Colossus Resources Corp. provided an exploration update for the inaugural geological field program on its 100% controlled Master Copper Project ("Master Copper" or the "Project") which was completed in late September 2022. 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 consist of quartz or quartz-carbonate vein sheets, anastomosed or breccia-weld vein systems mineralized with pyrite, chalcopyrite, specularite, and occasionally bornite, galena and sphalerite.

As observed on the property, veins often have sharp contacts, steep dip with a west-northwest strike. The property has not been adequately mapped or prospected in any detail in the past. Colossus with the assistance of Minroc Management Services ("Minroc") of Ontario, familiar with and successful at "grass roots prospecting" in the Third Quarter 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.

This initial field exploration program was carried out successfully in advance of any drilling to better delineate the mineralized vein systems identified on the property. Two parallel vein trends were identified on the property one of which was traced along strike for about 700m. The first trend is exposed at the historic Master Copper adit, and in a few historic trenches and blast pits along the main trail through the property, with an approximate strike length of 700m.

The second trend is exposed south of the first within and around the Gagne pits, with an approximate strike length of 400m. Vein widths vary from around a half-meter to up to 3 meters. The sediments hosting the quartz veins are siltstone conglomerates, sandstones /quartzites and occasional mafic dykes.

Concordant quartz veinlets and stringers are often present within the sediments alongside the "main veins" in both trends within 1-2meters of the main veins, but it seems that historically, only the "main veins" or larger veins were sampled while the narrower veins were ignored. Selected channels were cut and sampled across the main veins. Additionally, there is a possible third trend south of the first two and on strike of the Hoyle Shaft just off the eastern property boundary.