Copper Lake Resources to Drill Deep IP Target on Marshall Lake, Ontario VMS Copper-Zinc-Silver Property

TORONTO, Sep 28, 2021 (GLOBE NEWSWIRE) – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to announce the signing of a contract to carry out a diamond drilling program in at least 3000 meters, on its Marshall Lake property of volcanogenic massive sulphides (VMS) of copper-zinc-silver, located in northern Ontario.

The primary focus of drilling is a large, strong Induced Polarization (IP) anomaly, located adjacent to and below Billiton’s historic copper-zinc-silver VMS deposit. Several other occurrences of base metals on the property that have had little or no previous drilling will also be tested. These drill target areas are summarized below in order of priority.

MILLITONS DEPT ZONE – DEEP IP TARGET

SJ Geophysics, of Delta, British Columbia, completed an integrated MT / DCIP (magnetotelluric / depth IP) survey over the Billiton deposit area in mid-July. The objective of the survey was to help map and define additional base metal drill targets in the Marshall band, a unit containing the Billiton Zn-Cu-Ag VMS deposit. (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc and 2.5 opt Ag1).

SJ delivered the final results of the deep IP survey at Copper Lake and recently released the preliminary results of the MT survey, which is currently under review by the Company.

Further 3D modeling of the IP results delineated a large and strong IP anomaly (high coincident chargeability and low resistivity) located immediately to the SSE of the Billiton VMS deposit. The anomaly has dimensions of 800 meters x 300 meters x 300 meters and is located between 150 and 450 meters below the surface (see Figure 1). Notably, the Billiton VMS deposit at shallower depth also results in an IP anomaly, although much smaller in extent compared to the deep anomaly (see also Copper Lake press release dated September 7, 2021).

Historic drill holes drilled above the deep IP target (ML-83-13 and ML-83-17), yielded high-grade mineralized interceptions of 1.7% Cu, 11.6% Zn & 7.5 opt Ag on 0.2M & 7.9% Cu, 2.6% Zn & 12.4 opt Ag on 0.8M respectively, possibly reflecting a leak from a much larger mineralized source at depth, below these intersections. Historic deeper drill holes drilled east of the deep IP target (CML-93-10, CML-93-11 and ML-95-16) all intersected extensive zones of intense biotite-chlorite alteration. , containing streaks and base metals disseminated mineralization, typical of feeder zones of large VMS deposits. As a result, it is clear that the deep IP target detected by the recent MT / DCIP survey represents a very promising new VMS target, which has not yet been tested by diamond drilling.

TARGET OF THE ISLAND OF ACTS

The Deeds Island target, located 6 km east of the Billiton deposit, includes an 800-meter-long zinc anomaly containing zinc values ​​of up to 1000 ppm. The geochemical anomaly coincides with a large zone of intense garnet and actinolite alteration within felsic volcanic rocks, an alteration mineral assemblage associated with sulphide mineralization at the Billiton deposit. Two airborne VTEM conductors as well as a number of historical EM conductors are closely associated with the zinc anomaly, representing specific drill targets. (see figure 2).

There is no record of historic diamond drilling having been carried out on the Deeds Island target and this potentially represents an additional base metal horizon. Stacked or multiple mineralized horizons are a feature often seen in other base metal production camps containing multiple deposits such as Sturgeon Lake, ON and Bathurst Mining Camp, NB.

MILLITONS DEPT – DOWN DIVE POTENTIAL

A recent reassessment of drill data from the Billiton deposit, supplemented by an updated historical longitudinal section, reveals that the near-surface mineralized lenses comprising the known deposit dip eastward at a 50 degree orientation (see Figure 3 ). Historical geological mapping of the deposit’s surface outcrops has also revealed minor folds and lineations plunging eastward in a similar orientation, supporting this interpretation. Plunge testing of the extension is also planned. If such drilling proves successful, additional drilling will be required to complete an NI 43-101 compliant mineral resource estimate for the Billiton deposit.

Drilling is scheduled to begin on or around October 10, 2021 and will last 6 to 8 weeks. Drill results will be published as they become available.

1The resources described above are considered historical according to NI-43-101 guidelines and have not been verified by an independent qualified person and therefore should not be relied on. The Company does not treat the historic resource as a present mineral resource

Qualified person

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 which are 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
(416) 561-3626
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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.

Figure 1: 3D representation of a large IP (chargeability) anomaly located in the Billiton massive sulphide region: Click here

Figure 2: Deeds Island VMS target: Click here

Figure 3: Billiton massive sulphide deposit – Longitudinal section: Click here