Copper Lake Set to Drill Deep IP Target at Marshall Lake Copper-Zinc-Silver VMS Property, Ontario
News Release No: 21-14
COPPER LAKE SET TO DRILL DEEP IP TARGET AT MARSHALL
LAKE COPPER-ZINC-SILVER VMS PROPERTY, ONTARIO
September 28, 2021 – Toronto, ON – Copper Lake Resources Ltd. (TSX -V: CPL, Frankfurt:
W0I, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to announce the signing of a
contract to conduct a minimum 3,000-metre diamond drill program, on its Marshall Lake copper-
zinc-silver volcanogenic massive sulphide (VMS) property, located in northern Ontario.
The primary focus of the drilling is a large, strong Induced Polarization (IP) anomaly, situated
adjacent and below the historic Billiton copper-zinc-silver VMS deposit. Several other base-metal
occurrences on the Property that have seen little or no previous drilling will also be tested. These
drill target areas are summarized below in order of priority.
BILLITON DEPOSIT AREA – DEEP IP TARGET
SJ Geophysics, of Delta BC, completed an integrated MT/DCIP (Magnetotelluric/deep IP) survey
over the Billiton deposit area in mid -July. The goal of the survey was to assist in mapping and
defining additional base-metal drill targets within the Marshall Mineralized Band, a unit containing
the Billiton Zn-Cu-Ag VMS deposit (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc
& 2.5 opt Ag1)
SJ has delivered final results for the deep IP survey to Copper Lake and recentl y released
preliminary results of the MT survey, currently under review by the Company.
Further 3D modelling of the IP results has delineated a large, strong IP anomaly (coincident
chargeability high & resistivity low) located immediately to the SSE of the Billiton VMS deposit.
The anomaly has dimensions of 800 metres x 300 metres x 300 metres and is situated between 150
and 450 metres below surface (see Figure 1). Notably, the Billiton V MS deposit at shallower
depth is also reflected by an IP anomaly, though much smaller in extent in comparison to the deep
anomaly (also see Copper Lake news release dated September 7, 2021).
Historic drill holes drilled above the deep IP target (ML-83-13 & ML-83-17), yielded high-grade
mineralized intercepts of 1.7% Cu, 11.6% Zn & 7.5 opt Ag over 0.2M & 7.9% Cu, 2.6% Zn &
12.4 opt Ag over 0.8M respectively, possibly reflecting leakage from a much larger mineralized
source at depth, below these intercepts. Deeper historical drill holes collared to the east of the deep
IP targ et (CML -93-10, CML -93-11 & ML -95-16) all intersected widespread zones of intense
biotite-chlorite alteration, containing stringer and disseminated base-metal mineralization, typical
of the feeder zones to large VMS deposits. Accordingly, it is clear that the deep IP target detected
by the recent MT/DCIP survey, re presents a highly prospective new VMS target, that has yet to
be tested by diamond drilling.
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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
coincident with a large zone of intense garnet-actinolite alteration within felsic volcanic rocks, an
alteration mineral assemblage associated with sulphide mineralization at the Billiton deposit. Two
airborne VTEM conductors as well as number of historic EM conductors are closely associated
with the zinc anomaly, representing specific drill targets. (see Figure 2).
There is no record of historic diamond drilling having been conducted on the Deeds Island target
and it potentially represents an additional base -metal horizon. Stacked or multiple mineralized
horizons are a featu re often observed in other base-metal producing camps containing multiple
deposits such as Sturgeon Lake, ON & Bathurst Mining Camp, NB.
BILLITON DEPOSIT – DOWN PLUNGE POTENTIAL
Recent re- assessment of drilling data from the Billiton deposit, supplemented by an updated
historic longitudinal section, reveals that the near-surface mineralized lenses comprising the
known deposit plunge to the east at a 50- degree orientation (see Figure 3). Historical geological
mapping of surface exposures of the deposit also revealed minor folds and lineations plunging to
the east at a similar orientation, corroborating this interpretation. Drill-testing of the down-plunge
extension is also planned. Should such drilling prove successful, additional drilling will be required
to complete an updated NI 43-101 compliant Mineral Resource estimate for the Billiton deposit.
Drilling is anticipated to commence on or around October 10, 2021 and will take 6 to 8 weeks to
complete. Drill results will be released as they become available.
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
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 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 104 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 75% interest in the joint ventured property, which consists of 233 claims and
52 mining leases. The property also includes 148 claim cells staked in 2018 and 2020 that are
100% owned and not subject to any royalties, which a dd 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
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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.
Norton Lake Property
Copper Lake has a 71.41% 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.
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_020-01
ML_VTEM_021-01
ML_VTEM_023-01
Dog Island
Deeds Island
Marshall Lake
Marshall Lake Property
Anomaly Name
LEGEND
VTEM Anomaly
Garnet-Actinolite
Alteration Zone
Map 2
60 3
kilometres
ML_VTEM_018-01
ML_VTEM_019-01
ML_VTEM_022-01
Figure 2: Deeds Island VMS Target
ML_VTEM_017-01
Drawing:
Scale: 1:20000
0 200 400
metres
800
Nakina Area, Ontario
Deeds Island VMS Target
Date: 20-Apr-2021
Author: R.Kruse
Office:
Projection: UTM Zone 16 (NAD 83)
Figure 2: Deeds Island VMS Target
-200 ftN
0 ftN
-400 ftN
600 E 800 E 1,000 E
10.0% Zn, 3.0% Cu,
220g/t Ag / 7.4m
4.0% Zn, 1.9% Cu,
146g/t Ag / 6.1m
1,600 E1,400 E1,200 E 2,200 E1,800 E 2,000 E
DIABASE
-400 ftN
-200 ftN
0 ftN2,200 E 2,400 E
3.7% Zn, 1.0% Cu,
60g/t Ag / 6.0m
-400 ftN
-600 ftN
-800 ftN
7.5% Zn, 2.2% Cu,
423g/t Ag / 2.3m
9.8% Zn, 2.3% Cu,
124g/t Ag / 5.5m
10.3% Zn, 2.6% Cu,
181g/t Ag / 3.0m
10.3% Zn, 2.6% Cu,
OPEN
-600 ftN
-400 ftN
-800 ftN
OPEN
-1,200 ftN
-1,000 ftN
Marshall Lake Property
Nakina Area, Ontario
Longitudinal Section
Billiton Zone, Looking North
0 25
metres
50
Author: R.Kruse
Office:
Drawing:
Date: 25-Sep-2021
Scale: 1:1000 Projection: Custom Projection
LEGEND
Pierce Point
Hole Name
50 - 80
>120
80 - 120
20 - 50
10 - 20
Figure 3: Billiton Massive Sulphide Deposit - Longitudinal Section
LEGEND
Hole Name
Zn% + Cu% x
True Thickness (ft)
50 - 80
80 - 120
20 - 50
10 - 20
Figure 3: Billiton Massive Sulphide Deposit - Longitudinal Section
Long Section Looking 334° NNW
Proposed Drill Hole
Figure 3: Billiton Massive Sulphide Deposit - Longitudinal Section
-1,200 ftN
-1,000 ftN
Long Section Looking 334° NNW
Proposed Drill Hole
Figure 3: Billiton Massive Sulphide Deposit - Longitudinal Section