Acquisition of Colt Mesa Copper-Cobalt Property, Utah, Surface Grab Samples Return 0.88% Copper and 2.31% Cobalt.
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ACQUISITION OF COLT MESA COPPER-COBALT PROPERTY, UTAH,
SURFACE GRAB SAMPLES RETURN 0.88% Copper and 2.31% Cobalt.
Vancouver, B.C. June 13th, 2018 – Glacier Lake Resources Inc. (TSXV: GLI) – (“Glacier” or the “Company”)
is pleased to announce the acquisition of the “Colt Mesa” copper-cobalt property in Garfield County,
southcentral Utah. The property is readily accessible by gravel roads from Boulder, the closest community
with services and support. Key takeaways:
Property covers the past producing Colt Mesa mine, a copper deposit with associated cobalt, zinc,
nickel and molybdenum mineralization.
Recent sampling (CM -18-01) by Company personnel, on a site visit with the vendor of the
property, returned values of 0.88 percent (%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn),
+1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface
exposure near the adit portal. Tables below,
Area recently became open for staking and exploration after a 21 year period moratorium, due to
the reduction of the “ Grand Staircase Escalante National Monument ” by President Trump in
December 2017.
1975 grab sampling reported values from 0.07% to 29.50 % copper (Cu), 0.01% to 0.67 % cobalt
(Co), 0.03% to 3.30 % zinc (Zn), 0.02% to 0.27 % nickel (Ni), and trace to 0.17 % molybdenum (Mo).
The Company cautions investors grab samples are selected samples and are not necessarily
representative of the mineralization on the Colt Mesa property.
Sedimentary (sandstone) hosted, tabular strata-bound mineralization.
Excellent year-round logistics, road accessible. No reclamation issues from historic mining activity.
"The Colt Mesa acquisition broadens our focus on sedimentary hosted copper deposits, with a significant
bonus of cobalt and nickel mineralization indicated. There is strong investor interest in the “Battery
Metals” sector, including cobalt, nickel and copper. With this new interest coupled with the growth of the
EV sector and strong demand for cobalt, the Colt Mesa project is a welcome addition to the Company’s
ever growing portfolio of projects .” says Saf Dhillon, president and chief executive officer. “Surface
exploration work will start this summer on the Colt Mesa property and drill permitting will be initiated
shortly”
The Colt Mesa deposit was discovered in 1968 and was mined intermittently from 1971 to 1974. While
little data survived from the copper mining activities, a 1975 Master Thesis (G.M. Collings, 1975, Geology
and Geochemistry of the Colt Mesa Copper Deposit”) completed at the University of Utah, is an invaluable
source of information on the geology and mineralization at the Colt Mesa mine.
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Tabular, strata-bound copper mineralization lies within a paleochannel at the contact of two distinct
sedimentary (sandstone) units. The trackless, room -and-pillar m ining was focused on the copper
mineralization meaning the mine and surrounding area were never systematically explored for cobalt
mineralization.
Recently a site visit was made to the property, and sampling by a Company geologist include the following
results:
width(m) Cu % Co % Zn % Ni % Pb % Mo %
CM-18-01 0.80 0.88 2.31 9.31 1.00 0.29 0.291
CM-18-02 0.25 0.01 0.10 0.19 0.08 0.01 0.013
CM-18-03 0.30 0.01 2.13 4.35 0.82 0.01 0.001
CM-18-04 grab 1.39 0.09 0.13 0.06 0.05 0.058
CM-18-05 0.50 0.23 0.98 2.76 0.47 0.11 0.054
All of the above samples were taken at surface, near the adits . The underground working was examined
(see website for photos), but not sampled. Samples CM-18-01, 02, and 03, were chip sampled from the
same location over a width of 1.35 meters, averaging 0.52 % Cu, 1.51 % Co, 6.52 % Zn, 0.79% Pb, and 0.17
% Mo. Sample CM-18-01 and CM-18-03 had conspicuous “cobalt bloom”, whereas CM-18-02 was barren,
unmineralized sandstone. Sample CM-18-04 was a select grab sample of bright, copper oxide float from
the dump . The Colt Mesa is renown ed for brilliant, multicolored copper oxides, attributed to the
association with cobalt and molybdenum.’
The 1975 Master Thesis reports: “The ore body is tabular in form and is composed of chalcopyrite, bornite,
digenite, covellite and chalcocite”. Sampling of the underground mineralized zone was completed in 1975
with a total of eight samples from the mineralized zone taken as follows:
Sample # Type Cu % Co % Zn % Ni % Pb % Mo %
#4 grab 12.00 0.23 0.83 0.16 0.10 0.083
#5 grab 19.00 0.06 0.31 0.04 0.03 0.001
#7 grab 6.55 0.21 2.00 0.12 0.03 0.015
#10 grab 0.07 0.67 2.80 0.27 0.04 0.033
#11 grab 17.00 0.04 3.30 0.02 0.05 0.020
#12 grab 10.50 0.23 0.93 0.15 0.11 0.093
#13 grab 0.22 0.03 1.24 0.02 0.10 0.166
"#17 grab 29.50 0.01 0.03 0.01 0.00 0.000
Again, the Company cautions investors grab samples are selected sample s and are not necessarily
representative of the mineralization on the Colt Mesa property.
The Colt Mesa area has seen significant exploration for uranium in the 1950s and 1960’s, modest
exploration for copper and base metals but minimal exploration was focused on cobalt and nickel. The
Colt Mesa mine area was sterilized from exploration and development in 1996, when President Clinton
created the “Grand Staircase Escalante National Monument”, however, the size was recently reduced by
Suite 1588 – Canaccord Financial Tower, 609 Granville Street, Vancouver, BC V7Y 1G5
O: 604-688-2922 TF: 866-687-7059 www.glacierlake.ca
Presidential proclamation in 2017, placing Colt Mesa outside the new boundaries of the restructured
national monument.
For more information on the Colt Mesa project go to https://www.glacierlake.ca/colt-mesa/
In consideration for the property, Glacier Lake will issue one million common shares , and make a cash
payment of US $120,000, staged over a two (2) year period. The vendors retain a one-and-three-quarters
percent (1.75%) Net Smelter Returns (“NSR”). Glacier shall be entitled to purchase one percent (1.00%) of
the Royalty at any time through a one -time cash payment of $1,000,000 to the vendors. Completion of
the acquisition is subject to the approval of the TSX Venture Exchange. All common shares issu ed will be
subject to a four-month-and-one-day statutory hold period. A finder’s fee may be payable related to this
acquisition.
Quality assurance/quality control
All recent surface samples from the Colt Mesa property were hand delivered to the ALS Minerals Ltd.
North Vancouver, B.C., laboratory, an 17025:2005 certified facility. All samples were collected by
Company personnel and securely stored until delivery to ALS Minerals. At this early stage of exploration,
Glacier Lake is relying on the certif ied standards utilized by ALS Minerals as part of it analysis protocols.
No QA/QC anomalies were noted in the analyses.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo,
a member of the Glacier Lake adv isory board and a qualified person as defined by National Instrument
43-101 -- Standards of Disclosure for Mineral Projects.
For additional information please feel free to contact:
Saf Dhillon
President/CEO
Glacier Lake Resources Inc.
Tel:866-687-7059
Dir: 604-688-2922
Please visit our Website at: www.glacierlake.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that
are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward
looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially
from those in forward -looking statements. Factors that could cause actual results to differ materially from those in forward -
looking statements include market prices, continued availability of capital and fi nancing, and general economic, market or
business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to
rely on their own evaluation of such uncertainties. We do not assume any obligation t o update any forward-looking statements
except as required under the applicable laws.
Suite 1588 – Canaccord Financial Tower, 609 Granville Street, Vancouver, BC V7Y 1G5
O: 604-688-2922 TF: 866-687-7059 www.glacierlake.ca