Copper Lake Resources Ltd. provide the following exploration update pertaining to its Marshall Lake copper-zinc-silver VMS project, situated in northern Ontario, as well as a general corporate update. A large-loop, deep penetrating EM survey was recently completed over the new high-grade base and precious metals occurrence known as the Deep IP discovery. Drilling of the Deep IP discovery (MAR-22-01) yielded 3 significant intervals yielding: 8.13% Cu1, 0.05% Pb, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au (13.59% CuEQ2) over 2.11 metres; 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au (10.45% CuEQ) over 1.95 metres; and 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au (7.00% CuEQ) over 6.00 metres.

Included in this last intercept is a bonanza-grade interval returning 2.26% Cu, 0.01% Pb, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag3) & 1.28 g/t Au (18.12% CuEQ) over 1.21 metres. Preliminary results of the large-loop EM survey were recently received & when combined with borehole EM data, delineate a conductive centre comprising strong to very strong conductors, 300 metres below surface. The conductive center (600 metres X 300 metres) is situated along trend and at greater depth than the high-grade intervals obtained in hole MAR-22-01.

This is very encouraging and suggests excellent expansion potential for the discovery of additional high-grade mineralization in this area (see Figures 1A and 1B). A final interpretation for the EM survey should be received shortly. Supplementary findings and results will be released in due course.

Due to extremely swampy conditions that create significant logistical problems in the summer and fall, it will not be possible to complete additional diamond drilling on the Deep IP discovery until freeze-up conditions are in effect in late 2022. The large-loop EM survey did yield other conductors on the survey grid, which have not been tested by diamond drilling (see Figure 2). It is anticipated that drilling of some of the Priority 2 conductors will be completed this fall, following field preparation work.