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Release – Chakana Copper Provides Exploration Update and Resumes Drilling at the Soledad Project, Peru

Natural Resources
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Chakana Copper Provides Exploration Update and Resumes Drilling at the Soledad Project, Peru

Research, News, and Market Data on Chakana Copper

Soledad Project Highlights Include:

  • Drilling campaign will test
    thirteen new targets on the north side of the Soledad project.
  • The priority targets were
    selected from an inventory of 154 total targets defined after integrating
    results from recently completed geophysical surveys.
  • Permitting on the south
    side of the project is advancing and will allow testing of additional high
    priority targets once approved.

Vancouver, British Columbia–(Newsfile Corp. – June 9, 2022) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF)
(FSE: 1ZX) 
(the Company or Chakana“), is pleased to confirm that drilling will start June 15, 2022 to test thirteen new targets not previously drilled on the north side of the project. These thirteen targets were selected from a total of 154 targets identified on the project that were prioritized during an in-house technical workshop incorporating recently acquired Offset IP survey results. The objective of the drill program is to test the exploration potential of numerous additional targets beyond the targets that have been drilled leading to the initial resource estimate for the project (see news release dated January 11, 2022).

“For 2022, our goal is to test
some of the best targets outside the current resource area to better understand
the upside potential of the Soledad project. Although we have numerous targets
defined on the project, these targets rank highly based on the multiple
datasets derived as a result of detailed mapping, rock and soil geochemistry,
geophysical surveys, detailed modeling of several well-mineralized targets, and
an improved understanding of the structural controls on the Soledad mineral
system,” 
stated President and CEO David Kelley.

Exploration Update and 2022 Drill
Program

A targeting workshop was recently held to review and update drill targets for the Soledad project. Since the original targeting workshop was held in 2019, several new data sets have been acquired over the entire 12 square kilometer area of the prospective Soledad mineral system. New data sets incorporated into the targeting include 1) detailed ground magnetics, 2) gradient array induced polarization, 3) offset (3D) induced polarization, 4) detailed mapping, and 5) hyperspectral alteration mineralogy studies.

Targets are categorized as breccias, vein-breccias, mineralized intrusions, and high sulfidation alteration zones, representing a continuum of mineralization styles related to an intrusive-driven mineral system that underlies the Soledad project (Figure 1). Drilling will begin on June 15, 2022 with one drill rig to test thirteen targets with approximately 3,000m of drill core with one or two holes in each target. Once these targets have been drilled, a decision will be made regarding both additional target testing and follow-up drilling.

The principal target areas for the next round of drilling on the north side of the project are 1) Cima Blanca, 2) Bx 4 cluster, 3) Faro, 4) Western Breccias, 5) Paloma Trend, and 6) Paloma-Huancarama megabreccia target (Figure 1). A number of targets exist in the Paloma Trend and Paloma-Huancarama area defined by outcropping tourmaline breccias, and Gradient Array IP and Offset IP metal factor anomalies (Figure 2).

Three principal target areas exist on the south side of the project: 1) Compañero breccia complex, 2) Mega-gold anomaly, and 3) La Joya (Figure 1). The Compañero breccias are similar to the mineralized breccia pipes on the north side of the project with strongly enriched gold in surface rock channel samples (see news release dated July 16, 2018). The Mega-gold target is defined by a large soil anomaly strongly anomalous in gold-molybdenum-tin, in part overlying a poorly exposed, phylically-altered granodiorite intrusion. The La Joya target area shows evidence of high sulfidation advanced argillic alteration with vuggy silica, alunite, dickite, zunyite, diaspore, and pyrophyllite.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable 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 inferred resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated February 23, 2022), with 6.73 Mt containing 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, 18 of which have been tested to date (12%), confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to copper and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

Results of an initial resource estimate and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are available on Chakana’s profile at 
www.sedar.com.

Qualified Person
David Kelley, an officer, and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: 
[email protected]

Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the Exchange) accepts responsibility for the adequacy or
accuracy of this release.

Forward-looking Statement Advisory

This release may contain
forward-looking statements. Forward-looking statements involve known and
unknown risks, uncertainties, and other factors which may cause the actual
results, performance, or achievements of Chakana to be materially different
from any future results, performance, or achievements expressed or implied by
the forward-looking statements. Forward looking statements or information
relates to, among other things, the interpretation of the nature of the
mineralization at the
 Soledad
copper-gold-silver
 project (the
“Project”), the potential to expand the mineralization, and to
develop and grow a resource within the Project, the planning for further
exploration work, the ability to de-risk the potential exploration targets, and
our belief in the potential for mineralization within unexplored parts of the
Project. These forward-looking statements are based on management’s current
expectations and beliefs but given the uncertainties, assumptions and risks,
readers are cautioned not to place undue reliance on such forward- looking
statements or information. The Company disclaims any obligation to update, or
to publicly announce, any such statements, events or developments except as required
by law.

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