TORONTO, July 07, 2020 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (“Copper Lake” or the “Company”) is pleased to announce that further to the Company’s news release dated May 4, 2020 (http://copperlakeresources.com/news/), the final results of the recently completed spectral analysis surveys have identified several new copper-zinc targets on the Marshall Lake Copper Project and surrounding area, northeast of Thunder Bay, Ontario. The new targets occurring outside the existing claim boundary were subsequently staked by the Company with an additional 148 mining claim units to cover the newly identified anomalies. These new claims are 100% owned by Copper Lake and are not subject to any royalties. The Company is now planning follow-up surface exploration for this summer to investigate and prioritize the new targets generated by the spectral analysis surveys for drilling later in the field season.
The Spectral Analysis survey took the long wave infrared data from the Terra satellite, and digitally removed water, vegetation, cloud cover, and overburden. The survey identified the intensity and distribution of a suite of 16 minerals relevant to identifying copper-zinc-silver-gold volcanogenic massive sulphide (“VMS”) mineralization. The work was conducted by Aster Funds Ltd., of Toronto, Ontario. Minerals identified in the spectral analysis survey included oxides, sulphides, silicates, and alteration minerals.The intensity and abundance of these 16 minerals were mapped over some 700 square km of the Marshall Lake Project and environs. Specific minerals belonging to a ‘copper’ discovery group and a ‘copper-zinc’ discovery group were identified and located. Each such mineral is a ‘Target Vector Mineral’ and the overlap in area of the different Target Vector Minerals allows definition of mineral trends over large parts of the Marshall Lake Project area.There were six minerals identified in the Copper Discovery Group and areas in which four, five, and six of the minerals were contoured. Eight such areas were identified as anomalies. The ‘Copper-Zinc’ discovery group identified six anomalous areas, in which four, five, and six of the specific Target Vector Minerals were present including the zinc ore mineral sphalerite. The two groups of anomalies occur in close proximity to each other on the northern party of the Project area consistent with them both being indicative of extensions to known zones of copper-zinc-silver -gold VMS mineralization on the property. The maps illustrating these anomalies can be found on the Company’s website at www.copperlakeresources.com/properties/marshall-lake/.Copper Lake CEO Terry MacDonald said, “we are pleased that the Aster Funds Ltd. satellite survey gives us the confidence that there are other potentially larger target areas on the Marshall Lake Project to explore for copper-zinc mineralization. Many of these areas have not been explored previously because of a lack of outcrop exposure with mineralized showings. These areas will now be followed up by prospecting, mapping and sampling to confirm the presence of favorable geology for new VMS discoveries.”Jim Steel MBA P.Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.About Copper Lake ResourcesCopper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing its Marshall Lake and Norton Lake properties located in Ontario, Canada.The Marshall Lake high-grade VMS copper, zinc, silver and gold property, comprises an area of approximately 104 square km and is accessible by all- season road. Copper Lake has an option to increase its interest to 87.5% from its current 75% interest. The Company filed an updated NI 43-101 report dated June 7, 2016 which is available on SEDAR (www.sedar.com). The property now includes the 148 newly staked 100% owned claims, 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 favourable 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.Copper Lake has a 71.41% interest in the Norton Lake nickel, copper, cobalt, PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. Norton Lake 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,www.copperlakeresources.comNeither 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.
Bay Street News