Mr. Terry MacDonald reports

COPPER LAKE REPORTS HIGH-GRADE ASSAYS OBTAINED IN FIRST DEEP HOLE ON NEW VTEM/DEEP IP DISCOVERY AT MARSHALL LAKE VMS PROPERTY, ONTARIO

Copper Lake Resources Ltd. has released high-grade assay results from its recently completed drill program, undertaken on its Marshall Lake copper-zinc-silver-gold volcanogenic massive sulphide (VMS) property, located northeast of Thunder Bay, Ont. Specifically, the assays reported herein are from drill hole Mar-22-01, the first deep hole drilled on a new discovery known as the VTEM (versatile time-domain electromagnetic)/deep IP (induced polarization) discovery.

Drill results

A total of six significant intervals of base and precious metal mineralization were obtained from hole Mar-22-01. Silver assays remain pending and will be reported separately, when received.

Highlighting the results are two high-grade intervals returning 8.14 per cent Cu, 0.05 per cent lead, 7.26 per cent Zn and 0.33 gram per tonne Au over 2.11 metres as well as 5.81 per cent Cu, 0.01 per cent Pb, 7.32 per cent Zn and 0.02 g/t Au over 1.95 metres. Intersected widths are believed to be close to true widths.

An earlier shallow drill hole completed on the VTEM/deep IP discovery (Mar-21-03) yielded 1.43 per cent Cu, 0.11 per cent Pb, 2.35 Zn, 109.67 g/t Ag and 1.41 g/t Au over 11.87 metres, including 5.30 per cent Cu, 0.06 per cent Pb, 6.43 per cent Zn, 315.58 g/t Ag and 2.27 g/t Au over 2.67 metres and 1.74 per cent Cu, 0.05 per cent Pb, 4.13 per cent Zn, 122.24 g/t Ag and 0.51 g/t Au over 2.59 metres (see Copper Lake news releases dated May 10, 2022, and April 19, 2022).

A recently completed borehole electromagnetic survey (BHEM) by the company defined two strong to very strong conductors (A and B), situated approximately 325 metres below surface. These conductors are situated below and at greater depth than the high-grade intervals obtained in hole Mar-22-01. The presence of such strong conductors situated at depth and below high-grade mineralization is very encouraging as it solidifies and confirms the potential for discovering much greater thicknesses of high-grade mineralization at depth.

Additional drilling is clearly warranted to test the strong conductors at depth; the priority holes will be to test the heart of the conductive source that will include conductors A and B. Such drilling will be completed in the summer of 2022.

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., and is accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR 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 km 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 km 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 km, 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, approximately 100 km north of the Marshall Lake property. The Norton Lake property has a National Instrument 43-101-compliant measured and indicated resource of 2.26 million tonnes at 0.67 per cent Ni, 0.61 per cent Cu, 0.03 per cent Co and 0.46 g/t Pd. The Norton Lake property is located in the traditional territories of the Eabametoong (Fort Hope) and Neskantaga First Nations.