PERU.V · 2021-11-18 12:00:00

Chakana Intersects 10m with 15.48 g/t Gold, 1.27% Copper and 82.4 g/t Silver (18.50 g/t Au- EQ or 12.09% Cu-EQ) Within 237m of 1.74 g/t Gold, 0.59% Copper and 25.2 g/t Silver in Breccia Pipe 5 from Surface at Soledad, Peru

Drill Results

Chakana Intersects 10m with 15.48 g/t Gold,

1.27% Copper and 82.4 g/t Silver (18.50 g/t Au-

EQ or 12.09% Cu-EQ) Within 237m of 1.74 g/t

Gold, 0.59% Copper and 25.2 g/t Silver in

Breccia Pipe 5 from Surface at Soledad, Peru

Soledad Project Highlights Include:

Reporting 12 remaining resource definition holes totalling 2,541m at Breccia Pipe 5 (Bx 5),

all with significant intercepts.

Additional resource definition drill results pending for Huancarama.

Off-set IP surveys continue over all high priority targets defined to date.

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) -

Chakana Copper Corp. (TSXV:

PERU) (OTCQB: CHKKF) (FSE: 1ZX)

(the

Company

Chakana

") is pleased to provide results

from the remaining twelve resource definition holes drilled in Bx 5 totaling 2,541m at the Soledad project,

Ancash, Peru (see table below). This resource drilling is part of the fully funded 26,000m exploration and

resource drilling program planned for 2021 (Fig. 1).

These results will further increase confidence in the

initial resource estimate, anticipated to be completed by the end of 2021.

"The final resource definition drill results released today for Bx 5 are an outstanding culmination of the

drilling on this breccia pipe. In addition to the very strong mineralization that starts at surface, we now

have mineralization confirmed to a depth of 485m at Bx 5 where the breccia pipe and mineralization

are open at depth. Bx 5 is known to have very consistent and continuous mineralization with zones of

very high grades surrounded by long runs of strong copper, gold, and silver grades. The breccia pipe

plunges slightly to the east from surface to 200m depth, then plunges gently north in the direction of

Bx 6. The area between Bx 5 and Bx 6 is highly prospective for the discovery of additional breccia-

hosted mineralization. With this release, all resource definition drill results for Bx 5 have been

published. We have pending resource definition drill results for Huancarama to publish leading up to

the first ever National Instrument 43-101 compliant resource estimate for the Soledad project,"

stated

President and CEO David Kelley.

Drill Results

Bx 5 (Resource Definition)

DDH #

From

- To (m)

Core

Length

(m)

g/t

Cu-eq

Au-eq

g/t*

SDH21-

244

0.00

155.00

1.41

26.2

0.30

1.45

2.21

SDH21-

252

0.00

97.00

0.77

24.9

0.18

0.90

1.37

SDH21-

253

0.00

106.00

1.24

31.5

0.32

1.40

2.14

SDH21-

255

0.00

123.00

1.23

29.3

0.36

1.41

2.16

and

132.00

141.00

9.00

1.28

24.6

0.36

1.41

2.15

and

158.00

194.00

36.00

0.63

14.6

0.56

1.10

1.68

SDH21-

256

0.00

237.00

1.74

25.2

0.59

1.94

2.97

including

0.00

105.00

1.15

26.0

0.27

1.24

1.90

including

105.00

115.00

10.00

15.48

82.4

1.27

12.09

18.50

including

115.00

237.00

122.00

1.12

19.8

0.81

1.71

2.62

SDH21-

258

0.00

92.00

1.32

40.0

0.37

1.57

2.41

SDH21-

260

0.00

147.00

1.36

24.8

0.30

1.40

2.14

SDH21-

261

0.00

92.00

1.42

43.1

0.34

1.64

2.50

SDH21-

262

0.00

160.00

1.80

24.5

0.32

1.71

2.61

SDH21-

264

0.00

121.80

1.34

33.3

0.30

1.46

2.23

SDH21-

270

339.80

343.00

3.20

7.82

60.2

0.97

6.60

10.09

and

390.20

414.00

23.80

0.16

6.3

0.71

0.87

1.33

SDH21-

272

313.00

417.00

104.00

0.48

10.1

1.38

1.78

2.72

and

432.00

438.00

6.00

0.21

2.2

1.06

1.22

1.86

and

447.00

485.65

38.65

0.26

8.1

1.12

1.36

2.08

DDH #

From

- To (m)

Core

Length

(m)

g/t

Cu-eq

Au-eq

g/t*

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu - US$2.90/lb, Au -

US$1,300/oz, and Ag - US$17/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data

to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t *

0.6556) + (Ag g/t * 0.00857) and Au-eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

SDH21-256 is mineralized from surface to 237m; for

greater clarity the analytical results are also reported in three separate intervals so as to identify a high-grade interval from 105 to 115m.

Bx 5

The Bx 5 breccia pipe is in the north-central part of the project and is one of six breccia pipes that will be

included in our initial resource estimate (Fig. 1). The breccia pipe forms a prominent monument outcrop

and extends to depths greater than 485m where mineralization remains open. Drill holes described in

this release were designed to confirm shallow mineralization in the top southeastern quadrant of the

breccia pipe, as well as deeper extents of mineralization probed by two holes drilled to the north from a

platform located 100m south of the breccia pipe (Figs. 2 and 3). All holes intersected significant

mineralization (see Figure 4 for select core photos of the mineralization).

2021 Resource and Exploration Drill Program

A total of 23,947m of drilling has been completed in 2021. The objectives of this drill program are to

complete resource definition drilling on six initial breccia pipes to an approximate depth of 300m and

test several new exploration targets. Breccia pipes that will be included in the initial resource estimate

are: Bx1, Bx 5, Bx6, Paloma East, Paloma West, and Huancarama (Fig. 1). Additional resource

definition drill results for Huancarama are pending. During 2021 our drilling was focused on the north half

of the project where drill permits are in place. Permitting for the south half of the project is well advanced.

The southern half of the property hosts several outcropping mineralized tourmaline breccia pipes and

has been recently covered by the Company's ongoing geophysical program. Numerous targets exist,

none of which have been drilled previously.

Geophysical Surveys

Gradient-array induced-polarization (IP) surveys have been completed over the entire 12km

footprint of

the Soledad mineral system. Off-set IP surveys are now in-progress covering high priority target areas.

This work complements the extensive exploration database that supports our current inventory of 110

exploration targets. This new information identifies both new targets and prioritizes existing targets that

will be tested when the exploration drilling programs resume.

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. A total of 60,854 metres in 261 diamond core

holes for exploration and resource definition drilling have been completed since 2017, testing 16 of 110

total exploration targets, 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 base and precious metals. For more information on the Soledad project, please visit the

website at

www.chakanacopper.com

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards.

Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima,

Peru.

Sample batches include certified reference materials, blank, and duplicate samples that are then

processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that

provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by

AA24 and GRA22 when values exceed 10 g/t by AA24.

Over limit silver, copper, lead and zinc are

analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by

Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report

prepared in accordance with National Instrument 43-101, are made available on Chakana's SEDAR

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

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.

Figure 1 - View looking north showing outcropping breccia pipes and occurrences within the northern

Soledad cluster. Pipes that will be included in the initial resource are shown in green (Bx 1, Bx 5, Bx 6,

Paloma East, Paloma West, and Huancarama). Breccia pipes shown in yellow have had exploration

drilling completed. Other pipes/occurrences and targets defined by other exploration data remain to be

tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown

here.

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/2172/104139_09111d92b4389983_001full.jpg

Figure 2 - Map showing drill holes reported in this release and modeled breccia pipe (light red shape)

based on all drill holes. Light gray contours are at 10m intervals. Blue rectangle in the inset map shows

the area of Figure 2 within the overall Chakana property.

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/2172/104139_09111d92b4389983_002full.jpg

Figure 3 - 3D sectional view of Bx 5 looking west. Light red 3D shape shows breccia pipe geometry

based on all drill holes. Previous holes drilled shown in grey traces.

To view an enhanced version of Figure 3, please visit:

https://orders.newsfilecorp.com/files/2172/104139_09111d92b4389983_003full.jpg

Figure 4 - Select core photos from Bx 5 reported in this release: SDH21-244 (34.7m) shingle breccia

cemented with chalcopyrite-pyrite; SDH21-252 (33.9m) chaotic shingle breccia with chalcopyrite-pyrite

in matrix; SDH21-253 (41.5m) chaotic shingle breccia with chalcopyrite-pyrite in matrix; SDH21-255

(39.6m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-256 (110.55m) chaotic shingle

breccia with semi-massive chalcopyrite-pyrite; SDH21-258 (35.45m) shingle breccia cemented with

chalcopyrite-pyrite; SDH21-261 (39.25m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite.

Core diameter is 6.35cm (HQ) in all instances.

To view an enhanced version of Figure 4, please visit:

https://orders.newsfilecorp.com/files/2172/104139_09111d92b4389983_004full.jpg

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/104139

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