TORONTO, Jan. 04, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to provide an update on diamond drilling currently underway at its volcanogenic massive sulphide deposit. Marshall Lake copper-zinc-silver (VMS), located northeast of Thunder Bay, Ontario. The Company also reports the recent exercise of 18,413,333 warrants at $0.05 providing $920,667 in additional program funding, to be used in the ongoing exploration program involving diamond drilling as well as ground geophysical surveys.
The current 3,000 meter drill program is focused on a large untested induced polarization (IP) anomaly (“deep IP target”), located adjacent to and below the Billiton VMS copper-zinc-silver deposit, with a secondary focus on other base metal occurrences on the property that have had little or no historical drilling. Drilling progress has been slow and the deep IP target has yet to be tested; however, the current drill hole provides positive indications that it could be linked to a large VMS deposit. Diamond drilling is expected to resume this week.
Latest drilling highlights the intersection of two well mineralized alteration zones in the hole 21-mar-03. Both zones contain an appreciable quantity of bullous, stringer and strongly disseminated to semi-massive pyrite, chalcopyrite and sphalerite, hosted in felsic volcaniclastic rocks characterized by intense biotite, chlorite, actinolite and silicic alteration. Such mineralization and alteration is typical of stringer or footwall zones seen near or beneath massive sulphide deposits. (photos of drill core from hole Mar-21-03 are posted on the Copper Lake website at www.copperlakeresources.com.)
The target for 21-mar-03 is an untested airborne VTEM driver, modeled to be at a depth of 150 meters downhole. The presence of the two well mineralized alteration zones located at shallower depths in the hole (64.20 to 66.87 meters and 72.33 to 76.07 meters respectively) is very encouraging and suggests the possibility of encountering massive sulphides at VTEM target depth of 150 meters, as well as in the underlying deep IP target (see Figures 1A and 1B). Hole 21-mar-03 was at a depth of 112 meters when drilling setback for the Christmas holidays and will be a priority for completion when drilling resumes.
Borehole 21-mar-01 targeted the projected down-dip extension of the Billiton deposit, intersecting it over a core length of 8.25 metres. It comprises mainly disseminated pyrite with narrow zones of semi-massive pyrite and pyrrhotite, with less chalcopyrite and sphalerite, within chloritized, biotitic and sericitized volcanic rocks.
Hole 21-mar-02 was placed on the same site as 21-mar-03 but was abandoned at a depth of 12 meters, due to the presence of several large boulders in the overburden.
Drill cores for all mineralization obtained to date have been submitted to a laboratory for analysis; drill results will be released as they become available.
DEEP IP TARGET
After 21-mar-03drill holes 22-mar-01 and 22-mar-02 will test the heart of deep IP target, characterized by high conductivity/low resistivity and high chargeability, at a vertical depth of about 350 meters. Both holes are intended to intersect the deep IP target where the highest conductivity and chargeability overlap in this large untested anomaly with dimensions of 800 x 300 x 300 meters (see Figures 1A and 1B). The anomaly is located between 150 and 450 meters below the surface and represents a new target area, never previously tested by diamond drilling. the deep IP target appears to be located downstream of the Billiton copper-zinc-silver massive sulphide deposit (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc and 2.5 opt silver1) in a fold hinge, a favorable structural location for finding large massive sulphide deposits.
An orientation gravity survey will be completed on the deep IP target in early January to provide additional data on the size and geometry of the sulphide mineralized zone and to assist in targeting future drill holes. A more extensive gravity survey will also be considered to help identify further drill targets at depth in this large high priority area.
In addition, drill hole electromagnetic (BHEM) surveys will be completed on all drill holes undertaken by the Company on all targets. BHEM surveys are important tools when exploring VMS deposits, as they help point to conductive sulphide bodies.
ISLE OF DEEDS TARGET
The Marshall Lake belt clearly has potential for the discovery of several VMS deposits – there are several attractive targets that have been little or not drilled. The Deeds Island area is one such target, comprising an 800 meter long zinc bedrock geochemical anomaly (up to 1,000 ppm zinc), closely associated with a strong extensive alteration zone garnet-actinolite and coincident airborne EM conductors. It is located 6 km east of the Billiton deposit in younger rocks and represents another potential VMS target on the property that has not been drilled historically. (see Figure 2).
A gravity survey will be conducted over the Deeds Island area to help prioritize drill targets on this large potential anomaly. Line cutting was completed in preparation for the gravity survey, which is expected to begin the first week of January. Follow-up drilling will take place shortly thereafter as freezing conditions prevail in this area.
1The resource described above is considered historical under NI-43-101 guidelines and has not been verified by an independent qualified person and should therefore not be relied upon. The Company does not treat the historical resource as a current mineral resource
As of July 31, 2021, the Company had a total of 64,518,301 warrants outstanding. This total includes 16,413,333 warrants with an expiry date of December 30, 2021 and an exercise price of $0.05. Since July 31, 2021, holders of the December 31, 2021 warrants have exercised the 16,413,333 warrants and holders of the May 8, 2022 warrants have exercised 2,000,000 warrants for total proceeds of 920 $667. After the exercise of these warrants, the Company has 194,682,429 shares outstanding as of December 31, 2021.
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, Canada.
the Marshall Lake high-grade VMS copper, zinc, silver and gold project, 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 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 Nickel, copper, cobalt and palladium PGM project, located in the southern Ring of Fire area, approximately 100 km north of the Marshall Lake property. The Norton Lake project 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
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