Copper Lake Receives Exploration Permits FOR Marshall Lake Main Billiton Zone and Deeds Island Zone & Provides Corporate Update
News Release No: 21-11
COPPER LAKE RECEIVES EXPLORATION PERMITS FOR
MARSHALL LAKE MAIN BILLITON ZONE AND DEEDS ISLAND ZONE
& PROVIDES CORPORATE UPDATE
August 26, 2021 - Toronto, ON - Copper Lake Resources Ltd. (TSX -V: CPL, Frankfurt: W0I,
OTC: WTCZF) ("Copper Lake" or the "Company") is pleased to announce it has been issued
mineral exploration permits by the Ontario Ministry of Energy, Northern Development and Mines
(“MNDM”) for its Marshall Lake copper-zinc-silver-gold property. The permits cover the Main
Billiton Zone and the Deeds Island and Marshall Creek Zone and have been issued for an initial
three-year term.
As part of the permit approval process, Copper Lake consults with the respective First Nations
communities when exploration takes place on their lands. On the Marshall Lake property, the
Company is working with Aroland First Nation and Animibiigoo Zaagi’igan Anishinaabek
(“AZA”) First Nation.
Copper Lake CEO, Te rry MacDonald stated : ‘ We extend our appreciation to Chief Dorothy
Towedo and the Council of Aroland and to Chief Theresa Nelson and the Council of AZA for their
ongoing assistance and cooperation with our exploration efforts, and in particular in facilita ting
the recent site visit to the Marshall Lake property with representatives of AZA. We look forward
to working with both Aroland and AZA in our upcoming drill program’.
Billiton Zone MT/DCIP Survey
The Company completed an integrated Magnetotelluric (MT )/Deep IP survey over the Billiton
deposit locale in mid-July. The goal of the surveys is to assist in mapping the configuration of the
Marshall Mineralized Band, containing the Billiton Zn-Cu-Ag massive sulphide deposit (historic
resource of 2.2 MT at 1.3% copper, 4.2% zinc & 2.5 opt Ag1), as well as several other base-metal
occurrences contained within it (Map 1). The MT/DCIP survey measures resistivity, an important
parameter givens its sensitivity to massive sulphides and hydrothermal alteration. MT technology
generates models of the subsurface resistivity in 2D & 3D at shallow depth and to depths of up to
1 km.
Preliminary results of the survey are anticipated shortly; the Company is confident that the survey
will generate several VMS drill targets on surface and at depth, in the Billiton deposit locale and
within the Marshall Mineralized Band.
Deeds Island Target
The Deeds Island target, located 6 km to the east of the Billiton deposit, comprises an 800- metre
long zinc anomaly containing zinc values of up to 1000 ppm. The geochemical anomaly is
5623510.2
coincident with a large zone of intense garnet-actinolite alteration within felsic volcanic rocks, an
alteration assemblage associated with sulphide mineralization at the Billiton deposit. Two airborne
VTEM conductors as well as a number of historic EM conductors are closely associated with the
target, adding further attraction to the area (Map 2). The Deeds Island target has not been tested
by previous diamond drilling.
Status of 2021 Drill Program
The Company intends to commence the drill program in early October, with an initial plan for
3,000 metres of drilling. The drilling will be primarily focused on the Billiton deposit locale in
addition to drilling select land- based targets on the highly prospective Deeds Island and Marshall
Creek Zone.
2021 Precious Metals Summit
The Company has been invited to attend the 2021 Precious Metals Summit in Beaver Creek,
Colorado from September 8 – 11, 2021. The Summit is a premier event that brings together the
community of institutional investors, sell- side representative s and corporate executives from
senior and junior precious metals companies to meet and network with some of the most
prospective producers, explorers and developers from around the globe.
Granting of Options
The Company has granted an aggregate of 3,050,000 Options to certain officers, directors and
consultants of the Company in accordance with the Company’s current Stock Option Plan. Each
Option is exercisable into one common share (a “Share”) of the Company at a price of $0.05 per
Share for a per iod of five years from the date of grant, being today. The options will vest
immediately.
1The resources described above are 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
Qualified Person
The technical content of this news release has been reviewed and approved by Donald Hoy, M.Sc.,
P.Geo, as the qualified person.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on
advancing its Marshall Lake and Norton Lake properties located in Ontario, Canada.
Marshall Lake Property
The Marshall Lake high-grade VMS copper, zinc, silver and gold property, comprises an area of
approximately 195 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 an option to increase its interest to 87.5% from its current 75% interest. The
property also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not
subject to any royalties, and which add approximately 30 square km to the 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 Solla s Lake property consists of 20 claim cells comprising an area of 4
5623510.2
square km on the east side of the Marshal `l 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.
Norton Lake Property
Copper Lake has a 71.41% 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.
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.
5623510.2