC2303 is located approximately 200 metres north of the central core of the IP chargeability anomaly. The core depth was extended by more than 200 metres due to the extent of and the increasing concentrations of sulphides being observed with depth. Several intrusive phases were encountered, most of which were mineralized again by pyrite and minor arsenopyrite-pyrite phases. Starting at 277.0 metres for 1.8 metres of core length, hydrothermal breccia with observed chalcopyrite was noted.

HRC2304 was added to the program after the visual sulphide concentration in HRC2303 and is located 100 metres southwest from the HRC2303 collar location. The hole contains several intrusive phases, including intrusive and intrusion breccia, and a significant increase in hydrothermal breccias. HRC2304 hosted at least four phases of mineralization with base metal mineralization occurring in the apparently youngest, hydrothermal breccias. Again, most of the rock types encountered were mineralized with pyrite and minor arsenopyrite mineralization as disseminations and fracture fillings. Three significant intervals of hydrothermal breccia were noted and contained visible chalcopyrite, galena and sphalerite mineralization.

Cerro Blanco

HRC2305 and HRC2306 were completed for a total of 331.2 metres testing IP, chargeability and resistivity highs. Both holes encountered approximately five to 10 metres of sediments before encountering a single phase of a quartz eye porphyry. Minor pyrite and chalcopyrite mineralization occurs at the sediment/intrusive contact in both holes and approximately 30 metres of crackle fractured intrusive in hole HRC2306 healed by finer-grained pyrite with traces of chalcopyrite. As indicated in the attached table, hole HRC2305 encountered high-grade copper and associated gold mineralization over a 0.18-metre interval.

Conclusions

The 2023 drilling program did locate an extensive, highly altered, felsic porphyry system, with the continuity of gold throughout the potential bulk tonnage system remaining generally low, under 0.10 gram per tonne gold. However, significant concentrations of silver and gold also occurred in select areas. Several phases of mineralization occurred within the porphyry system. The apparent last phase was hydrothermal breccias with observed chalcopyrite, galena and sphalerite mineralization. The hydrothermal breccias encountered are probably associated with structures and might be in the form of pipes.

It was recommended to Bocana that additional surveys be completed to determine the orientation and extent of these hydrothermal pipes. Additionally, detailed geological mapping within the Cerro Galapagos porphyry system, adding these core results with the historical diamond drilling results, is recommended prior to any additional drill testing, as part of the phase 1 diamond drilling program recommendations, found in the 43-101 technical report.

Sampling methodology, chain of custody, quality control and quality assurance

All drill core samples have been collected under the supervision of company employees. Drill cores were transported from the drill platform to the camp's logging facility, where they were geotechnically and geologically logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged, sealed and numbered to maintain a chain of custody. Company employees also inserted a blank, duplicate and certified standard sample in each batch of 20 samples prior to transportation from the Escala area camp to the independent laboratory site of ALS Bolivia Ltda. in Oruro, Bolivia. ALS will provide Bocana with sample preparation and analysis services at its ISO/IEC 17025 accredited facilities. The ALS unit in Oruro is ISO 9001:2008 and ISO 17025:2005 accredited, and ALS is the only laboratory in South America that has a high number of analytical methods accredited by ISO/IEC 17025 and has the sample preparation stage included in this accreditation.

Qualified person

Bocana's disclosure of metallurgical, scientific and technical information included in this press release has been reviewed and approved by Lorne Warner, PGeo, geological consultant to the company, a qualified person under the definition of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Bocana Resources Corp.

Bocana is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in South America. Bocana, through its wholly owned subsidiary, Huiracocha International Service SRL, holds a 100-per-cent working interest in the mineral properties known as the Escala area concessions located at the department of Potosi, Sud Lipez province, Bolivia, as awarded by Comibol.

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