Colossus Resources Corp. provided positive analytical results from channel sampling during the inaugural prospecting geological field program on its 100% controlled Master Copper Project which was completed in Fourth Quarter 2022. One Channel (Samples 81720-81729) returned 1.316% Cu and 0.210 grams per ton Au over 6.9 metres, including 2.565% Cu and 0.419 gpt Au over 3.2 metres.

The Master Copper Property is located 38 km west of Elliot Lake and approximately 90 km east of Sault Ste. Marie in the Algoma District of Northern Ontario and consists of 15 mining claims. The property is accessible via a series of all-weather roads and ATV trails. The Property covers an area of approximately 1,143 hectares.

Historical mineralization on the Master Copper property consists of quartz or quartz-carbonate vein sheets, anastomosed or breccia-weld vein systems mineralized with pyrite, chalcopyrite, specularite, and occasionally bornite, galena and sphalerite. Colossus with the assistance of Minroc Management Limited of Ontario, familiar with and successful at "grass roots prospecting" in the 2022 field program has compiled available data, worked on geological mapping of any encountered outcrops over parts of the property and sampled geologically prospective areas and identified veins. The Minroc prospecting program confirmed that two Cu-bearing vein systems are present on the Master Copper Property.

Both were channel-sampled. The main Master Copper veins, which historically saw some limited development, appear to have more potential for Cu mineralization than the Gagne Veins. One channel across the Master Copper veins also returned an appreciable Au interval, the first recorded on the Property, although other samples returned generally weak Au elevations whether mineralized or not.

As observed on the property, veins often have sharp contacts, steep dip with a west-northwest strike. Prospecting did not reveal any new mineralized vein systems, and it was not possible to identify the historic Hoyle or Harbinson mineralized veins in the field. This could easily be a function of outcrop availability; stripping/trenching and/or drilling may reveal veins in areas that currently lack outcrop.

A total of 212 samples were taken during the prospecting program. The results from the geological prospecting work and relevant analytical sampling results from this initial work has provided guidance in order to locate and prioritize targets, allowing for the planning of a follow-up drill program of approximately 1,000-1,200m to be executed in H1 2023. A drill permit application is in progress with the relevant authorities in Ontario.