Mr. Terry MacDonald reports

COPPER LAKE ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE NORTON LAKE NICKEL-COPPER-COBALT-PGE DEPOSIT 1.96 MT MEASURED & INDICATED AT 1.07% NIEQ

Copper Lake Resources Ltd. has released an updated mineral resource estimate (MRE) prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for its Norton Lake nickel-copper-cobalt-platinum group element deposit, situated 50 kilometres northeast of Fort Hope and approximately 413 km northeast of Thunder Bay in Northern Ontario.

Highlights include:

• Open-pit and underground measured and indicated resources of 1,957,368 tonnes at an average grade of 0.67 per cent Ni, 0.66 per cent Cu, 321 parts per million Co, 0.49 gram per tonne platinum and 0.17 g/t palladium (1.07 per cent nickel equivalent) and containing 29.1 million pounds (Mlb) of nickel and 28.3 Mlb of copper;
• Open-pit and underground measured resources of 981,811 tonnes at an average grade of 0.60 per cent Ni, 0.58 per cent Cu, 301 ppm Co, 0.43 g/t Pt and 0.16 g/t Pd (0.96 per cent NiEq) and containing 13.1 Mlb of nickel and 12.5 Mlb of copper;
• Open-pit and underground indicated resources of 975,557 tonnes at an average grade of 0.74 per cent Ni, 0.74 per cent Cu, 341 ppm Co, 0.56 g/t Pt and 0.18 g/t Pd (1.19 per cent NiEq) and containing 16 Mlb of nickel and 15.8 Mlb of copper;
• Open-pit and underground inferred resources of 684,757 tonnes at an average grade of 0.59 per cent Ni, 0.56 per cent Cu, 282 ppm Co, 0.46 g/t Pt and 0.15 g/t Pd (0.94 per cent NiEq) and containing 8.9 Mlb of nickel and 8.5 Mlb of copper.

The MRE, independently prepared by Caracle Creek International Consulting Inc., comprises a total measured and indicated mineral resource (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum definition standards for mineral resources and mineral reserves incorporated by reference into National Instrument 43-101) of 29,085,000 pounds of nickel, 28,344,000 pounds of copper, 1,381,000 pounds of cobalt, 31,000 pounds of platinum and 11,000 pounds of palladium, and has an effective date of Aug. 12, 2023.

"This mineral resource estimate confirms that the Norton Lake deposit has sufficient size, grade and expansion potential to be regarded as a significant exploration project in the North American EV metal space," stated Terry MacDonald, chief executive officer of Copper Lake. "Additionally, the style of magmatic nickel-bearing mineralization, and the favourable geological setting, indicate significant expansion potential for the deposit itself and for finding additional similar deposits elsewhere on the property."

The Norton Lake deposit is hosted within the Norton Lake intrusion, a discrete sill-like mafic-ultramafic body of Archean age. Semi-massive to massive sulphide mineralization occurs in the mafic-ultramafic intrusion, at the contact between an underlying, sheared amphibolitic tuff and sedimentary rocks and an overlying sequence of mafic volcanic rocks. The deposit is characterized by two higher-grade semi-massive sulphide lenses within it and has been traced by diamond drilling over a strike length of close to 300 metres and to a maximum depth of 400 metres below surface. It currently remains open at depth for expansion.

Quality assurance/quality control

It is the qualified person's opinion that the procedures, policies and protocols for drilling verification are sufficient and appropriate and the core sampling, core handling and core assaying methods used are consistent with good exploration and operational practices, such that data are reliable for the purpose of mineral resource estimation. In the opinion of the QP, the assay data are adequate for the purpose of verifying drill core assays and estimating mineral resources.

Norton Lake property exploration upside

Geological and geophysical evidence suggests that there is more than 11 km of strike length on the property prospective for the discovery of additional magmatic Ni-Cu-Co-PGE mineralization. Ultramafic rocks, similar to those that host the Norton Lake deposit, have been mapped on the property; accordingly, these are prospective for the discovery of similar-type deposits as Norton Lake. Geological evidence at the deposit suggests a conduit-feeder dike style of mineralization -- such deposits tend to occur in clusters, auguring well for exploration potential.

The Norton Lake deposit is associated with a series of airborne geophysical conductors situated on the south flank of a magnetic high. Numerous other conductors are present in the locale of the Norton Lake deposit and elsewhere on the property, which warrant follow-up.

Legacy borehole and large-loop electromagnetic (EM) data were recently recovered for surveys completed on the Norton Lake deposit and surrounding area. As far as known, aside from logistical reports, there was no formal interpretation of these data completed at the time of the surveys. Such data will be interpreted and modelled and will be of great assistance in directing future drill programs testing for depth extensions to the Norton Lake deposit as well as for drill targeting in and around the known deposit in the search for additional mineralization.

Historic drilling testing the Norton Lake deposit intersected a new zone of Ni-Cu-Co-PGE mineralization, known as the South zone. Drill holes U-4 and U-14 returned drill intercepts of 0.80 per cent Ni, 1.07 per cent Cu and 3.2 g/t Pt plus Pd over seven metres and 0.80 per cent Ni, 0.30 per cent Cu and 1.10 g/t Pt plus Pd over five metres, respectively. The South zone appears to underlie the Norton Lake deposit and has only been tested by the two above drill holes, both at very shallow depth. Additional drilling is clearly warranted to expand this new zone of mineralization.

Next steps for Norton Lake:

A thorough compilation of all data available for the Norton Lake property and surrounding area will be completed to prioritize targets for coming exploration programs. This will include the integration of legacy airborne surveys, historic diamond drilling data as well as all ground surveys that have been completed to date.

Borehole and large-loop EM data generated from an earlier exploration program testing the Norton Lake deposit and immediate locale have been retrieved by Copper Lake. Interpretation and modelling of such data will be completed to assist in directing future drilling programs, specifically to expand on the limits of the known Norton Lake deposit and to provide targets prospective for satellite or nearby magmatic Ni-Cu-Co-PGE deposits.

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 volcanogenic massive sulphide copper, zinc, silver and gold project comprises an area of approximately 220 square km 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.

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