Mr. Terry MacDonald reports

COPPER LAKE COMMENCES DRILLING ON ITS MARSHALL LAKE COPPER-ZINC-SILVER VMS PROPERTY, NORTHWESTERN ONTARIO

Copper Lake Resources Ltd. has commenced diamond drilling on its Marshall Lake zinc-copper-silver (Zn-Cu-Ag) volcanic massive sulphide (VMS) property, located in Northwestern Ontario. The drilling is being completed by Helm Diamond Drilling Ltd. based out of Binche, British Columbia, utilizing a Discovery 2 fly diamond drill rig.

Two prime target areas will be the focus of diamond drilling during the current campaign, including a prominent magneto-telluric (MT) conductor situated proximal and below high-grade zinc-copper silver stringer mineralization, known as the deep EM target. The second drill target includes an EM conductor situated two kilometres (km) to the east of the Billiton deposit.

MT targets

The magneto-telluric 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 to depths of up to 1,000 metres, far beyond the depth of historical geophysical surveys completed at Marshall Lake.

SJ Geophysics Ltd., based out of Delta, B.C., completed the MT survey in July, 2021. The company had the MT data 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, yielding high-grade intercepts including:

• 8.13 per cent copper (Cu), 7.26 per cent zinc (Zn), 240.80 grams per tonne (g/t) silver (Ag) and 0.33 g/t gold (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.

The stringer-style mineralization is situated at a depth of approximately 300 metres below surface. The MT survey was commissioned in order to see conductors reflecting extensions to the identified stringer and/or massive sulphide mineralization to depths of up to 1,000 metres and potentially expand on the limits and size potential of the VMS mineralizing system.

The three-dimensional modelling delineated three strong conductors situated proximal to the deep EM target and Billiton deposit that are high-grade stringer or feeder zones. All three MT conductors are thought to be very prospective for the presence of a nearby massive sulphide deposit. None of the MT conductors have been tested by diamond drilling.

MT conductor 1 is the highest priority conductor for drilling given its close association with bore-hole electromagnetic (BHEM) conductors and associated high-grade stringer mineralization, centred 300 metres below surface. The upper part of MT conductor 1 coincides very closely with the BHEM plates and mineralization but most importantly, continues downplunge to the southeast to a depth of close to 1,000 metres. The geological and geophysical evidence suggests that MT conductor 1 could be reflecting the downplunge extension of the high-grade stringer mineralization reported above, but at greater depth.

Clearing and cribbing of the site for the drill rig to access MT conductor 1 is currently under way. It is anticipated that the drill will be on the site and coring within the next three to four days. The Discovery 2 fly drill rig has a depth capability of 750 metres turning NQ-size rods and it is expected that the hole will be completed to at least that depth.

Build-up conductor target

An interesting electromagnetic conductor, known as the build-up conductor, was fully defined in a recent large-loop electromagnetic survey (LLEM) completed by Abitibi Geophysics. The conductor, located in younger rocks, is approximately two kilometres east of the Billiton deposit in an undrilled area of the Marshall Lake property. The conductor as modelled, has dimensions of 500 metres by 150 metres and has moderate strength conductance.

A single drill hole (MAR-24-01) was completed to test the conductor. The hole intersected a thick sequence of altered volcanic rocks intruded by gabbro sills. Alteration in the volcanic and intrusive lithotypes comprises weak to moderate chloritization, silicification and potassic alteration in high-grade metamorphic rocks. Disseminated magnetite, as well as patchy and net-textured pyrrhotite and pyrite are hosted within the rock types, over significant widths. The presence of the magnetite as well as pyrrhotite and pyrite, are believed to explain the presence of the conductor.

Sampling of the altered and mineralized sections of the core will be undertaken in the coming days. Assay results will be released as they become available.

Analyses completed by Activation Laboratories in Ancaster, Ont.

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.