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

VANCOUVER, BC 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 zinc-lead-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 small-scale 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-lead-silver-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.

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.

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 program⁸ was 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.

Figure 2. Copper in rocks and soils compilation map, Jasper Hills copper-gold prospects. Background imagery greyscale Lidar topography. Red outline represents >200ppm Cu in soil geochemistry.

Figure 3. Zinc + Lead in rocks compilation map, Jasper Hills base metals prospects. Background imagery greyscale Lidar topography. Red outline represents >200ppm Cu in soil anomaly.

Figure 4. Map showing priority regional Cu-Au exploration target areas (yellow outlines) identified in the AMC Project area with greyscale image of high-pass filtered reduced to pole (RTP) total magnetic intensity (TMI) processed data.

Figure 5. Photograph showing example of high-grade copper mineralization in quartz-carbonate veined silicified basalt (sample 63001 – 16.5% Cu, 0.23g/t Au, 133g/t Ag).

Figure 6. Photograph showing example of high-grade copper mineralization in silicified basalt (sample 63034 – 3.12% Cu, 2.08g/t Au, 40.1g/t Ag).

Figure 7. Photograph showing an example of banded sphalerite-galena-cassiterite mineralization (sample 63012 – 6.33% Zn, 7.32% Pb, 318g/t Ag, 0.59% Sn).

Figure 8. Photograph showing an example of massive sphalerite-galena-cassiterite mineralization (sample 63029 – 30.0% Zn, 7.9% Pb, 612g/t Ag, 0.85% Sn).

Table 3. Reconnaissance rock chip sample location details, copper-gold prospects, Jasper Hills.  Datum: GDA94 Zone 55.

Table 4. Reconnaissance rock chip sample location details, base metals prospects, Jasper Hills.  Datum: GDA94 Zone 55.

Table 5. Reconnaissance rock chip sample expanded summary assay results, copper-gold prospects, Jasper Hills.

Table 6. Reconnaissance rock chip sample expanded summary assay results, base metals prospects, Jasper Hills.

About the AMC Project

The AMC Project covers a total of 1,066 km² along approximately 100 km strike of prospective schists and amphibolites and establishes CopperCorp as the dominant owner of prospective ground in the district. The rocks are Neoproterozoic-Cambrian age and comprise a regional-scale metamorphic structural deformation zone that is host to widespread magnetite-sulphide-silicate alteration and mineralization indicative of a large IOCG-style system and includes the Savage River 498 Mt @ 46% DTR magnetite mine (owned by Grange Resources Limited)¹ and CopperCorp’s Alpine copper prospect.

About CopperCorp

CopperCorp is a well-financed mineral exploration company with approximately C$6.0M in working capital as of March 31, 2023 targeting world class copper-gold discoveries in western Tasmania, Australia.

Quality Assurance / Quality Control on Assay Results

Information on historical prospecting, mining, and exploration activities at the Jasper Hills prospect and other new IOCG-style exploration target areas contained within this news release has been reviewed and verified by the Qualified Person.  Historical data is considered sufficiently consistent between generations of past explorers, and sufficiently consistent with recent results, to provide confidence that compiled and reviewed assay results are indicative of the tenor of the samples. In the opinion of the Qualified Person, sufficient verification of the data has been undertaken to provide sufficient confidence that past exploration programs were performed to adequate industry standards and the data reported is fit for substantiating the prospectivity of the project in general, supporting the geological model/s proposed, planning exploration programs, and identifying/generating targets for further investigation.

CopperCorp’s rock chip samples from the Jasper Hills prospect reported in this news release are “grab” samples collected from surface outcrop, subcrop or float occurrences, and historical mine working rock piles.  Some samples may be selective and taken from both well-mineralized and poorly- or un-mineralized material in order to determine the range of elemental concentrations in an area. This style of “grab” sampling enables preliminary indicative metal grade and rock elemental compositions to be ascertained, however, it is not as representative as continuous chip channel sampling or drilling.  Rocks chip samples were collected, logged and photographed by a CopperCorp staff geologist.  The samples are bagged and ticketed prior to delivery by Company personnel to the ALS commercial laboratories in Burnie, Tasmania, for sample preparation.  The rock samples are crushed to 80% passing 2mm, riffle split to 500g and then pulverized to pass 75um. Coarse duplicate sampling is conducted every 20 samples to assess variability of the coarse crush. Cu and multi-element assay is by 4-acid digest followed by ICP-MS at ALS laboratories by method ME-MS61r.  Over range (high-grade) Cu samples are further assayed by method Cu-OG62. Au assay is by 30g fire assay at ALS laboratories by method Au-AA25.  Sn assay is by ALS laboratories method XRF15b. Certified reference materials (CRMs), blank and duplicate QAQC samples are included in sample submissions at 20 sample intervals. All QAQC samples were within acceptable limits (2 standard deviations for CRMs, duplicates <5%).

Qualified Person

The Company’s disclosure of technical or scientific information related to the AMC Project regional exploration target areas and the Jasper Hills prospect in this news release was reviewed and approved by Sean Westbrook, VP Exploration for the Company. Mr. Westbrook is a Qualified Person as defined in National Instrument 43-101. This news release also contains information about adjacent properties on which the Company does not have an interest. Information sources regarding the adjacent properties are listed in the References section of this news release. The QP has been unable to verify the information on these adjacent properties and the information is not necessarily indicative to the mineralization on the properties that is the subject of this news release.

References

¹Grange Resources Limited, 2021.  Update to Savage River Mineral Resources and Ore Reserves, ASX Release 31 March 2021.

²Independent Technical Report on EL2/2018 Tasmania Australia.  Prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Properties (NI 43-101).  Effective date: 18 April 2021.

³CPER: TSXV News Release 27^th April 2022.

⁴CPER: TSXV News Release 11^th May 2022.

⁵CPER: TSXV News Release 8^th June 2022.

⁶CPER: TSXV News Release 3^rd October 2022.

⁶CPER: TSXV News Release 3^rd October 2022.

⁷CPER: TSXV News Release 7^th December 2022.

⁸CPER: TSXV News Release 21^st February 2023.

⁹Nye, B.P. (1923).  The Silver-Lead Deposits of the Waratah District.  Geological Survey Bulletin No. 33. Tasmania Department of Mines.

¹⁰Seymour, D.B., Green, G.R., and Calver, C.R. 2007.  The Geology and Mineral Resource of Tasmania: a summary.  Geological Survey Bulletin 72.  Mineral Resources Tasmania, Department of Infrastructure, Energy and Resources Tasmania.

Contact:

Stephen Swatton

President, CEO & Director

Alexander Muir, CFA

Manager, Corporate Development & Investor Relations

604-970-8032

Additional information about CopperCorp can be found on its website: www.coppercorpinc.com and at www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation relating to exploration and  drilling results, planned drilling, drilling and exploration programs, the interpretation of geological,  geophysical and geochemical data, the merits and potential of 23 new IOCG-style regional exploration targets  including the Jasper Hills prospect, mineralization and the potential to define a significant mineralization system at Jasper Hills,  plans for future exploration activity  at AMC Project regional exploration targets including further exploration work at Jasper Hills, drilling progress and timing at the Alpine and Skyline prospects,  the receipt of assay results and reporting of same, the merits of the Company’s mineral projects, funding of drilling programs and other plans of the Company. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “interpret”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary” and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or other statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and that such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Factors that could cause future results to differ materially from those anticipated in forward-looking statements include risks associated with exploration and drilling; the timing and content of upcoming work programs; geological interpretations based on historical prospecting and mining information,  geological mapping, rock and soil  sampling, and drilling that may change with more detailed information; possible accidents; the possibility that the Company may not be able to secure permitting and other governmental approvals necessary to carry out the Company’s plans; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; the possibility that future exploration results will not be consistent with the Company’s expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic and political conditions; and other risks involved in the mineral exploration industry. The reader is urged to refer to the Company’s Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of risk factors and their potential effects.

Forward-looking statements are based on a number of assumptions, including management’s assumptions about the following: the availability of financing for the Company’s exploration activities; operating and exploration costs; the Company’s ability to attract and retain skilled staff; timing of the receipt of necessary regulatory and governmental approvals; market competition; and general business and economic conditions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.