Business
Copper Lake Acquires Four Gold Properties in NW Ontario
TORONTO, ONTARIO--(Marketwired - March 7, 2017) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") is pleased to ann
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - March 7, 2017) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) (\"Copper Lake\" or the \"Company\") is pleased to announce it has entered into a mineral property option agreement to acquire up to 100% of four separate properties made up of seven claims. The properties are situated in the Kenora and Patricia mining divisions in Northwestern Ontario and are known as the Queen Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property. These four properties are Greenstone hosted gold targets in Northwestern Ontario. Recent prospecting in the area has returned grab samples with gold assays of up to 340 g/t over the area which shows size potential. Channel sampling and limited drilling have returned significant results from limited follow-up. Management feels there is strong potential for the area to host numerous, significant deposits. Queen Alexandria Gold Property The Queen Alexandria Gold property is loacted in the lower Manitau Lake area, 47km south of Dryden and occurs within mafic volcanic rocks of the Blanchard Lake group. Quartz veining in chlorite-carbonate alteration, averaging 0.5m wide has been located within a major NNE-SSW shear zone which was historically mined via the Queen Alexandria shaft (1904) which occurs on the property. The property has not been subjected to modern exploration with grab samples from the waste dump at the old shaft returning gold assays of up to 28.8g/t, 140.9g/t, 340.8 g/t and 89.3g/t. Grab sampling of outcrops within a trench located 25m from the main vein returned gold assays of up to 9.26g/t, 5.05g/t and 14.31g/t. Mine Lake Gold Property The Mine Lake gold project is located in the Archean-aged Sturgeon Lake Greenstone Gold Belt near the community of Savant Lake, Ontario approximately 230 kilometres northwest of Thunder Bay, Ontario. The property consists of two claims comprising 16 units. The Mine Lake claims cover three prospects, namely Mine Lake, Thomas Lake and the Stewart-Contact Zone. Historically, the Mine Lake and the Stewart-Contact Zone saw extensive trenching, blasting of several pits, and the sinking of two shallow shafts with limited underground development. No modern drill holes have been completed and no known assays have been reported from those 17 o...