RE:Drilling and Field work TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") is pleased to announce that the Company has now received encouraging assay results and has initiated further studies of these results from its 2020 autumn drill program on the high-grade Billiton Main Zone at its Marshall Lake copper-zinc-silver-gold property, located 250 km northeast of Thunder Bay, Ontario.
This preliminary drill program was planned to drill four holes totaling 1,220 metres to begin testing depth extensions of the known zone. The holes were targeted on down-plunge projections of shallow historic drilling results. The budget for the program was $200,000. Due to various access issues, such as unexpected beaver dams flooding roads, only three of the four planned holes were drilled, for a total of 874 metres.
Copper Lake continues to intersect significant copper, zinc and silver VMS mineralization at Marshall Lake. Highlight intercepts include:
• Drill hole MAR-20-03
- 1.46% Cu, 0.43% Zn and 175.2 g/t Ag over 1.2 metres
• including 6.3% Cu, 1.81% Zn and 770 g/t Ag over 0.4 metres
• Drill hole MAR-20-02
- 0.137% Cu, 2.81% Zn and 59.0 g/t Ag over 0.6 metres
- 0.138% Cu, 1.90% Zn and 38.0 g/t Ag over 0.8 metres
- 0.028% Cu, 2.09% Zn and 32.6 g/t Ag over 0.9 metres
• Drill hole MAR-20-01
- 0.17 % Cu, 1.50% ZN and 44.2 g/t Ag over 0.5 metres
All three holes encountered widespread disseminated sphalerite-pyrite mineralization enriched in silver and hosted by altered felsic volcanic rocks. This is interpreted as a peripheral disseminated sulphide halo to a much larger VMS deposit and the silver grades encountered are particularly encouraging that it may have a very high precious metals content. Please see Appendix A for further drilling results.
Next Phase of the Marshall Lake Exploration Program
The Company is currently planning follow-up geophysical surveys including a borehole pulse electromagnetic survey to test for conductive bodies at depth. Other geophysical surveys involving gravity surveying and resistivity mapping by new Controlled-Source, Audio-Frequency Magneto-telluric (CSAMT) methods are also being considered. These surveys would help identify additional VMS targets on this large property where there are numerous occurrences of VMS-style mineralization, that have not been fully explored.