Copper Lake Confirms Gold Mineralization at Billiton Main VMS Prospect on the Marshall Lake Project
5514167.1
News Release No: 17-01
Copper Lake Confirms Gold Mineralization at
Billiton Main VMS Prospect on the Marshall Lake Project
January 11, 2017 – Toronto, ON - Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I)
(“Copper Lake” or the “Company”) is pleased to announce that the Company has completed a
channel sampling, mapping, core assaying and prospecting program over the Billiton Main VMS
prospect area within the Marshall Lake project area during the 2016 field program.
Highlights:
• Channel sampling at Billiton Main Prospect yields:
o Up to 2.36 g/t Au, 60 g/t Ag, 1.61% Cu, and 4.20% Zn over 0.60m
o Up to 0.64 g/t Au, 286 g/t Ag, 3.05% Cu and 5.60% Zn over 0.80m
• Core assays from previous drilling at the Billiton Main Prospect of up to 28.70 g/t
Au, 271 g/t Ag, 3.43% Cu and 6.05% Zn
• Grab samples from regional prospecting of up to 0.96 g/t Au, 23 g/t Ag and 1.15%
Cu at the VTEM-005 target
• Grab sampling of up to 4.05% Zn from the VTEM-008 target
Copper Lake Interim CEO Terry MacDonald stated that “The 2016 compilation program has
outlined a number of new gold targets. Subsequent prospecting, channel sampling and the
assaying of historical core has confirmed the presence of significant gold mineralization in a
number of new zones over a wide area within the Marshall Lake property as well as significant
gold assays from the historically tested Cu-Zn Billiton Main target.
The presence of gold mineralization, hitherto unrecognized, as well as the known Cu- Zn
mineralization associated with the VMS system will be the focus of our exploration program in
the coming months”.
During 2016 Copper Lake completed a data base compilation of all historical exploration work
on the Marshall Lake project area including drilling, surface sampling and geophysical VTEM,
IP and magnetic surveys. The compilation and interpretation completed resulted in the out -lining
of a number of VTEM anomalies and several gold mineralized structures as well as geological
zones not previously explored. The compilation outlined a zone of gold mineralization within the
Cu-Zn VMS Billiton Main Zone. The 2016 field program conducted in October and November
was designed to test the potential of gold mineralization at the Billiton Main Zone with channel
sampling as well as the re- assay of historical d rill core not previously assayed as well as the
ground truth a number of VTEM anomalies defined.
The 2016 field program included the collection of 42 samples from 8 continuous channels at the
Billiton Main Zone and 22 grab samples from the regional follow -up program. The core assay
program of historical drill core from the Billiton Main Zone totaled 217 samples from 216.78m
of core from previously un-sampled core.
Final results of compilation and interpretation from “plate modell ing” of VTEM anomalies
conducted as part of the 2016 program are pending.
Figure 1: Marshall Lake: Prospect Location Map
Billiton Main Zone
Field mapping outlined a number of outcrops at Billiton Main located over a strike length of
~350m showing strong folding, some shearing and high strain zones with sericite –silica-chlorite
alteration. Structures are oriented roughly East -West and fold hinges plunge ~ 40° to the east.
Disseminated to massive sulphides occur with quartz veining, w ith many of the sulphide zones
being folded and deformed. The quartz veins are also folded and boudinaged. Channel samples
were designed to test for gold mineralization associated with the sulphides and quartz veins .
Significant channel sampling results are included in Table 1.
Table 1: Billiton Main Zone: 2016 Significant Channel Sampling Results
Channel From To Length Au Ag Cu Zn
# metres metres metres (g/t) (g/t) (%) (%)
ML-03 0.00 5.00 4.80 0.61 39 0.83 1.29
contains 4.40 5.00 0.60 2.36 60 1.61 4.20
ML-04 0.00 0.80 0.80 0.64 286 3.05 5.60
The sampling of historical core from the Billiton Main Zone was mostly conducted on zones of
quartz veining and quartz -sericite alteration , as sulphide rich zones had been previously been
sampled in the testing for Cu- Zn VMS mineralization. The half core samples were designed to
test for gold and silver mineralization in structures and quartz veins away from the main sulphide
rich lenses. Significant gold and silver assay results from historical core are summarized below
in Table 2.
Table 2: Billiton Main Zone: 2016 Historical Core Re-Assay Program
Figure 2: Billiton Main Zone Location
Regional Prospecting
VTEM-005
Prospecting was conducted over the area covering the VTEM anomaly #005 defined by the 2008
VTEM survey. The target is located some 1.5km to the west of the Billiton Main Zone. Felsic
volcanics were seen to host minor sulphide stringer and quartz -sericite-chlorite alteration
however as the centre of this VTEM is located under a swampy area it would appear that the
main anomaly was not tested by sampling. Signficant results of up to 0.96g/t Au and 1.15% Cu
were returned from sampling distal to the VTEM anomaly (Table 3). Further follow-up work
recommended as the anomaly has not been historically tested.
Table 3: VTEM-005 Target: 2016 Significant Grab Sampling Results
VTEM-008
Prospecting over the area defined by VTEM anomaly #008 identified a surface expression of
stringer style mineralization containing chalcopyrite and sphalerite in felsic volcanics. The
anomaly is located some 2km north of the Teck Hill Zone which hosts VMS style mineralization.
The sampled outcrop is approximately 290 metr es from the centr e of the VTEM anomaly. Grab
sampling of significance are included in Table 4 . Results indicate that this previously untested
anomaly requires additional follow up.
Table 4: VTEM-008 Target: 2016 Significant Grab Sampling Results
Quality Assurance and Quality Control Program
Field samples were collected under the supervision of an independent contract project geologist,
Craig Fitchett P.Geo. of Orix Geoscience. C hannel and chip samples were collected to sample
distinct geological and alteration units. Channels we re cut using a mechanical “core saw”. Drill
core was sawn in half using an electrical core saw with the same half sampled, with a maximum
core length of 1.5m and a minimum of 0.3m sampled.
Prospect Sample Sample Au Ag Cu Zn
Area # Type (g/t) (g/t) (%) (%)
VTEM-005 S125604 Grab 0.09 8 0.81 0.06
VTEM-005 S125606 Grab 0.96 23 1.15 0.03
Prospect Sample Sample Au Ag Cu Zn
Area # Type (g/t) (g/t) (%) (%)
VTEM-08 S120971 Grab 0.09 24 0.02 2.68
VTEM-08 S120972 Grab 0.01 2 0.02 3.16
VTEM-08 S120973 Grab 0.05 7 0.07 4.05
Samples were delivered to ALS -Chemex in Thunder Bay with certified standards and blanks ,
dried and crushed to 70% passing 2mm. A split of 3kg is pulverized to 85% passing - 75µm
(200#). Gold wa s assayed by Fire Assay with a 50g charge and an AAS finish (AA-AA26).
Other elements including Ag, Cu, Pb and Zn in a 33 element suite , we re analysed after
undergoing a four acid digestion and analysis by ICP-AES (ME-ICP61a).
Assay results undergo precision and accuracy checks prior to being entered into the database.
The content of this press release has been reviewed by Gary O’Connor, MAusIMM, a director of
Copper Lake Resources.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on
advancing two significant properties located in Ontario, Canada:
1. 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% b y incurring additional expenditures of $670,000 by July 15, 2017. The
Company can further increase its interest to 87.5% by taking the project to bankable
feasibility stage.
2. The Norton Lake nickel, copper, PGM property (69.79%) is located approximately 100 km
north of the Marshall Lake property.
On behalf of Copper Lake Resources Ltd.
“Terrence MacDonald”
Interim CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the
adequacy or accuracy of this release. This news release includes certain statements that may be deemed
"forward-looking statements". All statements, other than statements of historical facts, that address such
matters as future exploration, drilling, exploration activities, potential mineralization and resources and
events or developments that the Company expects, are forward looking statements and, as such, are subject to
risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although
the Company believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments
may differ materially from those in forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include such matters as market prices, exploitation
and exploration results, continued availability of capital and financing, and general economic, market or
business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary
statement. The information contained herein is stated as of the current date and subject to change after that
date