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Copper Lake Resources Commences Diamond Drilling at Marshall Lake Copper-Zinc-Silver Massive Sulphide Property, Ontario and Grants Stock Options
TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to an
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to announce that it has commenced its minimum 3,000 metre diamond drill program at its Marshall Lake copper-zinc-silver volcanogenic massive sulphide (“VMS”) property, located north of Geraldton, Ontario, which is the traditional territory of the Aroland and the Animbiigoo Zaagi igan Anishanaabek First Nations. With exploration and contractor crews on-site, it is anticipated that drilling will commence at the first drill site imminently. All planned 2021 exploration work has been permitted, conforming to Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry regulations. The primary focus of the drilling is a strong, new, deep Induced Polarization (IP) anomaly, situated adjacent and 150 metres 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 by drilling in this program (see Copper Lake news release, dated September 8, 2021). “We are excited to begin this drilling program,” stated Terry MacDonald, CEO of Copper Lake. “Over the last few months, our technical team led by the Company’s Vice President of Exploration, Don Hoy, has created a new geological model for the Billiton VMS deposit and surrounding area, utilizing a recent DCIP/MT geophysical survey, supplemented by a detailed compilation of regional exploration data for the entire Marshall Lake Greenstone Belt. This exercise has successfully identified several new high-potential VMS targets to be tested in the current drilling program.” Drilling is expected to take 6 to 8 weeks to complete. Drill results will be released as they become available. Granting of Stock Options The Company has granted an aggregate of 6,650,000 stock options to certain officers, directors and consultants of the Company in accordance with the Company’s current Stock Option Plan. Each option is exercisable into one common share (a “Share”) of the Company at a price of $0.08 per Share for a period of five years from the date of grant, being today. The options will vest immediately. Qualified Person Donald Hoy, M. Sc., P. Geo., Copper Lake’s Vice President of Exploration, is the Qualifie...