Copper Lake Resources Stakes Additional Ground at its Marshall Lake Property in Ontario
TORONTO, June 26, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) ("Copper Lake" or the "Company") today announced that it has increased its land position by staking an additional 192 claim cells on its eastern and western boundaries. The staking consolidates known extensions of the Marshall Lake felsic volcanic complex and overlying iron formation. Encouraging results from the recently completed 14-hole winter drilling program highlight potential of this underexplored greenstone belt to host precious metals enriched Cu-Zn-Ag-Au volcanogenic massive sulphide (VMS) deposits (see press release dated May 23, 2018).
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/958c3b5e-7d0b-4fb0-b8f7-c98bc88b594e
Staking to the west covers projected strike extensions of the favourable horizon hosting known deposits and showings. This area has seen little historic exploration work due to limited outcrop exposure and was not flown by recent VTEM surveys.
Staking to the east covers strong, untested VTEM conductors associated with tuffs immediately overlying coarse felsic fragmental rocks interpreted as vent facies cryptodomes situated along a synvolcanic fault by the Ontario Geological Survey. These conductors have never been drilled.
The new staking comprises an additional 4,224 hectares bringing the contiguous Marshall Lake land position to 14,700 hectares (147 square km). The Marshall Lake property is road-accessible, located 250 kilometres northeast of Thunder Bay, Ontario and covers a prominent calc-alkaline felsic volcanic centre and synvolcanic intrusion within the eastern portion of the Archean-age Wabigoon Subprovince.
Next Steps
The Company is currently conducting fieldwork to ground truth these two promising conductors and assess access routes to mobilize drilling equipment to test these targets as soon as possible.
Qualified Person
The contents of this news release were read and approved by George Mannard, P.Geo, who is acting as QP for the Company under the rules of NI 43-101.
About Copper Lake Resources Ltd.
Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) is advancing the Marshall Lake high-grade VMS copper-zinc-silver-gold property, just north of Geraldton, Ontario, accessible by all-season road. CPL currently has a 75% interest in the Marshall Lake property.
The Norton Lake nickel-copper-cobalt PGM property (69.79%), located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake property. It has a NI 43-101 compliant measured and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd, open for expansion.
The Company recently entered into a mineral property option agreement to acquire up to 100% of four separate Ontario properties in the Kenora and Patricia mining belt: Queen Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property.
On behalf of the Board of Directors,
“Terrence MacDonald”
Chief Executive Officer and Director
Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
tmacdonald@copperlakeresources.com
CHF Capital Markets
Cathy Hume, CEO
(416) 868-1079 x 231
cathy@chfir.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© 2018 GlobeNewswire, Inc. All Rights Reserved.
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