Copper Lake Deep Drilling Discovers New High-Grade Mineralized Zone at the Marshall Lake Copper-Zinc- Silver-GOLD VMS Property, Northern Ontario
News Release No: 22-04
COPPER LAKE DEEP DRILLING DISCOVERS NEW HIGH-GRADE
MINERALIZED ZONE AT THE MARSHALL LAKE COPPER-ZINC-
SILVER-GOLD VMS PROPERTY, NORTHERN ONTARIO
April 19, 2022 – Toronto, ON – Copper Lake Resources Ltd. (TSX -V: CPL, Frankfurt: WOI,
OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to report high-grade assays from
drilling of a new discovery, on its Marshall Lake copper -zinc-silver-gold volcanogenic massive
sulphide (VMS ) property (the “Property”), located northeast of Thunder Bay, Ontario.
Additionally, the Company is pleased to provide an update on diamond drilling progress and
ground geophysics, all part of an integrated exploration program currently being undertaken on
the Property.
Diamond Drilling
The recently completed drill program at Marshall Lake comprised 4 holes (Mar -21-01, Mar-21-
03, Mar-22-01 & Mar -22-02), for a total of 1,524 metres. Assays for the first hole testing the
Billiton deposit, Mar -21-01, were reported in the Company’s news release dated February 15,
2022.
Mar-21-03, the second hole completed testing an un-drilled VTEM anomaly, intersected 4 zones
of mineralization all yielding high -grade assays, as tabulated below. Highlighting the intercepts
are intervals yielding 5.39% Cu, 0.06% Pb, 6.43% Zn, 315.58 g/t Ag & 2.22 g/t Au (12.44%
CuEQ or 28.46% ZnEQ) over 2.67 metres as well as 1.43% Cu, 0.11% Pb, 4.13% Zn, 122.24
g/t Ag & 0.51 g/t Au (4.67% CuEQ or 10.68% ZnEQ) over 2.59 metres. Intersected widths are
believed to be close to true widths.
Hole No.
From
(m)
To
(m)
Length
(m) % Cu % Pb %Zn
Ag
(g/tonne)
Au
(g/tonne) %CuEQ2 %ZnEQ2
Mar-21-03 47.33 48.05 0.72 1.18 0.12 5.81 119.00 0.01 4.79 10.95
64.20 66.87 2.67 5.39 0.06 6.43 315.58 2.22 12.44 28.46
73.48 76.07 2.59 1.43 0.11 4.13 122.24 0.51 4.67 10.68
180.65 181.50 0.85 1.40 0.09 9.05 159.00 0.01 6.77 15.47
1Analyses completed by Activation Laboratories in Ancaster, Ontario, Ontario utilizing the 1A2 – Fire Assay AA
finish, IH INAA (INAAGEO)/Total Digestion (Total) and the UT-7, Sodium Peroxide Fusin (ICP & ICP MS)
analytical packages
2Copper Equivalent (CuEQ) & Zinc Equivalent (ZnEQ) calculated using the following metal prices: Copper at
US$4.66/lb, Zinc at US$2.04/lb, Lead at US$1.12/lb, Silver at US$25.68/oz and Gold at US$1,977/oz
Given that the VTEM target had not been tested by previous drilling, mineralization intersected in
hole Mar-21-03 comprises a new discovery that is open in all directions (see Figures 1a & 1b).
The presence of heavily disseminated to semi -massive chalcopyrite, sphalerite and pyrite hosted
in strong biotite-chlorite-silicic-actinolite alteration is very encouraging, resembling stringer-type
mineralization and hydrothermal alteration, typically found in the footwall of major VMS deposits.
Drill hole Mar-22-01, was the first hole to test the Deep IP target (also see Figures 1a & 1b), a
large untested Induced Polarization anomaly (IP), situated adjacent to and below the Billiton VMS
deposit. Four significant sulphide-bearing zones were encountered over widths of 6.85, 2.15, 2.17
and 1.95 metres, respectively. The latter 2 zones over 2.17 and 1.95 metres, are well -
mineralized, comprising heavy disseminations to semi-massive, chalcopyrite, sphalerite and
pyrite hosted within strong, biotite -chlorite-silicic-actinolite alteration (photos of the drill
core from these 2 intercepts in Mar-22- 01 are posted on the Copper Lake website at
www.copperlakeresources.com). Notably, the latter 3 sulphide intercepts are contained within the
broad boundaries of the Deep IP target.
The final hole, Mar-22-02, was collared 100 metres northeast of Mar-22-01. Despite the presence
of locally strong chlorite-biotite-garnet alteration and minor amounts of disseminated pyrite seen
throughout the core, no significant base -metal sulphides were encountered. Bore -hole
electromagnetic surveying (BHEM) of this drill hole is plann ed for the next few days to detect
thicker accumulations of conductive sulphide mineralization in the vicinity of this hole.
Preliminary 3D modelling of the well- mineralized drill intercepts obtained in holes Mar-21-03
and Mar-22-01 suggest that they may comprise the same mineralized horizons - further drilling
will be required to confirm this and further model the structural geology of these mineralized zones
and their relationship with the Main Billiton VMS deposit.
All drill core has been logged and sampled at the Marshall Lake camp and submitted for assay at
a Thunder Bay laboratory. Assays for holes Mar-22-01 and Mar-22-02 are expected in the next 30
days and will be released as they become available.
Terry MacDonald, CEO of Copper Lake stated: “We are very encouraged by the excellent grades
and visuals obtained to date in limited drilling of the new VTEM -Deep IP target discovery. Such
mineralization and alteration in this locale provide a solid foundation and good evidence for a
major massive sulphide deposit to exist on this part of the Property and clearly, additional
systematic exploration and diamond drilling is warranted”.
Ground Geophysics
Borehole electromagnetic ( BHEM) surveying of the 4 holes recently completed as well as 3
historic strategic holes, will be started in the next week. BHEM will be undertaken in efforts to
identify extensions of all of the min eralized zones and to assist in vectoring towards thicker
accumulations of sulphide mineralization. It is anticipated that the surveys will take 7 to 10 days
to complete. Results will be released as they become available.
A ground gravity survey was comple ted over the Deeds Island target in February. This target is
located 6 km to the east of the Billiton deposit, comprising an 800- metre long zinc geochemical
anomaly in felsic volcanic rocks, coincident with a large zone of garnet actinolite alteration, as
well as a number of airborne EM conductors. It offers potential for massive sulphides in younger
rocks, situated stratigraphically higher in the section, relative to the Billiton deposit. Most
importantly, the Deeds Island target has never been previously tested by diamond drilling.
A prominent residual gravity anomaly defined by the survey is closely associated with the
composite Deeds Island target (see Figure 2). The gravity anomaly covers an area of at least 2 00
X 100 metres and is greater than 0.25 milligals in magnitude. The gravity anomaly data combined
with associated historic geochemical and airborne EM data will be modelled in 3D, to help define
specific high priority drill targets. Drilling will be completed on this target this summer.
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
Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development
company with interests in two projects both located in Ontario. www.copperlakeresources.com
The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of
approximately 220 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 project 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
original 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 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. The Marshall Lake project is located in the traditional
territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First Nations.
Copper Lake also 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 com pliant
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 Norton Lake property is located in the traditional territories of the Eabametoong
(“Fort Hope”) and Neskantaga First Nations.
On behalf of the Board of Directors,
Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
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.
ML_VTEM_021-01
Deeds
Island
BL 0
ML_VTEM_020-01
TL 1400E
L-1100N
L-1200N
L-700N
L-100N
L-200N
L-300N
L-400N
L-500N
L-600N
L-800N
L-1000N
L-900N
5000 250
meters
Anomaly Name
LEGEND
Questor Anomaly
VTEM Anomaly
500
L-0