Copper Lake Resources Ltd. provided the following comprehensive exploration update on its Marshall Lake copper-zinc-silver volcanogenic massive sulphide (VMS) property, situated in northwestern Ontario. The Company has completed multi-faceted exploration programs focused on the Billiton Zone area of the property over the last 3 years and has gained a much greater understanding of the geology, structure, architecture and exploration upside of the VMS system. The analysis of the most recent drill program has identified two priority drill targets ?

the MT Conductor and the East-West Build-Up Conductor. An exploration program featuring ground geophysics and diamond drilling is planned for the summer and fall of 2023, to test the new targets generated by the collective exploration efforts completed during the 2021 to 2023 field seasons. Given that the Billiton deposit historically, has yielded the best drill results and demonstrated economic potential, Copper Lake?s initial exploration efforts focussed on exploring this locale (historic resource ?

non 43-101 compliant, 2.2 MT @ 1.3% Cu, 4.2% Zn & 2.5 oz/t Ag1). In view of the absence of deep drilling in the Billiton area, the Company completed a combined magneto-telluric (MT) and deep induced polarization (IP) survey to generate drill targets. In 2021, the IP survey generated a large north-south trending chargeability high starting at a depth of 300 metres below surface, with dimensions of 800 x 300 x 300 metres, comprising a new target area, never previously tested by diamond drilling.

During the winter of 2021-2022, the Company completed 4 drill holes testing the southern portion of the large IP anomaly. The best drill hole, MAR-22-01, returned the following encouraging results: 8.13% Cu2, 0.05% Pb, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au over 2.11 metres 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au over 1.95 metres. 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au over 6.00 metres, including 2.26% Cu, 0.01% Pb, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag3) & 1.28 g/t Au over 1.21 metres.

Such mineralization resembles stringer-type frequently seen below major VMS deposits, suggesting proximity to a massive sulphide source in this locale. An additional 8 drill holes were completed by the Company during the winter of 2023, 3 of which tested the Deep EM target and 3 drill holes tested the northern portion of the large IP anomaly. Drill hole MAR-23-01, testing the Deep EM target, intersected a narrow zone of massive sulphide yielding: 0.30% Cu, 13.00% Zn & 390.00 g/t Ag over 0.55 metres as well as 5.66% Cu, 3.01% Zn & 239.00 g/t Ag over 0.30 metres.

The massive sulphide interval occurs at a vertical depth of 370 metres below surface, at the contact between felsic volcanic rocks and sediments ? this is an encouraging sign, as it is the first indication seen in drilling to date that exhibits a sedimentary or exhalative component associated with base-metal mineralization, which is frequently seen in VMS deposits. The LLEM survey revealed a large conductor is building-up 2 kilometres to the southeast of the Deep EM target, in the eastern portion of the survey area.

The Build-Up Conductor is situated stratigraphically above the Deep EM target in younger rocks and is on a mapped syn-volcanic fault. This suggests that the stringer style copper-zinc-silver mineralization occurring at the Deep EM target may be feeding and overlain by a massive sulphide deposit, in younger rocks. The Company is planning follow-up work is to determine the cause of this conductor, which is in an area of the property that has never been explored, let alone drilled.

The conductor would not have been detected by previous VTEM surveys as it occurs below a depth of 250m. he data from the MT survey completed by Copper Lake during the summer of 2021 was reassessed and interpreted. MT measures resistivity, an important parameter given its sensitivity to massive sulphide and hydrothermal alteration.

MT technology generates models of the subsurface resistivity at shallow depth and to depths of up to 1 kilometre. A compelling resistivity low or conductor (purple and magenta colours) yielded by the MT survey, occurs below the Deep EM target with the strongest part of the conductor occurring at 700 metres below surface. In addition, the shallow portion of the conductor appears to correlate closely with a number of narrow high-grade drill intercepts obtained by Copper Lake during the 2021-2023 drill campaigns at shallow depth (300 metres below surface) and may reflect the deeper, down-dip extent of such mineralization .

It is noteworthy that the narrow massive sulphide interval intersected in drill-hole MAR-23-01 occurs at the contact between siltstone and felsic volcanic rocks. This drill hole also ended in sediments and as such, represent a distinct hiatus or stoppage in volcanism. This time horizon, prospective for massive sulphide mineralization, may very well correlate with the strong, prominent MT conductor.

A series of deep drill holes (800 ? 1,000m) are planned to test this deep conductor. Copper Lake?s integrated exploration programs over the last few years has resulted in a greater understanding of the geology, structure, architecture and exploration upside of the VMS mineralizing system at Marshall Lake.

It is believed that the base-metal mineralization seen at the historic Billiton deposit, as well as the copper-zinc-silver mineralization occurring at the Deep EM target, are stringer zones or footwall alteration zones, seen below or proximal to massive sulphide deposits. This structure suggests that the stringer mineralizing systems represent feeder zones or stock-work that may propagate massive sulphide mineralization upwards stratigraphically in younger rocks to the east. The strong extensive conductor yielded by the MT survey is a very attractive drill target and either represents thicker accumulations of stringer-type mineralization or potential massive sulphide mineralization.

Stringer-type copper mineralization also occurs to the west of the Billiton deposit at the site of the Teck-Hill, Gazooma, Gazooma North, RM and Jewel Box occurrences. Drilling at all of these occurrences has been very shallow, largely within 150 metres from surface. Additional deeper EM surveys are required at these occurrences prior to diamond drilling, to identify deeper drill targets for massive sulphide mineralization.

Donald Hoy, M. Sc., P. Geo. Copper Lake?s Vice President of Exploration, is the Qualified Person responsible for the technical content contained in this news release.