Mr. Gil Clausen reports

COPPER MOUNTAIN INTERSECTS HIGHEST GRADE COPPER-GOLD MINERALIZATION INCLUDING 104 METRES OF 1.01% CUEQ AND EXTENDS MINERALIZED ZONE OVER 200 METRES AT DEPTH

Copper Mountain Mining Corp. has provided positive results from the first four drill holes of its 2023 exploration program at the Copper Mountain mine, located in Southern British Columbia. Two of these holes were drilled at the Copper Mountain mine main pit and two at New Ingerbelle, which is located approximately one kilometre to the west of the main pit.

Drill hole CM-DD-897 intersected the highest-grade and most gold-rich, copper-gold mineralization yet discovered at New Ingerbelle and extends the known mineralized zone by approximately 200 metres below the current mineral resource. This drill hole shows that the mineralized zone at New Ingerbelle has a vertical extent of at least 900 metres and the zone remains open both laterally and at depth.

Drilling highlights

Drill hole CM-DD-897

• 191 metres of 0.66 per cent copper equivalent (0.45 per cent Cu, 0.32 gram per tonne gold and 0.41 g/t silver) from 722 metres:
  • Including 104 metres of 1.01 per cent CuEq (0.65 per cent Cu, 0.52 g/t Au and 0.53 g/t Ag) from 809 metres;
  • Including 45 metres of 1.50 per cent CuEq (0.94 per cent Cu, 0.83 g/t Au and 0.74 g/t Ag) from 867 metres.

Drill hole CM-DD-896

• 108 metres of 0.76 per cent CuEq (0.59 per cent Cu, 0.23 g/t Au and 2.13 g/t Ag) from 464 metres:
  • Including 56 metres of 1.00 per cent CuEq (0.79 per cent Cu, 0.27 g/t Au and 3.59 g/t Ag) from 466 metres.

Drill hole CM-DD-895

• 42 metres of 0.74 per cent CuEq (0.64 per cent Cu, 0.13 g/t Au and 1.47 g/t Ag) from 480 metres.

"Our current drill program has discovered high-grade copper-gold mineralization over 200 metres below the previous deepest drill hole at New Ingerbelle and shows that the mineralizing system becomes stronger and more gold rich at depth," commented Patrick Redmond, Copper Mountain's senior vice-president, exploration and geoscience. "We have been successful in achieving the objective of our 2023 exploration program, which is designed to look for higher-grade zones below and adjacent to the current resource. What we have found is similar to the high-grade zones at Red Chris and Cadia-Ridgeway. These latest drilling results continue to demonstrate the size potential of the Copper Mountain mine."

2023 exploration program

The 2023 exploration program is designed to test seven target areas within the northwest-trending Copper Mountain-New Ingerbelle mineralized corridor, a four- to five-kilometre-long, northwest-trending zone of porphyry copper-gold mineralization. Multiple historical drill holes within this zone end in copper-gold mineralization and geophysical data strongly suggest that the mineralizing system extends well below the current known mineral resource, which is open both laterally and at depth.

The 2023 drill program consists of two phases. Phase 1 is expected to be completed midyear and includes a large geophysical program and approximately 8,000 metres of diamond drilling. Phase 2 consists of approximately 10,000 metres of additional drilling. At New Ingerbelle, drilling is currently continuing with three holes completed and one hole in progress. At the Copper Mountain mine, two holes have been completed and one hole is in progress, which is a 175-metre undercut of a 2010 drill hole that intersected a 72-metre zone grading 1.86 per cent CuEq from 452 metres at depth.

The current drill program is focused on finding higher-grade zones of mineralization below and adjacent to the current mineral resource, and similar to the higher-grade zones that have been discovered at other alkalic porphyry copper-gold deposits such as Red Chris in British Columbia and Cadia-Ridgeway in New South Wales, Australia. The Copper Mountain deposit is the same geological age as the Red Chris deposit and both contain the same style of high-grade, A-quartz vein-hosted, copper-gold mineralization hosted within potassically altered porphyry intrusions and adjacent country rock. Like Red Chris, copper and gold at the Copper Mountain deposit exhibit a strong correlation and Au/Cu ratios increase inward toward the core of the system. The discovery in hole CM-DD-897 of high-grade copper-gold mineralization, with Au/Cu ratios of greater than one in the highest-grade interval, shows that the mineralizing system at New Ingerbelle becomes stronger and more gold rich at depth. The mineralized zone has a minimum vertical extent of 900 metres and remains open at depth. For comparison, zones of high-grade mineralization at Red Chris and Cadia-Ridgeway exhibit vertical extents of over 1,000 metres.

The Red Chris cross-section, available on-line, is taken from "Newcrest Mining Limited -- Exploration Update 10 March 2021" and shows the location of the East Ridge discovery hole, RC678. The newly discovered higher-grade copper-gold zone at New Ingerbelle has similar grades to Red Chris, and the company believes the overall mineralizing system is comparable in size.

A large geophysical program is also continuing and is designed to infill and extend previous induced polarization (IP)/DC resistivity coverage. A 3-D survey has been completed at New Ingerbelle and both 3-D and 2-D surveys have been completed at the Copper Mountain mine. A magnetotellurics (MT) survey is currently continuing at New Ingerbelle and will extend the depth of investigation below the limits of the IP/DC resistivity survey. Large numbers of physical property measurements on drill core, including density, magnetic susceptibility, resistivity and chargeability, have also been carried out on recent and historical drill core and will be used to constrain the geophysical modelling. These new geophysical and petrophysical data will be integrated with historical geophysical data and will be used to better define existing targets and to generate new target areas.

Drilling results

A list of the drill holes including significant intercepts is attached. The strategy for phase 1 of the program is to drill into multiple target areas and then, based on the results, prioritize target areas for follow-up drilling in phase 2.

Drill holes CM-DD-894 and CM-DD-895

Drill holes CM-DD-894 and CM-DD-895 were drilled 160 metres apart to test a strong IP chargeability feature (on the most westerly line from the 2007 IP/DC resistivity survey) located immediately north of the Copper Mountain stock (CMS) and on trend to the northwest from the current mining area in the Copper Mountain main pit. The highest-grade intervals occur within zones of porphyry-related hydrothermal breccia, including a 42-metre zone grading 0.74 per cent CuEq from 480-metre depth in hole CM-DD-895.

Most of the previous drilling in this area has consisted of relatively short holes. A drill hole from 2008 (08P1-22), located approximately 200 metres to the west of the current drilling, intersected a 46-metre zone grading 0.65 per cent CuEq from 374 metres at depth. Reconnaissance mapping of the area in 2022 identified a large, approximately 300- by 300-metre, zone with porphyry-style veins and related potassic alteration and anomalous copper values. Mapping also located two historical adits in the area. Grab samples from waste piles outside these adits returned values greater than 1 per cent Cu in rocks with A-quartz veins, chalcopyrite veinlets and Kspar-biotite-magnetite alteration.

Both holes intersected copper-gold mineralization below the current mineral resource, and further drilling in the area is warranted. This area of the deposit is the location of the future haul road to New Ingerbelle and a deeper reserve pit would have a positive impact on road construction costs and haul distances.

Drill hole CM-DD-896

Drill hole CM-DD-896 was a 200-metre undercut of high-grade porphyry-hosted copper-gold mineralization in a number of 2021 drill holes, including drill hole 21IG-11 located in the southwest area of New Ingerbelle. Drill hole CM-DD-896 intersected a wide zone of chalcopyrite-pyrite mineralization hosted in Nicola group rocks, Lost Horse porphyry dikes and related hydrothermal breccias. The highest-grade interval of 56 metres at 1.00 per cent CuEq is mainly hosted in a biotite-sulphide cemented hydrothermal breccia. The mineralization intersected in this drill hole is below the current mineral resource, and the mineralized zone remains open to the southwest toward the CMS contact.

Drill hole CM-DD-897

Drill hole CM-DD-897 was a 200-metre undercut of the previous deepest drill hole at New Ingerbelle, 20IG01, which intersected a number of intervals of high-grade copper-gold mineralization. Mineralization in CM-DD-897 is hosted within igneous breccias and Nicola group country rocks and consists of a chalcopyrite-pyrite sulphide assemblage associated with potassic alteration (hydrothermal quartz-magnetite, biotite and potassium feldspar), with local pyrrhotite associated with specific lithological units within the Nicola group. The interval is also cut by narrow Lost Horse porphyry dikes, with quartz-chalcopyrite veins, chalcopyrite-pyrite veinlets and locally intense potassic alteration. The highest-grade interval, 8.85 metres at 5.37 per cent CuEq, consists of a quartz-magnetite-chalcopyrite-pyrite assemblage, hosted in what appears to be intensely altered Nicola group rocks.

Quality assurance/quality control and core sampling protocols

Drill core was cut and sampled at the Copper Mountain mine core processing facility. Half core samples were collected in plastic bags together with sample tags and grouped in apple crates for dispatch to the assay laboratory. Sample size is approximately two metres for HQ and three metres for NQ core diameters but may vary to honour geological contacts. Sample weights typically varied from five to 10 kilograms. Sample sizes are considered appropriate for the style of mineralization. Drill core samples were transported by road to the laboratory. Sample preparation and assay analysis were conducted at the independent International Organization for Standardization 9001 certified and ISO 17025 accredited MSALabs in Langley, B.C. All samples were dried, crushed to 70 per cent passing two micrometres, with a 250-gram split pulverized to 85 per cent passing 75 micrometres. All samples were assayed for 48 elements using a four-acid digestion followed by inductively coupled plasma atomic emission spectroscopy-mass spectrometry determination (method IMS-230). Overlimit (over 10,000 parts per million) copper was determined using ICP-AES (method ICF-6Cu). Gold analyses were determined by 30-gram fire assay with an atomic absorption spectroscopy finish (method FAS-111). Sampling and assaying quality control procedures consisted of inclusion of certified reference material (CRMs), blank material and duplicates with each batch (at least 1:20). Assays of quality control samples were compared with reference samples in Excel and verified as acceptable prior to use of data from analyzed batches. Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results, are captured in an Excel database and assessed for accuracy and precision for recent data. Analysis of the available quality control sample assay results indicates that an acceptable level of accuracy and precision has been achieved. Sampling, sample preparation and quality control protocols are considered appropriate for the material being sampled. There are no known issues that would materially affect the accuracy or reliability of the analytical data from the drill program presented herein.

Competent persons statement

The information in this report that relates to exploration targets, exploration results, mineral resources or ore reserves is based on information compiled by Patrick Redmond, PhD, PGeo. Mr. Redmond is a full-time employee of the company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Redmond consents to the inclusion in this news release of the matters based on the information in the form and context in which it appears.

Qualified person

Mr. Redmond is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has reviewed and approved the technical content of this release.

About Copper Mountain Mining Corp.

Copper Mountain owns 75 per cent of the Copper Mountain mine, which is located in Southern British Columbia near the town of Princeton. The Copper Mountain mine produces approximately 100 million pounds of copper equivalent on average per year. Copper Mountain trades on the Toronto Stock Exchange under the symbol CMMC and Australian Securities Exchange under the symbol C6C.

                      SIGNIFICANT INTERCEPT TABLE (1) (2) (3)

                From        To      Length      CuEq        Cu        Au        Ag
Hole ID           (m)       (m)         (m)       (%)       (%)     (g/t)     (g/t)

CM-DD-894      59.08     95.08       36.00      0.61      0.46      0.21      0.93      
including      68.83     87.34       18.51      1.04      0.79      0.35      1.62      
              107.18    126.00       18.82      0.22      0.17      0.07      0.32      
              297.39    314.14       16.75      1.91      1.65      0.35      3.02      
CM-DD-895     137.10    153.45       16.35      0.60      0.50      0.13      1.19      
              479.54    521.13       41.59      0.74      0.64      0.13      1.47      
CM-DD-896     464.20    572.47      108.27      0.76      0.59      0.23      2.13      
including     465.56    521.50       55.94      1.00      0.79      0.27      3.59      
              597.00    619.85       22.85      0.28      0.21      0.10      0.32      
              690.75    713.00       22.25      0.45      0.35      0.14      0.51      
CM-DD-897      24.00     88.70       64.70      0.47      0.31      0.23      0.79      
                                  Assays pending
              208.62    242.00       33.38      0.25      0.17      0.11      0.34      
              255.20    329.78       74.58      0.29      0.21      0.12      0.37      
including     257.10    278.57       21.47      0.62      0.42      0.28      0.71      
              352.30    419.20       66.90      0.28      0.19      0.13      0.28      
              455.00    503.00       48.00      0.25      0.17      0.11      0.26      
              616.70    648.08       31.38      0.42      0.33      0.13      0.38      
              607.73    648.08       40.35      0.36      0.28      0.12      0.32      
              674.00    698.18       24.18      0.23      0.16      0.10      0.28      
              722.00    912.75      190.75      0.66      0.45      0.32      0.41      
including     808.90    912.75      103.85      1.01      0.65      0.52      0.53      
including     867.50    912.75       45.25      1.50      0.94      0.83      0.74      
including     903.90    912.75        8.85      5.37      3.12      3.33      2.20      

Notes

(1) Reporting criteria: Intercepts reported are downhole drill width (not true 
    width). CuEq is greater than 0.13 per cent, minimum 15-metre downhole length, 
    maximum internal waste dilution of 15 metres, and a maximum consecutive waste of 
    10 metres. Higher-grade included intervals are reported at CuEq over 0.3 per cent, 
    over 0.5 per cent and over 1.0 per cent, with a minimum five-metre downhole length 
    for the over 1.0 per cent composites.

(2) Copper and gold grades are reported to two significant figures. Copper equivalent 
    values (CuEq per cent) are calculated using metal prices of $3.60 (U.S.), $1,650 
    (U.S.) and $21.35 (U.S.) for Cu, Au and Ag, respectively, with no metal recovery 
    factors applied.

(3) Samples are from core drilling which is HQ or NQ in diameter. Core is photographed 
    and logged by the company's geology team before being cut. Half-core HQ and NQ 
    samples are prepared for assay and the remaining material is retained at site for 
    future reference. Each assay batch is submitted with duplicates, standards and 
    blanks to monitor laboratory quality. Total depth (end of hole) is rounded to the 
    nearest metre for reporting purposes.


  

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