Copper Lake Intersects Significant New Copper-Zinc Sulphide Mineralization ON Its Marshall Lake Project, Northern Ontario
News Release No: 22-01
COPPER LAKE INTERSECTS SIGNIFICANT NEW
COPPER-ZINC SULPHIDE MINERALIZATION ON ITS
MARSHALL LAKE PROJECT, NORTHERN ONTARIO
January 4, 2022 – Toronto, ON – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI,
OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to provide an update on diamond
drilling currently being undertaken on its Marshall Lake copper-zinc-silver volcanogenic massive
sulphide (VMS) property, located northeast of Thunder B ay, Ontario. The Company also reports
on the recent exercise of 18,413,333 warrants at $0.05 providing $920,667 in additional program
funding, to be utilized in the ongoing exploration program involving diamond drilling as well as
ground geophysical surveys.
The focus of the current 3,000 metre drilling program is a large, strong untested Induced
Polarization (IP) anomaly (“deep IP target ”), situated adjac ent to and below the Billiton
copper-zinc-silver VMS deposit, with a secondary focus on other base-metal occurrences on the
property that have seen little or no historical drilling. Drilling progress has been slow and the deep
IP target has yet to be tested; however the current drill hole is providing positive indications that
it may be related to a sizeable VMS deposit. Diamond drilling is set to resume this week.
DRILLING HIGHLIGHTS
Highlighting the most recent drilling is the intersection of two well-mineralized alteration zones
in hole Mar-21-03. Both zones contain appreciable blebby, stringer and heavily disseminated to
semi-massive pyrite, chalcopyrite and sphalerite, hosted within felsic volcaniclastic rocks
characterized by intense biotite, chlorite, actinolite and silicic alteration. Such mi neralization and
alteration are typical of stringer or footwall zones, seen proximal or below massive sulphide
deposits (photos of the drill core from hole Mar-21-03 are posted on the Copper Lake website
at www.copperlakeresources.com.)
The target for Mar-21-03 is an untested VTEM airborne conductor, modelled to be at a depth of
150 metres down-the-hole. The presence of the two well-mineralized alteration zones situated at
shallower depth in the hole (64.20 to 66.87 metres and 72.33 to 76.07 metres respectively) is very
encouraging and suggests the possibility of encountering massive sulphides at the VTEM target
depth of 150 metres, as well as in the underlying deep IP target (see Figures 1A & 1B). Hole
Mar-21-03 was at a depth of 112 metres when drilling r ecessed for the Christmas break and will
be a priority for completion when drilling resumes.
Drill hole Mar-21-01 targeted the projected down- plunge extension of the Billiton deposit,
intersecting it over a core length of 8.2 5 metres. It comprises mostly disseminated pyrite with
narrow zones of semi-massive pyrite and pyrrhotite, with lesser chalcopyrite and sphalerite, within
chloritized, biotitic and sericitized volcanic rocks.
Hole Mar-21-02 was collared at the same site as Mar-21-03 but was abandoned at a depth of 12
metres, due to the presence of several large boulders in the overburden.
Drill core for all mineralization obtained to date has been submitted to a laboratory for assay; drill
results will be released as they become available.
DEEP IP TARGET
Upon completion of Mar -21-03, drill holes Mar-22-01 and Mar-22-02 will test the heart of the
deep IP target , characterized by high conductivity/low resistivity and high chargeability, at a
vertical depth of approximately 350 metres. Both holes are intended to intersect the deep IP target
where the highest conductivity and chargeability overlap within this large untested anomaly with
dimensions of 800 x 300 x 300 metres (see Figures 1A and 1B). The anomaly is situated between
150 to 450 metres below surface and represents a new target area, never previously tested by
diamond drilling. The deep IP target appears to be situated down-plunge from the Billiton copper-
zinc-silver massive sulphide deposit (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc
and 2.5 opt silver 1) in a fold hinge, a favourable structural location for finding large massive
sulphide deposits.
An orientation gravity survey will be completed over the deep IP target in early January to provide
further data on the size and geometry of the sulphide mineralized zone and to assist with the
targeting of future drill holes . A more widespread gravity survey will also be considered to help
identify other deep drill targets within this large high-priority area.
Additionally, borehole electromagnetic (BHEM) surveys will be completed on a ll drill holes
undertaken by the Company on all targets. BHEM surveys are important tools when exploring for
VMS deposits as they assist in vectoring towards conductive sulphide bodies.
DEEDS ISLAND TARGET
The Marshall Lake Belt clearly has potential for d iscovery of multiple VMS deposits - there are
several attractive targets that have seen little or no drilling. The Deeds Island area is one such
target, comprising an 800-metre long zinc bedrock geochemical anomaly (up to 1,000 ppm zinc),
closely associated with a strong extensive garnet-actinolite alteration zone and coincident airborne
EM conductors. It is situated 6 km to the east of the Billiton deposit in younger rocks and represents
another prospective VMS target on the Property that has seen no historic drilling (see Figure 2).
A gravity survey will be completed over the Deeds Island area to help prioritize drill targets over
this large, prospective anomaly. Line cutting has been completed in preparation for the gravity
survey, anticipated to commence in the first week of January. Follow-up drilling will occur shortly
thereafter, while freeze-up conditions are in effect in this area.
1The resource described above is considered historic under NI-43 -101 guidelines and have not been verified by an Independent
Qualified Person and therefore should not be relied upon. The Company is not treating the historic resource as a current Mineral
Resource
WARRANTS
At July 31, 2021 the Company had a total of 64,518,301 warrants outstanding. Included in this
total are 16,413,333 warrants with an expiry date of December 30, 2021 which have an exercise
price of $0.05. Since July 31, 2021, holders of the December 31, 2021 warrants have exercised all
16,413,333 warrants and holders of the May 8, 2022 warrants have exercised 2,000,000 warrants
for total proceeds of $920,667. After the exercise of these warrants, the Company has 194,682,429
shares outstanding at December 31, 2021.
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, Canada.
The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of
approximately 104 square km located 120 km north of Ge raldton, 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 proje ct 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 propert y 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 project , located in the southern Ring of Fire area, which is approximately
100 km north of the Marshall Lake Property. The Norton Lake project 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
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.
ML_VTEM_021-01
ML_VTEM_023-01
462,000 mE
462,500 mE
5,586,000 mN
463,000 mE
5,585,000 mN
5,585,500 mN
Dog Island
ML_VTEM_020-01
ML_VTEM_021-01
464,500 mE
465,000 mE
464,000 mE
463,500 mE
Deeds
Island
Marshall Lake
L-100N
L-1200N
L-1100N
L-200N
L-300N
L-400N
L-500N
L-600N
L-700N
L-800N
L-900N
L-1000N
kilometres
0
465,500 mE
5,585,500 mN
5,585,000 mN
5,586,000 mN
Marshall Lake
3
kilometres
6
462,500 mE
462,000 mE
463,000 mE
5,584,000 mN
5,584,500 mN
BL 0
465,000 mE
464,500 mE
464,000 mE
463,500 mE
1
kilometres
0.50
L-100N
L-0
TL 1400E
VTEM Anomaly
Questor Anomaly
5,584,000 mN
465,500 mE
5,584,500 mN
Garnet-Actinolite
Alteration Zone
Diamond Drill Collar
Zn Geochemistry
100ppm Contours
Anomaly Name
LEGEND
VTEM Anomaly
Questor Anomaly