CPL.V · 2018-05-23 12:00:00

Copper Lake Hits High-Grade Massive Sulphides And Copper Stringer Zone at Marshall Lake

Corporate Updates

News Release No: 18-07

Copper Lake Hits High-Grade Massive Sulphides

And Copper Stringer Zone at Marshall Lake

May 23, 2018 - Toronto, ON - Copper Lake Resources Ltd. (TSX -V: CPL, Frankfurt: W0I)

("Copper Lake" or the "Company") today announced results of its winter drilling program on the

Marshall Lake copper -zinc-silver-gold property located 250 km northeast of Thunder Bay,

Ontario, and comprised of 10,430 hectares.

HIGHLIGHTS

• Massive Sulphides – Billiton Main Zone 30 metre Step Out

o 1.0 m @ 3.20% Cu, 8.35% Zn, 367.00 g/t Ag and 8.01 g/t Au in hole MAR-18-07

• Near Surface Copper Stringer Zone – Gazooma Zone Step Out

o 25.30 m @ 1.07% Cu, 20.1 g/t Ag from depth of 1.05 m, including 13.85 m @

1.54% Cu, 28.30 g/t Ag from 11.20 m to 25.05 m in hole GAZ-18-01

Terry MacDonald, CEO comments: “We are delighted that these step -out holes demonstrate

room to expand known zones. The high silver and gold precious metals content at Billiton was

not fully recognized previously. Despite extensive prior work, historic drilling was very shallow

and mineralization remains open in multiple directions and as yet untested at depth.

The 2018 drill program fulfi lls our expenditure requirements to earn a 75% interest in the

Marshall Lake property. We are grateful to the Ontario Prospectors Association and the

Northern Ontario Heritage Fund Corporation who helped fund this effort through their JEAP

program.”

The purpose of the program was to test three VTEM conductors and other targets derived from a

comprehensive compilation of historic data undertaken between 2014 and 2017. A total of 14

holes for 2,868 m were completed. A table of significant intersections, dril l hole locat ions and

statistics is appended (see appendices A and B).

Future Plans

The 2018 drill program identified priorities in the area of historic work and numerous showings.

1. Main Billiton – validate historic drilling and expand to depth.

2. Gazooma – potential for shallow resource definition and trace the stringer zone ESE.

Assessment of the upper two thirds of the Marshall felsic volcanic pile is recommended,

particularly two strong airborne (VTEM) conductors associated with altered tuffs overlying

interpreted vent facies coarse fragmental domes located along the south shore of Marshall Lake.

Marshall Lake’s Exceptional Geology

The Marshall Lake property is deemed favourable to host Cu -Zn-Ag-Au VMS (Volcanogenic

Massive Sulphide) deposits of potential economic merit.

The volcanic pile consists of a moderately east plunging and verging anticline capped by chert -

magnetite iron formation.

The discovery of Cu- Zn showings in the 1950’s sparked an exploration rush. Extensive yet

shallow work was focused in t he lower third of the felsic volcanic pile and was constrained by a

patchwork of owners and claim boundaries. The upper portions of felsic volcanic pile remain

essentially unexplored and display favourable geology, alteration and untested conductors.

Copper Lake has spent considerable time consolidating the entirety of the Marshall Lake felsic

volcanic centre. A detailed digital compilation and re -interpretation of extensive previous work

was conducted between 2014 and 2017. This compilation guided this winter’s drill program

focused in the area of previous work. A comprehensive discussion of the scope and details of

historic work including historic resource estimates, development of new targets and geological

model is available in a NI 43-101 Technical Report dated June 07, 2016 and authored by Thomas

Hart, P.Geo (see www.sedar .com or www.copperlakeresources.com).

The 2018 drilling serves to highlight potenti al of the Main Billiton zone which remains open

below 150 m depth, displays strong precious metals contents and demonstrates reasonable

continuity in 3D modelling of historic data. Hole MAR -18-07 was a 30 m step out from historic

hole GM-78-230 drilled by Imperial Oil Ltd in 1978 (see Appendix C).

*GM-78-230 7.40 m @ 2.97% Cu, 10.98% Zn, 219.70 g/t Ag

including 1.65 m @ 5.50% Cu, 31.50% Zn, 320.20 g/t Ag

Hole MAR- 18-07 serves some purpose in advancing the process of validating historic drill

information in the Main Billiton area. A 3D interpre tation of historic drill data here (Appendix

C) illustrates drill coverage and the system remains open at depth. A table of significant

historical drilling highlights demonstrating high grade silver subintervals is also appended again

cautioning the historic nature of the data that has not been verified by a QP and therefore should

not be relied upon.

This data suggests a steeply-dipping series of conformable lenses spanning a 300 m strike length.

Only six holes have been drilled deeper than 150 m and the system appears to remain open at

depth.

The othe r significant finding of the 2018 drilling was the confirmation of copper stringer

mineralization at Gazooma. This showing is part of a cluster of copper showings located

approximately 3 km southwest of the Billiton Main Zone. They appear to align along an ESE

crosscutting trend and demonstrate a copper to zinc zonation ESE or upwards in the volcanic

stratigraphy. The projection of this trend has not been adequately explored to date.

QAQC

All drill core w as logged and split at a secure core facility in Thunder Bay and samples were

prepared by ALS Minerals Canada in Thunder Bay and assays were performed at the ALS lab in

North Vancouver, BC. Using a multi -element Mass Spectrometer MEMS41 method with ICP -

MS finish, and any gold values over 0.1 g/t were re -assayed with Fire Assay with an ICP finish

on a 30 gram sample. Blanks and standards were inserted every 20 samples alternating from a

blank to a standard for quality control. Samples were assayed initially with an aqua regia

digestion and a ICP -MS analysis (ICP-MS finish) and samples greater than 1.0% Cu – Zn or 10

gm Ag were re-assayed with aqua regia digestion and an AA (atomic absorption) finish.

The Marshall Lake drill program was overseen by George Mannard, P.Geo, consultant and

managed in the field by R.S. Middleton, P Eng and field geologists were Justin Johnson, MSc.,

P.Geo and Jordan Laarman, PhD, P.Geo. T he contents of this news release were read and

approved by George Mannard, P.Geo, who is acti ng as QP for the Company under the rules of

NI 43-101.

About Copper Lake Resources Ltd.

Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) is advancing t he Marsh all Lake

high-grade VMS copper -zinc-silver-gold property, just north of Geraldton, Ontario , accessible

by all-season road. CPL currently has a 75% interest in the Marshall Lake property. The Norton

Lake nickel-copper-cobalt PGM property (69.79%), located in the southern Ring of Fire area, is

approximately 100 km north of the Marshall Lake property. It has a NI 43- 101 compliant

measured and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and

0.46 g/t Pd. The Company recently entered into a mineral property option agreement to acquire

up to 100% of four separate Ont ario properties in the Kenora and Patricia mining belt: Queen

Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property

and the Centrefire-Redhat Gold-Copper Property.

On behalf of the Board of Directors,

“Terrence MacDonald”

Chief Executive Officer and Director

Copper Lake Resources Ltd. CHF Capital Markets

Terry MacDonald, CEO Cathy Hume, CEO

(416) 561-3626 (416) 868-1079 x 231

[email protected] [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy

of this release.

5623510.2

Appendix A

Significant Results

Hole No

From

(m)

Length

(m)

Cu (%)

Zn (%)

Ag (g/t)

Au (g/t)

MAR18-01 89.10 89.60 0.50 0.85 0.24 96.9 3.43

133.05 133.40 0.35 0.33 2.19 24.1 0.03

MAR18-02 157.70 158.05 0.35 1.16 2.22 48.7 0.31

MAR18-03 NSA

MAR18-04 NSA

MAR18-05 48.10 51.60 3.50 0.79 0.95 71.7 0.08

MAR18-06 NSA

MAR18-07

inc.

16.00

168.00

207.30

209.30

17.00

169.00

212.35

210.30

1.00

5.05

1.00

0.06

0.68

3.20

1.26

2.58

2.14

8.35

10.05

3.07

78.51

367.00

0.34

0.02

1.63

8.01

MAR18-08 NSA

MAR18-09 NSA

TH18-01

inc.

109.60

110.60

121.00

115.70

11.40

5.10

0.60

1.09

0.12

0.24

16.25

25.80

0.71

0.84

TH18-02 240.40

244.00

241.00

244.60

0.60

0.02

0.09

2.03

1.45

0.71

2.58

0.02

TH18-03 NSA

TH18-04 116.35 117.15 0.80 4.13 0.03 36.4 0.10

GAZ18-01

inc.

1.05

11.20

47.00

59.70

62.00

63.40

72.15

172.20

178.00

26.35

25.05

49.70

60.20

62.30

63.70

72.70

177.55

178.30

25.30

13.85

2.70

0.50

0.30

0.55

5.35

0.30

1.07

1.54

0.79

1.60

1.17

0.85

1.23

0.94

1.33

0.08

0.13

0.02

*0.01

20.1

28.3

8.0

11.8

9.0

5.4

4.5

2.8

3.7

0.08

0.13

0.32

2.41

0.50

0.36

0.24

0.05

*Greater than 0.5% Cu or 1.0% Zn

- 5 -

5623510.2

Appendix B

Drilling Statistics

Location (UTM)

Hole No. Depth (m) Inclination Azimuth Eastward Northward

MAR-18-01 194 -65 320 458397 5585323

MAR-18-02 180 -80 320 458397 5585323

MAR-18-03 125 -50 330 458397 5585429

MAR-18-04 281 -50 150 458089 5585784

MAR-18-05 167 -50 150 458219 5586110

MAR-18-06 300 -50 150 458294 5586111

MAR-18-07 227 -50 150 458301 5585850

MAR-18-08 191 -50 330 458604 5585200

MAR-18-09 125 -50 045 458604 5585200

TH-18-01 152 -50 0 456149 5583374

TH-18-02 254 -50 0 456320 5583008

TH-18-03 338 -50 0 456602 5583197

TH-18-04 152 -90 0 455563 5583376

GAZ-18-01 182 -80 90 455165 5583718

Total 2,868

- 6 -

5623510.2

Appendix C

HISTORIC SHALLOW DRILL RESULTS – MAIN BILLITON ZONE

Hole No

From

(m)

Length

(m)

Cu (%)

Zn (%)

Ag (g/t)

Au (g/t)

GGM-78-230

Imperial Oil Ltd., 1978

50.85 58.23 7.38 2.97 10.98 219.73 0.34

including 50.85 52.50 1.65 5.50 31.50 320.18 0.34

GGM-77-154

Imperial Oil Ltd., 1977

83.99 90.09 6.10 1.89 4.03 145.69 0.34

including 83.99 85.52 1.53 1.67 10.30 311.26 0.34

NWT-81

NWT Copper Mines

Ltd, 1981

75.46 79.57 4.11 1.49 4.70 250.93 N/A

including 75.46 77.74 2.28 2.24 7.50 423.02 N/A

NWT-68-83

NWT Copper Mines

Ltd, 1968

70.40 75.91 5.51 2.28 9.79 124.44 N/A

including 72.56 75.91 3.35 2.45 13.64 158.72 N/A

NWT-68-84

NWT Copper Mines

Ltd, 1968

156.77 159.76 2.99 2.56 10.26 181.34 N/A

including 156.77 158.02 1.25 3.44 18.65 313.66 N/A

ML-82-05

Falconbridge Copper,

1982

295.85 299.66 3.81 2.46 2.00 179.63 N/A

including 298.2 299.66 1.46 4.24 2.61 204.65 N/A

ML-82-07

Falconbridge Copper,

1982

19.05 22.65 3.60 1.81 9.35 164.20 N/A

including 21.98 22.65 0.67 5.45 22.26 436.04 N/A

*CAUTIONARY NOTE

Certain historic information as marked is sourced from drill logs in MNDM Assessment File

records. It predates 43 -101, has not been verified by a QP and therefore should not be relied

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