TORONTO, Feb. 15 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to report encouraging initial assay results from its ongoing diamond drill program, on its Marshall Lake copper-zinc deposit – volcanogenic massive sulphide (VMS) silver-gold property (the “Property”), located northeast of Thunder Bay, Ontario.
The primary focus of the current 3,000 meter drill program is a large untested induced polarization (IP) anomaly (“deep IP target”), with a secondary focus on the Billiton deposit and other base metal occurrences. base on property that have seen minimal to no historical drilling. The highlight of recent drilling was the recognition of a new copper-zinc mineralized zone parallel to the main Billiton zone.
The initial drill hole completed in the current program on March 21, 2001 tested the Billiton deposit (historical resource of 2.2 MT at 4.2% zinc, 1.3% copper and 2.5 opt Ag1) between two widely spaced shallow historical boreholes. The deposit was intersected to a vertical depth of approximately 70 meters yielding an intersection of 5.26% zinc, 1.17% copper, 0.12% lead, 59.65 g/t silver and 0.03 g/t gold (8.69% ZnEQ) over a core length of 4.90 meters. This intersection confirms both the grade and width of base and precious metal mineralization, obtained during historic drilling, testing the Billiton deposit.
Deeper in the hole, at a vertical depth of 170 meters, a second parallel zone of significant base metal mineralization was intersected yielding 6.54% zinc, 0.40% copper, 0.08% lead , 41.50 g/t silver and 1.06 g/t gold (8.03% ZnEQ) over a core length of 3.00 meters.
Both zones include strongly disseminated to locally banded sphalerite, chalcopyrite and pyrite within intense biotite-chlorite altered coarse-grained felsic volcaniclastic rocks. The intersected widths of the mineralization are believed to be close to true widths. The deeper zone is of particular interest as it confirms the potential for a zone of base metal mineralization parallel to the known Billiton deposit. Further drilling and in-hole EM surveys are clearly warranted to determine the extent of this new zone of base metal mineralization. The presence of stacked sulphide lenses would increase the mineral inventory and improve the exploration potential of the Billiton deposit area.
The test results for March 21, 2001 are shown below2.
Assay results for drill hole Mar-21-03 are expected to be received within the next 30 days. This hole tested an airborne VTEM conductor located above the deep IP target, intersecting 2 well mineralized zones containing strongly disseminated to semi-massive sphalerite, chalcopyrite and pyrite over core lengths of 2.67 and 3.74 meters, respectively (see Copper Lake press release dated January 4, 2022 http://copperlakeresources.com/wp-content/uploads/2022/01/CPL-News-Release-22-01-Jan-3-Final-9pm-ex-core-pictures.pdf).
After a short hiatus due to extreme cold, resulting safety issues and the implementation of camp improvements, diamond drilling has resumed at Marshall Lake. The drilling is focused on testing the new large, deep (800 x 300 x 300 meters), strong and untested induced polarization (IP) anomaly located adjacent to and below the Billiton VMS deposit, which was identified in the recent survey disclosed in the company’s press release. from September 7, 2021 (http://copperlakeresources.com/wp-content/uploads/2021/09/Sept-8-2021-News-Release-Combined-with-maps.pdf).
The orientation gravity survey undertaken at the Billiton Deposit – Deep IP Target Zone has been completed. Interpretation and modeling of gravity survey data is ongoing. The results will be published as soon as they are available.
The gravity team has now mobilized to the Deeds Island target, to help prioritize drill targets on this large potential anomaly. It includes a 1 km long zinc bedrock geochemical anomaly, coincident with an extensive garnet-actinolite alteration zone and several airborne EM conductors. The Deeds Island gravity survey is expected to be completed within 2 weeks.
1The resource described above is considered historical under NI-43-101 guidelines and has not been verified by an independent qualified person and, therefore, should not be relied upon. The Company does not treat the historical resource as a current mineral resource
2Assays performed by Activation Laboratories in Ancaster, Ontario using 1A2 – Fire Assay AA, 1H INAA (INAAGEO)/Total Digestion (Total) and UT-7 Sodium Peroxide Fusion (ICP & ICPMS)
3Zinc equivalent (ZnEQ) calculated using the following metal prices: zinc at $1.65/lb, copper at $4.46/lb, lead at $1.01/lb, silver at $22.50/oz and gold at 1,808 USD/oz
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
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.