CPER.V · 2023-04-26

Rock Chip Sampling Returns up to 16.45% Cu, 10.1 g/t Au, 37.9% Zn+Pb, 612 g/t Ag, and 1.05% Sn at Jasper Hills Prospect

Exploration Programs Sampling & Geoscience Results

Vancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF) ("CopperCorp" or the "Company") is pleased to report that high-grade polymetallic assays have been returned from reconnaissance rock chip sampling at the Jasper Hills prospect. The prospect is one of multiple new exploration target areas recognized within the Company's AMC Project located in the 100% renewable energy state of Tasmania, Australia.

HIGHLIGHTS

Rock chip sampling program has confirmed highly anomalous copper-gold and polymetallic zinclead-silver-tin mineralization at the Jasper Hills prospect.

Assays up to 16.45% Cu and 10.1g/t Au returned from sampling of historical copper prospects. Assays up to 37.9% Zn+Pb, 612g/t Ag and 1.05% Sn returned from sampling of historical silver prospects.

CopperCorp has accelerated regional exploration activities with field work commenced to assess up to 23 new priority Cu-Au exploration target areas identified over the AMC Project. Jasper Hills is the first of the regional target areas to be tested.

Follow-up exploration at Jasper Hills is now underway.

Scout drill program at Dora prospect recently completed (2 holes for 788.7m) with assays pending. Planning for deep drilling program at Alpine prospect in progress.

Sean Westbrook, Vice President of Exploration of CopperCorp commented:

"Jasper Hills is the first regional exploration target that the Company has tested at the AMC Project outside of the flagship Alpine prospect and the confirmation of significant high-grade polymetallic mineralization from the first pass sampling is highly encouraging and warrants follow-up exploration.

The results are interpreted to represent two distinct metallogenic events that have overlapped in close proximity. In a mineral province renowned for its diversity of deposit styles, these early results at Jasper Hills reaffirm the Company's belief in the district-scale potential of the AMC project to host significant new discoveries."

JASPER HILLS ROCK CHIP SAMPLING PROGRAM

CopperCorp geologists recently carried out reconnaissance mapping and grab rock chip sampling over parts of EL1/2021, with a total of 45 samples collected in the Jasper Hills prospect area (Figure 1). The samples were collected from rock dumps, outcrops, and surface rock float in and around historical smallscale mine workings and prospects throughout the Jasper Hills area (see Figures 2 and 3).

Out of the 45 rock samples, 27 were collected over areas of historical copper-gold prospects and 18 were collected over areas of historical silver (base metal) prospects. Sample details and key assay data are presented in Tables 3, 4, 5 and 6.

Assay results from the sampling confirm the presence of highly anomalous copper-gold and zinc-leadsilver-tin mineralization systems at Jasper Hills.

Copper-Gold Prospects Sampling

14 of the 27 rock chip samples from the copper-gold mineralization zones at Jasper Hills returned assay results in excess of 1% Cu (Table 1), typically with coincident anomalous gold and silver values. Best sample assays include 16.5% Cu with 0.23g/t Au and 133g/t Ag (sample 63001), 14.4% Cu with 1.34g/t Au and 129g/t Ag (sample 63008), 3.12% Cu with 2.08g/t Au and 40g/t Ag (sample 63034), and 1.67% Cu with 10.1g/t Au (sample 63023). The anomalous samples were collected over a zone approximately 1,600m by 700m in area (Figure 2).

The copper-gold mineralization at Jasper Hills occurs as vein and disseminated to blebby primary chalcopyrite and secondary bornite, covellite, chalcocite and malachite (see Figures 5 and 6) hosted in variably silica altered basalt, pyroxenite and sedimentary rocks. The Cu-Au mineralization is currently interpreted to be of probable primary magmatic/volcanogenic origin and stratabound in nature (Cambrian aged) with possible later remobilization and upgrading in structurally hosted positions during Devonian age granite intrusion events.

Sample ID	Cu (%)	Au (g/t)	Ag (g/t)	Zn+Pb (%)
63001	16.5	0.23	133	0.02
63002	1.62	2.5	17.15	0.01
63003	1.40	0.02	0.61	0.004
63004	1.43	0.1	0.77	0.01
63005	0.13	0	0.08	0.01
63006	0.15	0	0.09	0.01
63007	0.18	0	0.05	0.01
63008	14.4	1.34	129	0.02
63009	1.24	0.02	0.82	0.01
63010	1.04	0.13	4.28	0.005
63011	6.54	0.49	50.3	0.01
63015	2.89	2.17	19.5	0.17
63023	1.67	10.1	2.3	0.08
63034	3.12	2.08	40.1	0.03
63036	1.66	0.06	6.85	2.92
63037	0.52	0.18	13.2	0.04
63038	1.95	2.22	4.89	0.02
63039	0.64	0.23	1.51	0.04
63062	3.13	1.85	6.38	0.01

Table 1. Anomalous assay results from rock chip grab samples, copper-gold prospects, Jasper Hills.

Base Metals Prospects Sampling

10 of the 18 rock chip samples from the base metals prospect areas at Jasper Hills returned assay results in excess of 8% Zn+Pb (Table 2) with coincident anomalous silver and tin values. Best sample assays include 30.0% Zn with 7.9% Pb, 612g/t Ag and 0.83% Sn (sample 63029), 10.25% Zn with 6.77% Pb, 320g/t Ag and 0.34% Sn (Sample 63019), and 6.67% Zn with 3.89% Pb, 202g/t Ag and 1.05% Sn (Sample 63014).

The base metal zone rock samples were taken over a strike length of approximately 1,200m (Figure 3). Sampled areas include those of the historical Mount Wright, Heazlewood and Leven Creek prospects which lie on northwest trending fault structures within altered ultramafic host rocks approximately 700- 1000m to the northeast of the main historical Cu-Au prospects. The structurally hosted mineralized galena-sphalerite-cassiterite-quartz-carbonate vein lodes are typically 1-5m wide, comprising variable banded to massive vein and disseminated styles of mineralization (see Figures 7 and 8). Historically, these lodes were selectively mined to shallow levels (30-60m) for high-grade silver associated with discrete narrow galena veins within the wider lode, with any mixed sulphide ore mostly discarded.

Sample ID	Zn (%)	Pb (%)	Zn+Pb (%)	Ag (g/t)	Sn (%)
63012	6.33	7.32	13.65	318	0.59
63013	4.79	6.6	11.39	273	0.4
63014	6.67	3.89	10.56	202	1.05
63017	9.38	2.1	11.48	117	0.43
63019	10.25	6.77	17.02	320	0.34
63021	5.49	2.88	8.37	122	0.08
63022	0.16	0.11	0.27	7.28	0.19
63024	2.63	0.1	2.73	16.45	0
63026	0.65	4.23	4.88	20.8	0
63027	0.11	0.03	0.14	4.16	0
63028	9.53	3.02	12.55	215	0.2
63029	30.0	7.9	37.9	612	0.83
63030	3.45	0.3	3.75	31.7	0
63033	6.82	2.26	9.08	97	0.14
63063	7.16	3.63	10.79	137	0.17

Table 2. Anomalous assay results from rock chip grab samples, base metals prospects, Jasper Hills.

JASPER HILLS - BACKGROUND

The Jasper Hills prospect is located within Exploration License EL1/2020, situated approximately 10km east of the operational Savage River magnetite mine and approximately 35km northeast of CopperCorp's Alpine prospect (Figure 1). The prospect area is accessed by sealed bitumen road to within 1.5km and then by a network of unsealed 4WD tracks. Electrical transmission lines pass by the prospect area along the main access road.

Bedrock geology of the area is dominated by Cambrian mafic to ultramafic and volcanic-sedimentary sequences. Ordovician to Silurian sediments, Tertiary basalts and Quaternary sediments cover relatively minor parts of the property. The Devonian aged Meredith granite underlies much of the southern part of the tenement.

Historical prospecting and mining in the area, commenced during the 1880's, was initially focused on silver lodes of the Mt Wright-Heazlewood and Mt Stewart (approx. 4km south of Jasper Hills) mines and then periodically for copper at the Old Jasper and New Jasper prospects following the discovery of outcropping copper mineralization around 1898.⁹ Intermittent copper prospecting and small-scale mining was mainly carried out on near-surface high-grade oxide lodes at the Old and New Jasper mines until around 1920, however, limited records are available. It is estimated that approximately 200 tons of handpicked copper ore ("firsts") and concentrates grading approximately 20% Cu and 6g/t Au was produced from the Old and New Jasper workings post-1912⁹. Available records indicate that around 300 tons of lead-silver-zinc ore averaging approximately 65% Pb and 2,740g/t Ag was extracted from the various Mt Wright-Heazlewood workings.⁹ Copper-gold mineralization at Jasper Hills occurs as vein and disseminated to blebby primary chalcopyrite and secondary bornite, covellite, chalcocite and malachite hosted in variably silica to jasperoid altered basalt, pyroxenite and sedimentary rocks. The copper-gold mineralization is stratabound to fault-hosted in nature and is interpreted to be of probable Cambrian age primary magmatic/volcanogenic origin with possible later remobilization and upgrading into structurally hosted positions during Devonian granite intrusion events.

The historical silver-lead-zinc prospects of Mt Wright, Heazlewood and Leven Creek occur on a northwest-trending structural zone in altered mafic ultramafic rock units. The structurally hosted mineralized vein lodes are typically 1-5m wide, comprising variably banded vein and disseminated sphalerite-galena-quartz-carbonate mineralization. These lodes were historically mined to shallow levels and selectively for high-grade silver associated with discrete narrow galena veins, with any mixed sulphide ore mostly discarded as waste. The prospects have remained untested by drilling.

Tin mineralization has not previously been recognized in the Jasper Hills area. However, several significant tin mines occur within 20km, including Mount Bischoff (10.54 Mt @ 1.1% Sn), Cleveland (12.4 Mt @ 0.61% Sn & 0.25% Cu), and Magnet (0.63 Mt @ 427 g/t Ag, 7.3% Pb & 7.3% Zn) mines.¹⁰

Numerous companies have carried out various exploration activities over the Jasper Hills area since the 1960's, however, most of the work can be regarded as superficial in nature. Results of available previous soil data are shown in Figure 2.

Limited historical drilling at Jasper Hills includes 14 shallow RC holes (totaling 483m) drilled in 1988 and 4 diamond core holes (totaling 620.5m) drilled between 1988 and 2013. Results of the RC drilling were considered inconclusive due to most holes not reaching the target depths and the program being abandoned due to drilling difficulties. The historical diamond drill holes were selectively sampled (varying from 1% to 55% of core sampled from individual drill holes) with best results including 3m @ 2.05% Cu from 115m in hole JD2, 0.3m @ 2.25% Cu, 6.6g/t Ag and 0.28g/t Ag from 26.3m in hole JD3, and 0.23m @ 0.82% Cu and 0.19g/t Au from 101m in hole SJ-1.

Multiple geophysical surveys, including ground magnetics, IP, SP, airborne magnetics, DIGHEM, and VTEM have been carried out over the Jasper Hills and wider tenement area, and the Company has commenced a review of available open-source data.

Next Steps

Results of the rock chip sampling program at Jasper Hills have confirmed high mineralization grades that warrant follow-up assessment work. Activities in-progress include finalization of historical data compilation, reprocessing and modeling of available geophysical data, detailed geological mapping and additional sampling.

REGIONAL TARGETING REVIEW

As previously announced⁸, recent data compilation and review work undertaken for CopperCorp's AMC Project has identified 23 priority Cu-Au exploration target areas. The primary exploration target is for iron-oxide-copper-gold (IOCG) style mineralization, however, potential for other mineralization styles was also recognized during the review, including polymetallic volcanogenic and intrusion related mineralization. The review involved compilation and review of available open-file geological, geophysical, surface geochemistry, and historical drilling data, with independent Australian geophysical consultants, Resource Potentials, engaged to assist with re-processing and interpreting available geophysical data as part of the review.

The AMC Project covers 1,066km² of ground over the Arthur Metamorphic Complex (AMC), a Neoproterozoic-Cambrian regional-scale metamorphic structural deformation zone that is host to widespread magnetite-sulphide-silicate alteration and mineralization indicative of a large IOCG-style system² and includes the Savage River 498 Mt @ 46% DTR magnetite mine (owned by Grange Resources Limited)¹ and CopperCorp's Alpine copper prospect.^2-7

Many of the identified target areas are either previously unexplored or under-explored in modern times.

Permitting for the follow-up exploration work programs is currently in-progress for priority regional target areas within the AMC Project.

Stephen Swatton, President and CEO of CopperCorp commented:

"The results of the regional review and targeting exercise support our earlier interpretations for a prospective district-scale Cu-Au corridor along the Arthur Metamorphic Complex (AMC) and adjacent areas, including IOCG and volcanogenic style targets, and will underpin our regional exploration strategy for the AMC Project where significant widths of copper mineralization have already been intersected in drilling at the Company's Alpine prospect.

With approximately C$6.0M in cash the Company's strategy is to continue with its plan to drill Alpine in a cost-effective manner while undertaking targeted exploration within the AMC and Skyline Projects at prioritized areas."

OTHER BUSINESS

Dora Prospect Scout Drilling Update

The Dora prospect scout drill program⁸was completed on 14^th April, 2023. The completed drilling comprised 2 diamond drillholes for a total of 788.7m at the Dora 3 target area. The Dora 3 target area comprises an elongate zone, some +500m in strike length (open), of outcropping mineralization with anomalous assays from historical and recent rock sampling including 1.03% Cu with 0.4g/t Au⁸. The drill core is currently being processed and sampled, and results will be reported following receipt of assays in due course.

Alpine Prospect Update

Assays from the first two diamond drill holes at the Alpine West prospect maiden drill program have been received. Results are still being reviewed and interpreted, however, no significant mineralized intercepts are evident from the assay results. The gravity anomaly at Alpine West³ remains unexplained from the recent drilling and the Company plans to update the Alpine prospect geophysical models based on new drill hole information as part of a general prospect wide review.

Planning and permitting is currently underway for a deep drill program at the Alpine Stellar zone prospect where CopperCorp has already confirmed the continuation of high-grade copper mineralization from surface to depths of at least 400m (e.g. AP036: 23m @ 1.14% Cu from 292m, within 90.0m @ 0.50% Cu from 334.0m⁷). Further updates and details of the planned deep drill program will be reported in a later news release.

Board Resignation

The Company also announces that effective immediately, Aaron Keay has resigned as a member of the board of directors of CopperCorp. The board of directors would like to take this opportunity to express its sincere appreciation to Mr. Keay for his valuable contributions and services to the Company.

Figure 1. Location plan showing CopperCorp's exploration licenses and project areas in western Tasmania, Australia.