Copper Lake Resources Announces High-Grade Assays from the First Deep Hole of the New Deep VTEM/IP Discovery on the Marshall Lake VMS Property, Ontario

TORONTO, June 14, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to announce high-grade assay results from its recently completed drill program, undertaken on its Marshall Lake copper-zinc deposit – volcanogenic massive sulphide (VMS) silver-gold property (the “Property”), located northeast of Thunder Bay, Ontario. Specifically, the assays reported here are from drillhole Mar-22-01, the first deep hole drilled on a new discovery known as the VTEM/Deep IP discovery.

Drill results

A total of six (6) significant intervals of base and precious metal mineralization were obtained from hole Mar-22-01, as shown below. Silver assays remain pending and will be reported separately once received.










Hole No. Of
(m)
to M) Interval
(m)
%Cu %Pb %Zn Ag (g/t) Au (g/t)
22-mar-01 137.15 139.25 2.10 0.53 0.28 3.00 waiting 0.02
236.00 239.00 3.00 1.47 0.01 1.54 waiting 0.02
272.05 274.20 2.15 2.40 0.04 3.37 waiting 0.22
298.06 300.17 2.11 8.13 0.05 7.26 waiting 0.33
311.20 313.15 1.95 5.81 0.01 7.32 waiting 0.02
369.00 374.11 6.00 2.37 0.01 1.75 waiting 0.37

1Assays performed by Activation Laboratories in Ancaster, Ontario, Ontario using analytical packages 1A2 – Fire Assay AA, IH INAA (INAAGEO)/Total Digestion (Total) and UT-7, Sodium Peroxide Fusin (ICP & ICP MS)

By highlighting the results, 2 high quality intervals return 8.14% Cu, 0.05% Pb, 7.26% Zn and 0.33 g/t Au over 2.11 meters as good as 5.81% Cu, 0.01% Pb, 7.32% Zn and 0.02 g/t Au over 1.95 meters. The intersected widths are believed to be close to the true widths.

A shallow drillhole previously completed on the VTEM/Deep IP discovery (Mar-21-03) yielded 1.43% Cu, 0.11% Pb, 2.35 Zn, 109.67 g/t Ag and 1.41 g/t Au over 11.87 meters (including 5.30% Cu, 0.06% Pb , 6.43% Zn, 315.58 g/t Ag and 2.27 g/t Au over 2.67 meters & 1.74% Cu, 0.05% Pb, 4.13% Zn, 122.24 g /t Ag & 0.51 g/t Au over 2.59 meters (see Copper Lake press releases dated May 10, 2022 and April 19, 2022).

A recently completed borehole electromagnetic survey (BHEM) by the Company defined two strong to very strong conductors (A and B), located approximately 325 meters below surface. These conductors are located below and at greater depth than the high-grade intervals obtained in hole Mar-22-01. The presence of such strong conductors located at depth and below the high-grade mineralization is very encouraging as it solidifies and confirms the potential for finding much larger thicknesses of high-grade mineralization at depth (see Figures 1A, 1B and 1 C).

Further drilling is clearly warranted to test solid conductors at depth; priority drilling will be to test the core of the conductive source which will include conductors A and B. These drillings will be completed in the summer of 2022.

QUALIFIED PERSON

Donald Hoy, M.Sc., P.Geo., Vice President of Exploration for Copper Lake, is the qualified person responsible for the technical content contained in this press release.

ABOUT COPPER LAKE RESOURCES

Copper Lake Resources Ltd. is a publicly traded Canadian mining exploration and development company with interests in two projects, both located in Ontario. www.copperlakeresources.com

The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of ​​approximately 220 km2 located 120 km north of Geraldton, Ontario and is accessible by all-weather road from the Trans-Canada Highway and just 22 km north of the CN mainline. Copper Lake holds a 75% interest in the joint venture property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 which are 100% owned and royalty free, adding approximately 30 km2 to the original property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells covering an area of ​​4 km2 on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have revealed strong conductors on the property hosted in the same favorable felsic volcanic units . The Summit Lake property currently consists of 100 claim cells covering an area of ​​20.5 km2, is accessible year round and is located immediately west of the original Marshall Lake property. The Marshall Lake Project is located on the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First Nations.

Copper Lake also holds a 71.41% interest in the joint venture Lake Norton The MGP nickel, copper, cobalt and palladium property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake property. The Norton Lake property has NI 43-101 compliant measured and indicated resources of 2.26 million tonnes at 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd. The Norton Lake property is located on the traditional territories of the Eabametoong (“Fort Hope”) and Neskantaga First Nations.

On behalf of the Board of Directors,

Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
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