Mr. Stephen Swatton reports

ENCOURAGING COPPER RESULTS FROM MAIDEN SCOUT DRILL PROGRAM AT DORA PROSPECT

Coppercorp Resources Inc. has released assay results from its maiden scout drilling program at the Dora prospect located in the Skyline project, western Tasmania, Australia.

Summary:

• Results received for the company's maiden drill program designed as a scout concept test of the five-kilometre-long outcropping mineralization system at the Dora prospect. The scout program is the first drilling to target the underexplored trend and was co-funded by the Tasmanian government under its Exploration Drilling Grant Incentive (EDGI) scheme.
• Two diamond core holes (D3-001 and D2-002) totalling 788.7 m drilled on the Dora 3 target testing outcropping copper-gold anomalies. The target concept was confirmed with both holes intersecting broad zones of anomalous IOCG-style (iron oxide copper-gold) copper mineralization. Best intercepts include:
  • 29 m at 0.18 per cent Cu from 248 m, including four m at 0.46 per cent Cu and 0.12 gram per tonne Au and 31.4 g/t silver from 249 m (D3-001);
  • 34 m at 0.12 per cent Cu from 212 m (D3-002).
• Copper mineralization comprising disseminated, breccia and vein-style chalcopyrite in moderate to strongly magnetite-chlorite to potassic (K-feldspar) altered host rocks. The intensity of alteration and mineralization and generally low tenure of copper grades possibly indicate that the holes intersected the lower-grade, less intense parts of a larger IOCG system.
• The results are highly encouraging and emphasize the exploration potential at the Dora prospect and greater Skyline project area and further exploration work is being planned to expand the company's understanding of the potential of this system.

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

"This limited drill program at the Dora has confirmed the presence of IOCG-style mineralization at the Dora prospect. On a district scale, the larger IOCG system is interpreted to extend over a strike length of some 95 km -- over which the company holds a dominant land position including the newly acquired and highly prospective Razorback project. The IOCG system has genetic connections with the world-class Mount Lyell copper deposit. Further drilling at Dora had to be postponed due to challenging and atypical weather conditions encountered for the duration of the drilling contract. This first scout program has proved proof of concept and Dora warrants further exploration and drilling as this limited program has barely tested the target."

Skyline project

The Skyline project (EL16/2018) covers 97 square km of prospective ground along the eastern margin of the highly mineralized Cambrian-aged Mount Read Volcanics (MRV) belt. Two large-scale operating mines lay within five km of the project -- the Mount Lyell Cu-Au deposit (three million tonnes Cu and three million ounces Au at 1 per cent Cu and 0.3 g/t Au), and the Henty Au deposit (1.64 Moz Au at 12.5 g/t Au).

At the Dora prospect a northwest-trending zone of highly prospective outcropping Cu-Au mineralization extends over a strike length of approximately five km. Despite evidence for a potentially significant Cu-Au system at Dora, the area had previously remained untested by drilling. Coppercorp identified four priority target areas at Dora, with two of the target areas (Dora 2 and Dora 3) originally selected for initial drilling. Only the Dora 3 target area was tested by drilling as the program was cut short due to adverse weather conditions and associated logistical issues.

Exploration concept

The Mount Read Volcanics (MRV) is an arcuate belt of Cambrian-aged calc-alkaline volcanic sequences and broadly co-magmatic granitoid intrusives. It is host to several world-class polymetallic base metal, Cu-Au and Au-only deposits. The MRV formed in submarine rift basins related to a postsubduction extensional tectonic regime during the Middle Cambrian Tyennan-Delamerian orogeny.

Coppercorp has recognized a large, district-scale, magmatic-hydrothermal, IOCG-style Cu-Au and rare earth element system is developed along the eastern margin of the MRV belt associated with a spine of Cambrian-aged magnetite-series, K-Ba-REE-rich, alkaline granitoid-porphyry intrusives that drive the mineralization system. The regional tectonic setting (postcollisional/back-arc setting), calc-alkaline volcanic host rocks and style of Cu-Au mineralization/alteration of the MRV can be broadly compared with the Andean Coastal Cordillera IOCG belt which hosts numerous large Cu-Au deposits such as Candelaria (470 Mt at 0.95 per cent Cu, 0.22 g/t Au).

The exploration potential of the IOCG system is illustrated by historical drill intercepts into IOCG-style mineralization at Coppercorp's recently acquired Razorback project including 13.4 m at 1.6 per cent Cu and 1.6 g/t Au from 61.6 m (drill hole JP2) at the Jukes prospect. Potential for rare earth element (REE) mineralization is also recognized with previous exploration drilling returning REE intercepts of 30 m at 2.1 per cent total rare earth oxide (drill hole SDD005), and anomalous REEs in surface rock chip sampling up to 16.2 per cent TREO at the South Darwin prospect with limited follow-up exploration.

Drilling results

Dora 3 target area

The Dora 3 target area comprises an elongate zone, approximately 500-plus m in strike length (open), of outcropping mineralization in an altered volcaniclastic host rock sequence. Anomalous assays from rock sampling in the Dora 3 area have included up to 1.03 per cent Cu with 0.4 g/t Au, 21 g/t Ag and 0.13 per cent zinc.

The company completed a scout drilling program at the Dora 3 target comprising two drill holes for a total of 788.7 m. Drilling was designed to test for IOCG-style mineralization highlighted by surface mapping and geochemistry. No previous drilling had been undertaken in the target area.

Both drill holes intersected multiple zones of low-grade disseminated and vein-style chalcopyrite mineralization. Elevated values of gold, silver, lead and zinc are associated with the copper mineralization. Mineralized assay intervals for D3-001 and D3-002 include best results of:

D3-001:

• 29 m at 0.18 per cent Cu from 248 m, including four m at 0.46 per cent Cu and 0.12 g/t Au and 31.4 g/t Ag from 249 m.

D3-002:

• 34 m at 0.12 per cent Cu from 212 m (D3-002).

Host rock lithology in the drill holes comprises quartz-feldspar-phyric rhyolites, diverse felsic volcaniclastic rocks, feldspar-biotite-hornblende-phyric andesites and related mafic-intermediate volcaniclastic rocks. Both holes intersected similar styles of hydrothermal alteration including K-feldspar-chlorite, chlorite-magnetite-pyrite and sericite-chlorite-carbonate alteration facies. Copper mineralization in the form of disseminated, blebby and whispy stringer-vein chalcopyrite is predominantly associated with the chlorite-magnetite alteration zones.

The alteration types and mineralization styles in the Dora drill holes are consistent with those observed elsewhere in the district-scale MRV IOCG system and also in IOCG terrains worldwide. At the company's recently acquired Razorback project, high-grade Cu-Au and REE intercepts in historical drilling are associated with similar host rocks and alteration/mineralization styles as observed in the Dora prospect holes. Deep levels of the Mount Lyell copper-gold system (three Mt contained copper) are also known to contain zones of significant magnetite contents that have been previously interpreted to have affinities with Razorback-style mineralization.

Other business

New tenements granted

As previously reported the company previously submitted tenement applications for EL15/2022 (Whiskey Creek project) and EL8/2023 (Razorback project). Both these tenements have now been granted and the company looks forward to providing further information and updates on these tenements in the near future.

About the Skyline project

The Skyline project (EL16/2018) covers 97 square km of prospective ground along the eastern margin of the highly mineralized subduction-related, Cambrian-aged calc-alkaline volcanic arc of the Mount Read Volcanics belt. Two large-scale operating mines lay within five km of the project -- the Mount Lyell Cu-Au deposit (three Mt Cu and three Moz Au at 1 per cent Cu and 0.3 g/t Au), and the Henty Au deposit (1.64 Moz Au at 12.5 g/t Au). The project was acquired by the company through its acquisition of Georgina Resources Pty. Ltd. in November, 2020. Further information on the project is detailed within the National Instrument 43-101 technical report.

About Coppercorp Resources Inc.

Coppercorp is a well-financed mineral exploration company with approximately $5.2-million in working capital as of June 30, 2023, and is exploring in locations that could host world-class-size copper-gold deposits in western Tasmania, Australia.

Quality assurance/quality control on assay results

Full information on historical exploration activities and results at the Dora prospect and Skyline project are included in the company's technical report with an effective date of Sept. 14, 2022.

Information on historical and recent prospecting, mining and exploration activities at the Skyline project and Dora prospect and other prospective areas contained within this news release has been reviewed and verified by the qualified person. Historical and recent 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 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 m 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 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 digestion followed by inductively coupled plasma mass spectrometry 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 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. 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 Skyline project and the Dora prospect in this news release was reviewed and approved by Sean 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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