Copper Lake Resources updates diamond drilling program on its Marshall Lake volcanogenic copper-zinc-silver massive sulphide property in northern Ontario

TORONTO, November 29, 2021 (GLOBE NEWSWIRE) – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I, OTC: WTCZF (“Copper Lake” or the “Company”) is pleased to provide an update on the diamond drilling program currently undertaken on its volcanogenic copper-zinc massif. Marshall Lake Silver Sulphide Property (VMS), located in northern Ontario, as well as the status of its joint venture with Rainy Mountain Royalty Corp. The Company also reports on the recent exercise of warrants providing 400,000 $ in additional program funding.

The primary focus of the current drill program is a large, strong, untested Induced Polarization (IP) anomaly located adjacent to and below Billiton’s Zinc-Copper-Silver SMV deposit., with a secondary focus on other base metal occurrences on the property that have had little or no historical drilling and those that are open at depth (see Copper Lake press releases dated September 28, 2021 and September 7, 2021).

Diamond Drilling Update

Due to difficult weather conditions and logistics due to heavy snowfall in early winter, milder temperatures and wet boggy soil near the Billiton deposit, only one drill hole was completed. to date, in the planned drilling program of at least 3,000 meters. Hole ML-21-01 was drilled to a depth of 400 meters and tested the down-dip projection of the Billiton deposit and an associated PP anomaly (see figures 1 and 2).

The projected extension at depth of the main zone of the Billiton deposit was intersected over a length of core of 7.65 meters (190.35 – 198.00 meters downhole). It was largely composed of disseminated to highly disseminated pyrite, with associated chalcopyrite and sphalerite, locally containing narrow bands of semi-massive sulphide consisting of pyrite, chalcopyrite and sphalerite, hosted in fragmentary coarse felsic rocks. strongly chloritized and rich in biotite and lapilli tuff. In addition, 2 zones of disseminated pyrite with lesser sphalerite and chalcopyrite were encountered at a shallower depth in the borehole, considered to be zones of alteration of the lower wall linked to the main deposit at Billiton. Core logging and sampling from this hole has been completed – assay results will be released as they become available.

Deep Induced Polarization (PI) Target

The primary target for upcoming drill holes ML-21-02, ML-21-03 and ML-21-04 is a large IP anomaly (high conductivity, low resistivity, high chargeability), located below and next to the main copper. by Billiton. – massive zinc-silver sulphide deposit (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc and 2.5 silver opt1). This priority target has dimensions of 800 x 300 x 300 meters, is located between 150 and 450 meters below the surface and represents a new target never tested before by diamond drilling (see figure 2).

Drill hole ML-21-02 will test an undrilled VTEM conductor, presumably tied to the top of the deep IP anomaly, while holes ML-21-03 and ML-21-04 are intended to test the core of the same great depth PP Anomaly, at a vertical depth of about 350 meters. Since the Marshall Lake greenstone belt is a tightly folded VMS terrain, it appears that the main Billiton deposit sits on a fold limb, suggesting that the largest deep PP anomaly is located in a hinge of fold to the east and plunging down the known Billiton. deposit. As this is typically where the largest and thickest deposits are found in folded VMS terrains, the prospects of encountering a much larger sulphide body associated with the deep IP target look very promising.

Recent colder temperatures and freezing overnight conditions have allowed the construction of corduroy trails and drilling platforms over long stretches of swampy terrain, accessing the next 3 planned drill holes. It is expected that the access trails and drilling platforms for these 3 drill holes will be ready for drilling placement over the next few days.

Deeds Island target and other VTEM targets

The Marshall Lake Belt clearly has potential for the discovery of several VMS deposits, and there are several attractive targets that have received little or no historic drilling. The Deeds Island target includes an 800 meter long zinc bedrock geochemical anomaly (up to 1000 ppm zinc) closely associated with a strong extensive alteration zone of garnet and actinot and EM conductors coincident airborne. It is located 6 km east of the Billiton deposit in younger rocks and represents another potential VMS target on the Property. More importantly, this very promising target has never been drill tested in the past and is a very promising second target for testing in the current program.

Several other VTEM conductors on the Property which were not drilled and located in favorable stratigraphy, were modeled for future diamond drilling programs. At least two of these VTEM conductors are located in younger rocks east of the Billiton deposit, while others are located west of the Billiton deposit near the RM and RMZ zones, copper-rich occurrences. that look like areas of wall fillets.

1 The 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.

Marshall Lake Joint Venture

The company’s joint venture partner, Rainy Mountain Royalty Corp., which owns a 25% stake in the original Marshall Lake property, has confirmed that it will participate in the current exploration program and contribute its share of the program. exploration budget of $ 1.2 million.

Mandates

As of July 31, 2021, the Company had a total of 64,518,301 warrants outstanding. This total includes 16,133,333 warrants with an expiration date of December 30, 2021 and an exercise price of $ 0.05. Since July 31, 2021, holders of warrants of December 31, 2021 have exercised 6,000,000 warrants and holders of warrants of May 8, 2022 have exercised 2,000,000 warrants for a total proceeds of $ 400,000.

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 covers 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 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 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.

The Marshall Lake property is located on the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First Nations.

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.

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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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 2