Mr. Terry MacDonald reports

COPPER LAKE RESOURCES REPORTS FINAL DRILL ASSAY RESULTS & GEOPHYSICAL INTERPRETATION, ON ITS MARSHALL LAKE COPPER-ZINC-SILVER VMS PROPERTY, NORTHWESTERN ONTARIO

Copper Lake Resources Ltd. has released the balance of assay results from its recently completed winter exploration program, which consisted of diamond drilling and ground and borehole electromagnetic surveys on its copper-zinc-silver-gold volcanogenic massive sulphide property, situated in Northwestern Ontario. Additionally, final results for the large-loop electromagnetic (LLEM) survey and borehole electromagnetic (BHEM) surveys are reported.

Terry MacDonald, chief executive officer of Copper Lake, stated: "Once the winter program commenced, the drilling went very smoothly, including successful BHEM probing on all holes. Going forward, we will focus exploration efforts at Marshall Lake on three key target areas. These include further, deeper drilling at the Deep EM target to enlarge the VMS mineralizing system at that site, as well as drilling of the MT and buildup conductors, in efforts to find new zones of VMS mineralization. We look forward to planning and completing such work."

Diamond drilling

A total of eight drill holes comprising 4,062 metres were completed -- among them, six holes tested the Deep EM target (3,558 metres) and two holes (MAR-23-04 and MAR-23-05) tested the Deeds Island target (504 metres). Significant drill intercepts from such drilling are tabulated herein.

Holes MAR-23-01, MAR-23-02 and MAR-23-03 tested the southern extent of the Deep EM target, and intersected narrow zones of base metal mineralization within moderate to strong zones of biotite, chlorite and silicic alteration. These holes are located proximal to MAR-22-01 drilled in the winter of 2022 yielding 8.13 per cent copper, 7.26 per cent zinc, 240.80 grams per tonne silver and 0.33 gram per tonne gold over 2.11 metres, 5.81 per cent Cu, 7.32 per cent Zn, 171.20 g/t Ag and 0.02 g/t Au over 1.95 metres, as well as 2.37 per cent Cu, 1.75 per cent Zn, 413.15 g/t Ag and 0.37 g/t Au across 6.0 metres.

The massive sulphide interval intersected in MAR-23-01 yielding 13.00 per cent Zn, 0.30 per cent Cu, 390.00 g/t Ag and 0.40 g/t Au over 0.55 metre occurs at the contact between felsic volcanic rocks and sediments. This is a very encouraging sign as it is the first indication seen in drilling to date that exhibits a sedimentary or exhalative component, which is associated with volcanogenic massive sulphide mineralization.

The southern part of the Deep EM target area, in the locale of the conductive centre, appears to represent the heart of the VMS mineralizing system, in terms of strength and width of both hydrothermal alteration and sulphide mineralization.

Two holes (MAR-23-04 and MAR-23-05) tested a residual gravity anomaly, closely associated with airborne EM conductors, a surface zinc geochemical anomaly and strong garnet-actinolite alteration at the Deeds Island target, six kilometres to the east of the Deep EM target. The holes intersected a broad 75-metre-wide garnet-actinolite alteration zone, containing appreciable disseminated to semi-massive pyrrhotite and pyrite, within felsic fragmental rocks. The presence of semi-massive pyrrhotite in the drill holes likely explains the EM and gravity anomalies. No significant assays were returned from either hole.

Borehole electromagnetic survey interpretation

Abitibi Geophysics was successful in probing all holes drilled during the current program. Final interpretations for MAR-23-01, MAR-23-02, MAR-23-03 and MAR-23-08 reveal a prominent cluster of strong to very strong conductors (Deep EM target), having collective dimensions of at least 300 by 300 by 250 metres. All of the higher grades of mineralization obtained in MAR-22-01 and MAR-23-01, 02 and 03 are closely related to the Deep EM target. Additional diamond drilling and subsequent BHEM surveys are clearly warranted on this high-priority target area in efforts to expand on the limits of the VMS mineralizing system.

Large-loop electromagnetic survey interpretation

A total of 49.5 kilometres of LLEM surveying were completed by Abitibi Geophysics during the winter exploration program. Final interpretations reveal that the Deep EM target is very well defined, and, secondly, a large conductor is building to the southeast of the Deep EM target in the eastern portion of the survey area.

The buildup conductor is closely associated with high-temperature alteration associated with massive sulphide deposits (iron and magnesium enrichment and sodium depletion), as outlined by geological mapping and geochemical sampling.

The buildup conductor is situated stratigraphically above the Deep EM target in younger rocks in a previously undrilled area of the property. This suggests that the mineralizing system may transgress the Deep EM target and associated zinc-silver mineralization into overlying younger rocks as potential sites for additional VMS mineralization. Clearly, this merits drill testing. Access is being assessed as this area sits on higher ground and may not be restricted to winter access limitations.

Magnetotelluric survey interpretation

Recently, the data from an MT survey completed by Copper Lake during the summer of 2021 were reassessed and interpreted. MT measures resistivity, an important feature given its sensitivity to massive sulphide and hydrothermal alteration. MT technology generates models of the subsurface resistivity at shallow depth and to depths of up to one kilometre.

A compelling resistivity low or conductor (purple and magenta colours) is closely associated with the Deep EM target defined by both the LLEM and BHEM surveys, and persists to a depth of close to one kilometre. In addition, the conductor appears to correlate closely with a number of narrow high-grade drill intercepts obtained by Copper Lake during the 2021 to 2023 drill campaigns at shallow depth (300 metres below surface) and may reflect the deeper downdip extent of such mineralization. The strongest part of the conductor is interpreted to occur 700 metres below surface. A series of deep drill holes are planned to test this deep conductor.

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 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 79.45-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 69.79-per-cent joint venture interest in the Norton Lake nickel, copper, cobalt and palladium, platinum group metal property, located in the southern Ring of Fire area, and is 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 of 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.

We seek Safe Harbor.