Copper Lake Identifies New Priority Targets and Provides Exploration Update ON the Marshall Lake Copper-Zinc-Silver VMS Property
News Release No: 23-05
COPPER LAKE IDENTIFIES NEW PRIORITY TARGETS AND
PROVIDES EXPLORATION UPDATE ON THE MARSHALL LAKE
COPPER-ZINC-SILVER VMS PROPERTY
July 19, 2023 – Toronto, ON – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI,
OTC:WTCZF) (“Copper Lake” or the “Company”) is pleased to provide the following comprehensive
exploration update on its Marshall Lake copper -zinc-silver volcanogenic massive sulphide (VMS)
property, situated in northwestern Ontario.
The Company has completed multi-faceted exploration programs focused on the Billiton Zone area of the
property over the last 3 years and has gained a much greater understanding of the geology, structure,
architecture and exploration upside of the VMS system. The analysis of the most recent drill program has
identified two priority drill targets – the MT Conductor and the East-West Build-Up Conductor.
Terry MacDonald, Copper Lake CEO, commented “The exploration programs over the last three years have
provided us with significant new information and a much better understanding of the geological structure
of the Billiton Zone, with each program adding to our understanding and giving us better targets. We now
have evidence of a time horizon with sedimentation encountered just above the MT conductor, at a depth
of 370m. The strongest part of the MT conductor appears to start at a depth of 700m, and continues as deep
as the MT can see. We are eagerly looking forward to drilling this target. And the new Build-Up Conductor
two km to the south-east is also very exciting. This conductor follows on the trend line of the stringer zones
and is stratigraphically higher in younger rock – the ideal location for a VMS deposit.”
An exploration program featuring ground geophysics and diamond drilling is planned for the summer and
fall of 2023, to test the new targets generated by the collective exploration efforts completed during the
2021 to 2023 field seasons.
Recent Exploration Results, 2021-2023
Given that the Billiton deposit historically, has yielded the best drill results and demonstrated economic
potential, Copper Lake’s initial exploration efforts focussed on exploring this locale (historic resource –
non 43-101 compliant, 2.2 MT @ 1.3% Cu, 4.2% Zn & 2.5 oz/t Ag1). In view of the absence of deep drilling
in the Billiton area, the Company completed a combined magneto-telluric (MT) and deep induced
polarization (IP) survey to generate drill targets. In 2021, the I P survey generated a large north -south
trending chargeability high starting at a depth of 300 metres below surface, with dimensions of 800 x 300
x 300 metres, comprising a new target area, never previously tested by diamond drilling.
Diamond Drilling
During the winter of 2021 -2022, the Company completed 4 drill holes testing the southern portion of the
large IP anomaly. The best drill hole, MAR-22-01, returned the following encouraging results:
• 8.13% Cu2, 0.05% Pb, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au over 2.11 metres
• 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au over 1.95 metres.
• 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au over 6.00 metres , including
2.26% Cu, 0.01% Pb, 2.66% Zn, 1,580 g/t Ag (55.7 oz/t Ag3) & 1.28 g/t Au over 1.21 metres.
Such mineralization resembles stringer -type frequently seen below major VMS deposits, suggesting
proximity to a massive sulphide source in this locale.
An additional 8 drill holes were completed by the Company during the winter of 2023, 3 of which tested
the Deep EM target and 3 drill holes test ed the northern portion of the large IP anomaly. Drill hole MAR -
23-01, testing the Deep EM target, intersected a narrow zone of massive sulphide yielding:
• 0.30% Cu, 13.00% Zn & 390.00 g/t Ag over 0.55 metres as well as 5.66% Cu, 3.01% Zn &
239.00 g/t Ag over 0.30 metres
The massive sulphide interval occurs at a vertical depth of 370 metres below surface, at the contact between
felsic volcanic rocks and sediments – this is an encouraging sign, as it is the first indication seen in drilling
to date that exhibits a sedimentary or exhalative component associated with base-metal mineralization,
which is frequently seen in VMS deposits.
East-West Build-Up EM Conductor (Figure 1)
The LLEM survey revealed a large conductor is building-up 2 kilometres to the southeast of the Deep EM
target, in the eastern portion of the survey area. The Build-Up Conductor is situated stratigraphically above
the Deep EM target in younger rocks and is on a mapped syn-volcanic fault. This suggests that the stringer
style copper-zinc-silver mineralization occurring at the Deep EM target may be feeding and overlain by a
massive sulphide deposit, in younger rocks. The Company is planning follow -up work is to determine the
cause of this conductor, which is in an area of the property t hat has never been explored, let alone drilled.
The conductor would not have been detected by previous VTEM surveys as it occurs below a depth of
250m.
MT Target (Figure 2)
The data from the MT survey completed by Copper Lake during the summer of 2021 was reassessed and
interpreted. MT measures resistivity, an important parameter given its sensitivity to massive sulphide and
hydrothermal alteration. MT technology generates models of the subsurface resistivity at shallow depth and
to depths of up to 1 kilometre.
A compelling resistivity low or conductor (purple and magenta colours) yielded by the MT survey, occurs
below the Deep EM target with the strongest part of the conductor occurring at 700 metres below surface.
In addition, the shallow portion of the conductor appears to correlate closely with a number of narrow high-
grade drill intercepts obtained by Copper Lake during the 2021-2023 drill campaigns at shallow depth (300
metres below surface) and may reflect the deeper, down-dip extent of such mineralization . It is noteworthy
that the narrow massive sulphide interval intersected in drill-hole MAR-23-01 occurs at the contact between
siltstone and felsic volcanic rocks. This drill hole also ended in sediments and as such, represent a distinct
hiatus or stoppage in volcanism. This time horizon, prospective for massive sulphide mineralization, may
very well correlate with the strong, prominent MT conductor. A series of deep drill holes (800 – 1,000m)
are planned to test this deep conductor.
OUR UNDERSTANDING OF THE VMS SYSTEM AT MARSHALL LAKE (Figure 3)
Copper Lake’s integrated exploration programs over the last few years has resulted in a greater
understanding of the geology, structure, architecture and exploration upside of the VMS mineralizing
system at M arshall Lake. It is believed that the base-metal mineralization seen at the historic Billiton
deposit, as well as the copper-zinc-silver mineralization occurring at the Deep EM target, are stringer zones
or footwall alteration zones, seen below or proximal to massive sulphide deposits. This structure suggests
that the stringer mineralizing systems represent feeder zones or stock -work that may propagate massive
sulphide mineralization upwards stratigraphically in younger rocks to the east.
The strong extens ive conductor yielded by the MT survey is a very attractive drill target and either
represents thicker accumulations of stringer -type mineralization or potential massive sulphide
mineralization.
Stringer-type copper mineralization also occurs to the west of the Billiton deposit at the site of the Teck -
Hill, Gazooma, Gazooma North, RM and Jewel Box occurrences. Drilling at all of these occurrences has
been very shallow, largely within 150 metres from surface. Additional deeper EM surveys are required at
these occurrences prior to diamond drilling, to identify deeper drill targets for massive sulphide
mineralization.
NEXT STEPS
1. We are in the process of arranging an LLEM survey to define the size, strength and orientation of
the Build -Up Conductor situated to t he east of the Deep EM target. Geological mapping and
prospecting will also be completed at this site to supplement the geophysical survey. Line cutting
is currently being completed in preparation for the completion of said LLEM survey, anticipated to
commence in August. Diamond drilling of this target area will follow in the early fall.
2. Three dimensional inversions and modelling of the MT survey data will be completed prior to
drilling of the strong MT conductor situated below the Deep EM target and assoc iated base-metal
stringer mineralization. Modeling of such data will yield information related to strength of the
conductor, depth to the source, dip, and over-all size and shape of the target area. Three dimensional
iso-surfaces of the conductor yielded by the modeling will enable more accurate drill testing of this
high-priority target. Drilling could commence in late summer or early fall.
1The resource numbers for the Billiton deposit are considered as historic resources under NI-43-101 guidelines and have not been
certified by a Qualified Person. Therefore they should be relied upon. Historic resource calculation completed by Gri pp Mines in
1993, utilizing the polygonal method or resource estimation.
2Analyses completed by AGAT Laboratories in Thunder Bay, Ontario using Fire Assay with AA Finish for Au & Ag. Metals Package
by Aqua Regia Digestion – 51 elements (ICP/ICPMS Finish) and Cu & Zn over limits by Sodium Peroxide Fusion (ICP-OES).
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 pro ject, 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
79.45% 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 Sum mit 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 69.79% 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. 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.
Cautionary and Forward-Looking Statements
This news release includes certain forward -looking statements and forward- looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, statements regarding the Private
Placement and proposed uses of the proceeds of the Private Placement, are forward-looking statements. Although the
Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to
be correct. Often, but not always, forward looking information can be identified by words such as "pro forma",
"plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to
certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially from any future results, performance or
achievements expressed or implied by the forward-looking statements. This forward-looking information reflects the
Company’s current beliefs and is based on information currently available to the Company and on assumptions the
Company believes are reasonable. These assumptions include but are not limited to: TSX Venture Exchange
acceptance of the Private Placement; Market acceptance and approvals; and the anticipated closing date for the
Private Placement. Forward-looking information is subject to known and unknown risks, uncert ainties and other
factors that may cause the actual results, level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such forward-looking information. Such risks and other factors
may incl ude, but are not limited to: general business, economic, competitive, political and social uncertainties;
general capital Market conditions and M arket prices for securities; delay or failure to receive board or regulatory
approvals; the actual results of f uture operations; competition; changes in legislation, including environmental
legislation, affecting the Company; the timing and availability of external financing on acceptable terms; and lack of
qualified, skilled labour or loss of key individuals. A de scription of additional assumptions used to develop such
forward-looking information and a description of additional risk factors that may cause actual results to differ
materially from forward- looking information can be found in the Company’s disclosure documents on the System for
Electronic Document Analysis and Retrieval ( “SEDAR”) website at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not
to place undue reliance on fo rward-looking information as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Forward- looking information contained in this news release is
expressly qualified by this cautionary statement. The for ward-looking information contained in this news release
represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change
after such date. However, the Company expressly disclaims any intention or obligat ion to update or revise any
forward-looking information, whether as a result of new information, future events or otherwise, except as expressly
required by applicable securities law.
PRIORITY 1: EAST-WEST BUILD-UP CONDUCTOR
1
1TSX.V: CPL | OTCPINK: WTCZF
Billiton Deposit
East-West Build-up
Conductor
The East-West Build-up
Conductor Comprises a High-
Priority Exploration Target
Area
• It occurs 2 km to the east
of the Billiton deposit up-
stratigraphy in overlying
younger rocks
• Stringer mineralization at
the Billiton deposit and
Deep EM target appear to
be feeder zones
underlying a potential
massive sulphide horizon
• No exploration or historic
drilling has been
completed on this target
• Large-loop
electromagnetic surveys
to be completed this
summer to better define
the conductor
Deep EM Target
Younger Rocks
Figure 1
PRIORITY 2: MAGNETO-TELLURIC (MT) TARGET
The MT survey delineated a
strong conductor (magenta
colors) that persists to depths
of greater than one (1)
kilometre
-the high-grade stringer
mineralization intersected in
drilling as well as the Deep EM
Target are closely associated
with the upper part of the
MT conductor
-the strongest part of the MT
conductor is situated 700
metres below
ground surface
-diamond drilling will be
completed at depth to test the
MT conductor for extensions of
the stringer mineralization and
for massive sulphides
Section Looking to the SW at 245 degrees
2
2TSX.V: CPL | OTCPINK: WTCZF
MT Conductor
Figure 2
(A) Simplified model of VMS mineralization
features concordant lenses of massive sulphide
(pyrite, sphalerite, chalcopyrite & pyrrhotite)
deposited on or below the sea floor
- A cross-cutting stringer zone or alteration
pipe containing copper, zinc & silver is
situated below the massive sulphide
(B) Frequently VMS deposits are tilted to the
vertical position
3
A
B
(C) Evidence suggests that the Billiton deposit and Deep
EM target mineralization are the discordant stringer
zones feeding hot metal-bearing fluids to the seafloor
- Strong alteration (red & magenta colours) is high-
temperature alteration related to stringer-type
mineralization located below massive sulphide
deposits
- The new E-W build-up conductor situated in younger
rocks to the east is prospective for massive sulphide
deposits
C
VMS MODEL FOR MARSHALL LAKE
Series of Conductors may reflect additional
stringer mineralization situated below a
massive sulphide deposit
Figure 3