Copper Lake Resources Provides Exploration Update on its Marshall Lake Copper-Zinc-Silver-Gold VMS Property in Northern Ontario

TORONTO, May 10, 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 the exploration program at its volcanogenic massive sulphide copper deposit -zinc-silver-gold of Marshall Lake (VMS) (the “Property”), located northeast of Thunder Bay, Ontario.

Borehole electromagnetic (EM) surveys

Recent drilling on the property has uncovered a new zone of mineralization known as the Deep VTEM/IP Discovery. Highlighting the new discovery, is an intersection of 1.74% copper, 0.05% lead, 2.35% zinc, 109.67 g/t silver and 1.41 g/t gold over 11.87 meters (21-Mar-03). In addition, a second hole testing the new discovery (Mar-22-01) intersected 2 well-mineralized zones, comprising strongly disseminated to semi-massive chalcopyrite, sphalerite and pyrite on 2.17 and 1.95 meters, respectively. The analyzes of these 2 interceptions are pending and expected in the coming weeks.

Drilling EM surveys have recently been completed on these two holes, as well as a few other strategic holes, to help identify extensions of the mineralized zones and to help point towards thicker accumulations of sulphide mineralization at this location. Modeling of the BHEM data is currently underway with the immediate goal of prioritizing targets for a drill program that will take place over the next few summer months. The preliminary interpretation of the BHEM data should be received by the Company within one week.

Summer Exploration Program

The first priority for diamond drilling this summer will be to continue testing the new Deep VTEM/IP Discovery with the aim of enlarging or extending the limits of this new zone of mineralization. The large IP anomaly (chargeability and resistivity) and VTEM conductors associated with the mineralization have been very minimally tested with only 3 drill holes – further drilling is clearly warranted.

The second priority will be an initial drill test of the Deeds Island target. A large residual gravity anomaly (200 meters by 100 meters) at this site is closely associated with a strong zinc geochemical anomaly, a zone of strong hydrothermal alteration and a number of airborne EM conductors. The gravity anomaly is currently being modeled in 3D, to help define specific high priority drill targets.

The Deeds Island target, located 6 km east of the Billiton deposit, offers massive sulphide potential in younger rocks, stratigraphically higher in section than the Billiton deposit. The Deeds Island target has never been tested by diamond drilling before.

QUALIFIED PERSON

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
(416) 561-3626
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