Copper Lake Updates Diamond Drilling Program ON Its Marshall Lake Copper-Zinc-Silver Volcanogenic Massive Sulphide Property, Northern Ontario
News Release No: 21-16
COPPER LAKE UPDATES DIAMOND DRILLING PROGRAM ON ITS
MARSHALL LAKE COPPER-ZINC-SILVER VOLCANOGENIC
MASSIVE SULPHIDE PROPERTY, NORTHERN ONTARIO
November 29, 2021 – 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 the
diamond drilling program currently being undertaken on its Marshall Lake copper -zinc-silver
volcanogenic massive sulphide (VMS) property, located in northern Ontario, as well as the status
of its joint venture with Rainy Mountain Royalty Corp. The Company also reports on the rece nt
exercise of warrants providing $400,000 in additional program funding.
The primary focus of the current drilling program is a large, strong untested Induced
Polarization (IP) anomaly, situated adjacent and below the Billiton zinc -copper-silver VMS
deposit, with a secondary focus on other base -metal occurrences on the Property that have seen
little or no historical drilling and those that are open at depth (see Copper Lake news releases dated
September 28, 2021 & September 7, 2021).
Diamond Drilling Update:
Due to challenging weather conditions and logistics due to significant early winter snowfall, milder
temperatures and wet swampy ground in the vicinity of the Billiton deposit, only one drill hole has
been completed to date, in the scheduled minimum 3,000 metre drill program. Drill hole ML -21-
01 was drilled to a depth of 400 metres and tested the down- dip projection of the Billiton deposit
and an associated IP anomaly (see Figures 1 & 2).
The projected depth extension of the main zone of the Billiton deposit was intersected over a core
length of 7.65 metres (190.35 - 198.00 metres down- hole). It was largely comprised of
disseminated to heavily disseminated pyrite, with associated chalcopyrite and sphalerite, local ly
containing narrow bands of semi -massive sulphide consisting of pyrite, chalcopyrite and
sphalerite, hosted by strongly chloritized and biotite-rich coarse felsic fragmental rocks and lapilli
tuff. Additionally, 2 zones of disseminated pyrite with lesser sphalerite and chalcopyrite were
encountered at shallower depth in the drill hole, thought to be footwall alteration zones related to
the main Billiton deposit. Logging and sampling of the core from this hole has been completed –
assay results will be released as they become available.
Deep Induced Polarization (IP) Target:
The primary target for upcoming drill holes ML -21-02, ML-21-03 and ML -21-04, is a large IP
anomaly (conductivity high, resistivity low, chargeability high), situated below and adjacent to the
main Billiton copper-zinc-silver massive sulphide deposit (historical resource of 2.2 MT at 1.3%
copper, 4.2% zinc & 2.5 opt silver1). This high-priority target has dimensions of 800 x 300 x 300
metres, is situated between 150 to 450 metres below surface and represents a new target never
previously tested by diamond drilling (see Figure 2).
Drill hole ML-21-02 will test an undrilled VTEM conductor, likely related to the upper portion of
the deep IP anomaly, while holes ML-21-03 & ML-21-04 are intended to test the heart of the same
large deep IP anomaly, at a vertical depth of approximately 350 metres. Because the Marshall Lake
greenstone belt is a tightly folded VMS terrain, it appears that the main Billiton deposit sits on a
fold limb, suggesting that the larger deep IP anomaly is located in a fold hinge to the east and
down-plunge from the known Billiton deposit. As this is commonly where the larger, thicker
deposits are found in folded VMS t errains, the prospects of encountering a much larger sulphide
body associated with the deep IP target look very promising.
Recent colder temperatures and freeze- up conditions at night, have enabled the construction of
corduroy trails and drill pads across long stretches of swampy terrain, accessing the next 3 planned
drill holes. It is anticipated that the access trails and drill pads for all 3 of these drill holes, will be
ready for drill set-up in the next few days.
Deeds Island Target & Other VTEM Targets:
The Marshall Lake Belt clearly has potential for discovery of multiple VMS deposits, and there
are several attractive targets that have seen little or no historical drilling. The Deeds Island target
comprises an 800- metre long zinc bedrock geochem ical anomaly (up 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. Most importantly, this very prospective target
has never been drill-tested in the past and is a second very promising target for testing in the current
program
Several other VTEM conductors on the Property that have not been dr illed and situated in
favourable stratigraphy, have been modelled in preparation for future diamond drilling programs.
At least two of these VTEM conductors are located in younger rocks situated to the east of the
Billiton deposit, while others are located to the west of the Billiton deposit proximal to the RM
and RMZ zones, copper-rich occurrences that resemble footwall stringer zones.
1 The 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
Marshall Lake Joint Venture
The Company’s joint venture partner, Rainy Mountain Royalty Corp., which has a 25% interest in
the original Marshall Lake property, has confirmed that they will be participating in the current
exploration program and contributing their share of the budgete d $1.2 million exploration
program.
Warrants
At July 31, 2021 the Company had a total of 64,518,301 warrants outstanding. Included in this
total are 16,133,333 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
6,000,000 warrants and holders of the May 8, 2022 warrants have exercised 2,000,000 warrants
for total proceeds of $400,000.
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, Ont ario 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 inc ludes 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
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 property is located in the traditional territories of the Aroland and Animbiigoo
Zaagi igan Anishinaabek (“AZA”) First Nations.
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 a pproximately 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.
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.