Mr. Stephen Swatton reports

COPPERCORP INTERCEPTS HIGH GRADE COPPER AT ALPINE STELLAR ZONE

Coppercorp Resources Inc. has released new assay results from seven diamond drill holes at the Alpine prospect, part of its 100-per-cent-owned, approximately 1,066-square-kilometre AMC copper project located in the 100 per cent renewable energy state of Tasmania, Australia.

Highlights

• High-grade intercepts, including 10 metres at 1.2 per cent copper and 4.9 m of 1.5 per cent Cu in AP030, and five m of 2.06 per cent Cu in AP034, indicate the potential for accumulations of higher-grade copper within the larger Alpine Stellar target area, including to depth.
• These results continue to define multiple broad, subparallel dipping zones of mineralization at the Alpine Stellar zone with average copper grades in the 0.3 per cent to 0.7 per cent range.
• Recently completed deep drill holes AP035 and AP036 (assays pending) both successfully intersected intervals of significant visual copper sulphide1 mineralization up to 200 m below previous drill holes.
• Copper mineralization at the Alpine Stellar zone has now been defined over a strike length of 600 m and to a depth of 400 m from surface. The mineralization remains open at depth and along strike.
• A geological review of the Alpine Stellar zone has commenced ahead of finalizing 3-D models that will be used to plan future extension drilling at the Stellar zone.
• The drill rig has been relocated to the Alpine West target, located approximately 500 m along strike to the west from the Alpine Stellar zone. Drilling of AP037 has commenced on this previously untested target as the first hole of an initial scout drilling program comprising four diamond holes at Alpine West.

Sean Westbrook, Coppercorp's vice-president of exploration, commented:

"The recent drill results from Alpine Stellar zone have delivered strong copper intercepts over significant widths, and importantly, we are starting to see more high-grade intervals from drilling as our knowledge base develops and we vector toward the stronger parts of the Stellar system.

"Encouragingly, recent drill holes AP035 and AP036, targeting depth extensions beneath previously drilled mineralization, have both intersected significant intervals of what we think is visible copper sulphide mineralization. The team eagerly awaits the assay results from these holes, which will be reported once received and reviewed.

"The company is pleased to have commenced drilling at the Alpine West prospect which will represent the first-ever drilling at this location, which is approximately 500 m west along strike from the Stellar zone. Alpine West is an exciting target with the potential to significantly expand the mineralization footprint at Alpine.

"In conjunction with the Alpine West drilling, the exploration team has commenced a geological review of the Stellar zone ahead of finalizing 3-D geological models that will form the basis for the next round of drill planning at Stellar. As demonstrated by the recent drill results, the Stellar zone holds excellent exploration upside potential and future work programs will be designed to vigorously pursue this growth upside. In terms of a growth story, it is still early days for Alpine and, as can be seen in the drill section figures, increased drill hole density has a marked positive impact on defining higher-grade mineralization zones at Stellar.

"On a district scale, it is pertinent to note that the currently drilled Alpine prospect area covers less than 1 per cent of the IOCG prospective Arthur Metamorphic Complex (AMC), which has a strike length of 100 kilometres and over which Coppercorp holds a dominant tenement position with 1,066 square kilometres in granted tenements. The company has identified a pipeline of multiple regional copper and gold exploration target zones along and adjacent to the AMC trend and the company looks forward to reporting on these in the coming months. Field reconnaissance sampling was recently commenced over high-priority regional targets, with first assay results expected within four to six weeks."

Alpine prospect drilling update

The company's first round of drilling at the Alpine Stellar zone is now complete, with a total of 16 diamond holes drilled for a total of 5,490 m. The Stellar zone drill program comprised infill and stepout holes designed to test the extent and continuity of the mineralizing system and investigate vectors toward targeting high-grade portions of the system.

The drill rig has now moved 500 m to the west (the Alpine West zone) and commenced drilling of hole AP037 targeting a combined magnetic-gravity anomaly and coincident copper in soils anomalous zone interpreted to be a possible strike extension to the Alpine Stellar zone mineralization (refer to the previous news release dated April 27, 2022 for further details on the Alpine West target).

New assay results from seven drill holes, AP028, AP029, AP030, AP031B, AP032, AP033 and AP034, have been received and reviewed. Most holes were successful in intersecting zones of significant copper mineralization (see the "Significant mineralized intervals (0.1 per cent Cu cut-off)" table).

AP028, drilled to 459.9 m of total length, was designed to test strike extensions to the east of mineralization encountered in hole AP027A (see the news release dated June 8, 2022). The drill hole successfully intercepted three zones of copper mineralization, including seven m at 0.46 per cent Cu from 55.1 m, two m at 0.51 per cent Cu from 248 m and 64 m at 0.26 per cent Cu from 296 m. The upper zone, representing an interpreted eastern extension of the hanging wall magnetite-pyrite-siderite lens, had a lower faulted contact which supports the interpretation of a structurally controlled eastern boundary to the hanging wall lens in this area of the system.

AP029, drilled to 247 m total length on the same section as AP028, was designed as an infill hole testing mineralization between AP0062 and AP027A5. The drill hole successfully intercepted magnetite-pyrite-siderite ironstone hosted and disseminated, blebby and vein style mineralization returning an intercept of 71 at 0.38 per cent Cu from 133 m.

AP030, drilled to a total length of 364 m, was drilled as an infill hole between historical drill holes AP0062 and AP0132. AP030 successfully intersected multiple zones of mineralization, including 26.2 m at 0.53 per cent Cu from 85.8 m, 37 m at 0.57 per cent Cu from 181 m, including a high-grade zone of 10 m at 1.2 per cent Cu from 185 m, eight m at 0.25 per cent Cu from 240 m, and 18 m at 0.7 per cent Cu from 307 m, including a high-grade zone of 4.9 m at 1.5 per cent Cu from 312.1 m.

AP031B, drilled to 424 m of total length, and AP032, drilled to 328 m of total length, were both designed to test for eastern strike extensions of the Stellar zone mineralization. Both holes intersection narrow zones of low to moderate grade copper mineralization including; AP031B: seven m at 0.44 per cent Cu from 227 m and 4.1 m at 0.34 per cent Cu from 386 m; and AP032: six m at 0.13 per cent Cu from 122 m, 3.7 m at 0.57 per cent Cu from 136.3 m and 26 m at 0.11 per cent Cu from 228 m. A northwest trending fault (the Duck Creek fault) is currently interpreted to be truncating or offsetting the eastern extension of the Stellar zone in the vicinity of AP031B and AP032.

AP033, drilled to 429.5 m of total length, was designed to test down-dip extensions to mineralization encountered in holes AP027A5, AP017, AP011 and AP004. The drill hole successfully intercepted two zones of mineralization, including 32.5 m at 0.59 per cent Cu from 270.5 m, and 82.2 m at 0.33 per cent Cu from 347.3 m to end of hole (EOH), including 10.5 m at 0.75 per cent Cu from 419 m to EOH. The AP033 results extend copper mineralization by approximately 60 m down-dip of hole AP017 (24.7 m at 0.52 per cent Cu from 222 m) and 240 m down-dip of hole AP004 (38.2 m at 0.79 per cent Cu from 57.7 m, including 28.2 m at 1.03 per cent Cu from 58.7 m). AP033 ended in high-grade disseminated, blebby and vein style copper mineralization grading 0.75 per cent Cu over the final 10.5 m of the hole but, unfortunately, the hole had to be terminated due to technical issues associated with fault zones in the upper parts of the hole.

AP034, drilled to 460 m of total length on the same section as AP033, was designed as an infill hole. The hole successfully encountered multiple zones of mineralization, including 31.6 m at 0.64 per cent Cu from 177.7 m (including five m at 2.06 per cent Cu from 187 m), nine m at 0.42 per cent Cu from 258 m, 19 m at 0.23 per cent Cu from 285 m, 76 m at 0.23 per cent Cu from 322 m and three m at 0.24 per cent Cu from 452 m.

AP035 (assays pending), drilled to 447.8 m of total length, was designed to test down-dip extensions to mineralization encountered in hole AP0244 (including 42.1 m at 0.6 per cent Cu from 55.9 m, six m at 0.96 per cent Cu from 133 m and 43 m at 0.33 per cent Cu from 157 m). AP035 successfully intercepted variably chalcopyrite1 mineralized ironstone (magnetite-pyrite-hematite-siderite) zones at 217.2 to 232.5 m and 241.5 to 255.4 m depth down hole, and then intermittent trace to disseminated, blebby and stringer vein style chalcopyrite mineralization zones associated with quartz-siderite alteration and veining to 430.7 m downhole. AP035 was terminated due to technical issues associated with an over-five-metre-wide graphitic shear zone from 442.4 m.

AP036 (assays pending), drilled to 600.1 m of total length, was designed to test for possible northeast strike extensions to the Stellar zone mineralization at depth below hole AP030 (see above). AP036 successfully intercepted variable intensity (trace to moderate) disseminated, blebby and vein style chalcopyrite1 mineralization zones associated with quartz-siderite alteration and veining from 334.8 m to end of hole with zones of chalcopyrite mineralized ironstone (magnetite-pyrite-hematite-siderite) at 336.8 to 341 m and 394.3 to 415.2 m down hole.

Future program

As the drilling proceeds into the Australian summer, the company will continue to drill the Alpine West zone whilst awaiting the assay results from drill holes AP035 and AP036 from the Alpine Stellar zone. A geological review of the Alpine Stellar zone has commenced ahead of finalizing 3-D geological models that will form the basis for the next round of drill planning at Alpine Stellar zone.

In addition to the continuing exploration work at the Alpine prospect, the company has commenced field reconnaissance sampling at priority regional exploration target areas within the AMC project and is in the process of planning a maiden drill campaign at the Dora prospect within the Skyline project (refer to the company's news release dated Sept. 21, 2022, and the recently filed National Instrument (NI) 43-101 technical report for more information on the Skyline project).

Stephen Swatton, president and chief executive officer of Coppercorp, commented: "I am highly encouraged -- with receipt of these latest assay results, we can visualize the start of the buildout of an extensive copper mineralized zone where neither the depth nor the strike extent has been cut off by drilling to date. The geological district in the vicinity of Alpine is fertile, as evidenced by many past and currently operating multicommodity mines (see Figure 15 [see original news release]), further adding to the appeal of discovering a possible new resource in a region which already has good infrastructure, abundant power, skilled labour and a supportive local government."

About the Alpine prospect

The Alpine prospect was discovered by CRA Exploration in the early 1980s after following up an airborne magnetic survey with gridding, ground magnetics and soil geochemistry, followed by two diamond drill holes in 1985. Stellar Resources drilled a further 19 holes between 2006 and 2008. The historical, wide-spaced drilling intersected significant IOCG-style copper mineralization, with significant intercepts including:

• AP004: 38.2 m at 0.79 per cent Cu from 57.7 m, including 28.2 m at 1.03 per cent Cu from 58.7 m and 41.8 m at 0.3 per cent Cu from 111 m;
• AP007: 86 m at 0.50 per cent Cu from 62 m;
• AP008A: 41 m at 0.48 per cent Cu from 29.8 m;
• AP017: 24.7 m at 0.52 per cent Cu from 222 m.

Mineralization at Alpine is hosted in intensely deformed and metamorphosed amphibolites, mafic and pelitic schists, graphitic phyllites and carbonates belonging to the Bowry formation of the Arthur metamorphic complex. Copper mineralization is associated with up to three subparallel magnetite-hematite-siderite-sulphide lenses in strongly silica-siderite altered chlorite schists. Mineralization consists mainly of chalcopyrite with lesser covellite and bornite. Additional chalcopyrite-pyrite breccia, vein and disseminated mineralization is hosted in silica-siderite-altered and veined quartzites and schists adjacent to the ironstone lenses. Anomalous levels of cobalt is associated with the copper mineralization, typically averaging 200 to 300 ppm (parts per million) cobalt and locally reaching up to 0.1 per cent Co over short intervals.

The mineralization strikes east-northeast and dips steeply to the southeast, forming an interpreted fault-bound boudinage within the highly deformed schists of over 600 m in strike length. Drilling completed to date indicates that the thickest part of the Alpine Stellar mineralized zone is over 100 m in width, thinning to the west and thickening toward an interpreted faulted fold hinge in the east. The deposit remains open down dip and along strike to the west.

As previously reported, results from recent geophysical modelling indicate that the drilled IOCG style mineralization at the Alpine Stellar zone is defined by coincident gravity and magnetic anomalies. The model further indicates additional areas of high IOCG prospectivity indicated by coincident, partially coincident, or offset gravity and magnetic anomalies -- the Alpine West and Alpine North targets which the company plans to drill test.

About the AMC project

The AMC project covers a total of 1,066 square kilometres along approximately 100 km of strike length and establishes Coppercorp as the dominant owner of prospective ground in the district. The rocks are Neoproterozoic-Cambrian age and comprise a regional-scale metamorphic structural deformation zone that is host to widespread magnetite-sulphide-silicate alteration and mineralization indicative of a large iron-oxide-copper-gold (IOCG) style system and includes the Savage River 498 Mt (million tonnes) at 46 per cent DTR magnetite mine (owned by Grange Resources Ltd.) and Coppercorp's Alpine copper prospect.

The Alpine prospect is located 30 km northwest of the local mining hub of Zeehan and within five km of two large-scale operating wind and hydro-electric renewable energy plants.

Quality assurance/quality control (QA/QC) on assay results

Full information on historical exploration activities and results at the Alpine prospect and AMC project are included in the company's technical report with an effective date of April 18, 2021.

Coppercorp's diamond core drill holes are drilled at HQ and NQ core diameters using triple tube to maximize recovery. Core recovery is generally good in mineralized zones (95 to 100 per cent), with poorer recoveries associated with brittle faulting on zone margins. Sample collection is supervised by Coppercorp geological staff. Mineralized zones are marked up for sampling by an experienced geologist. Half core is split by diamond saw on nominal one-metre sample lengths while respecting geological contacts. Samples are bagged and ticketed prior to delivery by company personnel to the ALS commercial laboratories in Burnie, Tasmania, for sample preparation. The half-core samples are crushed to 80 per cent passing two millimetres, riffle split to 500 grams and then pulverized to pass 75um. Coarse duplicate sampling is conducted every 20 samples to assess variability of the coarse crush. Cu and multielement assay is by four-acid digest, followed by ICP-MS at ALS laboratories by method ME-ICP61a. Au assay is by 30-gram fire assay at ALS laboratories by method Au-AA25. Certified reference materials (CRMs), blank and duplicate QA/QC samples are included in sample submissions at 20-sample intervals. All QA/QC samples were within acceptable limits (two standard deviations for CRMs, duplicates less than 5 per cent).

Mineralized interval calculations

Reported significant mineralized intervals in this news release (including for new and historical drill hole intervals) are calculated as down-hole length-weighted intercepts using a 0.1 per cent Cu lower cut-off grade and generally carry a maximum internal dilution of four m (except for AP028 and AP033, in which a maximum internal dilution of 10 m was allowed within disseminated-vein style mineralization zones). The calculated intervals for historical drill holes reported in this news release may vary from previously reported interval calculations that used a cut-off grade of 0.3 per cent Cu. The 0.1 per cent Cu cut-off grade is considered to appropriately define the boundaries of copper mineralized zones at the Alpine prospect and provides for balanced reporting of drilling results during the exploration stage, enabling reporting of both low- and high-grade intercepts. No top-cut grade was applied. True widths of drill hole intercepts are yet to be determined; however, it is estimated that true widths are in the range of 70 per cent to 95 per cent of reported intervals.

Qualified person

The company's disclosure of technical or scientific information related to the Alpine prospect and AMC project in this news release was reviewed and approved by Mr. Westbrook, VP (vice-president) of exploration for the company. Mr. Westbrook is a qualified person, as defined in National Instrument 43-101. This news release also contains information about adjacent properties on which the company does not have an interest. Information sources regarding the adjacent properties are listed in the references section of this news release. The QP has been unable to verify the information on these adjacent properties and the information is not necessarily indicative to the mineralization on the properties that is the subject of this news release.

About Coppercorp Resources Inc.

Coppercorp is a well-financed mineral exploration company with approximately $7.7-million in working capital as of Sept. 14, 2022, targeting world-class copper-gold discoveries in western Tasmania, Australia. The company is currently undertaking infill and extension drilling and ground exploration programs at the Alpine prospect, where wide spaced historical drilling delineated IOCG-style mineralization over a 700-metre strike length.

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