Copper Lake Resources Ltd. announced an updated Mineral Resource Estimate ("MRE") prepared in accordance with National Instrument 43-101, Standard for Disclosure for Mineral Projects ("NI 43-101") for its Norton Lake nickel-copper-cobalt-platinum group element deposit (the "Deposit"), situated 50 km northeast of Fort Hope and approximately 413 km northeast of Thunder Bay in northern Ontario. 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 (?CIM?) Definition Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43-101 of 29.085 million pounds of nickel, 28.344 million pounds of copper, 1.381 million pounds of cobalt, 31 thousand pounds of platinum and 11 thousand pounds of palladium, and has an effective date of August 12, 2023. 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.

It is the QP?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 is reliable for the purpose of Mineral Resource Estimation. In the opinion of the QPs, the assay data is adequate for the purpose of verifying drill core assays and estimating Mineral Resources. 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 was 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 this 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% Ni, 1.07% Cu and 3.2 g/t Pt + Pd over 7.0 metres and 0.80% Ni, 0.30% Cu and 1.10 g/t Pt + Pd over 5.0 metres, respectively. The South zone appears to underlie the Norton Lake deposit and has only been tested by the 2 above drill holes, both at very shallow depth. Additional drilling is clearly warranted to expand this new zone of mineralization.

A thorough compilation of all data available for the Norton Lake property and surrounding area will be completed to prioritize targets for upcoming 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.