Chakana Intersects 29 Metres With 1.24 g/t Gold, 0.76% Copper, and 227.7 g/t Silver (5.37 g/t Au_eq, 3.52% Cu_eq) at Breccia Pipe 6

VANCOUVER, April 02, 2019 - Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FWB: 1ZX) (the “Company” or “Chakana”), is pleased to release additional drill results from Breccia Pipe 6 (Bx 6) at the Soledad copper-gold-silver project in central Peru. All six drill holes intersected significant mineralization, including 29.0m with 1.24 g/t Au, 0.76% Cu, and 227.7 g/t Ag from 64m in hole SDH18-103 and 14.0m with 3.83 g/t Au, 1.92% Cu, and 12.9 g/t Ag from 86m in hole SDH18-107. The initial eight drill holes in Bx 6 were previously reported (see news release dated February 7, 2019 at www.sedar.com).

Bx 6 is located 500 metres north of Bx 5 and 1 km northwest of Bx 1 and is the northernmost and highest elevation outcropping breccia pipe identified to date in the Soledad cluster. There are seventeen confirmed breccia pipes on the Soledad project, twelve of which occur in the Soledad cluster, along with twelve other distinctive targets that are consistent with alteration encountered adjacent to breccia pipes in previous drilling (Fig. 1). Four of the seventeen confirmed pipes have been drilled to date.

Five of the six drill holes reported here were designed to explore the uppermost 400m extent of Bx 6 (Figs. 2 and 3) within the upper breccia, while the sixth hole was designed to test a possibly separate, lower breccia body encountered in drilling by a previous company in 2016. Drill collars were located on the north central part of the breccia pipe and oriented southeast and southerly. The prospective northern margin of the pipe remains undrilled. Subsequent drilling from step out platforms will help to determine the grade and the overall geometry and plunge of the breccia.

“These results are an outstanding continuation of the drilling at Bx 6, the third tourmaline breccia pipe drilled on the property to date with pervasive mineralization. These results have high silver grades while still maintaining impressive gold and copper grades. The northern margin of the upper breccia is still open and needs about 2,500m of drilling to confirm the geometry and grade distribution. Mineralization in the lower breccia is impressive in that it occurs within a zone of intense sulfide replacement of tourmaline breccia, similar to what we have seen in Bx 1. The breccia is open at depth and laterally. In places the replacement includes semi-massive sulfides dominated by chalcopyrite. Within the lower breccia mineralization over 54.0m was intersected from 718.0 to 772.0m with 0.27 g/t Au, 1.34% Cu, and 14.1 g/t Ag,” said President and CEO David Kelley. Examples of mineralized breccias from holes in this release are shown in Figures 4 and 5.

Mineralized intervals from Breccia Pipe 6 include:

* 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).

Reported mineralized intervals are not true widths given the vertical nature of the breccia pipe and the steep inclination of the holes.

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. 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).

Chakana has completed 25,211m of drilling to date in 94 drill holes and has a 20,000m drill program planned for 2019 that will commence upon approval of a more expansive drill permit that includes 120 drill platforms. The permit is in the final stages of review by the Ministry of Energy and Mines. 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”
David Kelley
President and CEO

For further information contact:
Michelle Borromeo, Manager – Corporate Communications
Phone: 604-715-6845
Email: mborromeo@chakanacopper.com

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.

Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8c695af5-38ee-4d62-ab5d-b1081cda9958

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