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Outstanding Huancarama Drill Results; Initial Resource Estimate Expected Shortly

Mark Reichman

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Chakana Copper Corp.

Outstanding Drill Results at Huancarama; Initial Resource Estimate Expected Shortly 
 Chakana Copper released results from 13 additional resource definition and exploration holes, representing 3,265 meters of drilling, at Huancarama which is one of several breccia pipes that will be included in Chakana&#8217;s initial resource estimate. Huancarama is part of a breccia complex with six outcropping breccias over a distance of 200 meters east to west. Two of the breccias, separated by 50 meters at surface, coalesce at depth, forming a larger breccia pipe approximately 100 meters by 60 meters. Figure 1 is a map illustrating the 13 drill holes recently reported, along with modeled breccia pipes at Huancarama based on all drill holes.
Figure 1: Map of Reported Drill Holes
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/CHKKF-Jan42021a.JPG" style="width: 650px;height: 476px;float: none" />
Source: Chakana Copper Corp.
In addition to significant copper, gold, and silver grades intercepted in all resource definition drill holes, three intersected molybdenum at depths of around 350 meters below surface. Results included several high-grade intervals of greater than 50 meters. Hole SDH21-271 intercepted 3.46% copper, 118.8 grams of silver per tonne, and 0.63 grams of gold per tonne over 50.7 meters, or 4.89% copper equivalent. Hole SDH21-273 returned 2.34% copper, 115.1 grams of silver per tonne, and 0.45 grams of gold per tonne over 56.15 meters, or 3.62% copper equivalent. Hole SDH21-275 intercepted 2.41% copper, 81.7 grams of silver per tonne, and 0.63 grams of gold per tonne over 54.9 meters, or 3.52% copper equivalent. Hole SDH21-274 was an exploration hole drilled to the northeast of the main Huancarama breccia complex and did not encounter significant mineralization.
Mineralized tourmaline breccia pipes occur within a 12 square kilometer area, within which the company has identified 110 targets. To date, only 16 out of the 110 targets have been tested. Figure 2 illustrates identified breccia pipes within the northern portion of the Soledad project area.&nbsp;
Figure 2: Identified Breccia Pipes Within the Northern Portion of the Soledad Project&nbsp;
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/CHKKF-January42021.JPG" style="width: 650px;height: 465px;float: none" />
Source: Chakana Copper Corp.
Chakana expects to release an initial mineral resource estimate shortly which will include breccias Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, Huancarama, and possibly Bx 7, down to a depth of 300 meters. The resource estimate will help management and investors gauge the mineral resource potential of the broader Soledad project. Given that drilling has confirmed mineralization at greater depth, 23 mineralized breccia pipes have been identified at surface, and a total of 110 targets have been identified, the initial resource estimate may just scratch the surface. Moreover, drilling in 2021 focused on the northern half of the project area where drill permits are in place. Permitting for the southern half of the project, which hosts several outcropping mineralized breccia pipes, is well-advanced. Numerous targets exist which have not previously been drilled.

Chakana Copper Corp. (PERU:CA)

Outstanding Huancarama Drill Results; Initial Resource Estimate Expected Shortly

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Coverage Dropped (PERU:CA)

Preparing for the Next Round of Drilling (PERU:CA)

Initial Resource Estimate Provides Solid Foundation on Which to Grow; Increasing Price Target (PERU:CA)

Outstanding Huancarama Drill Results; Initial Resource Estimate Expected Shortly (PERU:CA)

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