Copper Lake Resources Ltd. provide the following update on the exploration program at its Marshall Lake copper-zinc-silver VMS project, situated in northern Ontario, as well as a corporate update. A large-loop EM survey (“LLEM”) was recently completed in the vicinity of the Deep IP discovery, where a new high-grade base and precious metal occurrence was discovered during diamond drilling in the winter of 2022. Highlighting the results of drill hole MAR-22-01, were the following drill intercepts: 8.13% Cu1, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au (13.59% CuEQ2) over 2.11 metres; 5.81% Cu, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au (10.45% CuEQ) over 1.95 metres; 2.37% Cu, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au (7.00% CuEQ) over 6.00 metres; including 2.26% Cu, 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.

Collectively, the LLEM survey and previously completed borehole EM surveys delineate a prominent conductive centre comprising strong to very strong conductors, centred at a depth of 300 metres below surface (Figures 1A). The conductive center, approximately 500 metres by 300 metres in extent, is situated along the stratigraphic trend and at greater depth than the high-grade intervals obtained in hole MAR-22-01. The size, strength and location of the conductive centre is very encouraging and strongly suggests that additional high-grade mineralization may be present in the surrounding area of the Deep IP discovery.

The conductive centre has never been tested by drilling, and is clearly now a high-priority target. The LLEM survey also yielded a compelling build-up conductor, situated at a depth of 500 metres below surface (Figure 1B). It appears to be the down-dip extension of the conductive centre and accordingly, significantly increases the prospective target area for potential massive sulphide mineralization.

Additional LLEM surveying is required on this conductor prior to diamond drilling in order to better define its size, orientation and strength. A number of other conductors were also defined by the LLEM survey, including three Priority 2 conductors (Figure 2). These conductors are located near zones of strong hydrothermal alteration associated with VMS deposits and mineralization that has not been tested by previous diamond drilling.

In addition, 3 large build-up conductors (Priority 3 conductors) were defined to the north of the conductive centre and on the fringes of the LLEM survey grid. These conductors are located at depth (>300 metres below surface) and have not yet been drill-tested. Notably, surface outcrops overlying these conductors have returned significant copper values of up to 6%.

Due to swampy conditions that create significant logistical problems, the diamond drilling on the Deep IP discovery will not commence until freeze-up conditions are in effect, likely in late November or early December 2022. Drilling of some of the other conductors may occur at the same time. The Company is currently soliciting bids from drilling companies to complete this work.