Copper Lake Initiates Spectral Analysis Survey on the Marshall Lake Property
TORONTO, May 04, 2020 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") is pleased to announce that the Company is proceeding with a Spectral Analysis survey of the Company’s Marshall Lake property and environs. The survey will assist in defining drill targets on the copper-zinc-silver-gold project northeast of Thunder Bay, Ontario, in addition to the potential identification of new targets in previously unexplored areas of the property. The work will be conducted by Aster Funds Ltd. of Toronto, Ontario.
The Spectral Analysis survey takes the long wave infrared data from the Terra satellite, and digitally removes water, vegetation, cloud cover, and up to 18m of overburden. The survey then can identify up to 304 separate minerals in abundance on the Marshall Lake property, with sixteen minerals provided in the first coverage agreement with Aster Funds Ltd. Each mineral is classified into a group that has exploration relevance to precious metals deposits, base metals deposits, and industrial minerals deposits.
This work will also include a Synthetic Aperture Radar (SAR) survey that takes microwave data from the Sentinel 1 and 2 satellites, and calculates the dielectric constant of conductive bodies in outcrop and at shallow depth on mineral properties. Integration of the Spectral Analysis survey with the SAR survey shows what minerals are likely the sources of the conductive body, which can be used to focus follow-up field exploration. In the case of Marshall Lake, the combination of the two surveys should provide new insights into the geology of the property, and assist in prioritizing drill targets defined by the 2007 VTEM geophysical survey. These surveys are in progress and results are expected by the end of May, 2020
Copper Lake CEO Terry MacDonald commented, “the Aster Funds survey allows the Company to continue low-cost exploration with mapping the entire Marshall Lake property at once, and leveraging our project knowledge from previous successful exploration, which included drill intersections averaging 1.07% copper and 20.1 g/t silver over 25.3m at near-surface in the Gazooma Zone, as discussed in our news release of May 23, 2018 http://copperlakeresources.com/wp-content/uploads/2018/06/CPL-News-Release-18-07.pdf. We are very optimistic that the 2020 work program at Marshall Lake will result in new discoveries.”
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing 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 and is accessible by all- season road. Copper Lake has an option to increase its interest to 87.5% from its current 75% interest.
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 favourable 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. Norton Lake 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.
Jim Steel MBA P.Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
On behalf of the Board of Directors,
| Copper Lake Resources Ltd. | CHF Capital Markets |
| Terry MacDonald, CEO | Cathy Hume, CEO |
| (416) 561-3626 | (416) 868-1079 x231 |
| tmacdonald@copperlakeresources.com | cathy@chfir.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.
