Mr. Terry MacDonald reports

COPPER LAKE BOREHOLE EM SURVEYS YIELD STRONG CONDUCTORS SITUATED AT DEPTH, ON THE MARSHALL LAKE COPPER-ZINC-SILVER-GOLD VMS PROPERTY, NORTHERN ONTARIO

Copper Lake Resources Ltd. has obtained very encouraging results generated from recently completed borehole electromagnetic (BHEM) surveys on its Marshall Lake copper-zinc-silver-gold volcanogenic massive sulphide (VMS) property, located northeast of Thunder Bay, Ont. The BHEM surveys were undertaken on three strategically located drill holes to assist in vectoring toward thicker accumulations of sulphide mineralization at the site of a new high-grade VMS discovery, known as the VTEM/Deep IP discovery (see Copper Lake news releases dated May 10, 2022, and April 19, 2022).

Borehole electromagnetic survey results

All of drill holes Mar-21-01, Mar-21-03 and Mar-22-02 detected strong conductors near the ends of the holes. Modelling suggests that all responses are likely due to a single strongly conductive source, with collective dimensions of at least 250 metres by 150 metres. The four strong conductors detected by the survey are situated at depth, 250 metres or more below surface. Hole Mar-22-01 was no longer accessible for surveying.

Specifically, conductors A and B are well-defined very strong conductors situated 325 metres below surface. Additionally, conductors C and D are also strong conductors detected in holes Mar-21-01 & Mar-21-03. The fact that all three of the drill holes picked up the same strong conductive response at depth, suggests that the conductor may be of greater size than what was modelled from the BHEM surveys.

The presence of such strong conductors at depths of greater than 300 metres below surface is very encouraging, as it confirms the potential for discovering much greater thicknesses of high-grade VMS mineralization at depth.

Additional diamond drilling is clearly warranted to test these strong conductors and the priority hole will test the heart of the conductive source including conductors A and B.

Summer exploration program plans

Given the presence of strong conductors at depth, situated within the confines of the broader conductivity and chargeability anomalies defined by the deep IP (induced polarization)/magnetotelluric survey, strong consideration is being given to completing a ground large-loop pulse electromagnetic (PEM) survey covering the entirety of the large IP anomaly. Large loop electromagnetics will provide EM (electromagnetic) data to depths greater than previous surveys (over 300 metres) and will help to define specific drill targets within the broader IP anomaly.

The first priority for diamond drilling this summer, will be to test the strong conductors situated at depth below the new VTEM/Deep IP discovery, in an effort to further delineate this new zone of VMS mineralization.

The second priority will be an initial drill test of the Deeds Island VMS target. A prominent residual gravity anomaly (200 metres by 100 metres) at this site is closely associated with a strong zinc geochemical anomaly, a zone of strong hydrothermal alteration and a number of airborne EM conductors. The gravity anomaly is currently being modelled in 3-D to help define specific high-priority drill targets. The Deeds Island target, located six kilometres to the east of the Billiton deposit, is an attractive VMS target that has never been previously tested by diamond drilling.

Qualified person

Donald Hoy, MSc, PGeo, Copper Lake's vice-president of exploration, is the qualified person responsible for the technical content contained in this news release.

About Copper Lake Resources Ltd.

Copper Lake Resources is a publicly traded Canadian mineral exploration and development company with interests in two projects, both located in Ontario.

The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square kilometres located 120 km north of Geraldton, Ont., is accessible by all-season road from the Trans-Canada Highway, and is just 22 km north of the main CNR (Canadian National Railway) rail line. Copper Lake has a 75-per-cent interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100-per-cent-owned and not subject to any royalties, which add approximately 30 square kilometres to the original property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100-per-cent-owned by the company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of four square kilometres on the east side of the Marshall Lake property, where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favourable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square kilometres, is accessible year-round and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (AZA) First Nations.

Copper Lake also has a 71.41-per-cent joint venture interest in the Norton Lake nickel, copper, cobalt and palladium PGM (platinum group metal) property, located in the southern Ring of Fire area, is approximately 100 kilometres north of the Marshall Lake property. The Norton Lake property has a National Instrument (NI) 43-101 compliant measured and indicated resource of 2.26 million tonnes at 0.67 per cent nickel, 0.61 per cent copper, 0.03 per cent cobalt and 0.46 gram per tonne (g/t) palladium. The Norton Lake property is located in the traditional territories of the Eabametoong (Fort Hope) and Neskantaga First Nations.

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