Mr. Stephen Swatton reports

ROCK CHIP SAMPLING RETURNS UP TO 16.45% CU, 10.1 G/T AU, 37.9% ZN+PB, 612 G/T AG, AND 1.05% SN AT JASPER HILLS PROSPECT

High-grade polymetallic assays have been returned from reconnaissance rock chip sampling at Coppercorp Resources Inc.'s Jasper Hills prospect. The prospect is one of multiple new exploration target areas recognized within the company's AMC project located in the 100-per-cent-renewable-energy state of Tasmania, Australia.

Highlights:

• Rock chip sampling program has confirmed highly anomalous copper-gold and polymetallic zinc-lead-silver-tin mineralization at the Jasper Hills prospect;
• Assays up to 16.45 per cent Cu and 10.1 grams per tonne Au returned from sampling of historical copper prospects;
• Assays up to 37.9 per cent zinc plus lead, 612 g/t silver and 1.05 per cent tin returned from sampling of historical silver prospects;
• Coppercorp has accelerated regional exploration activities with fieldwork commenced to assess up to 23 new priority Cu-Au exploration target areas identified over the AMC project. Jasper Hills is the first of the regional target areas to be tested;
• Follow-up exploration at Jasper Hills is now under way;
• Scout drill program at Dora prospect recently completed (two holes for 788.7 metres) with assays pending;
• Planning for deep drilling program at Alpine prospect in progress.

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

"Jasper Hills is the first regional exploration target that the company has tested at the AMC project outside of the flagship Alpine prospect, and the confirmation of significant high-grade polymetallic mineralization from the first-pass sampling is highly encouraging and warrants follow-up exploration.

"The results are interpreted to represent two distinct metallogenic events that have overlapped in close proximity. In a mineral province renowned for its diversity of deposit styles, these early results at Jasper Hills reaffirm the company's belief in the district-scale potential of the AMC project to host significant new discoveries."

Jasper Hills rock chip sampling program

Coppercorp geologists recently carried out reconnaissance mapping and grab rock chip sampling over parts of EL1/2021, with a total of 45 samples collected in the Jasper Hills prospect area. The samples were collected from rock dumps, outcrops and surface rock float in and around historical small-scale mine workings and prospects throughout the Jasper Hills area.

Out of the 45 rock samples, 27 were collected over areas of historical copper-gold prospects and 18 were collected over areas of historical silver (base metal) prospects.

Assay results from the sampling confirm the presence of highly anomalous copper-gold and zinc-lead-silver-tin mineralization systems at Jasper Hills.

Copper-gold prospects sampling

Fourteen of the 27 rock chip samples from the copper-gold mineralization zones at Jasper Hills returned assay results in excess of 1 per cent Cu, typically with coincident anomalous gold and silver values. Best sample assays include 16.5 per cent Cu with 0.23 g/t Au and 133 g/t Ag (sample 63001), 14.4 per cent Cu with 1.34 g/t Au and 129 g/t Ag (sample 63008), 3.12 per cent Cu with 2.08 g/t Au and 40 g/t Ag (sample 63034), and 1.67 per cent Cu with 10.1 g/t Au (sample 63023). The anomalous samples were collected over a zone approximately 1,600 m by 700 m in area.

The copper-gold mineralization at Jasper Hills occurs as vein and disseminated to blebby primary chalcopyrite and secondary bornite, covellite, chalcocite, and malachite hosted in variably silica altered basalt, pyroxenite and sedimentary rocks. The Cu-Au mineralization is currently interpreted to be of probable primary magmatic/volcanogenic origin and stratabound in nature (Cambrian aged) with possible later remobilization and upgrading in structurally hosted positions during Devonian-age granite intrusion events.

Base metals prospects sampling

Ten of the 18 rock chip samples from the base metals prospect areas at Jasper Hills returned assay results in excess of 8 per cent Zn+Pb with coincident anomalous silver and tin values. Best sample assays include 30 per cent Zn with 7.9 per cent Pb, 612 g/t Ag and 0.83 per cent Sn (sample 63029), 10.25 per cent Zn with 6.77 per cent Pb, 320 g/t Ag and 0.34 per cent Sn (sample 63019), and 6.67 per cent Zn with 3.89 per cent Pb, 202 g/t Ag and 1.05 per cent Sn (sample 63014).

The base metal zone rock samples were taken over a strike length of approximately 1,200 m. Sampled areas include those of the historical Mount Wright, Heazlewood and Leven Creek prospects, which lie on northwest-trending fault structures within altered ultramafic host rocks approximately 700 to 1,000 m to the northeast of the main historical Cu-Au prospects. The structurally hosted mineralized galena-sphalerite-cassiterite-quartz-carbonate vein lodes are typically one to five m wide, comprising variable banded to massive vein and disseminated styles of mineralization. Historically, these lodes were selectively mined to shallow levels (30 to 60 m) for high-grade silver associated with discrete narrow galena veins within the wider lode, with any mixed sulphide ore mostly discarded.

Jasper Hills -- background

The Jasper Hills prospect is located within exploration licence EL1/2020, situated approximately 10 kilometres east of the operational Savage River magnetite mine and approximately 35 km northeast of Coppercorp's Alpine prospect. The prospect area is accessed by sealed bitumen road to within 1.5 km and then by a network of unsealed 4WD tracks. Electrical transmission lines pass by the prospect area along the main access road.

Bedrock geology of the area is dominated by Cambrian mafic to ultramafic and volcanic-sedimentary sequences. Ordovician to Silurian sediments, Tertiary basalts and Quaternary sediments cover relatively minor parts of the property. The Devonian-aged Meredith granite underlies much of the southern part of the tenement.

Historical prospecting and mining in the area, commenced during the 1880s, were initially focused on silver lodes of the Mount Wright-Heazlewood and Mount Stewart (approximately four km south of Jasper Hills) mines and then periodically for copper at the Old Jasper and New Jasper prospects following the discovery of outcropping copper mineralization around 1898. Intermittent copper prospecting and small-scale mining were mainly carried out on near-surface high-grade oxide lodes at the Old and New Jasper mines until around 1920; however, limited records are available. It is estimated that approximately 200 tons of hand-picked copper ore (firsts) and concentrates grading approximately 20 per cent Cu and six g/t Au were produced from the Old and New Jasper workings post 1912. Available records indicate that around 300 tons of lead-silver-zinc ore averaging approximately 65 per cent Pb and 2,740 g/t Ag were extracted from the various Mount Wright-Heazlewood workings.

Copper-gold mineralization at Jasper Hills occurs as vein and disseminated to blebby primary chalcopyrite and secondary bornite, covellite, chalcocite, and malachite hosted in variably silica to jasperoid altered basalt, pyroxenite and sedimentary rocks. The copper-gold mineralization is stratabound to fault hosted in nature and is interpreted to be of probable Cambrian-age primary magmatic/volcanogenic origin with possible later remobilization and upgrading into structurally hosted positions during Devonian granite intrusion events.

The historical silver-lead-zinc prospects of Mount Wright, Heazlewood and Leven Creek occur on a northwest-trending structural zone in altered mafic ultramafic rock units. The structurally hosted mineralized vein lodes are typically one to five m wide, comprising variably banded vein and disseminated sphalerite-galena-quartz-carbonate mineralization. These lodes were historically mined to shallow levels and selectively for high-grade silver associated with discrete narrow galena veins, with any mixed sulphide ore mostly discarded as waste. The prospects have remained untested by drilling.

Tin mineralization has not previously been recognized in the Jasper Hills area. However, several significant tin mines occur within 20 km, including the Mount Bischoff (10.54 million tonnes (Mt) at 1.1 per cent Sn), Cleveland (12.4 Mt at 0.61 per cent Sn and 0.25 per cent Cu) and Magnet (630,000 tonnes at 427 g/t Ag, 7.3 per cent Pb and 7.3 per cent Zn) mines.

Numerous companies have carried out various exploration activities over the Jasper Hills area since the 1960s; however, most of the work can be regarded as superficial in nature.

Limited historical drilling at Jasper Hills includes 14 shallow RC holes (totalling 483 m) drilled in 1988 and four diamond core holes (totalling 620.5 m) drilled between 1988 and 2013. Results of the RC drilling were considered inconclusive due to most holes not reaching the target depths and the program being abandoned due to drilling difficulties. The historical diamond drill holes were selectively sampled (varying from 1 per cent to 55 per cent of core sampled from individual drill holes) with best results including three m at 2.05 per cent Cu from 115 m in hole JD2, 0.3 m at 2.25 per cent Cu, 6.6 g/t Ag and 0.28 g/t Ag from 26.3 m in hole JD3, and 0.23 m at 0.82 per cent Cu and 0.19 g/t Au from 101 m in hole SJ-1.

Multiple geophysical surveys, including ground magnetics, induced polarization, self-potential, airborne magnetics, DIGHEM and versatile time-domain electromagnetic, have been carried out over the Jasper Hills and wider tenement area, and the company has commenced a review of available open-source data.

Next steps

Results of the rock chip sampling program at Jasper Hills have confirmed high mineralization grades that warrant follow-up assessment work. Activities in progress include finalization of historical data compilation, reprocessing and modelling of available geophysical data, detailed geological mapping, and additional sampling.

Regional targeting review

As previously announced, recent data compilation and review work undertaken for Coppercorp's AMC project have identified 23 priority Cu-Au exploration target areas. The primary exploration target is for iron-oxide-copper-gold-style (IOCG) mineralization; however, potential for other mineralization styles was also recognized during the review, including polymetallic volcanogenic and intrusion-related mineralization. The review involved compilation and review of available open-file geological, geophysical, surface geochemistry and historical drilling data, with independent Australian geophysical consultants Resource Potentials engaged to assist with reprocessing and interpreting available geophysical data as part of the review.

The AMC project covers 1,066 square km of ground over the Arthur metamorphic complex (AMC), a Neoproterozoic-Cambrian regional-scale metamorphic structural deformation zone that is host to widespread magnetite-sulphide-silicate alteration and mineralization indicative of a large IOCG-style system and includes the Savage River 498 Mt at 46 per cent DTR magnetite mine (owned by Grange Resources Ltd.) and Coppercorp's Alpine copper prospect.

Many of the identified target areas are either previously unexplored or underexplored in modern times.

Permitting for the follow-up exploration work programs is currently in progress for priority regional target areas within the AMC project.

Stephen Swatton, president and chief executive officer of Coppercorp, commented:

"The results of the regional review and targeting exercise support our earlier interpretations for a prospective district-scale Cu-Au corridor along the Arthur metamorphic complex (AMC) and adjacent areas, including IOCG- and volcanogenic-style targets, and will underpin our regional exploration strategy for the AMC project where significant widths of copper mineralization have already been intersected in drilling at the company's Alpine prospect.

"With approximately $6-million in cash the company's strategy is to continue with its plan to drill Alpine in a cost-effective manner while undertaking targeted exploration within the AMC and Skyline projects at prioritized areas."

Other business

Dora prospect scout drilling update

The Dora prospect scout drill program was completed on April 14, 2023. The completed drilling comprised two diamond drill holes for a total of 788.7 m at the Dora 3 target area. The Dora 3 target area comprises an elongate zone, approximately 500-plus m in strike length (open), of outcropping mineralization with anomalous assays from historical and recent rock sampling including 1.03 per cent Cu with 0.4 g/t Au. The drill core is currently being processed and sampled, and results will be reported following receipt of assays in due course.

Alpine prospect update

Assays from the first two diamond drill holes at the Alpine West prospect maiden drill program have been received. Results are still being reviewed and interpreted; however, no significant mineralized intercepts are evident from the assay results. The gravity anomaly at Alpine West remains unexplained from the recent drilling and the company plans to update the Alpine prospect geophysical models based on new drill hole information as part of a general prospect-wide review.

Planning and permitting are currently under way for a deep drill program at the Alpine Stellar zone prospect where Coppercorp has already confirmed the continuation of high-grade copper mineralization from surface to depths of at least 400 m (such as AP036: 23 m at 1.14 per cent Cu from 292 m, within 90 m at 0.50 per cent Cu from 334 m). Further updates and details of the planned deep drill program will be reported in a later news release.

Board resignation

The company also announces that, effective immediately, Aaron Keay has resigned as a member of the board of directors of Coppercorp. The board of directors would like to take this opportunity to express its sincere appreciation to Mr. Keay for his valuable contributions and services to the company.

About the AMC project

The AMC project covers a total of 1,066 square km along approximately 100 km strike of prospective schists and amphibolites 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 IOCG-style system and includes the Savage River 498 Mt at 46 per cent DTR magnetite mine (owned by Grange Resources) and Coppercorp's Alpine copper prospect.

About Coppercorp Resources Inc.

Coppercorp is a well-financed mineral exploration company with approximately $6-million in working capital as of March 31, 2023, targeting world-class copper-gold discoveries in western Tasmania, Australia.

Quality assurance/quality control on assay results

Information on historical prospecting, mining and exploration activities at the Jasper Hills prospect and other new IOCG-style exploration target areas contained within this news release has been reviewed and verified by the qualified person. Historical data are considered sufficiently consistent between generations of past explorers, and sufficiently consistent with recent results, to provide confidence that compiled and reviewed assay results are indicative of the tenor of the samples. In the opinion of the qualified person, sufficient verification of the data has been undertaken to provide sufficient confidence that past exploration programs were performed to adequate industry standards and the data reported are fit for substantiating the prospectivity of the project in general, supporting the geological model(s) proposed, planning exploration programs and identifying/generating targets for further investigation.

Coppercorp's rock chip samples from the Jasper Hills prospect reported in this news release are grab samples collected from surface outcrop, subcrop or float occurrences, and historical mine working rock piles. Some samples may be selective and taken from both well-mineralized and poorly or unmineralized material in order to determine the range of elemental concentrations in an area. This style of grab sampling enables preliminary indicative metal grade and rock elemental compositions to be ascertained; however, it is not as representative as continuous chip channel sampling or drilling. Rocks chip samples were collected, logged and photographed by a Coppercorp staff geologist. The samples are bagged and ticketed prior to delivery by company personnel to the ALS commercial laboratories in Burnie, Tasmania, for sample preparation. The rock samples are crushed to 80 per cent passing two millimetres, riffle split to 500 grams and then pulverized to pass 75 micrometres. 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 inductively coupled plasma mass spectrometry at ALS laboratories by method ME-MS61r. Overrange (high-grade) Cu samples are further assayed by method Cu-OG62. Au assay is by 30-gram fire assay at ALS laboratories by method Au-AA25. Sn assay is by ALS laboratories method XRF15b. 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).

Qualified person

The company's disclosure of technical or scientific information related to the AMC project regional exploration target areas and the Jasper Hills prospect in this news release was reviewed and approved by Mr. Westbrook, vice-president, 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. 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.

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