Mr. David Kelley reports

CHAKANA DRILL PROGRAM TO TEST MEGA-GOLD, LA JOYA, AND ESTREMADOYRO BRECCIA - SOLEDAD PROJECT, PERU

Chakana Copper Corp. has finalized plans for a 3,000-metre drill program to start by April 1, 2024, at its Soledad project in the Ancash province of Peru within the Miocene mineral belt.

"We are pleased to announce final drill plans for a 3,000 m fully funded drill program to test several exceptional targets defined on the south half of the Soledad project where an expanded drill permit was granted in 2023. The majority of the drilling will focus on the Mega-Gold porphyry target defined by a very large 2.5-square-kilometre soil gold anomaly, accompanied by pervasive phyllic alteration locally overprinted with advanced argillic alteration, and very strong induced polarization chargeability responses. We believe that the Mega-Gold target is centred on a mineralized intrusion that is related to the tourmaline breccia pipes and the high-sulphidation epithermal (HSE) alteration, forming a 12 square km zoned mineral system. Additional drilling will be conducted at the La Joya HSE zone and the Estremadoyro tourmaline breccia pipe," stated president and chief executive officer David Kelley.

Exploration targeting and drilling program

Three principal target areas have been chosen for drilling to start by April 1, 2024: 1) Mega-Gold porphyry target; 2) La Joya high-sulphidation epithermal (HSE) zone; and 3) the Estremadoyro breccia pipe. This new area of exploration covers different geological environments at Soledad, including multiple intrusions centred upon the Lincuna fault, and distal high-sulphidation precious metals mineralization. The Lincuna fault is an important regional 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 million plus/minus 300,000 years. These intrusive rocks are cut by tourmaline breccias, which are probably coeval with the waning stages of intrusive and hydrothermal activity.

Mega-Gold copper-gold porphyry target

The Mega-Gold target is a very large area occupying 2.5 square km 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 premineral granodiorite, thought to be the first pulse of intrusive activity in the Soledad mineral system. Within the anomaly is a distinct offset (3-D) induced polarization chargeability feature with a similar orientation as the soil anomaly. Modelling shows the chargeability feature to be a vertical intrusive or pipe-like body on the south side of the Lincuna fault with a subhorizontal blanket-like feature extending up the hill to the southwest. Soil gold values over the vertical chargeability body reach up to 0.325 gram per tonne. The vertical body is interpreted to be a high-level blind intrusion cutting the earlier granodiorite. The planned drilling will test these features for gold and base metal mineralization.

La Joya high-sulphidation epithermal (HSE) target area

The La Joya target area is associated with high-sulphidation 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 historic drill pads on the southernmost 200-metre segment of La Joya, and locals report that Buenaventura completed seven short drill holes, encountering silver mineralization and some gold. Chakana is unable to confirm the Buenaventura history with a qualified person.

Estremadoyro tourmaline breccia pipe

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 per cent copper and 37.6 g/t silver. The mapped tourmaline breccia is coincident with a distinct conductivity and metal factor (function of chargeability and conductivity) response.

Chakana Copper to exhibit at the PDAC 2024 Conference in Toronto

The company is pleased to announce that it will be exhibiting at the Prospectors and Developers Association of Canada 2024 Conference. Chakana will be exhibiting in the Investor's Exchange on Tuesday and Wednesday, March 5 to 6, 2024, at booth No. 2421B. Company management invites shareholders and all interested parties to attend; admission is free to qualified investors. The annual conference will be held in-person, at the Metro Toronto Convention Centre, Toronto, Canada, from March 3 to 6, 2024.

About Chakana Copper Corp.

Chakana Copper is a Canadian-based minerals exploration company that is currently advancing the Soledad project located in the Ancash region of Peru, a highly favourable mining jurisdiction with supportive communities. The Soledad project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated Feb. 23, 2022), with an inferred resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97 per cent 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 per cent copper assumed to be extractable by open-pit mining methods. The total initial inferred resource contains 191,000 ounces of gold, 11.7 million ounces of silver and 130 million pounds of copper.

In addition, extensive multidisciplinary exploration has defined 154 exploration targets, 28 of which have been tested to date (18 per cent), confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana's investors are well positioned as the Soledad project provides exposure to copper and precious metals.

Qualified person

David Kelley, an officer and a director of Chakana, and a qualified person as defined by National Instrument 43-101, reviewed and approved the technical information in this news release.

We seek Safe Harbor.