Deep Drilling by Copper Lake Resources Discovers a New High-Grade Mineralized Zone on the Marshall Lake Copper-Zinc-Silver-Gold VMS Property in Northern Ontario

TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to announce high-grade assays from the drilling of a new discovery at its Marshall Lake copper-zinc-silver – gold-bearing volcanogenic massive sulphide (VMS) property (the “Property”), located northeast of Thunder Bay, Ontario. Additionally, the Company is pleased to provide an update on diamond drilling progress and ground geophysics, all of which are part of an integrated exploration program currently underway on the property.

Diamond drilling

The recently completed drill program at Marshall Lake included 4 holes (March 21, 2001, March 21, 2003, March 22, 2001 and March 22, 2002), for a total of 1,524 meters. Analyzes for the first hole testing the Billiton deposit, 21-mar-01, were reported in the Company’s press release dated February 15, 2022.

21-mar-03, the second hole completed the testing of an undrilled VTEM anomaly, intersected 4 zones of mineralization all yielding high grade assays as shown in the table below. Highlighted intercepts are intervals giving 5.39% Cu, 0.06% Pb, 6.43% Zn, 315.58 g/t Ag and 2.22 g/t Au (12.44% CuEQ or 28.46% ZnEQ) over 2.67 meters as good as 1.43% Cu, 0.11% Pb, 4.13% Zn, 122.24 g/t Ag and 0.51 g/t Au (4.67% CuEQ or 10.68% ZnEQ) over 2.59 meters. The intersected widths are believed to be close to the true widths.








Hole No. Of
(m)
To
(m)
Length
(m)
% Cu %Pb %Zn Ag (g/ton) Au (g/tonne) % CuEQ2 %ZnEQ2
21-mar-03 47.33 48.05 0.72 1.18 0.12 5.81 119.00 0.01 4.79 10.95
64.20 66.87 2.67 5.39 0.06 6.43 315.58 2.22 12:44 p.m. 28.46
73.48 76.07 2.59 1.43 0.11 4.13 122.24 0.51 4.67 10.68
180.65 181.50 0.85 1.40 0.09 9.05 159.00 0.01 6.77 3:47 p.m.

1Assays 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)
2Copper Equivalent (CuEQ) and Zinc Equivalent (ZnEQ) calculated using the following metal prices: Copper at US$4.66/lb, Zinc at US$2.04/lb, Lead at US$1.12/lb, Silver at US$25.68/oz and Gold at US$1,977/oz

Since the VTEM target had not been tested by previous drilling, the mineralization intersected in the hole 21-mar-03 includes a new discovery open in all directions (see Figures 1a and 1b). The presence of strongly disseminated to semi-massive chalcopyrite, sphalerite and pyrite hosted in strong biotite-chlorite-silicic-actinolite alteration is very encouraging, resembling stringer-type mineralization and hydrothermal alteration, typically found in the footwall of the main VMS deposits.

Borehole 22-mar-01, was the first hole to test the Deep IP target (see also Figures 1a and 1b), a large untested induced polarization (IP) anomaly located adjacent to and below the Billiton VMS deposit. Four significant sulphide zones were encountered over widths of 6.85, 2.15, 2.17 and 1.95 meters respectively. These last 2 zones over 2.17 and 1.95 meters are well mineralized, including strong to semi-massive disseminations of chalcopyrite, sphalerite and pyrite hosted in strong biotite-chlorite-silicic- actinolite (drill core photos of these 2 intersections from March 22, 2001 are posted on the Copper Lake website at www.copperlakeresources.com). Notably, the last 3 sulphide intercepts are contained within the broad confines of the Deep IP target.

The last hole 22-mar-02was stuck 100 meters northeast of 22-mar-01. Despite the presence of strong local chlorite-biotite-garnet alteration and minor amounts of disseminated pyrite observed throughout the core, no significant base metal sulphides were encountered. A downhole electromagnetic survey (BHEM) of this hole is planned over the next few days to detect thicker accumulations of conductive sulphide mineralization in the vicinity of this hole.

Preliminary 3D modeling of well mineralized drill intersections obtained in the holes 21-mar-03 and 22-mar-01 suggest that they may include the same mineralized horizons – further drilling will be required to confirm this and further model the structural geology of these mineralized zones and their relationship to the Main Billiton VMS deposit.

All drill core was logged and sampled at the Marshall Lake camp and submitted for analysis to a laboratory in Thunder Bay. Assays for holes Mar-22-01 and Mar-22-02 are expected within the next 30 days and will be released as they become available.

Terry MacDonald, CEO of Copper Lake, said, “We are very encouraged by the excellent grades and visuals obtained to date during the limited drilling of the new discovery of the VTEM-Deep IP target. Such mineralization and alteration in this location provides a solid foundation and good evidence for the existence of a significant massive sulphide deposit on this part of the property and clearly further systematic exploration and diamond drilling is warranted”.

Ground geophysics

The downhole electromagnetic survey (BHEM) of the 4 recently completed holes as well as the 3 historical strategic holes, will begin next week. BHEM will be undertaken with the aim of identifying extensions of all mineralized zones and helping to point to thicker accumulations of sulphide mineralization. Surveys are expected to take 7-10 days to complete. The results will be published as soon as they are available.

A ground gravity survey was completed on the Deeds Island target in February. This target is located 6 km east of the Billiton deposit, comprising an 800 meter long zinc geochemical anomaly in felsic volcanic rocks, coincident with a large garnet actinolite alteration zone, as well as a number of of airborne EM conductors. It offers massive sulphide potential in younger rocks stratigraphically higher in section than the Billiton deposit. More importantly, the Deeds Island target has never been tested by diamond drilling before.

A large residual gravity anomaly defined by the survey is closely associated with the Deeds Island composite target (see Figure 2). The gravity anomaly covers an area of ​​at least 200 X 100 meters and its magnitude is greater than 0.25 milligals. Gravity anomaly data combined with associated historical geochemical and airborne EM data will be modeled in 3D, to help define specific high priority drill targets. Drilling will be completed on this target this summer.

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 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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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.

PDF files accompanying this announcement are available at:

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http://ml.globenewswire.com/Resource/Download/cebe9e50-e09f-4608-bdda-be4350050b83