Copper Lake Resources: Geophysical Surveys Reveal Strong Conductors Associated with High-Grade Mineralization at the Marshall Lake VMS Property, Ontario

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TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to provide the following update on the exploration program for its VMS copper-zinc project -money from Marshall Lake, located in northern Ontario, as well as a company update.

Large Loop Electromagnetic Survey

A Large Loop EM (“LLEM”) survey was recently completed near the Deep IP discovery, where a new high-grade base and precious metal occurrence was discovered during diamond drilling in the winter of 2022 . hole MAR-22-01, were the following drill intersections:

  • 8.13% Cu17.26% Zn, 240.80 g/t Ag and 0.33 g/t Au (13.59% CuEQ2) more than 2.11 metres;
  • 5.81% Cu, 7.32% Zn, 171.20 g/t Ag and 0.02 g/t Au (10.45% CuEQ) over 1.95 metres;
  • 2.37% Cu, 1.75% Zn, 413.15 g/t Ag and 0.37 g/t Au (7.00% CuEQ) over 6.00 metres;
    • including 2.26% Cu, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag3) & 1.28 g/t Au (18.12% CuEQ) over 1.21 metres.

Collectively, the LLEM survey and previous drillhole EM surveys delineate a prominent conductive center comprising strong to very strong conductors, centered at a depth of 300 meters below surface (Figures 1A). The conductive center, approximately 500 meters by 300 meters in extent, is located along the stratigraphic trend and at greater depth than the high grade intervals obtained in hole MAR-22-01. The size, strength and location of the conductor center is very encouraging and strongly suggests that additional high grade mineralization may be present in the area surrounding the Deep IP discovery. The conductive center has never been drill tested and is now clearly a priority target.

The LLEM investigation also revealed a convincing accumulation conductor, located at a depth of 500 meters below the surface (Figure 1B). It appears to be the down dip extension of the conductor center and therefore greatly increases the potential target area for potential massive sulphide mineralization. Additional LLEM surveys are required on this conductor prior to diamond drilling to better define its size, orientation and strength.

A number of other drivers were also identified by the LLEM survey, including three priority 2 drivers (Figure 2). These conductors are located near areas of strong hydrothermal alteration associated with VMS deposits and mineralization that have not been tested by previous diamond drilling. In addition, 3 large accumulation conductors (priority 3 conductors) have been defined north of the conductor center and on the fringes of the LLEM sounding grid. These conductors are located at depth (>300 meters below surface) and have not yet been tested by drilling. Notably, surface outcrops overlying these conductors returned significant copper values ​​of up to 6%.

Due to swampy conditions which are creating significant logistical challenges, diamond drilling on the Deep IP discovery will not commence until freezing conditions are in effect, likely in late November or early December 2022. The drilling of some of the other conductors may take place at the same time. The Company is currently soliciting bids from drilling companies to carry out this work.

Additional LLEM Survey

Given the ability of LLEM surveys to see conductors at much greater depths (>300 meters) than historical geophysical surveys, the Company plans to conduct LLEM surveys on other prospective areas of the property within the purpose of defining other deeper boreholes. targets. These areas include the Teck Hill-Gazooma and Gazooma North-RM-Lease target areas (Figure 2). These target areas have returned historic shallow drill intersections of 2.05% copper, 33 g/t silver and 0.31 g/t gold over 26.9 meters as good as 1.38% copper, 54.0 g/t silver and 0.10 g/t gold over 43.0 meters, respectively. Historic drilling deeper than 150 meters below surface is rare on the above target areas and elsewhere on the Marshall Lake property.

The LLEM survey should be completed this fall by Abitibi Geophysics, before the start of diamond drilling.

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 $3.87 per pound for Cu, $0.89 per pound for Pb, $1.65 per pound for Zn, $21.39 per oz. for Ag and US$1839.40 per oz. for Au
3 Conversion rate: 1 gram/tonne = 0.03527396 ounces./tonne

Funding from JOEP

The Company is pleased to announce that it has been informed by the Minister of Northern Ontario Development, the Honorable Greg Rickford, that Copper Lake Resources has been accepted to participate in the Ontario Junior Exploration Program for up to $200,000 towards the cost of the current Marshall Lake Project Work Program. Terry MacDonald, CEO, said, “We are very pleased to have received JOPE funding as part of the Ontario government’s Critical Minerals Strategy. We look forward to contributing to the success of the government’s goal of identifying new critical mineral deposits in Ontario.

Private placement

The Company provided an update on its private placement of $2,500,000 in its press release dated September 6, 2022. The Company seeks to raise an aggregate of $2,500,000 under the private placement, consisting of up to 8,333,333 non-flow-through units (“NFT Units”) at a price of $0.09 per NFT Unit and up to 17,500,000 flow-through units (“FT Units”) at a price of $0.10 per FT Unit. Each NFT Unit consists of one common share in the capital of Copper Lake (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each FT Unit consists of one flow-through common share and one-half common share purchase warrant (each whole warrant being a “Warrant”). Each warrant entitles its holder to acquire one additional share at an exercise price of $0.15 per common share for a period of 36 months from the closing date.

The Company had announced that it had closed a first tranche of units on August 11, 2022 for gross proceeds of $1,346,250. The Company now expects to close the final tranche on or about October 13, 2022.

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 The 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 an all-weather road at off the Trans-Canada Highway and just 22 km north of the CN mainline. Copper Lake holds a 79.45% 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 not subject to 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 highlighted 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 69.79% 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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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.

The PDFs accompanying this announcement are available here and here.

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