Copper Lake Resources Borehole EM Surveys Reveal Strong Conductors at Depth on the Marshall Lake Copper-Zinc-Silver-Gold VMS Property in Northern Ontario

TORONTO, May 31, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to announce that it has obtained very encouraging results generated by downhole electromagnetic surveys (BHEM) recently completed, on its Marshall Lake Copper-Zinc-Silver-Gold Volcanogenic Massive Sulphide (VMS) Property (the “Property”), located northeast of Thunder Bay, Ontario. BHEM surveys were undertaken on three strategically located drill holes, to help point towards thicker accumulations of sulphide mineralization at the site of a new high-grade VMS discovery, known as the VTEM/Deep IP discovery. (see Copper Lake press releases dated May 10, 2022 and April 19, 2022).

Results of the borehole electromagnetic survey

All drill holes March 21, 2001, March 21, 2003 and March 22, 2002 detected strong conductors near the ends of the holes. Modeling suggests that all responses are likely due to a single, highly conductive source, with collective dimensions of at least 250 meters by 150 meters (see Figure 1A). The four strong conductors detected by the survey are located at depth, 250 meters or more below the surface. Hole Mar-22-01 was no longer accessible for surveying.

Specifically, conductors A and B are well-defined very powerful conductors located 325 meters below the surface. Moreover, conductors C and D are also strong conductors detected in holes Mar-21-01 & Mar-21-03. The fact that all three boreholes picked up the same strong conductive response at depth suggests that the conductor may be larger in size than was modeled from the BHEM surveys.

The presence of such strong conductors at depths greater than 300 meters below surface is very encouraging, as it confirms the potential for the discovery of much greater thicknesses of high-grade VMS mineralization at depth.

Further diamond drilling is clearly warranted to test these solid conductors and the priority hole will test the core of the conductive source, including conductors A and B, as shown in Figure 1A.

Summer Exploration Program Plans

Given the presence of strong conductors at depth, located within the broader conductivity and chargeability anomalies defined by the IP/deep magnetotelluric survey, a large loop pulsed electromagnetic (PEM) survey is strongly considered. on the ground covering the entirety of the large IP anomaly. The large-loop electromagnetism will provide EM data at depths deeper than previous surveys (>300 meters) and help define specific drill targets within the larger IP anomaly (Figures 1B and 1C).

The first priority for diamond drilling this summer will be to test the solid conductors deep beneath the new Deep VTEM/IP discovery, in order to better delineate this new zone of VMS mineralization.

The second priority will be an initial drill test of the Deeds Island VMS target. A large residual gravity anomaly (200 meters by 100 meters) at this site is closely associated with a strong zinc geochemical anomaly, a zone of strong hydrothermal alteration and a number of airborne EM conductors. The gravity anomaly is currently being modeled in 3D, to help define specific high priority drill targets. The Deeds Island target, located 6 km east of the Billiton deposit, is an attractive VMS target that has never been tested by diamond drilling before.

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 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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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.

Location of deep conductors

Location of deep conductors