Copper Lake Resources Ltd. to provide the following update on its recently completed winter exploration program, involving diamond drilling as well as ground and bore-hole electromagnetic (EM) surveys, on its Marshall Lake copper-zinc-silver-gold volcanogenic massive sulphide (VMS) property, situated in northwestern Ontario. A total of eight drill holes comprising 4,062 metres were completed. Six holes tested the Deep EM target (3,558 metres) and two holes tested the Deeds Island target (504 metres). Highlighting the results from the Deep EM target are intercepts of disseminated, banded and stringer pyrite, chalcopyrite, sphalerite and pyrrhotite hosted within strongly altered lapilli tuff and volcanoclastic rocks, in drill holes MAR-23-01, MAR-23-02 and MAR-23-03. Such mineralized intervals are associated with strong chlorite, biotite, garnet and silicic alteration. These drill holes are located proximal to MAR-22-01, which was drilled in the winter of 2022 yielding 8.13% Cu, 0.05% Pb, 7.26% Zn, 240.80 g/t Ag & 0.33 g/t Au over 2.11 metres, 5.81% Cu, 0.01% Pb, 7.32% Zn, 171.20 g/t Ag & 0.02 g/t Au over 1.95 metres as well as 2.37% Cu, 0.01% Pb, 1.75% Zn, 413.15 g/t Ag & 0.37 g/t Au across 6.0 metres. Holes MAR-23-06 and MAR-23-07 tested the northern extent of the Deep EM target and intersected weaker and thinner zones of mineralization and alteration, in comparison to that encountered to the south, in MAR-23-01, MAR-23-02 and MAR-23-03. The southern part of the Deep EM target area, in the locale of the conductive centre, appears to represent the heart of the VMS mineralizing system, in terms of strength and widths of both hydrothermal alteration and sulphide mineralization. The first hole completed on the Deeds Island target (MAR-23-04), tested a residual gravity anomaly, closely associated with a surface zinc geochemical anomaly and strong garnet-actinolite alteration. It intersected a broad 75 metre-wide garnet-actinolite alteration zone, containing appreciable disseminated pyrrhotite and pyrite, within felsic fragmental rocks. MAR-23-05 tested an airborne VTEM conductor and associated gravity anomaly, also on the Deeds Island target. It cut massive and semi-massive pyrrhotite mineralization over 4.5 and 2.4 metres, respectively. Drill core was logged and sampled at the Marshall Lake camp facility. Core samples are currently undergoing analyses at AGAT Laboratories in Thunder Bay, Ontario. Results will be released as they become available.
Abitibi Geophysics was successful in probing all holes drilled during the current program. Preliminary interpretations for MAR-23-01, MAR-23 -02 and MAR-23-03, reveal a prominent clustering of strong to very strong conductors (conductive centre), having dimensions of at least 250 by 250 by 300 metres. All of the higher-grades of mineralization obtained in MAR-22-01 and that seen in MAR-23-01, -02 and -03, are closely related to the conductive centre. Additional diamond drilling and subsequent BHEM surveys are clearly warranted on this high-priority target area, in efforts to expand on the limits of the VMS mineralizing system. A total of 49.5 kilometres of LLEM surveying were completed by Abitibi Geophysics during the winter exploration program. Although only very preliminary interpretations are currently available, 2 prominent things stand out. The first is that the conductive centre is very well defined and secondly, a large conductor is building to the east of the conductive centre, on the eastern portion of the survey area. The build-up conductor is closely associated with high-temperature alteration associated with massive sulphide deposits (Fe & Mg enrichment & Na depletion), as outlined by geological mapping and geochemical sampling. Follow-up work is clearly warranted to determine the cause of this conductor in an area of the property that has never been drilled. Final interpretations for both the BHEM and LLEM surveys should be available to the Company within the next few weeks.