TORONTO, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources (TSX-V: CPL) is pleased to announce that prospecting, mapping and trenching has commenced on the optioned Mine Lake gold property located near the community of Savant Lake, Ontario, approximately 230 km northwest of Thunder Bay, Ontario.
Mine Lake Property Highlights
Terry MacDonald, CEO of Copper Lake Resources commented: “The work on the Mine Lake prospects follows closely on the heels of the Queen Alexandra work and continues our emphasis on unlocking the potential in these high-grade gold properties which have had little or no modern exploration work performed. We are also looking to add to our portfolio of high-grade gold properties through the selective acquisition of properties as opportunities arise.”
The Mine Lake property is adjacent to the past-producing St. Anthony Gold Mine which operated from 1934 to 1942 and produced 63,310 oz of gold from 332,720 tons, an average recovered grade of 0.191 oz/ton of gold per ton, which is equivalent to 6.13 g/t Au.
The Savant-Sturgeon Greenstone Belt is similar to many of the Archean greenstone belts located in northwest Ontario, where orogenic lode gold deposits are closely associated with regional deformation zones. The property area has historically been explored for high-grade gold quartz veins and hosts numerous small pits and historical shafts that targeted the gold-bearing quartz vein systems. Visible gold in quartz is common. Most of these high-grade gold prospects on the Mine Lake property remain underexplored and poorly understood.
About the Mine Lake Property
The Mine Lake claims cover three prospects, namely Mine Lake, Thomas Lake and the Stewart-Contact Zone and covers approximately 480 hectares (4.8 sq km). Historically, the Mine Lake and the Stewart-Contact Zone saw extensive trenching, blasting of several pits, and the sinking of two shallow shafts with limited underground development. No modern drill holes have been completed and no assays have been reported from the 17 historical shallow drill holes.
A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1e03dc12-0985-482a-b064-062175116180
The Company recently announced (August 30 news release) that it would begin similar work on its nearby Queen Alexandra gold property.
Gary O’Connor, FAusIMM, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this press release.
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 and gold property, just north of Geraldton, Ontario, accessible by all-season road. CPL has an option to increase its interest to 87.5% from its current 75% interest.
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.
The Company has a mineral property option agreement to acquire up to 100% of four separate Ontario properties in the Kenora and Patricia mining belt: the Queen Alexandra Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property.
Issued on behalf of the Board of Directors
Chief Executive Officer and Director
Copper Lake Resources Ltd.
For further information, please contact:
|Copper Lake Resources Ltd.||CHF Capital Markets|
|Terry MacDonald, CEO||Cathy Hume, CEO|
|Off.: (416) 561-3626||Off.: (416) 868-1079 ext. 231|
Cautionary Note Regarding Forward-Looking Statements: This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Copper Lake believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
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