Copper Lake Provides Exploration Update ON Its Marshall Lake Copper-Zinc-Silver VMS Property, Northwestern Ontario
News Release No: 24-01
COPPER LAKE PROVIDES EXPLORATION UPDATE ON ITS
MARSHALL LAKE COPPER-ZINC-SILVER VMS PROPERTY,
NORTHWESTERN ONTARIO
HIGHLIGHTS
• Quality MT conductors defined down -dip and below high -grade stringer mineralization
yielding 8.13% Cu, 7.26% Zn & 240.80 g/t Ag over 2.11 meters & 2.37% Cu, 1.75% Zn &
413.50 g/t Ag over 6.00 meters at Deep EM target.
• Large-loop EM survey to be conducted over new build -up conductor located up -
stratigraphy and to the east of the Deep EM target, followed by diamond drilling.
January 30, 2024 – Toronto, ON – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI,
OTC: WTCZF) (“Copper Lake” or the “Company”) announces that the Company has contracted
with Forage Geo -Nord to conduct drilling for the winter 2024 drill program. The Company
recently finalized the primary targets for the winter 2024 drill program, known as the MT
conductors and the Build-up conductor.
As the Ministry of Natural Resources and Forestry (“MNRF”) had decommissioned two bridges
in 2023 that had previously been used to access the drill site from the south side of the property,
the Company had planned to access the property from the north side, using the Ogoki Road.
However, the unusually warm winter has delayed the freeze -up and the conditions will not allow
us to access the site at this time with the planned drill equipment. The drill rig that we had planned
to use, which is capable of drilling to depths of 1,500 meters, is too heavy to fly in by helicopter.
As a result, we will focus our drilling efforts on the Build -up Conductor where the targets are
likely to be less than 500 meters in depth, and we can use a smaller drill that can be mobilized to
site by helicopter.
The Build-up Conductor appears to be an extension of the MT Conductor, which is trending to the
east, as shown in the attached geophysical images.
MT SURVEY INTERPRETATION
The magneto -telluric (MT) method is a geophysical technique that uses naturally occurring
electromagnetic fields (EM) to measure the electrical conductivity of the earth. MT conductors
reflect the presence of metallic sulphide deposits to depths of up to 1,000 metres, far beyond the
depth of historical geophysical surveys completed at Marshall Lake. SJ Geophysics Ltd., based
out of Delta, BC, completed the MT survey in July 2021.
The Company recently had the MT data interpreted and modelled, with the objective of defining
deep drill targets. The survey was completed in the locale of the Deep EM target, drilled by the
Company in 2021 and 2022, yielding high-grade intercepts including:
• 8.13% Cu, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au over 2.11 meters
• 5.81 % Cu, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au over 1.95 meters
• 2.37% Cu, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au over 6.00 meters1
Such stringer -style mineralization is situated at a depth of approximately 300 metres below
surface. The intent of completing the MT survey was the ability to see conductors to depths of up
to 1,000 metres, well below the stringer mineralization associated with the Deep EM target
documented above.
The 3D modelling delineated 3 strong conductors, 2 of which are centered at a depth of
approximately 500 meters below surface. The conductors are situated proximal to the Deep EM
target and Billiton deposit that are high-grade stringer or feeder zones (Figures 1). Thus, all 3 MT
conductors are thought to be very prospective for the presence of a nearby massive sulp hide
deposit. None of the MT conductors have been tested by diamond drilling.
MT conductors 1 and 2 are closely related to the Deep EM target and associated with high -grade
stringer mineralization and may manifest the down -dip or down -plunge extension of such
mineralization. Collectively, both conductors are strong and persistent at depths commencing at
400 meters and persisting to a maximum depth of 1,000 meters below surface, respectively (Figure
2).
MT conductor 3 is a shallower target, the top of which is located 250 meters below surface and
may represent the down -dip extension of the Billiton deposit, to the west of its known extent. It
also may represent a parallel or stacked zone of mineralization. Historic drilling is not known to
have been completed on MT conductor 3.
BUILD-UP CONDUCTOR
Large-loop electromagnetic (EM) surveys were conducted by Abitibi Geophysics during the
winter of 2023. A compelling Build -up conductor was defined by the survey, situated
approximately 2 kilometers to the east of the MT Conductors and Billiton deposit (Figure 3). This
conductor is interpreted to be hosted in younger rocks, stratigraphically above the rocks associated
with the Billiton deposit and MT conductors. Notably, the apparent east -west trend of MT
conductors 1, 2 and 3 if extended to the east, would coincide closely with the location of the Build-
up conductor. Also, a syn -volcanic fault and magnetic high documented on Government maps,
transects the conductor, adding further potential to the prospects of the target.
A geophysical contractor will be on site within a week to complete additional large -loop EM
surveying to fully define the size, strength and orientation of the Build -up conductor. It is
anticipated that the survey will take 4 to 5 days to complete with res ults to be in hand shortly
thereafter.
1Analyses completed by Activation Laboratories in Ancaster, Ontario utilizing the 1A2 – Fire Assay, AA Finish, 1H INAA
(INAAGEO), Total Digestion (Total) and the UT-7, Sodium Peroxide Fusion (ICP & ICP MS) analytical packages
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 just 22 km north
of the main CNR rail line. Copper Lake has a 81.54% 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 prope rty 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 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 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.