Chakana Drills Over a Kilo of Silver at La Joya and Identifies Discrete Porphyry Targets at Mega-Gold, Soledad Project, Peru Page 1

Highlights:

• A high-grade subsurface silver mineralization at La Joya intersected 1,005 gpt Ag and 0.45 gpt Au over 0.75 m within 4.5 m of 323.6 gpt Ag and 0.25 gpt Au from 58.0 m.
• A 700 m long alteration system confirmed at La Joya with advanced argillic alteration and vuggy silica.
• Additional results from the remaining five exploration drill holes at Mega-Gold confirm the existence of a very large, zoned alteration system with anomalous geochemistry, indicating a possible porphyry environment.
• Hyperspectral core scanning results confirm that La Joya and Mega-Gold have high-alteration environments, offering potential for discoveries at depth.
• The 2024 drill program produced high-quality results from the Estremadoyro breccia pipe and the high sulphidation La Joya epithermal system, as well as confirming a large potential mineral system at Mega-Gold within the broader Soledad project.

Vancouver, British Columbia–(Newsfile Corp. – August 29, 2024) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the “Company” or “Chakana“), is pleased to report final drill results from the 2024 drill program at the expanded Soledad project in Ancash, Peru. Favorable assay results were received for the La Joya prospect, reported below. Additional holes drilled at Mega-Gold returned similar elevated values ​​as previously reported within well-developed zoned alteration, confirming two separate porphyry targets. Our team has conducted an internal review of the results from all exploration activities completed to date and strongly recommends additional drilling at La Joya and Mega-Gold. All results reported here are within concessions under option with Minera Barrick Peru SA (see press release dated July 16, 2018).

“La Joya has great potential to become a major precious metal discovery. We had limited meters to work with in the initial drill test, but it confirmed exceptional silver grades in near-surface, structurally controlled mineralization. The alteration trend at La Joya extends 700 meters and the stratigraphy at depth has the potential to host broader bulk-tonnage mineralization. At Mega-Gold, we confirmed zoned alteration and anomalous geochemistry consistent with a high-level porphyry environment. Importantly, integration of the drill results with geophysics and our current understanding of the geology highlights two intrusive centers at the edge of a large precursor intrusion with porphyry potential at depth. Additional drilling is planned in these two key target areas,” said President and CEO David Kelley.

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