Mr. Terry MacDonald reports

COPPER LAKE ANNOUNCES PLANS TO DRILL STRONG CONDUCTORS FROM MAGNETO-TELLURIC ("MT") SURVEY AT THE MARSHALL LAKE CU-ZN-AG VMS PROPERTY

Copper Lake Resources Ltd. has released the results of a 3-D modelling interpretation of a magnetotelluric (MT) survey completed on its Marshall Lake copper-zinc-silver volcanogenic massive sulphide (VMS) property, located 250 kilometres northeast of Thunder Bay in Northwestern Ontario.

MT survey

The magnetotelluric (MT) method is a geophysical technique that uses naturally occurring electromagnetic fields (EM) to measure the electrical conductivity of the earth. MT conductors reflect the presence of metallic sulphide deposits, including semi-massive to massive sulphide deposits, to depths of up to 1,000 metres. This is far deeper than the reach of historical geophysical surveys completed at Marshall Lake.

The MT survey was completed in July of 2021 by SJ Geophysics Ltd., based out of Delta, B.C. Data were acquired on a grid consisting of 13 survey lines, spaced 150 metres apart and 1,900 metres in length. In all, 24.7 line-kilometres of surveying were completed.

The company recently had the data from this survey interpreted and modelled, with the objective of defining deep drill targets. The survey was completed in the locale of the Deep EM target, drilled by the company in 2021 and 2022, which yielded high-grade intercepts including:

• 8.13 per cent copper, 7.26 per cent zinc, 240.80 grams per tonne silver and 0.33 g/t Au 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;
• 2.37 per cent Cu, 1.75 per cent Zn, 413.15 g/t Ag and 0.37 g/t Au over six metres.

This stringer-style mineralization is centred at a depth of approximately 300 metres below surface. The intent of completing the MT survey was the ability of MT to see conductors to depths of up to 1,000 metres below surface, and below the stringer mineralization associated with the Deep EM target documented above.

MT survey results

The 3-D modelling delineated four strong conductors, centred at a depth beginning approximately 500 metres below surface. The conductors are all located proximal to the Deep EM target and Billiton zone, which is now thought to be stringer or feeder-type mineralization, possibly related to a nearby massive sulphide deposit. All four strong conductors defined by the survey are thus very prospective for the presence of a massive sulphide deposit. None of these conductors have been tested by previous diamond drilling.

The strongest part of the conductors varies in length from 200 to 400 metres and reach widths of up to 100 metres, while the depth extent of the conductors varies from 200 metres to over 500 metres.

Two historic drill holes (ML-95-16 and CML-93-10) completed proximal to MT target 1 provide convincing evidence for the presence of massive sulphide deposits to exist in the immediate locale of the targets.

Hole ML-95-16 collared in intensely altered felsic volcanic rocks, remaining in highly altered rock to a depth of 300 metres. The 300-metre interval is characterized by strong alteration indices, containing abundant biotite, sericite, muscovite and cordierite. Additionally, significant disseminated sulphides are hosted within the alteration zone returning intervals of 1.94 per cent zinc over two metres, as well as 0.05 per cent copper, 0.22 per cent zinc and 0.08 per cent lead over six metres. Hole ML-95-16 appears to have tested the periphery of the MT conductor. In view of the width of alteration and sulphide mineralization seen in this hole, a drill hole testing the heart or strongest part of the conductor is clearly warranted.

A second drill hole, CML-93-10, drilled proximal to MT target 1 also intersected felsic volcanic rocks with widespread alteration assemblages. It encountered disseminated and stringer chalcopyrite over a width of 12 metres from 436 to 448 metres down hole. Alteration consists of sericite, chlorite and cordierite over most of the length of the drill hole. As is the case with hole ML-95-16, the trace of CML-93-10 did not penetrate the strongest part of the MT conductor.

MT targets 2, 3 and 4 are also compelling targets situated proximal to the Billiton stringer sulphide zone. These targets also comprise strong conductors and have not been tested by previous diamond drilling.

Next steps

The company is planning to drill these three MT targets as soon as the freeze-up occurs, in late 2023 or early 2024. Copper Lake expects the depth of each hole will be a minimum of 700 metres.

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 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 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, approximately 100 km north of the Marshall Lake property. The Norton Lake property is located in the traditional territories of the Eabametoong (Fort Hope) and Neskantaga First Nations.

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