Copper Lake Resources Intersects 6.3% Cu and 770 g/t Ag at Marshall Lake
January 27 2021 - 07:00AM
Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper
Lake" or the "Company") is pleased to announce that the Company has
now received encouraging assay results and has initiated further
studies of these results from its 2020 autumn drill program on the
high-grade Billiton Main Zone at its Marshall Lake
copper-zinc-silver-gold property, located 250 km northeast of
Thunder Bay, Ontario.
This preliminary drill program was planned to
drill four holes totaling 1,220 metres to begin testing depth
extensions of the known zone. The holes were targeted on
down-plunge projections of shallow historic drilling results. The
budget for the program was $200,000. Due to various access issues,
such as unexpected beaver dams flooding roads, only three of the
four planned holes were drilled, for a total of 874 metres.
Copper Lake continues to intersect significant
copper, zinc and silver VMS mineralization at Marshall Lake.
Highlight intercepts include:
• Drill hole MAR-20-03
-
1.46% Cu, 0.43% Zn and 175.2 g/t Ag over 1.2 metres• including
6.3% Cu, 1.81% Zn and 770 g/t Ag over 0.4 metres
• Drill hole MAR-20-02
-
0.137% Cu, 2.81% Zn and 59.0 g/t Ag over 0.6 metres
-
0.138% Cu, 1.90% Zn and 38.0 g/t Ag over 0.8 metres
-
0.028% Cu, 2.09% Zn and 32.6 g/t Ag over 0.9 metres
• Drill hole MAR-20-01
-
0.17 % Cu, 1.50% ZN and 44.2 g/t Ag over 0.5 metres
All three holes encountered widespread
disseminated sphalerite-pyrite mineralization enriched in silver
and hosted by altered felsic volcanic rocks. This is interpreted as
a peripheral disseminated sulphide halo to a much larger VMS
deposit and the silver grades encountered are particularly
encouraging that it may have a very high precious metals content.
Please see Appendix A for further drilling results.
Next Phase of the Marshall Lake
Exploration Program
The Company is currently planning follow-up
geophysical surveys including a borehole pulse electromagnetic
survey to test for conductive bodies at depth. Other geophysical
surveys involving gravity surveying and resistivity mapping by new
Controlled-Source, Audio-Frequency Magneto-telluric (CSAMT) methods
are also being considered. These surveys would help identify
additional VMS targets on this large property where there are
numerous occurrences of VMS-style mineralization, that have not
been fully explored.
Quality Assurance and Quality Control
(QA/QC) Program
All drill core was logged and split at a secure
core facility in Thunder Bay and samples were prepared by AGAT
Laboratories in Thunder Bay and initial assays were performed at
the AGAT lab in Thunder Bay, Ontario. Using a multi-element Mass
Spectrometer MEMS41 method with ICP-MS finish, and any gold values
over 0.1 g/t were re-assayed with Fire Assay with an ICP finish on
a 30 gram sample. Blanks and standards were inserted every 20
samples alternating from a blank to a standard for quality control.
Samples were assayed initially with an aqua regia digestion and a
ICP-MS analysis (ICP-MS finish) and samples greater than 1.0% Cu –
Zn or 10 gm Ag were re-assayed with aqua regia digestion and an AA
(atomic absorption) finish at the AGAT lab in Mississauga,
Ontario.
George Mannard, P.Geo. is the Qualified Person under NI 43-101
and has read and approved the technical content of this News
Release.
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 property also includes 148 claim cells staked in 2018
and 2020 that are 100% owned and not subject to any royalties,
which add approximately 30 square km to the property. 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.
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
Marshall Lake Drill Results
The following table highlights selected
intercepts from the Marshall Lake drill holes announced today.
Drill HoleNumber |
From(m) |
To (m) |
Interval(m) |
Cu (%) |
Zn (%) |
Ag (g/t) |
Au (g/t) |
MAR-20-01 |
98.5 |
99.0 |
0.5 |
0.170 |
1.500 |
44.2 |
0.096 |
MAR-20-01 |
99.0 |
99.8 |
0.8 |
0.036 |
0.165 |
3.3 |
0.007 |
MAR-20-01 |
99.8 |
100.4 |
0.6 |
0.146 |
0.592 |
16.5 |
0.068 |
MAR-20-02 |
21.5 |
22.1 |
0.6 |
0.052 |
1.570 |
22.6 |
0.036 |
MAR-20-02 |
22.1 |
23.0 |
0.9 |
0.028 |
2.090 |
32.6 |
0.017 |
MAR-20-02 |
23.0 |
23.7 |
0.7 |
0.022 |
0.777 |
10.3 |
0.005 |
MAR-20-02 |
125.0 |
125.8 |
0.8 |
0.138 |
1.900 |
38.0 |
0.143 |
MAR-20-02 |
163.0 |
163.6 |
0.6 |
0.137 |
2.810 |
59.0 |
0.166 |
MAR-20-03 |
22.4 |
23.4 |
1.0 |
0.161 |
0.495 |
19.6 |
0.047 |
MAR-20-03 |
23.4 |
24.0 |
0.6 |
0.261 |
0.127 |
21.8 |
0.425 |
MAR-20-03 |
24.0 |
24.8 |
0.8 |
0.106 |
0.225 |
15.5 |
0.026 |
MAR-20-03 |
115.8 |
116.2 |
0.4 |
6.300 |
1.810 |
770.0 |
0.348 |
MAR-20-03 |
116.2 |
117.0 |
0.8 |
0.182 |
0.182 |
52.9 |
0.117 |
MAR-20-03 |
117.0 |
118.0 |
1.0 |
0.123 |
0.042 |
14.0 |
0.035 |
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