Copper Lake Commences Drilling Conductors at Marshall Lake Cu-Zn-Ag-Au Property
TORONTO, March 02, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) ("Copper Lake" or the "Company") is pleased to announce that drilling has commenced on its Marshall Lake property located 250 kilometres north East of Thunder Bay, Ontario.
The purpose of the program is to test three VTEM conductors identified in a comprehensive compilation of previous work on the property conducted in 2014-2017. Each target is related to previously detected, shallow Cu-Zn-Ag-Au massive sulphide occurrences that remain open at depth (see News Releases dated February 7, 2017 available at www.copperlakeresources.com).
Terry MacDonald, CEO comments, “We are excited to get underway. This minimum 2,000 metre drilling program will test primary targets derived from detailed compilation and reinterpretation of a significant volume of historic work on the property dating back to 1954. Despite its long history, numerous showings and historic resource estimates, the previous fragmented land position has only recently been consolidated. Results of the compilation effort allow us to look at the bigger picture and establish priorities based on a new geological model.”
The Marshall Lake property covers 10,430 hectares of an Archean felsic volcanic centre overlying a synvolcanic pluton located in the eastern portion of the Wabigoon sub province. It is deemed favourable to host Cu-Zn-Ag-Au VMS (Volcanic Massive Sulphide) deposits of potential economic merit. A comprehensive discussion of the scope and details of historic work on the property and development of the new targets and geological model is available in a NI 43-101 Technical Report dated June 7, 2016 and authored by Thomas Hart, PGeo, (see www.sedar.com or www.copperlakeresources.com).
George Mannard, PGeo and independent consultant has reviewed 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 properties located in Ontario, Canada:
- The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage property located 120 km north of Geraldton, Ontario via good all weather gravel road from the Trans-Canada Highway and just 22 km north of the main CNR rail line.
Copper Lake currently has a 68.75% interest in the property and has the option to increase its interest to 75%. The Company can further increase its interest to 87.5% by taking the project to bankable feasibility stage. The Company filed an updated NI 43-101 report dated June 7, 2016 which is available on SEDAR (www.sedar.com). - The Norton Lake nickel, copper, PGM property (69.79%) is located in the southern Ring of Fire area, approximately 100 km north of the Marshall Lake property, and 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. The NI 43-101 report dated May 1, 2009 is available on SEDAR at www.sedar.com.
- The Company also recently entered into a mineral property option agreement to acquire up to 100% of four separate properties in Ontario made up of seven claims. The properties are situated in the Kenora and Patricia mining divisions in Northwestern Ontario and are known as the Queen Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property.
On behalf of the Board of Directors,
“Terrence MacDonald”
Chief Executive Officer and Director
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.
Terrence MacDonald
416 561-3626