Copper Lake Announces Filing of NI 43-101 Technical Report and Updated Mineral Resource Estimate for Norton Lake Deposit

TORONTO, Oct. 03, 2023 - Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) ("Copper Lake" or the "Company") is pleased to announce the filing of the technical report (the "Report") for the updated Mineral Resource Estimate (the "MRE"), prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), on its Norton Lake Nickel-Copper-Cobalt-Palladium-Platinum Deposit (the "Deposit"), situated 50 km northeast of Fort Hope and approximately 413 km northeast of the port City of Thunder Bay, northwestern Ontario. The Report is titled, "National Instrument 43-101 Mineral Resource Estimate and Technical Report for the Norton Lake Ni-Cu-Co-Pd-Pt Property", with an effective date of August 12, 2023, and prepared for Copper Lake by Caracle Creek Chile SpA and Atticus Geoscience Consulting S.A.C. The Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca or from the Company's website at www.copperlakeresources.com. This news release and Mineral Resource Estimate supersedes the news release dated September 7, 2023, which reported erroneously on an earlier version of the Norton Lake Deposit mineral resource estimate.

Highlights of the current Mineral Resource Estimate (Table 1) are as follows:

• Open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper.
• Open pit and underground Measured Resources of 861,000 tonnes at an average grade of 0.66% Ni, 0.62% Cu, 326 ppm Co, 0.46 g/t Pd, 0.17 g/t Pt and containing 12.5Mlbs of nickel and 11.8Mlbs of copper.
• Open pit and underground Indicated Resources of 934,000 tonnes at an average grade of 0.77% Ni, 0.75% Cu, 351 ppm Co, 0.56 g/t Pd, 0.18 g/t Pt and containing 15.8Mlbs of nickel and 15.5Mlbs of copper.
• Open pit and underground Inferred Resources of 562,000 tonnes at an average grade of 0.67% Ni, 0.63% Cu, 310 ppm Co, 0.50 g/t Pd, 0.14 g/t Pt and containing 8.2Mlbs of nickel and 7.8Mlbs of copper.

"This updated Mineral Resource Estimate confirms that the Norton Lake Deposit has sufficient size, grade and expansion potential to be regarded as a significant exploration project in the North American EV metal space," stated Terry MacDonald, CEO of Copper Lake. "Additionally, the style of magmatic nickel-bearing mineralization and the favourable geological setting, indicate significant expansion potential for the deposit itself and for finding additional similar deposits elsewhere on the Property."

The Norton Lake Deposit is hosted within the Norton Lake intrusion, a discrete sill-like mafic-ultramafic body of Archean age. Semi-massive to massive sulphide mineralization occurs in the mafic-ultramafic intrusion, at the contact between an underlying, sheared amphibolitic tuff and sedimentary rocks and an overlying sequence of mafic volcanic rocks. The Deposit is characterized by two, higher-grade semi-massive sulphide lenses within it and has been traced by diamond drilling over a strike length of close to 300 metres and to a maximum depth of 400 metres below surface. It currently remains open at depth for expansion.

Table 1. Mineral Resource Statement: Measured, Indicated and Inferred Resources as of August 12, 2023.

1. The independent Qualified Person for the MRE, as defined by NI 43-101, is Mr. Simon Mortimer, (FAIG #7795) of Atticus Geoscience Consulting S.A.C., working with Caracle Creek International Consulting Inc. The effective date of the MRE is August 12, 2023.
2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. The MRE was prepared following CIM Definition Standards on Mineral Resources and Reserves (2014) and CIM Best Practice Guidelines (2019).
4. 3D geological modelling revealed that the mineralization exists as a single steeply dipping continuous unit that runs along the basal contact of an ultramafic-mafic intrusion which has been sheared and brecciated.
5. The estimation domains were defined by combining the lithology and structural models then utilizing a nickel mineralization threshold of 1.08% Ni as a proxy to define the high-grade massive sulphide domain. Geological and block models for the MRE used core assays (970 samples), data and information from 60 surface diamond drill holes (4 from Copper Lake and 56 historical). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into the core assay batches.
6. Estimates have been rounded to three significant figures for Measured and Indicated categories, and two significant figures for the Inferred categorization.
7. The MRE was constrained by a conceptual open pit using the following optimization parameters, as reviewed and agreed to by the QP. Metal prices in US$: $8.00/lb nickel, $3.25/lb copper, $13.00/lb cobalt, $900/oz for platinum and $1,200/oz for palladium. An overall pit slope of 45 degrees was used. Mining and processing costs (US$) were based on benchmarking from similar deposit types, utilizing a mining cost of $4.23/t, a processing cost of C$11.54/t, a G&A cost of C$2.31/t, and considering an exchange rate of 1.30C$/US$. All resources below the conceptual pit are considered extractable via underground mining scenarios. A cut-off grade of 0.30% Ni was applied to the resource block model for the reporting of the mineral resource statement.
8. The block model was prepared using Micromine 2020. A 4 m x 4 m x 4 m block model was created, with sub-blocks to 1 m x 1 m x 1 m. Drill composites of 1 m intervals were generated within the estimation domains, and subsequent grade estimation was carried out for Ni, Cu, Co, Pt and Pd using an inverse distance weighting (IDW) interpolation method.
9. Grade estimation was validated by a secondary estimation method (nearest neighbour) and through comparison of input and output statistics, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
10. Density estimation was carried out for the mineralized domains using the inverse distance weighting (IDW) interpolation method within the mineralised domains and through assigning a standard value to each rock type outside the mineralised area. A total of 121 specific gravity measurements were used, and as a reference, the average estimated density value within the mineralised domain is 3.35 g/cm3 (t/m3).

Qualified Persons

The Norton Lake Mineral Resource Estimate and Technical Report was prepared by Simon Mortimer, FAIG of Atticus Geoscience Consulting S.A.C., Scott Jobin-Bevans, P.Geo, PhD, PMP of Caracle Creek Chile SpA, and John Siriunas, P.Eng., M.A.Sc. of Caracle Creek International Consulting Inc. who are all independent Qualified Persons, for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Dr. Jobin-Bevans, Mr. Mortimer, and Mr. Siriunas have reviewed and approved the technical content of this news release.

Norton Lake Ni-Cu-Co-Pd-Pt Property - Exploration Upside

Geological and geophysical evidence suggests that there is more than 11 km of strike length on the Property prospective for the discovery of additional magmatic Ni-Cu-Co-PGE mineralization. Ultramafic rocks, similar to those that host the Norton Lake deposit have been mapped on the property; accordingly, these are prospective for the discovery of similar type deposits as Norton Lake. Geological evidence at the Deposit suggests a conduit-feeder dike style of mineralization - such deposits tend to occur in clusters, auguring well for exploration potential.

The Norton Lake deposit is associated with a series of airborne geophysical conductors situated on the south flank of a magnetic high. Numerous other conductors are present in the locale of the Norton Lake deposit and elsewhere on the property, which warrant follow-up.

Legacy borehole and large-loop electromagnetic (EM) data was recently recovered for surveys completed on the Norton Lake Deposit and surrounding area. As far as known, aside from logistical reports, there was no formal interpretation of this data completed at the time of the surveys. Such data will be interpreted and modelled and will be of great assistance in directing future drill programs testing for depth extensions to the Norton Lake deposit as well as for drill targeting, in and around the known deposit in the search for additional mineralization.

Historic drilling testing the Norton Lake deposit intersected a new zone of Ni-Cu-Co-PGE mineralization, known as the South zone. Drill holes U-4 and U-14 returned drill intercepts of 0.80% Ni, 1.07% Cu and 3.2 g/t Pt + Pd over 7.0 metres and 0.80% Ni, 0.30% Cu and 1.10 g/t Pt + Pd over 5.0 metres, respectively. The South zone appears to underlie the Norton Lake deposit and has only been tested by the 2 above drill holes, both at very shallow depth. Additional drilling is clearly warranted to expand this new zone of mineralization.

Next Steps for Norton Lake

A thorough compilation of all data available for the Norton Lake property and surrounding area will be completed to prioritize targets for upcoming exploration programs. This will include the integration of legacy airborne surveys, historic diamond drilling data as well as all ground surveys that have been completed to date.

Borehole and large-loop EM data generated from an earlier exploration program testing the Norton Lake deposit and immediate locale, have been retrieved by Copper Lake. Interpretation and modelling of such data will be completed to assist in directing future drilling programs, specifically to expand on the limits of the known Norton Lake deposit and to provide targets prospective for satellite or nearby magmatic Ni-Cu-Co-PGE deposits.

QUALIFIED PERSON

The scientific and technical information in this press release has been reviewed and approved by Donald Hoy, M.Sc., P.Geo. and Copper Lake's Vice President of Exploration, the Qualified Person as defined in National Instrument 43-101.

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 accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper Lake has a 79.45% 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 property 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

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.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Private Placement and proposed uses of the proceeds of the Private Placement, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include but are not limited to: TSX Venture Exchange acceptance of the Private Placement; Market acceptance and approvals; and the anticipated closing date for the Private Placement. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital Market conditions and Market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting the Company; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward- looking information can be found in the Company's disclosure documents on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96ba069b-8bda-4008-82b9-e9c38a44813e