TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to provide the following exploration update regarding its Marshall Copper-Zinc-Silver VMS Project Lake, located in Northern Ontario, as well as a general company update.
Large Loop Electromagnetic (EM) Survey
A large-loop, deep-penetrating EM survey was recently completed over the new high-grade base and precious metal occurrence known as the Deep IP discovery. Drilling of the Deep IP discovery (MAR-22-01) yielded 3 significant intervals giving:
- 8.13% Cu10.05% Pb, 7.26% Zn, 240.80 g/t Ag and 0.33 g/t Au (13.59% CuEQ2) over 2.11 meters;
- 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag and 0.02 g/t Au (10.45% CuEQ) over 1.95 meters; and
- 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag and 0.37 g/t Au (7.00% CuEQ) over 6.00 meters. Included in this latest interception is a bonanza-grade interval back 2.26% Cu, 0.01% Pb, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag3) & 1.28 g/t Au (18.12% CuEQ) over 1.21 metres.
Preliminary results from the large loop EM survey were recently received and, when combined with EM data from the borehole, delineate a conductive center comprising strong to very strong conductors, 300 meters below surface. The conductive center (600 meters X 300 meters) is located along the trend and at a greater depth than the high grade intervals obtained in hole MAR-22-01. This is very encouraging and suggests excellent expansion potential for the discovery of additional high-grade mineralization in this area (see Figures 1A and 1B). A final interpretation of the EM survey should be received shortly. Further conclusions and results will be published in due course.
Due to extremely swampy conditions that create significant logistical challenges in the summer and fall, it will not be possible to conduct additional diamond drilling on the Deep IP discovery until freezing conditions are in effect. at the end of 2022. The large loop EM survey did not produce any other conductors on the survey grid, which were not tested by diamond drilling (see Figure 2). Drilling of some of the Priority 2 conductors is expected to be completed this fall following field preparation work.
Copper Lake will present at the Metals Investors Forum, Vancouver, September 2022
Copper Lake is pleased to announce that it has been invited to present at the Metals Investor Forum, which will be held in Vancouver on September 9-10, 2022. The company will present on Friday, September 9 at 3:40 p.m. PST. The session will be moderated by John Kaiser of Kaiser Research Online.
Terry MacDonald, CEO of Copper Lake, comments, “We are very pleased to present at the 2022 Metals Investor Forum to provide an update on our Marshall Lake VMS project as we are about to begin the development program. highly anticipated 2022 drill, which follows on from last winter’s very high grade drill results and our recent large loop EM survey.
annual general meeting
The Company will hold its Annual General Meeting on Thursday, October 20, 2022 at 11:00 a.m. (Toronto time). The meeting will be held at The Pilot, 22 Cumberland Street, Toronto, Ontario. Only registered shareholders and/or their duly authorized representatives may attend the meeting. As attendance at the meeting will be limited, the Company will hold an update presentation to shareholders at 12:30 pm (Toronto time) on the same day as the meeting. The Company will provide a link to access the presentation in due course.
On August 11, 2022, the Company announced that it had closed the first tranche of the Company’s private placement of units (the “Private Placement”) for gross proceeds of $1,346,250. The Company is seeking to raise an aggregate of $2,500,000 under the private placement, consisting of up to 8,333,333 non-flow-through units (“NFT Units”) at a price of $0.09 per NFT Unit and up to 17,500,000 flow-through units (“FT Units”) at a price of $0.10 per FT Unit. Each NFT Unit consists of one common share in the capital of Copper Lake (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each FT Unit consists of one flow-through common share and one-half common share purchase warrant (each whole warrant being a “Warrant”). Each warrant entitles its holder to acquire one additional share at an exercise price of $0.15 per common share for a period of 36 months from the closing date. The Vouchers will be subject to an accelerated expiry date clause under which. At any time after the expiration of the four month and one day holding period, if the weighted average closing price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) is greater than $0.25 during a period of 15 trading days, the Company will have the right to bring forward the expiry date of the BSAs to a date which is 30 days following the date on which the Company announces the accelerated expiry of the BSAs by press release .
The final tranche of the financing is expected to close on or about September 30, 2022. The net proceeds of the financing will be used for exploration at the Company’s Marshall Lake project and for general working capital purposes. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will have a hold period of four months and one day from the date of issue.
1 Assays performed by Activation Laboratories in Ancaster, Ontario, Ontario using analytical packages 1A2 – Fire Assay AA, IH INAA (INAAGEO)/Total Digestion (Total) and UT-7, Sodium Peroxide Fusin (ICP & ICP MS)
2 %CuEQ calculated using metal prices of US$3.87 per pound for Cu, US$0.89 per pound for Pb, US$1.65 per pound for Zn, US$21.39 per ounce. for Ag and US$1839.40 per oz. for Au
3 Conversion rate: 1 gram/tonne = 0.03527396 oz./tonne
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 79.45% 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 69.79% 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.