TORONTO, June 23, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “&CloseCurlyDoubleQuote Company”; silver from its winter drilling program undertaken on its volcanogenic massive sulphide (VMS) property Copper-Zinc-Silver-Gold Project (the “Property”), located northeast of Thunder Bay, Ontario Silver assays reported here, previously pending, are from drill hole MAR-22 -01, the first deep hole drilled on a new discovery known as the VTEM/Deep IP discovery (see Copper Lake press release dated June 14, 2022).
March 22, 2001 Drill results
A total of six (6) significant intervals of base and precious metal mineralization were obtained from hole MAR-22-01, with full assays tabulated below:
|% Cu||%Pb||%Zn||Ag (g/t)||Au (g/t)||% CuEQ²|
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 = 0.03527396ozs/ton
Results are highlighted by 3 high quality intervals that come back 8.13% Cu, 0.05% Pb, 7.26% Zn, 240.80 g/t Ag and 0.33 g/t Au over 2.11 meters as good as 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag and 0.02 g/t Au over 1.95 meters. The third interval is returned 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag and 0.37 g/t Au over 6.00 meters. Included in this 6 meter intersection is a higher grade interval giving 2.26% Cu, 0.01% Pb, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag³) & 1.28 g/t Au over 1.21 meters. The intersected widths are believed to be close to the true widths.
A recently completed borehole electromagnetic survey (BHEM) by the Company defined two strong to very strong conductors, located approximately 325 meters below surface. These conductors are located below and at greater depth than the high-grade intervals obtained in hole MAR-22-01. The presence of such strong conductors located at depth and below the high grade mineralization is very encouraging as it confirms the potential for the discovery of much greater thicknesses of high grade mineralization at depth.
Additional drilling is planned this summer to test these solid conductors,
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
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