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Copper Lake Resources Stakes the Summit Lake Property to Expand Its Northwest Ontario Project Portfolio
TORONTO, June 03, 2019 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") today announced that it has
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, June 03, 2019 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (\"Copper Lake\" or the \"Company\") today announced that it has staked the Summit Lake Property, located immediately west of the Company’s high-grade VMS Marshall Lake Property. Summit Lake Property In the summer of 2018, the Company staked additional property as part of a program to expand the Company’s interests with a focus on creating a regional play. The Summit Lake Property was staked based on recommendations arising from the reinterpretation of geological and geophysical data completed in late 2016. 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 Company’s 75%-owned advanced exploration Marshall Lake Property. The Summit Lake Property is 100% owned by the Company and is not subject to any royalties. The Summit Lake Property may hold an extension of the Marshall Lake VMS mineralisation and additionally trends towards the Junior Lake Sill on the neighbouring Landore Resources Ltd. (“Landore”) property. The Junior Lake Sill is the host rock for the Landore BAM Gold Project which contains a NI 43-101 Mineral Resource of 20,198,000 tonnes at 1.08 g/t Au for 701,000 ounces gold in the indicated category and 8,628,000 tonnes at 0.90 g/t Au for 250,000 ounces contained gold in the inferred category. Since staking the property, the Company has been reviewing available historic information. The next step will be to undertake field exploration and identify drill target locations. Financing The Company announces that the closing date of its private placement financing has been extended for 30 days, and expects to close the private placement in tranches on or before July 3, 2019, and is subject to receipt of acceptance by the TSX Venture Exchange. As announced in a news release dated March 19, 2019, the Offering will be comprised of up to 8,000,000 Flow-Through Units (“FT Units”) at a price of $0.025 per FT Unit and 15,000,000 Non Flow-Through Units (“NFT Units”) at a price of $0.020 per Unit. Each FT Unit will consist of one flow-through common share and one common share purchase warrant (a “Warrant”), with each Warrant being exercisable at $0.05 for two years. Each NFT Unit will consist of one non flow-through common ...