#01 - 2026 OTCQB: Chkkf Fra: 1ZX Chakana Acquires 100% Ownership of LA Joya Project from Minera Barrick PERU S.a.
NEWS RELEASE
For Immediate Release TSX-V: PERU
#01 - 2026 OTCQB: CHKKF
FRA: 1ZX
CHAKANA ACQUIRES 100% OWNERSHIP OF LA JOYA PROJECT FROM
MINERA BARRICK PERU S.A.
Vancouver, B.C., April 27, 2026 – Chakana Copper Co rp. (TSX-V: PERU; OTCQB: CHKKF; FRA:
1ZX) (the “ Company ” or “ Chakana ”), is pleased to announce that it has entered into an agreement dated
April 24, 2026 to acquire the Libelula concessions from Minera Barrick Peru S.A. (Barrick) that constitutes
the majority of the La Joya Project located in Anca sh, Peru (the “ Acquisition ”). Chakana has held the
concessions under option from Barrick since July 2018 (see news release dated July 16, 2018, and October
12, 2021).
“The acquisition of the Libelula concessions is an exciting milestone for the company. Our exploration to
date has demonstrated exceptional exploration poten tial for copper and precious metals in three separa te
target areas, with La Joya (HSE) and Mega-Gold bein g fully permitted for additional drilling. We are a lso
excited to welcome Barrick as a shareholder in the company, joining Gold Fields and EMR Capital” state d
President and CEO David Kelley.
Consideration to be paid for the Acquisition consis ts of the issue of 4,130,312 common shares to Barri ck,
representing 8% of the issued and outstanding common shares in the Company post-issuance. In addition, a
2% Net Smelter Royalty will be registered in favour of Barrick over the concessions.
The 4,130,312 common shares to be issued to Barrick will be subject to a 12-month contractual restrict ion
on resale, in addition to a concurrent hold period under applicable securities laws in Canada expiring four
months and one day from the date of their issuance. The completion of the Acquisition remains subject to
TSX Venture Exchange acceptance.
La Joya Project
The La Joya project is located in the Ancash Provin ce of Peru within the Cordillera Negra, 35 km south of
the world-class Pierina gold mine. The project is part of the Aija-Ticapampa district with several mines and
a processing plant operated by Minera Lincuna.
The project includes three principal target areas ( Figure 1), the results from which were announced by the
Company in news releases dated August 24, 2024; February 11, 2025; and June 2, 2025:
• the La Joya high-sulfidation epithermal (HSE) syste m, where minimal 2024 drilling confirmed
high-grade silver mineralization including 1,005.0 gpt silver and 0.45 gpt gold over 0.75m within
an alteration zone measuring 700m by 200m; and
• the Mega-Gold intrusive center, where 2024 scout dr illing confirmed a high-level porphyry
environment with two yet to be tested discrete porphyry targets; and
• the Compañero gold breccia zone, where hydrothermal breccia is exposed at surface in several
outcrops over an area of 250m diameter with channel sample assays up to 14.25 gpt gold.
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The La Joya (HSE) and Mega-Gold prospects (discussed below) are fully permitted for drilling. At La Joya
(HSE), detailed mapping and a ground geophysical survey will be completed prior to drilling. The target is
a stratigraphically hosted bulk tonnage precious me tals deposit beneath the alteration zone mapped at
surface. Approximately 1,900m of drilling is antici pated. At Mega-Gold, a definitive drill test of the PT-1
porphyry target is planned with an anticipated depth of 500m. The final stage of permitting allowing drilling
at the Compañero gold breccia zone will be complete d. The environmental permit has been awarded with
the initiation of activities remaining to be completed.
La Joya High-Sulfidation Epithermal Prospect
The La Joya (HSE) target area is associated with hi gh-sulfidation advanced argillic alteration consisting of
vuggy silica, alunite, dickite, zunyite, diaspore, and pyrophyllite. The zone of alteration extends 70 0m by
200m at an elevation of approximately 4,500m (Figur es 1 and 2). Surface rock samples collected from th e
alteration zone have silver and gold values up to 1,300 gpt and 0.36 gpt, respectively (see news release dated
June 2, 2025).
Three shallow holes were completed at La Joya in 20 24 for a total of 465.5 m. The holes were planned t o
drill beneath strongly silicified volcanic rocks wh ere zones of vuggy silica alteration returned stron gly
anomalous values in silver and gold. The strongest mineralization was observed in hole LJDH24-002 with
323.6 gpt silver and 0.25 gpt gold over 4.5 m from 58.0m depth. Within this interval vuggy silica is present
over a 0.75m interval with 1,005.0 gpt silver and 0 .45 gpt gold (see news release dated August 29, 202 4).
The mineralized interval is hosted within andesite tuff that shows evidence of advanced argillic alter ation.
Shallow drilling confirmed high-grade precious meta l mineralization hosted in prospective volcanic
stratigraphy and warrants additional drilling.
Mega-Gold Intrusive Center
The Mega-Gold intrusive center is a very large area occupying 2.5 km 2 with anomalous gold in soil overlying
pervasive tourmaline-quartz-white mica alteration, overprinted by localized advanced argillic alterati on
zones and tourmaline breccias. The target area is underlain by older andesitic tuff (Calipuy Formation) and
a pre-mineral granodiorite, thought to be the first pulse of intrusive activity in the Aija-Ticapampa district.
Within the gold anomaly is a distinct Offset (3D) induced polarization chargeability feature coincident with
the soil anomaly. Beneath the strong chargeability zones are discrete zones of conductivity, believed to
reflect mineralized intrusions.
An initial “proof-of-concept” drilling program was completed in 2024 to test the idea that the Mega-Go ld
intrusive center is part of a mineralized porphyry system. A total of eight scout drill holes were com pleted
across a broad area totaling 2,425.20m. These holes display a variety of vein types (principally B and D
veins); elevated gold, copper and molybdenum; and hydrothermal alteration zoning consistent with a high-
level porphyry environment (see news release dated August 29, 2024). All holes encountered pyrite-
chalcopyrite-molybdenite mineralization hosted in veins. Higher temperature alteration minerals suggesting
proximity to a porphyry are most strongly developed in the three eastern-most holes drilled in the Meg a-
Gold target area (see news release dated July 2, 20 24). These holes also exhibit narrow zones of stron g
mineralization in MGDH24-002 with 2.0 m of 1.8 gpt gold and 0.35% copper from 89.0m depth, and 1.5m
of 11.05 gpt gold from 127.5m depth in MGDH24-003, confirming a mineralized fluid source at depth. The
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strong IP chargeability zones are interpreted to be two separate pyrite shells related to underlying porphyry
intrusions. Strongly conductive rock beneath the pyrite shells are potential zones of porphyry mineralization
(PT-1, Figure 2 and 3) and warrant additional drilling.
Compañero Gold Prospect
The Compañero gold zone is located in the southwest part of the La Joya project adjacent to a pre-mine ral
intrusion. Mineralized hydrothermal breccias are ex posed at surface in several outcrops within an area of
approximately 250m in diameter. The breccias are st rongly anomalous in gold with up to 14.25 gpt in
channel samples and secondary copper minerals are noted in several localities (see news release dated July
16, 2018). Three heavy mineral concentrate samples collected downstream and adjacent to the Compañero
zone contain 19, 23, and 33 pristine gold grains. There has been no drilling in the Compañero area.
About Chakana Copper
Chakana Copper Corp is a Canadian-based minerals ex ploration Company that is currently advancing the
La Joya project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive
communities. In addition, Chakana owns a 1% net smelter royalty over the Soledad property now owned by
Minera Lincuna in the active Aija-Ticapampa mining district (see news release dated October 8, 2024). For
more information on the La Joya project, please visit the website at www.chakanacopper.com or Chakana’s
profile at www.sedarplus.ca .
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:
Phone: 720-233-2166
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy o r accuracy of this release.
Forward-looking Statement Advisory: This release may contain forward-looking statement s. Forward-looking statements involve
known and unknown risks, uncertainties, and other f actors which may cause the actual results, performa nce, 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 i nformation relates to, among other things, the inte rpretation of the nature of
the mineralization at the La Joya Project , the potential to expand the miner alization, and to develop and grow a resource
within the La Joya Project, the planning for furthe r exploration work, the ability to de-risk the pote ntial exploration targets, and
our belief in the potential for mineralization within unexplored parts of the La Joya Project. These f orward-looking statements are
based on management’s current expectations and beli efs but given the uncertainties, assumptions and ri sks, 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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Figure 1 - Map showing the 1,600 hectare La Joya Project located in Ancash, Peru. The currently known prospective areas are
highlighted associated with anomalous gold in soil - La Joya (HSE), Mega-Gold, and Compañero. Principal structures, veins, and
mantos in the western part of the Aija-Ticapampa mining district are also shown.
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Figure 2 – Photo looking south showing the three pr incipal target areas that make up the La Joya Project – 1) La Joya (HSE), 2)
Mega-Gold intrusive center, and 3) Compañero gold breccia zone. Black dots show location of initial scout holes drilled at Mega-
Gold in 2024. Red dot shows approximate location of drill pad to test the PT-1 target at Mega-Gold.
Figure 3 – Map showing high-priority discrete porph yry targets PT-1 and PT-2 with drill holes from 2024 drilling. Disc shapes on
drill holes are >80 ppb gold. Section on right shows relation between induced polarization chargeability outlining pyrite shells
(red) and underlying conductive features from the induced polarization resistivity model (blue).