Copper Lake Resources intersects 6.3% Cu and 770 g/t Ag at

TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (“Copper Lake” or the “Company”) is pleased to report that the Company has now received encouraging assay results and has initiated further studies on these assay results. its fall 2020 drilling program on the high-grade Billiton Main Zone on its Marshall Lake copper-zinc-silver-gold property, located 250 km northeast of Thunder Bay, Ontario.

This preliminary drilling program was planned to drill four holes totaling 1,220 meters to begin testing the depth extensions of the known zone. The holes were targeted on top-down projections of shallow historical drill results. The program budget was $200,000. Due to various access issues, such as unexpected beaver dams flooding the roads, only three of the planned four holes were drilled, for a total of 874 meters.

Copper Lake continues to intersect significant copper, zinc and silver VMS mineralization at Marshall Lake. Highlighted interceptions include:

• Drill hole MAR-20-03

  • 1.46% Cu, 0.43% Zn and 175.2 g/t Ag over 1.2 meters
    • including 6.3% Cu, 1.81% Zn and 770 g/t Ag over 0.4 meter

• Drill hole MAR-20-02

  • 0.137% Cu, 2.81% Zn and 59.0 g/t Ag over 0.6 meters
  • 0.138% Cu, 1.90% Zn and 38.0 g/t Ag over 0.8 meters
  • 0.028% Cu, 2.09% Zn and 32.6 g/t Ag over 0.9 meters

• Drill hole MAR-20-01

  • 0.17% Cu, 1.50% ZN and 44.2 g/t Ag over 0.5 meter

All three holes encountered extensive silver-enriched disseminated sphalerite-pyrite mineralization hosted in altered felsic volcanic rocks. This is interpreted as a peripheral halo of disseminated sulphides to a much larger VMS deposit and the silver grades encountered are particularly encouraging as it may have very high precious metal grades. Please see Appendix A for additional drill results.

Next phase of the Marshall Lake exploration program

The Company is currently planning follow-up geophysical surveys, including a drill pulse electromagnetic survey to test the conductive bodies at depth. Other geophysical surveys involving gravity surveys and resistivity mapping by new controlled-source audio-frequency magnetotelluric methods (CSAMT) are also planned. These surveys would help identify additional VMS targets on this large property where there are numerous occurrences of VMS-type mineralization, which have not been fully explored.

Quality Assurance and Control (QA/QC) Program

All drill core was logged and split at a secure core facility in Thunder Bay and samples were prepared by AGAT Laboratories in Thunder Bay and initial assays were performed at AGAT Laboratory in Thunder Bay, Ontario. Using a MEMS41 multi-element mass spectrometer method with ICP-MS finish, and all gold values ​​greater than 0.1 g/t were re-assayed with Fire Assay with ICP finish on a 30 gram sample. Blanks and standards were inserted every 20 samples alternating from a blank to a standard for quality control. Samples were analyzed initially with aqua regia digestion and ICP-MS analysis (ICP-MS finish) and samples greater than 1.0% Cu – Zn or 10g Ag were reanalyzed with aqua regia digestion and an AA (atomic absorption) finish at the AGAT lab in Mississauga, Ontario.

George Mannard, geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this press release.

About Copper Lake Resources

Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing its Marshall Lake and Norton Lake properties located in Ontario, Canada.

The Marshall Lake high-grade copper-zinc-silver-gold VMS property comprises an area of ​​approximately 104 km2 located 120 km north of Geraldton, Ontario and is accessible by all-weather road from the Trans-Canada Highway and only 22 km north of the CN main line. Copper Lake has the option to increase its ownership to 87.5% from its current ownership of 75%. The property also includes 148 claim cells staked in 2018 and 2020 which are 100% owned and royalty free, adding approximately 30 km2 to the property. The current consolidated land position has a long history of exploration, including historical resource estimates, as documented and appropriately disclosed in the Marshall Lake Property 43-101 Technical Report dated June 7, 2016 available at www. .copperlakeresources.com.

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.

Copper Lake holds a 71.41% interest in the Norton Lake nickel, copper and cobalt property, located in the southern Ring of Fire area, 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.

On behalf of the Board of Directors,

Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
tmacdonald@copperlakeresources.com

www.copperlakeresources.com

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.

Annex A

Marshall Lake drill results

The following table highlights selected intersections from the Marshall Lake drill holes announced today.

Borehole
Number
From
(m)
AT
(m)
Interval
(m)
Cu(%) Zn(%) Ag (g/t) Au (g/t)
MAR-20-01 98.5 99.0 0.5 0.170 1,500 44.2 0.096
MAR-20-01 99.0 99.8 0.8 0.036 0.165 3.3 0.007
MAR-20-01 99.8 100.4 0.6 0.146 0.592 16.5 0.068
MAR-20-02 21.5 22.1 0.6 0.052 1.570 22.6 0.036
MAR-20-02 22.1 23.0 0.9 0.028 2.090 32.6 0.017
MAR-20-02 23.0 23.7 0.7 0.022 0.777 10.3 0.005
MAR-20-02 125.0 125.8 0.8 0.138 1,900 38.0 0.143
MAR-20-02 163.0 163.6 0.6 0.137 2.810 59.0 0.166
MAR-20-03 22.4 23.4 1.0 0.161 0.495 19.6 0.047
MAR-20-03 23.4 24.0 0.6 0.261 0.127 21.8 0.425
MAR-20-03 24.0 24.8 0.8 0.106 0.225 15.5 0.026
MAR-20-03 115.8 116.2 0.4 6,300 1.810 770.0 0.348
MAR-20-03 116.2 117.0 0.8 0.182 0.182 52.9 0.117
MAR-20-03 117.0 118.0 1.0 0.123 0.042 14.0 0.035