Copper Lake Resources Provides Exploration Update ON Marshall Lake Copper-Zinc-Silver VMS Property
News Release No: 23-03
COPPER LAKE RESOURCES PROVIDES EXPLORATION UPDATE
ON MARSHALL LAKE COPPER-ZINC-SILVER VMS PROPERTY
April 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 update on its recently
completed winter exploration program, involving diamond drilling as well as ground and bore-hole
electromagnetic (EM) surveys, on its Marshall Lake copper -zinc-silver-gold volcanogenic massive
sulphide (VMS) property, situated in northwestern Ontario.
Diamond Drilling
A total of eight drill holes comprising 4,062 metres were completed. Six holes tested the Deep EM target
(3,558 metres) and two holes tested the Deeds Island target (504 metres).
Highlighting the results from the Deep EM target are intercepts of disseminated, banded and stringer pyrite,
chalcopyrite, sphalerite and pyrrhotite hosted within strongly altered lapilli tuff and volcanoclastic rocks,
in drill holes MAR -23-01, MAR-23-02 and MAR-23-03. Such mineralized intervals are associated with
strong chlorite, biotite, garnet and silicic alteration. These drill holes are located proximal to MAR -22-01,
which was drilled in the winter of 2022 yielding 8.13% Cu, 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 as well as 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au across 6.0 metres1.
To date, partial assay results have been returned from MAR-23-01, with significant assay intervals tabulated
below2:
Hole No. From (m) To (m) Length (m) % Cu %Zn Ag (g/t) Au (g/t)
MAR-23-01 111.18
Inc. 111.18
& Inc. 114.45
115.00
111.80
115.00
3.82
0.62
0.55
1.32
2.19
4.14
5.37
15.30
10.40
138.20
106.08
532.00
0.44
0.17
1.69
268.10 275.40 7.30 0.56 0.58 57.40 0.05
334.75
Inc. 334.75
& Inc. 335.50
336.35
335.05
336.05
1.60
0.30
0.55
1.86
5.66
0.30
4.25
3.01
13.00
171.50
239.00
390.00
0.67
1.96
0.40
354.00 354.30 0.30 6.18 2.42 298.00 1.10
365.50
Inc. 372.00
373.63
373.63
8.13
1.63
1.60
2.76
0.44
0.89
90.00
172.00
0.35
0.43
Holes MAR-23-06 and MAR-23-07 tested the northern extent of the Deep EM target and intersected weaker
and thinner zones of mineralization and alteration, in comparison to that encountered to the south, in MAR-
23-01, MAR-23-02 and MAR-23-03. The southern part of the Deep EM target area, in the locale of the
conductive centre, appears to represent the heart of the VMS mineralizing system, in terms of strength and
widths of both hydrothermal alteration and sulphide mineralization (see Map 1).
The first hole completed on the Deeds Island target (MAR-23-04), tested a residual gravity anomaly, closely
associated with a surface zinc geochemical anomaly and strong garnet-actinolite alteration. It intersected a
broad 75 metre-wide garnet-actinolite alteration zone, containing appre ciable disseminated pyrrhotite and
pyrite, within felsic fragmental rocks.
MAR-23-05 tested an airborne VTEM conductor and associated gravity anomaly, also on the Deeds Island
target. It cut massive and semi-massive pyrrhotite mineralization over 4.5 and 2.4 metres, respectively.
Drill core was logged and sampled at the Marshal l Lake camp facility. C ore samples are currently
undergoing analyses at AGAT Labor atories in Thunder Bay, Ontario . R esults will be released as they
become available.
Borehole Electromagnetic Surveys (BHEM)
Abitibi Geophysics was successful in probing all holes drilled during the current program. P reliminary
interpretations for MAR-23-01, MAR-23 -02 and MAR-23-03, reveal a prominent clustering of strong to
very strong conductors (conductive centre), having dimensions of at least 250 by 250 by 300 metres (see
Map 1). All of the higher-grades of mineralization obtained in MAR-22-01 and that seen in MAR-23-01, -
02 and -03, are closely related to the conductive centre. Additional diamond drilling and subsequent BHEM
surveys are clearly warranted on this high-priority target area, in efforts to expand on the limits of the VMS
mineralizing system.
Large-Loop Electromagnetic Survey (LLEM)
A total of 49.5 kilometres of LLEM surveying were completed by Abitibi Geophysics during the winter
exploration program. Although only very preliminary interpretations are currently available, 2 prominent
things stand out. The first is that the conductive centre is very well defined and secondly, a large conductor
is building to the east of the conductive centre , on the eastern portion of the survey area (see Map 2). The
build-up conductor is closely associated with high-temperature alteration associated with massive sulphide
deposits (Fe & Mg enrichment & Na depletion) , as outlined by geological mapping and geochemical
sampling. Follow-up work is clearly warranted to determine the cause of this conductor in an area of the
property that has never been drilled. Final interpretations for both the BHEM and LLEM surveys should be
available to the Company within the next few weeks.
1Analyses completed by Activation Laboratories in Ancaster, Ontario utilizing the 1A2 – Fire Assay, AA Finish, 1H IN AA
(INAAGEO), Total Digestion (Total) and the UT-7, Sodium Peroxide Fusion (ICP & ICP MS) analytical packages
2Analyses completed by AGAT Laboratories in Thunder Bay, Ontario using Fire Assay with AA Finish for Au & Ag, Metals Package
by Aqua Regia Digest – 51 elements (ICP/ICPMS Finish) and Cu & Zn Overlimits 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 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
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 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 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 propert y 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 fac t, 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, uncertainties 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 include, but are not limited to: general business, economic, competitive, political and social uncertainties;
general capital Market conditions and M arket prices for securities; delay o r failure to receive board or regulatory
approvals; the actual results of future 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 description 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 coul d 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 forward -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 thi s news release is
expressly qualified by this cautionary statement. The forward -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 s uch date. However, the Company expressly disclaims any intention or obligation 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.