Copper Lake Commences Drilling to Depth on High-Grade Copper-Zinc-Silver-Gold Marshall Lake Project
29 September 2020 - 10:00PM
Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper
Lake" or the "Company") is pleased to announce that the Company
commenced its 2020 autumn drill program on September 28 on the
high-grade Billiton Main Zone at its Marshall Lake
copper-zinc-silver-gold property, located 250 km northeast of
Thunder Bay, Ontario. The Company has contracted with Niigaani
Drilling of Gull Bay, Ontario to conduct the drill program. This
preliminary drill program with a total of 1,220 metres in 4 holes
is planned to begin testing depth extensions of the known zone. The
holes are designed to follow up on the high-grade intercepts and
test the depth and continuity with deeper holes. Drilling is
expected to be completed within three weeks, with assay results to
follow.
The Billiton Main Zone has been the subject of
significant historical drilling which has resulted in numerous
high-grade intercepts (see Appendix A.) These intercepts illustrate
high copper and zinc content, with very high silver grades
including numerous intercepts over 300 g/t Ag and two at over 420
g/t Ag.
The Billiton Main Zone has historical resource
estimates* of 1.175 million tons @ 0.82% Cu, 2.71% Zn, 1.77
ounces/ton Ag and 0.170 g/t Au (reported by A.S. Bayne, P.Eng. in
1970) and 300,000 tons @1.45% Cu, 4.76% Zn, 2.80 ounces/ton Ag and
0.046 ounces/ton Au (reported by D.W. Sullivan, P.Eng. in 1968) for
a combined total of 1.475 million tons @ 0.95% Cu, 3.13% Zn, 1.980
ounces/ton Ag and 0.014 ounces/ton Au. This historical resource is
from a contiguous sulphide zone which traverses a mining lease
boundary, with the above two resource estimates being on either
side of the boundary. These estimates included only 6 holes drilled
below 150 metres depth. The attached table in Appendix A
demonstrates some extraordinary rich sub intervals in historical
drill hole logs. These metal rich grades and their potential very
high net smelter return per tonne values, over potential good
mining widths may have been in part corroborated by the results of
a recent 2018 drill hole MAR18-07 which returned an intercept of
3.20% Cu, 8.35% Zn, 367.0 g/t Ag and 8.01 g/t Au over 1.0 metres at
a vertical depth of approximately 150 metres.
Recent 3D Leap Frog modelling of the old drill
hole data and some post 43-101(2004) drilling suggests reasonable
continuity of a sulphide zone striking NE-SW for 300-500 m with a
moderate to steep NW dip that is open to depth for expansion.
Copper Lake CEO, Terry MacDonald said, “We are
very excited to move forward with the drill program. Almost all of
the historic drill holes at Marshall Lake to date have been
shallow, with very few holes drilled below 150 metres in vertical
depth. Many of the recommendations going back to the 1960’s have
been to drill deeper as the mineralization appears open at depth.
For various reasons, this was never followed up on and we are very
keen to complete this step. We will also be performing Borehole
Pulse PEM in order to detect new conductive sulphide bodies at
depth.”
The current consolidated land position has an
extensive exploration history including historical resource
estimates as documented and disclosed appropriately in the
43-101Technical Report on the Marshall Lake Property dated June 7,
2016 available at www.copperlakeresources.com.
George Mannard, P.Geo. is the Qualified Person under NI 43-101
and has read and approved the technical content of this News
Release.
* Cautionary note: the resources described above
are considered historic under NI 43-101 guidelines and have not
been verified by a QP and therefore should not be relied upon.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded
Canadian company currently focused on advancing its Marshall Lake
and Norton Lake properties located in Ontario, Canada.
The Marshall Lake high-grade VMS copper, zinc,
silver and gold property, comprises an area of approximately 104
square km located 120 km north of Geraldton, Ontario and is
accessible by all- season road from the Trans-Canada Highway and
just 22 km north of the main CNR rail line. Copper Lake has an
option to increase its interest to 87.5% from its current 75%
interest. The Company filed an updated NI 43-101 report dated June
7, 2016 which is available on SEDAR (www.sedar.com). The property
now includes the 148 newly staked 100% owned claims, which add
approximately 30 square km 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 square km on the east side
of the Marshall Lake property where historical EM airborne
geophysical surveys have outlined strong conductors on the property
hosted within the same favorable felsic volcanic units. The Summit
Lake property currently consists of 100 claim cells comprising an
area of 20.5 square km, is accessible year round, and is located
immediately west of the original Marshall Lake property.
Copper Lake has a 71.41% interest in the Norton
Lake nickel, copper, cobalt, PGM property, located in the southern
Ring of Fire area, is approximately 100 km north of the Marshall
Lake Property. The Norton Lake property has a NI 43-101 compliant
Measured 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) 561-3626tmacdonald@copperlakeresources.com
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.
Appendix A
HISTORIC SHALLOW DRILL RESULTS
– MAIN BILLITON ZONE
Hole No |
From(m) |
To (m) |
Length(m) |
Cu (%) |
Zn (%) |
Ag (g/t) |
Au (g/t) |
*GGM-78-230Imperial Oil Ltd., 1978 |
50.85 |
58.23 |
7.38 |
2.97 |
10.98 |
219.73 |
0.34 |
including |
50.85 |
52.50 |
1.65 |
5.50 |
31.50 |
320.18 |
0.34 |
*GGM-77-154Imperial Oil Ltd., 1977 |
83.99 |
90.09 |
6.10 |
1.89 |
4.03 |
145.69 |
0.34 |
including |
83.99 |
85.52 |
1.53 |
1.67 |
10.30 |
311.26 |
0.34 |
*NWT-81NWT Copper MinesLtd, 1981 |
75.46 |
79.57 |
4.11 |
1.49 |
4.70 |
250.93 |
N/A |
including |
75.46 |
77.74 |
2.28 |
2.24 |
7.50 |
423.02 |
N/A |
*NWT-68-83NWT Copper MinesLtd, 1968 |
70.40 |
75.91 |
5.51 |
2.28 |
9.79 |
124.44 |
N/A |
including |
72.56 |
75.91 |
3.35 |
2.45 |
13.64 |
158.72 |
N/A |
*NWT-68-84NWT Copper MinesLtd, 1968 |
156.77 |
159.76 |
2.99 |
2.56 |
10.26 |
181.34 |
N/A |
including |
156.77 |
158.02 |
1.25 |
3.44 |
18.65 |
313.66 |
N/A |
*ML-82-05Falconbridge Copper,1982 |
295.85 |
299.66 |
3.81 |
2.46 |
2.00 |
179.63 |
N/A |
including |
298.2 |
299.66 |
1.46 |
4.24 |
2.61 |
204.65 |
N/A |
*ML-82-07Falconbridge Copper,1982 |
19.05 |
22.65 |
3.6 |
1.81 |
9.35 |
164.20 |
N/A |
including |
21.98 |
22.65 |
.67 |
5.45 |
22.26 |
436.04 |
N/A |
MAR18-07Copper LakeResources, 2018 |
207.30 |
212.35 |
5.05 |
0.68 |
2.14 |
78.51 |
1.63 |
including |
209.30 |
210.30 |
1.00 |
3.20 |
8.35 |
367.00 |
8.01 |
*CAUTIONARY NOTEThis historic information
is sourced from drill logs in MNDM Assessment File records. It
predates 43-101, has not been verified by a QP and therefore should
not be relied upon. |
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