Copper Lake Commences Diamond Drilling at Marshall Lake Copper-Zinc-Silver Massive Sulphide Property, Ontario and Grants Stock Options
News Release No: 21-15
COPPER LAKE COMMENCES DIAMOND DRILLING AT MARSHALL
LAKE COPPER-ZINC-SILVER MASSIVE SULPHIDE PROPERTY,
ONTARIO AND GRANTS STOCK OPTIONS
October 18, 2021 – Toronto, ON – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I,
OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to announce that it has commenced
its minimum 3,000 metre diamond drill program at its Marshall Lake copper -zinc-silver
volcanogenic massive sulphide (“VMS”) property, located north of Geraldton, Ontario, which is
the traditional territory of the Aroland and the Animbiigoo Zaagi igan Anishanaabek First Nations.
With exploration and contractor crews on-site, it is anticipated that drilling will commence at the
first drill site imminently. All planned 2021 exploration work has been permitted, conforming to
Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry regulations.
The primary focus of the drilling is a strong, new, deep Induced Polarization (IP) anomaly, situated
adjacent and 150 metres below the historic Billiton copper-zinc-silver VMS deposit. Several other
base-metal occurrences on the p roperty that have seen little or no previous drilling will also be
tested by drilling in this program (see Copper Lake news release, dated September 8, 2021).
“We are excited to begin this drilling program,” stated Terry MacDonald, CEO of Copper Lake .
“Over the last few months, our technical team led by the Company’s Vice President of Exploration,
Don Hoy, has created a new geological model for the Billiton VMS deposit and surrounding area,
utilizing a recent DCIP/MT geophysical survey , supplemented by a detailed compilation of
regional exploration data for the entire Marshall Lake Greenstone Belt . This exercise has
successfully identified several new high-potential VMS targets to be tested in the current drilling
program.”
Drilling is expected to take 6 to 8 weeks to complete. Drill results will be released as they become
available.
Granting of Stock Options
The Company has granted an aggregate of 6,650,000 stock options to certain officers, directors
and consultants of the Company in accordance with the Company’s current Stock Option Plan.
Each option is exercisable into one common share (a “Share”) of the Company at a price of $0.08
per Share for a period of five years from the date of grant, being today. The options will vest
immediately.
Qualified Person
Donald Hoy, M. Sc., P. Geo., Copper Lake’s Vice President of Exploration, is the Qualified Person
responsible for the technical content contained in this news release.
About Copper Lake Resources
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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.
Marshall Lake Property
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 a 75% interest in the joint ventured property, which consists of 233 claims and
52 mining leases. 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.
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 sid e 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.
Norton Lake Property
Copper Lake has a 71.41% joint venture interest in the Norton Lake nickel, copper, cobalt, and
palladium 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) 561-3626
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.