TORONTO, Sep 16, 2021 (GLOBE NEWSWIRE) – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to announce that it has notified Rainy Mountain Royalty Corp. (“RMO”) that it exercised its option to acquire an undivided 75% interest in the Marshall Lake Joint Venture Agreement (“Joint Venture Agreement”), as provided in the option agreement dated July 6, 2010 (the “Option Agreement”). RMO retains the remaining 25% interest.
The Company had completed the acquisition up to 75% and still had an option to acquire up to 87.5% by bringing the project to the bankable feasibility stage. The Company has determined that it is in the best interests of the shareholders for Copper Lake to withdraw from the option agreement and continue to explore and develop the property under the joint venture agreement. Each party will be responsible for funding its proportional share of the JV project expenses. If RMO chooses not to contribute its pro rata share, then RMO’s interest in the joint venture would be diluted. Once the RMO interest is reduced to 10%, it automatically converts to a 1% royalty on net smelter income. Copper Lake would have the right to acquire the net smelter income royalty at any time for CAD 1 million.
Copper Lake will continue to operate the joint venture.
Donald Hoy, M. Sc., P. Geo., Vice President of Copper Lake Exploration, is the Qualified Person responsible for the technical content of this press release.
About Copper Lake Resources
Copper Lake Resources Ltd. is a Canadian publicly traded company currently focused on advancing its Marshall Lake and Norton Lake properties located in Ontario, Canada.
Marshall Lake property
The Marshall Lake high-grade copper, zinc, silver and gold property comprises an area of approximately 104 km2 located 120 km north of Geraldton, Ontario and is accessible by all-weather road at from the Trans-Canada Highway and just 22 km north of the main CN rail line. Copper Lake owns a 75% interest in the joint venture property, which consists of 233 claims and 52 mining leases. The property also includes 148 claim cells staked in 2018 and 2020 100% owned and royalty free, adding approximately 30 km² to the 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 comprising an area of 4 km² on the east side of the Marshall Lake property where historical airborne EM 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.
Owned by Norton Lake
Copper Lake owns a 71.41% interest in the Norton Lake PGM nickel, copper, cobalt and palladium property, located in the southern area of the Ring of Fire, approximately 100 km north of the Marshall Lake property. The Norton Lake property has an NI 43-101 metered and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g / t Pd.
On behalf of the Board of Directors,
Copper Lake Resources Ltd.
Terry MacDonald, CEO
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