TORONTO, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources (TSX-V: CPL) today announced that it will begin prospecting, mapping and stripping on their optioned Queen Alexandra Gold Property, a past gold producer, located 47 km south of Dryden, Ontario. Recent grab samples* taken from the waste dump near the old mine shaft returned gold assays of 28.80 g/t Au, 89.30 g/t Au, 140.80 g/t Au and 340.80 g/t Au. Random grab samples taken from a trench located 25 m from the main vein returned gold assays of 5.05 g/t Au, 9.26 g/t Au, and 14.31 g/t Au.
“This property deserves further work in light of the historic reports done by the old-timers (1904, 1905 and 1933) and the more recent Ontario Geological Survey (OGS) report (1989)”, stated Terry MacDonald, CEO of Copper Lake. “According to the OGS, the quartz vein at the mine shaft is 10 cm wide and exposed over a 2-metre length. The amount of quartz material in the dump suggests that the quartz vein is likely wider at depth. The vein at the open cut pinches and swells but averages 45 cm wide and was traced for 23 metres. We are very keen to pursue an exploration program designed to understand the two shear zones and the geological structures better and identify drill targets,” Mr. MacDonald went on to say.
*Samples taken in 2014 are selective by nature and may not represent the true grade of the mineralization of the prospect or showing sampled.
About the Queen Alexandra Property
Located in the Lower Manitou Lake area, 47 km south of Dryden, Ontario, and 400 metres east of Carlton Lake, 130-hectare Queen Alexandra Property occurs within mafic volcanic rocks of the Blanchard Lake Group. Quartz veining in chlorite-carbonate alteration, averaging 0.5 m wide has been located within a major NNE-SSW shear zone which was historically mined via the Queen Alexandra shaft, which was sunk 25 m in 1904. Work by the Ontario Geological Survey in 1989 and Bond Gold in 1990 returned impressive gold assays, but there was no recorded follow-up work done until 2014 when surface sampling was conducted and sampled around the shaft and nearby open cut 60 m to the southeast. After mapping and stripping, including new sampling, are completed, drill targets can be identified.
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 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 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 Rockcliff 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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