Chakana Copper Announces Option Grant

Vancouver, British Columbia--(Newsfile Corp. - September 29, 2022) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the "Company" or "Chakana") announces that it has granted stock options to certain of its directors, officers, employees and consultants to purchase up to 4,200,000 common shares. Each option is exercisable to acquire one common share of Chakana at a price of $0.075 until September 29, 2027. The options will vest over an 18-month period and in accordance with the Company's stock option plan and are subject to TSX Venture Exchange approval.

About Chakana CopperChakana 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 open pit and underground resources of 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, 27 of which have been tested to date (17%), 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 PersonDavid 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 KelleyPresident and CEO

For further information contact:Joanne Jobin, Investor Relations OfficerPhone: 647 964 0292Email: [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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138963