Coast Copper Makes New High-Grade Gold Discovery at Empire Mine Property

TSX. V: COCO

VANCOUVER, Aug. 21, 2023 - Coast Copper Corp. ("Coast Copper" or the "Company"; (TSXV: COCO) is pleased to announce the discovery of a new mineral showing ("B3") which is located approximately 700 meters ("m") to the south of the Merry Widow pit on the optioned Empire Mine property ("Empire Mine" or the "Property") on northern Vancouver Island, British Columbia ("BC"). The B3 showing was discovered during Coast Copper's summer 2023 exploration field program which included prospecting, soil and rock sampling across areas of interest, taking samples from one of the historical magnetite waste dumps and hosting several site visits with individuals from the BC Geological Survey ("BCGS") and the University of Victoria.

Adam Travis, Coast Copper CEO comments: "As announced on June 12, 2023, several areas of interest were noted to potentially expand the Property's mineral resource estimate (the "2023 MRE")(announced May 23, 2023). The new B3 discovery as well as the waste dump were not included in the potential expansion but going forward will be included as areas that could potentially add additional resources to the 2023 MRE. While on site, we also field-checked and confirmed the proposed drill locations for the next drill program. These drill locations are mostly located within the areas noted in our June 12 news release, which could potentially double the 2023 MRE, as well as a few additional exploration holes proposed in new areas."

B3 Showing (New gold and tellurium discovery)

A total of 67 soil samples were taken around the B3 showing with 2 rock and 4 chip samples taken from the B3 outcrop itself. Soil sampling around the B3 showing has outlined an area roughly 100 m by 150 m with gold-in-soil values of >80 parts per billion ("ppb"). Additional highlights of soil sampling taken around the B3 area include 3,931 ppb Au and 1,410 ppb tellurium ("Te") in sample MWS2023-018 and 2,518 ppb gold ("Au") and 740 ppb Te in sample MWS2023-094. Highlights of soil samples taken between the Bluebird 2 showing and the new B3 discovery include 2,194 ppb Au and 1,340 ppb Te in sample MWS2023-042. These samples warrant further follow-up.

Rock sampling at the B3 outcrop has returned results up to 51.60 grams per tonne ("g/t") Au, 30.66 g/t Te, 0.25 percent ("%") cobalt ("Co") and 50.52 g/t silver ("Ag"). The B3 showing confirms that despite the history of iron ore exploration and mining along the Merry Widow trend, limited exploration has been given to areas outside of obvious massive iron and copper sulphides, which Coast Copper's work is now showing can return very significant gold and rare earth element values peripheral to these iron and copper skarns.

See Figures 1 and 2 for sample locations and Table 1 for rock sample assay results.

Please visit the Company's YouTube account for videos taken while at the B3 showing or click the link https://youtu.be/-ee7ZHzfarY

Adam Travis further comments: "Once again we are pleased with the fact that we are still able to make new discoveries on trend on the Property. Even though this Property has been explored and mined for over 100 years, the areas outside the core mine area remain heavily under-explored."

Additional Discoveries Meriting Follow-up
In addition to the sampling completed around the B3 showing, a total of 42 soil and 10 rock samples were taken while prospecting areas of interest from the Whiskey Jack showing to the Battle Mountain showing (approximately 2.75 kilometers distance). Some notable results from across the Property include a rock sample collected from outcrop on the southeastern margin of the South Pit which returned values of 2.9 g/t Au and 4.5% Cu. This result further reinforces the continuation of high-grade gold and copper mineralization along the thrust trend to the south of the current resource.

A follow-up sample from a mineralized dike near the Bluebird 1 occurrence returned values of 7.1 g/t Au and 6.5% Cu, confirming presence of high-grade mineralized intrusive structures in the vicinity of known mineral occurrences.

Ground conditions on site can be very challenging, where places of thick underbrush and dense organic layers appear to have inhibited the collection of good soil samples by previous operators. As evidenced by our more diligent soil sampling of proper soil horizons, we are seeing significantly higher metal values in many places.

Further work will include following up on a 350 m by 550 m long gold-in-soil anomaly along the northerly trending contact of the Merry Widow pluton with Battle Mountain, that has only seen limited exploration.

Merry Widow Historical Waste Dump Sampling
Several waste dumps have previously been identified across the Merry Widow mine area with a total material volume estimated at 2.8 million tonnes. One of the historical dumps (containing an estimated 550 kiloton of material) was initially sampled during the program by collecting talus fines from 8 locations on the dump (see Figure 1). Assay results for these samples returned grades ranging from 0.05 to 0.71 g/t Au, 0.04 to 0.28 % Cu and 15.2 to 35.8 % iron ("Fe"). The average grade for the 8 dump samples was 0.23 g/t Au, 0.14% Cu and 22.3% Fe. See Table 2 for sample assay results.

Although preliminary, these results are encouraging given the high iron (magnetite), gold and copper results for material designated as waste during the 1957 to 1967 mining operations. To properly characterize the material in these dumps and to help determine the potential economic significance, additional and more substantial sampling programs will need to be carried out. Preliminary waste dump sampling was initiated to begin characterization of the waste dump material, composition and grade for future consideration as a potential processable resource.

Government Collaboration / Critical Minerals Study
During the summer program, Coast Copper hosted several site visits with members of both the BCGS and the University of Victoria with a focus on the rare earth and critical metals potential at the Property. Coast Copper will continue to collaborate with the government and academia as it works toward updating and characterizing the mineral deposit model types.

Adam Travis, comments: "The work completed by Coast Copper to date is suggestive of a larger system than previously thought that may contain zonation patterns with other metals. The new B3 discovery is an excellent example of gold-rich zones that are under-explored and may occur peripherally to the better-known iron and copper skarn occurrences. "

Quality Assurance/Quality Control ("QA/QC") Procedures
Soil samples were taken at 25 m spacings when possible and by up to 50 m spacings in areas of interest. All samples were taken from the B horizon soil profile.

Sampling completed on the project in 2023 was supervised by on-site Coast Copper personnel and sub-contractors who collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to MSA Labs in Langley BC for analysis. MSA Labs' quality control system complies with global certifications for Quality ISO9001:2008. Soil samples were dried and screened to 80 mesh and then analyzed in 20g samples with multi-element ICP-MS Aqua Regia digestion (IMS-111). Rock samples were dried and crushed to 70% passing 2mm mesh and split to 250g samples which were pulverized to 85% passing 75?m. The samples were then analyzed by a 4 acid digestion multi-element ICP-MS (IMS-131). Gold assaying was completed with FAS-415, a 30-gram fusion fire assay with AAS finish with greater than 10 g/t Au assays completed with FAS-418, a 30-gram fusion fire assay with gravimetric finish. Silver assays greater than 100 g/t were completed with ICF-6Ag, 4 acid, ICP-AES ore grade analysis. Copper assays greater than 10,000 parts per million ("ppm") were completed with ICF-6Cu, 4acid, ICP-AES ore grade analysis. Zinc assays greater than 10,000ppm were completed with ICF-6 Zn, 4 acid, ICP-AES ore grade analysis.

Qualified Persons
The technical information contained in this news release has been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC), Coast Copper's geological consultant and a Qualified Person ("QP") within the context of the Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.

Coast Copper's exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100% owned Knob Hill NW property located on northern Vancouver Island, its Home Brew property in central BC, and its Scottie West property located in the "Golden Triangle" of northern BC. Coast Copper's management team continues to review precious and base metals opportunities in western North America.

On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director

Notes Related to this news release and/or maps

1. Historical information, maps or figures contained in this release regarding Coast Copper's Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information.
2. The 2023 Mineral Resource Estimate was prepared by Sue Bird, P.Eng., an independent Qualified Person. The effective date of the mineral resource estimate is April 26, 2023. Mineral Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that any Mineral Resources will be converted into Mineral Reserves. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued exploration. The Mineral Resource Estimate has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions, Prices are based on 3 year trailing averages, recoveries are based on preliminary metallurgical studies, and smelter terms and costs are based on comparables.
   1. 1. Au price of USD$1,800/oz and Cu price of US$ 3.50/lb at an exchange rate of 0.75 US$ per CAD$;
      2. 77% Cu metallurgical recovery, 29% Cu concentrate grade, 100$USD/tonne concentrate transport, 100 $USD/tonne concentrate treatment, 1% unit concentrate grade deduction, and 0.1 $USD/lb Cu refining cost
      3. 60% Au metallurgical recovery, 99% payable Au, and 8 USD$/oz Au refining cost.
      4. Mining costs of CAD$15/tonne;
      5. Processing + G/A costs of CAD$25/tonne;
      6. Pit slopes of 50 degrees;
         The resulting NSR equation is: NSR (CDN$) = (Cu%/100) x 3.96 x 2204.6 x 0.77 + Au x 76.05 x 0.6. The bulk density of the deposit is interpolated from sample data. The average value specific gravity used for the Mineral Resource Estimate is 3.45 at the base case cutoff.
         
         Copper and Gold Equivalents were calculated as: CuEq=NSR/67.22 and AuEq=NSR/45.63
3. Cominco Resources, Drill Section Maps "Plan of Cominco's Benson Lake Operations on Empire Claims Showing Ore Reserves & Proposed Exploration Program", 1970, Private Files. While Coast Copper notes that Cominco's historical results are not NI 43-101 compliant and have not been verified by the Company's QP, these combined historical resources total nearly 3.154 million tonnes and will help guide Coast Copper's exploration programs
4. Benson Lake Mine historical reserves recorded by Cominco Resources (1972) report a non NI 43-101 resource of 454,000 tonnes grading 0.59 g/t Au and 1.3% Cu and Inferred resource of 2.7 million tonnes of 1.7% Cu with no Au grade calculated.

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 STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board, and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological, and competitive uncertainties, and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation, or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.

SOURCE Coast Copper Corp.