Mr. Peter Hawley reports

FABLED COPPER RECEIVES DRILL PERMIT AND OUTLINES PROPOSED 2024 DRILL PROGRAM ON DAVIS KEAYS EAGLE VEIN

Fabled Copper Corp. has received its Mines Act permit which entitles the company to drill from 15 drill stations over a period of two years on the Muskwa copper project.

The Muskwa project comprises the Neil property, the Toro property and the Bronson property located in Northern British Columbia. The Neil property area was granted the drilling permit and in particular the Davis Keays Eagle vein area is the company's first priority interest.

Peter Hawley, president and chief executive officer, reports: "We at Fabled Copper Corp. are very excited to finally receive our long-awaited drill permit. Subject to funding being available, the company wishes to embark on a helicopter-supported diamond drill program consisting of 3,000 to 5,000 metres on the First Priority Davis Keays Eagle vein. This will be the first-ever surface drilling of the Eagle vein area known.

"As outlined below and through detailed cutting-edge technology we believe the question is not if we will intercept the Eagle vein given our target accuracy is three centimetres but how many copper-bearing veins will we intercept before hitting the Eagle vein. Not only is the potential upside redefining the Eagle vein orebody but also evaluating the Eagle vein below the current 5,800 level and the potential of the parallel veins sets evaluated during the 2022 work program."

Background

A May, 1990, feasibility report to the Davis Keays Mining Co. outlined a six-year, 365,000-ton-per-year mining life of the Eagle vein based on 60-cent-per-pound copper.

To support these findings, over period of three months, eight-foot-high by nine-foot-wide adits were driven by Davis Keays into the mountain on the Eagle vein on the 7,300 level, 6,950 level and 6,400 level, and at every 300-foot centre 110-to-120-foot crosscuts were excavated for underground diamond drilling where the area was drilled above and below the levels.

In addition, all the entire excavated underground workings were mapped and vein chip sampled at 10-foot intervals and wherever the vein went into the wall, sampled with a test hole.

Based on these findings the feasibility report outlines proven reserves of 1,007,360 tons grading 3.56 per cent copper, probable reserves of 562,320 tons grading 3.18 per cent copper and possible reserves grading 3.18 per cent copper.

As mentioned in the report: "These reserves are to the 5,800-foot level only but there is no geological reason to expect the vein the terminate at this level. There are excellent possibilities of extending these reserves, through a continuing of exploration and development to depth on the Eagle vein and other known veins as well."

Shortly thereafter, and as a result of the development work postfeasibility study, the 5,800 level was developed. See the company's press release dated Sept. 28, 2022, to view the entrances of 6400 and 5800 adit portals.

The work carried out under the 1990 feasibility report was not carried out or reported using current categories of mineral resources or mineral reserves under NI 43-101. A qualified person has not done sufficient work to classify the abovementioned historical estimate as a current resource. The company is not treating the historical estimate as a current resource. The company's proposed 2024 drill program will seek to begin the process of verifying the historical estimate and exploring the Eagle vein below the 5,800 level.

Fabled Copper's 2022 work on Eagle vein area

Below is a summary of the results of Fabled Copper's work on the Eagle vein undertaken in the summer of 2022. The below dates reference the dates of the company's press releases in which readers can find further information.

April 27, 2022 -- Fabled Copper Corp. reports on the Davis Keays UAV drone mission survey: "16 terrain -- following missions were completed over the area with three-to-23-centimetre resolution and grade accuracy of on to three cm."

May 4, 2022 -- Fabled Copper reports on Davis Keays Eagle vein area with 6 additional parallel veins discovered and values as high as 6.73%

May 11, 2022 -- Surface geophysics outlines parallel EM conductor to the Eagle vein at Davis Keays: "Detailed ground VLF -- electromagnetics and total field magnetics. A strong parallel EM conductor was delineated 160 metres northwest of the Eagle vein."

May 25, 2022 -- Underground inspection of Eagle vein does not disappoint

June 1, 2022 -- Interpretation of Davis Keays Eagle vein area defined three structural corridors one of which corresponds to the Eagle vein with at least five additional vein sets in addition to the Eagle vein and all having the same attitude

Sept. 28, 2022 -- Fabled secures underground portals

Oct. 12, 2022 -- Fabled presents preliminary underground LiDAR survey findings: "913.93 metres of the 6,400-foot level of the Eagle vein was surveyed with a maximum error of 3.61 cm and clearly outlines the copper mineralization and veining."

The company will provide details of the proposed 2024 drill program, which is dependent upon securing additional financing, in due course.

As always Fabled Copper acknowledges that the Muskwa project occurred on lands and in watersheds of importance to Kaska, Fort Nelson First Nation and Treaty 8 Nations. The company is honoured to share responsibility for the stewardship of these places.

About Fabled Copper Corp.

Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill-ready copper properties located in Northern British Columbia. The company's current property package consists of the Muskwa project and the Bronson property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard mining division in northern British Columbia.

The technical information contained in this news release has been approved by Peter J. Hawley, PGeo, president and chief executive officer of Fabled, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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