CPL.V · 2024-05-29 12:00:00

Copper Lake Resources Reports Results of Drilling at Marshall Lake Copper-Zinc-Silver VMS Property

Drill Results

News Release No: 24-03

COPPER LAKE RESOURCES REPORTS RESULTS

OF DRILLING AT MARSHALL LAKE

COPPER-ZINC-SILVER VMS PROPERTY

May 29, 2024 – Toronto, ON - Copper Lake Resources Ltd. (TSX -V: CPL, Frankfurt: WOI,

OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to report the results generated from

the winter diamond drilling program, recently completed on its Marshall Lake copper-zinc-silver

VMS property (the “Property”), located in Northwestern Ontario.

Two new target areas were the focus of diamond drilling, including a prominent MT (magneto -

telluric) conductor, situated proximal and below high- grade copper -zinc-silver mineralization,

known as the Conductive Centre. The second new drill target comprised an EM conductor situated

2 km to the east of the Billiton deposit (see Copper Lake news release dated April 10, 2024).

Terry MacDonald, CEO of Copper Lake commented “Drilling to date has defined a conductive

centre of potentially economic size associated with multiple high- grade copper -zinc-silver

intersections at reasonable depths. Establishing continuity within this target area requires further

drilling. While we did not encounter massive sulphides in MAR -24-02, the strong to very strong

alteration is associated with proximity to massive sulphide deposits. The drilling results have

provided us with additional information to zero in on what we believe is an ore -grade VMS

deposit.”

DIAMOND DRILLING RESULTS

MT Conductor 1 comprised the highest priority target for drilling, given its close association with

bore-hole electromagnetic (BHEM) conductors and associated high-grade mineralization, situated

250 metres to the SE of the Billiton deposit (collectively known as the Conductive Centre). MT

Conductor 1 consists of a moderate to strong conductor, persistent over a vertical range of

approximately 700 metres, extending from a depth of 300 to 1000 metres below surface,

respectively.

Hole MAR-24-02 was drilled through the centre of MT Conductor 1 to a final depth of 802 metres.

Several zones (up to 100 metres ) of moderate to strong biotite, chlorite , sericite and silicic

alteration were intersected over broad intervals, starting from 160 metres down-hole to 790 metres

down-hole. Despite the presence of moderate to strong hydrothermal alteration typical of that

associated with volcanogenic massive sulphide deposits being encountered in the drill hole, only

weak to moderate ubiquitous disseminated sulphides (1% to 5%) including pyrite and lesser

sphalerite, galena and chalcopyrite were encountered. Locally, narrow intervals over 1 to 2 metres

contain heavier sulphide mineralization in intermediate to felsic volcanic rocks, characterized by

strong to very strong alteration. The best mineralized intervals returned the following assays:

• 0.27% Cu, 1.36% Zn, 39.20 g/t Ag & 0.11 g/t Au over 2.30 metres

• 1.46% Cu, 2.07% Zn, 26.40 g/t Ag & 0.24 g/t Au over 0.80 metres

• 0.13% Cu, 1.61% Zn, 12.70 g/t Ag & 0.02 g/t Au over 2.10 metres

Currently, we believe that the broad intercepts of alteration containing pervasiv e disseminated

sulphides intersected in MAR-24-02 explains the presence of the MT conductor.

The presence of long intercepts of moderate to strong, to locally very strong hydrothermal

alteration containing anomalous levels of base -metal mineralization is encouraging and will

require additional drilling, in the continuing search for massive sulphide mineralization within the

large alteration-mineralizing system, characteristic of the MT Conductor 1 – Conductive Centre

locale.

The second new target was an interesting electromagnetic conductor, known as the Build- Up

Conductor, which was defined in a recent large -loop electromagnetic survey (LLEM) completed

by Abitibi Geophysics. The conductor is situated in younger rocks (relative to the Billiton deposit

and Conductive Centre) , in an area of the Marshall Lake property that had not previously been

drilled. The conductor was modelled, ha d dimensions of 500 metres by 150 metres and ha d

moderate strength conductance.

A single drill hole MAR-24-01, was completed to evaluate the conductor and was drilled to a final

depth of 502 metres . The hole intersected a thick sequence of altered volcanic rocks intruded by

gabbro sills. Alteration in the volcanic and intrusive lithotypes comprises weak to moderate

chloritization, silicification and potassic alteration in high-grade metamorphic rocks.

Two mineralized zones were encountered: the first from 240.0-260.0 metres and the second from

330.0-360.0 metres down-hole, respectively. Both contained patchy pyrrhotite, pyrite and

magnetite, locally up to 10% in abundance . The presence of the magnetite as well as pyrrhotite

and pyrite are believed to explain the presence of the conductor.

No significant base-metal or precious-metal assays were obtained from such mineralization.

1Analyses completed by AGAT Laboratories in Thunder Bay, ON, utilizing the 1A2 – Fire Assay, AA Finish, 1H INAA (INAAGEO),

Total Digestion (Total) and the UT-7, Sodium Peroxide Fusion (ICP & ICP MS) analytical packages

BOREHOLE ELECTROMAGNETIC (BHEM) SURVEY RESULTS

Abitibi Geophysics was successful in probing the entire length of MAR -24-02 with a BHEM

survey, to a depth of 802 metres.

The survey was successful in delineating a moderate strength off-hole conductor at a vertical depth

of 350 metres. The conductor (New BHEM Conductor, see Figures 1 & 2) is NE-SW trending

and as modelled as a sheet, has sizeable dimensions of 140 metres by 290 metres, in terms of length

and depth extent. The New BHEM Conductor expands on the size of a cluster of previously defined

conductors, known as the Conductive Centre.

The Conductive Centre is closely associated with several high -grade intercepts including 8.13%

Cu, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au over 2.11 metres as well as 2.37% Cu, 1.75% Zn,

413.15 g/t Ag & 0.37 g/t Au over 6.00 metres.

When examining the New BHEM Conductor and t he Conductive Centre in the model , three

features stand out:

• The general trend of the Conductive Centre is sub -parallel to the NE strike of the Billiton

Zone (see Figure 1 ), suggesting that the Conductive Centre may host a parallel zone of

base-metal mineralization, similar to that of the Billiton Zone

• Only the upper portion of the Conductive Centre has been tested by diamond drilling; there

is a 200- metre gap in drilling between the high- grade intercepts and the down-dip

extension of the Conductive Centre (see Figure 2);

• The Conductive Centre remains open down-dip despite what is shown on Figures 1 & 2:

the location of the drill hole trace for MAR-23-03 and the New BHEM conductor are not

aligned in the same plane, indicating there is an area of significant size in the gap.

Drilling continues to indicate a robust hydrothermal system certainly capable of producing a

significant VMS deposit. Follow up drilling to define the continuity of previously encountered

high-grade mineralization in the conductive centre is clearly warranted.

QUALIFIED PERSON

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.

ABOUT COPPER LAKE RESOURCES

Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development

company with interests in two projects both located in Ontario. www.copperlakeresources.com

The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of

approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north

of the main CNR rail line. Copper Lake has an 82.55% interest in the joint ventured property,

which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells

staked in 2018 and 2020 that are 100% owned and not subject to any royalties, which add

approximately 30 square km to the original property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas

Lake and Summit Lake properties, which are 100% owned by the Company and are not subject

to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4

square km on the east side of the Marshall Lake property where historical EM airborne

geophysical surveys have outlined strong conductors on the property hosted within the same

favorable felsic volcanic units. The Summit Lake prope rty currently consists of 100 claim cells

comprising an area of 20.5 square km, is accessible year-round, and is located immediately west

of the original Marshall Lake property. The Marshall Lake project is located in the traditional

territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First Nations.

Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and

palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km

north of the Marshall Lake Property. The Norton Lake property is located in the traditional

territories of the Eabametoong (“Fort Hope”) and Neskantaga First Nations.

On behalf of the Board of Directors,

Copper Lake Resources Ltd.

Terry MacDonald, CEO

(416) 561-3626

[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.

Billiton Deposit

2.2MT 4.2% Zn, 1.2% Cu. 2.5 opt Ag

(Historic Resources1)

Conductive Center

MAR-24-02

New BHEM Conductor

(140mx290m)

125m 0m

metres

1The resource numbers referred to for the Billiton Deposit

are considered as historic resources not compliant under

NI-43-101 guidelines and cannot be relied upon.

High Grade Mineralization

8.13 % Cu, 7.26% Zn, 240 g/t Ag, 0.33 g/t Au

Over 2.11 metres

5.81% Cu, 7.32% Zn, 171 g/t Ag, 0.02 g/t Au

Over 1.45 metres

2.37% Cu, 1.75% Zn, 413 g/t Ag, 0.37 g/t Au

Over 6.00 metres

Figure 1: Plan map showing location of high-grade mineralization, the conductive centre & The Billiton Deposit.