Bocana Resources Corp. announced that with the recently completed reverse takeover transaction between Bocana Resources Ltd. and United Hunter Oil & Gas Corp., the Company is now focused on the development of the phase 1 exploration plan (the “Phase 1 Program”). The Phase 1 Program was outlined in the technical report entitled "Technical Report for the Escala Project" (“Technical Report”), which was prepared in accordance with National Instrument NI 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") by Greg Bronson, P.Geo., an independent "Qualified Person" (as defined in NI 43-101).

The Escala project is in the Department of Potosi, Sud Lipez Province of Bolivia. The Company, through its subsidiary Huiracocha International Service SRL, has received a twelve-month work permit from the Corporación Minera de Bolivia (“Comibol”), effective January 3, 2023, and the Company is in the process of identifying and selecting a regional exploration drilling company to begin the proposed first year of the Phase 1 Program. The largest expenditure of the Phase 1 Program is a reverse circulation drilling program that proposes to drill up to 5,000m in several locations on the property.

A reverse circulation drilling method is fast and has low water requirements and is generally ideal for these types of environments. This plan was recommended as the first round of drilling of several follow up drilling plans based on the anticipated results achieved with this round of drilling. The Company is currently in the process of identifying several drill sites for the drilling program based upon the geophysical work that was recently reprocessed.

As proposed in the Technical Report, the field geologists will be directed to make special effort to log rock texture as part of the rock lithological descriptions collected during drilling. Rock texture is expected to be a key in delineating the mineralized zones that are encountered. Additionally, all drill holes should be inclined 45-50 degrees as most mineralized structures identified to date are subvertical.

Upon completion, all core samples will be sent to the lab for a detailed mineral analysis. Furthermore, the Technical Report states that the drilling program should be divided into three primary areas: The Cerro Galapago area is the primary target for the reverse drilling program. Bocana geologists have interpreted that this area is potentially host to a large, near surface, porphyry system that likely offers a sizeable bulk tonnage drill target.

Seventy percent of the drill budget should be allocated to this effort. The Cerro Blanco area is the secondary target. Bocana geologists see a strong structural influence on mineralization in this area and have interpreted subvertical structures that were not properly targeted during previous drill programs. This area has the potential to host a higher-grade mineralization.

Twenty percent of the drill budget should be allocated to the Cerro Blanco area. The known historical precious/base metal veins are a tertiary drill target. Raw geophysics shows a strong chargeability anomaly drilling target.

Ten percent of the drilling budget should be allocated for this area. These drilling budget percentages could change once the raw geophysics have been compiled and thoroughly reviewed. Further details on these plans will be provided as they continue to develop.

Mr. Lorne Warner, P.Geo., Vice President, Geology, is a Qualified Person as defined by NI 43-101. Mr. Warner supervised the preparation of the technical information contained in this release.