Business
Copper Lake Resources Intersects Significant New Copper-Zinc Sulphide Mineralization on Its Marshall Lake Project, Northern Ontario
TORONTO, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to pr
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCFZ) (“Copper Lake” or the “Company”) is pleased to provide an update on diamond drilling currently being undertaken on its Marshall Lake copper-zinc-silver volcanogenic massive sulphide (VMS) property, located northeast of Thunder Bay, Ontario. The Company also reports on the recent exercise of 18,413,333 warrants at $0.05 providing $920,667 in additional program funding, to be utilized in the ongoing exploration program involving diamond drilling as well as ground geophysical surveys. The focus of the current 3,000 metre drilling program is a large, strong untested Induced Polarization (IP) anomaly (“deep IP target”), situated adjacent to and below the Billiton copper-zinc-silver VMS deposit, with a secondary focus on other base-metal occurrences on the property that have seen little or no historical drilling. Drilling progress has been slow and the deep IP target has yet to be tested; however the current drill hole is providing positive indications that it may be related to a sizeable VMS deposit. Diamond drilling is set to resume this week. DRILLING HIGHLIGHTS Highlighting the most recent drilling is the intersection of two well-mineralized alteration zones in hole Mar-21-03. Both zones contain appreciable blebby, stringer and heavily disseminated to semi-massive pyrite, chalcopyrite and sphalerite, hosted within felsic volcaniclastic rocks characterized by intense biotite, chlorite, actinolite and silicic alteration. Such mineralization and alteration are typical of stringer or footwall zones, seen proximal or below massive sulphide deposits (photos of the drill core from hole Mar-21-03 are posted on the Copper Lake website at www.copperlakeresources.com.) The target for Mar-21-03 is an untested VTEM airborne conductor, modelled to be at a depth of 150 metres down-the-hole. The presence of the two well-mineralized alteration zones situated at shallower depth in the hole (64.20 to 66.87 metres and 72.33 to 76.07 metres respectively) is very encouraging and suggests the possibility of encountering massive sulphides at the VTEM target depth of 150 metres, as well as in the underlying deep IP target (see Figures 1A & 1B). Hole Mar-21-03 was at a depth of 112 metres when drilling recessed for the Christmas break and wil...