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Copper Lake Resources Provides Update on Marshall Lake Project and Announces $500,000 Non-Brokered Private Placement
TORONTO, March 19, 2019 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") is pleased to provide an up
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, March 19, 2019 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (\"Copper Lake\" or the \"Company\") is pleased to provide an update on its high-grade VMS copper, zinc, silver and gold Marshall Lake Project as well as recent and near-term corporate activities. Marshall Lake Project Update The Company completed a drill program in 2018 that was designed to test three VTEM conductors and other targets derived from a comprehensive compilation of historic data undertaken between 2014 and 2017. A total of 14 holes for 2,868 m were completed (see News Release 18-07 dated May 23, 2018). The 2018 drilling serves to highlight potential of the Main Billiton zone which remains open below 150 m depth, displays strong precious metals contents and demonstrates reasonable continuity in 3D modelling of historic data. The Company has now engaged Fladgate Exploration Consulting Corporation of Thunder Bay, Ontario to prepare a comprehensive 3D geological interpretation and model of its Marshall Lake project which will incorporate all recent drilling. The scope of work will include compiling the recent drill data, constructing a 3D model, and preparing a report that will identify targets to drill and expand existing resources. “Development of a comprehensive 3D model of the high-grade zones will allow us to better understand the property, and will be a significant step towards the development of a NI 43-101 compliant resource at Marshall Lake. We are continuing to focus on the significant high-grade copper and zinc zones, and are particularly encouraged by the high silver content, with all drill holes being relatively shallow to date. This report should be completed within the next two months, and will prepare us for the next stage of field work and drilling in the summer of 2019,” commented Terry MacDonald, CEO. Gary O’Connor, FAusIMM, is the qualified person as defined by National Instrument 43-101 who is responsible for reviewing and approving the technical contents of this press release. Financing The Company wishes to announce that, subject to regulatory approval, the Company intends to complete a non-brokered private placement (the “Offering”) for aggregate gross proceeds of up to $500,000. The Offering will be comprised of up to 8,000,000 Flow-Through Units (“FT Units”) at a p...