Mr. Terry MacDonald reports

COPPER LAKE ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE FOR NORTON LAKE NICKEL-COPPER-COBALT-PGE DEPOSIT, NORTHWESTERN ONTARIO

Copper Lake Resources Ltd. has filed the technical report for the updated mineral resource estimate, prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), on its Norton Lake nickel-copper-cobalt-palladium-platinum deposit, situated 50 kilometres northeast of Fort Hope and approximately 413 kilometres northeast of the port city of Thunder Bay, Northwestern Ontario. The report is titled "National Instrument 43-101 Mineral Resource Estimate and Technical Report for the Norton Lake Ni-Cu-Co-Pd-Pt Property," with an effective date of Aug. 12, 2023, and prepared for Copper Lake by Caracle Creek Chile SpA and Atticus Geoscience Consulting SAC. The report is available under the company's profile on SEDAR+ or from the company's website. This news release and mineral resource estimate supersede the news release dated Sept. 7, 2023, which reported erroneously on an earlier version of the Norton Lake deposit mineral resource estimate.

Highlights of the current mineral resource estimate (see the attached table) are as follows:

• Open-pit and underground measured and indicated resources of 1,795,000 tonnes at an average grade of 0.72 per cent Ni, 0.69 per cent Cu, 339 parts per million Co, 0.52 gram per tonne Pd and 0.17 g/t Pt and containing 28.3 million pounds of nickel and 27.3 Mlb of copper;
• Open-pit and underground measured resources of 861,000 tonnes at an average grade of 0.66 per cent Ni, 0.62 per cent Cu, 326 ppm Co, 0.46 g/t Pd and 0.17 g/t Pt and containing 12.5 Mlb of nickel and 11.8 Mlb of copper;
• Open-pit and underground indicated resources of 934,000 tonnes at an average grade of 0.77 per cent Ni, 0.75 per cent Cu, 351 ppm Co, 0.56 g/t Pd and 0.18 g/t Pt and containing 15.8 Mlb of nickel and 15.5 Mlb of copper;
• Open-pit and underground inferred resources of 562,000 tonnes at an average grade of 0.67 per cent Ni, 0.63 per cent Cu, 310 ppm Co, 0.50 g/t Pd and 0.14 g/t Pt and containing 8.2 Mlb of nickel and 7.8 Mlb of copper.

"This updated 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 [electric vehicle] 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.

Qualified person

The Norton Lake mineral resource estimate and technical report were prepared by Simon Mortimer, FAIG of Atticus Geoscience Consulting, Dr. Scott Jobin-Bevans, PGeo, PhD, PMP of Caracle Creek Chile, and John Siriunas, PEng, MASc of Caracle Creek International Consulting Inc., who are all independent qualified persons, for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Dr. Jobin-Bevans, Mr. Mortimer and Mr. Siriunas have reviewed and approved the technical content of this news release.

Norton Lake Ni-Cu-Co-Pd-Pt 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-platinum-group-element 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 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 program 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 7.0 metres and 0.80 per cent Ni, 0.30 per cent Cu and 1.10 g/t Pt plus Pd over 5.0 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 and 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

The scientific and technical information in this press release has been reviewed and approved by Donald Hoy, MSc, PGeo, Copper Lake's vice-president of exploration, the qualified person as defined in National Instrument 43-101.

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 volcanogenic massive sulphide copper, zinc, silver and gold project, comprising 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 first nations.

Copper Lake has a 69.79-per-cent joint venture interest in the Norton Lake nickel, copper, cobalt, palladium and PGM property, located in the southern Ring of Fire area, and is 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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