Copper
Lake Resources Ltd. (TSX-V: CPL, Frankfurt:
WOI, OTC: WTCZF) (“
Copper Lake” or the
“
Company”) is pleased to announce an updated
Mineral Resource Estimate (“MRE”) prepared in accordance with
National Instrument 43-101, Standard for Disclosure for Mineral
Projects (“
NI 43-101”) for its Norton Lake
nickel-copper-cobalt-platinum group element deposit (the
“
Deposit”), situated 50 km northeast of Fort Hope
and approximately 413 km northeast of Thunder Bay in northern
Ontario.
Highlights Include:
- Open pit and
underground Measured and Indicated Resources of 1,957,368 tonnes at
an average grade of 0.67% Ni, 0.66% Cu, 321 ppm Co, 0.49 g/t Pt,
0.17 g/t Pd (1.07% NiEq) and containing 29.1Mlbs of nickel and
28.3Mlbs of copper.
- Open pit and
underground Measured Resources of 981,811 tonnes at an average
grade of 0.60% Ni, 0.58% Cu, 301 ppm Co, 0.43 g/t Pt, 0.16 g/t Pd
(0.96% NiEq) and containing 13.1Mlbs of nickel and 12.5Mlbs of
copper.
- Open pit and
underground Indicated Resources of 975,557 tonnes at an average
grade of 0.74% Ni, 0.74% Cu, 341 ppm Co, 0.56 g/t Pt, 0.18 g/t Pd
(1.19% NiEq) and containing 16.0Mlbs of nickel and 15.8Mlbs of
copper.
- Open pit and
underground Inferred Resources of 684,757 tonnes at an average
grade of 0.59% Ni, 0.56% Cu, 282 ppm Co, 0.46 g/t Pt, 0.15 g/t Pd
(0.94% NiEq) and containing 8.9Mlbs of nickel and 8.5Mlbs of
copper.
The MRE, independently prepared by Caracle Creek
International Consulting Inc., comprises a total Measured and
Indicated Mineral Resource (as defined in the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for
Mineral Resources & Mineral Reserves incorporated by reference
into NI 43-101 of 29.085 million pounds of nickel, 28.344 million
pounds of copper, 1.381 million pounds of cobalt, 31 thousand
pounds of platinum and 11 thousand pounds of palladium, and has an
effective date of August 12, 2023.
“This Mineral Resource Estimate confirms that
the Norton Lake deposit has sufficient size, grade and expansion
potential to be regarded as a significant exploration project in
the North American EV metal space.” stated Terry MacDonald, CEO of
Copper Lake. “Additionally, the style of magmatic nickel-bearing
mineralization and the favourable geological setting, indicate
significant expansion potential for the deposit itself and for
finding additional similar deposits elsewhere on the property.”
The Norton Lake deposit is hosted within the
Norton Lake intrusion, a discrete sill-like mafic-ultramafic body
of Archean age. Semi-massive to massive sulphide mineralization
occurs in the mafic-ultramafic intrusion, at the contact between an
underlying, sheared amphibolitic tuff and sedimentary rocks and an
overlying sequence of mafic volcanic rocks. The Deposit is
characterized by two, higher-grade semi-massive sulphide lenses
within it and has been traced by diamond drilling over a strike
length of close to 300 metres and to a maximum depth of 400 metres
below surface. It currently remains open at depth for
expansion.
Mineral Resource Estimate
1. Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
There is no certainty that Mineral Resources will be converted to
Mineral Reserves.
2. The Inferred
Mineral Resource in this estimate has a lower level of confidence
than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of the Inferred Mineral Resource could be upgraded to an
Indicated Mineral Resource with continued exploration.
3. The NSR $/T
used for the cutoffs, is calculated using metal values for nickel,
copper, cobalt, platinum and palladium and applying recovery
factors and commodity prices. The calculation can be expressed with
the following formulas:
NiEq
= Ni (%) + Cu (%)*0.36 + Co (ppm)*.00014 + Pt (ppm)*0.15 + Pd
(ppm)*0.19 NSR
= Ni (%)*158.73 + Cu (%)*57.32 + Co (ppm)*0.02293 + Pt (ppm)*32.15
+ Pd (ppm)*30.86
4. Metal prices
utilized include US$9.41 per lb. for nickel, US$3.80 per lb. for
copper, US$15.16 per lb. for cobalt, US$954 per ounce for platinum
and US$1,191 per ounce for palladium.
5. The Mineral
Resource Estimate was classified into and Measured, Indicated and
Inferred in accordance with CIM Definition Standards on Mineral
Resources and Reserves adopted by the CIM Council on May 10, 2014
and CIM Best Practices in 2019.
6. The Mineral
Resource Estimate was prepared, supervised and reviewed by
Independent Qualified Persons (“QPs”), Scott Jobin-Bevans, P. Geo.,
Simon Mortimer, P. Geo. and John Siriunis, P. Eng., of Caracle
Creek International Consulting Inc.
Quality Assurance/Quality
Control
It is the QP’s opinion that the procedures,
policies and protocols for drilling verification are sufficient and
appropriate and the core sampling, core handling and core assaying
methods used, are consistent with good exploration and operational
practices, such that data is reliable for the purpose of Mineral
Resource Estimation. In the opinion of the QPs, the assay data is
adequate for the purpose of verifying drill core assays and
estimating Mineral Resources.
Norton Lake Property Exploration Upside
Geological and geophysical evidence suggests
that there is more than 11 km of strike length on the Property
prospective for the discovery of additional magmatic Ni-Cu-Co-PGE
mineralization. Ultramafic rocks, similar to those that host the
Norton Lake deposit have been mapped on the property; accordingly,
these are prospective for the discovery of similar type deposits as
Norton Lake. Geological evidence at the Deposit suggests a
conduit-feeder dike style of mineralization – such deposits tend to
occur in clusters, auguring well for exploration potential.
The Norton Lake deposit is associated with a
series of airborne geophysical conductors situated on the south
flank of a magnetic high. Numerous other conductors are present in
the locale of the Norton Lake deposit and elsewhere on the
property, which warrant follow-up.
Legacy borehole and large-loop electromagnetic
(EM) data was recently recovered for surveys completed on the
Norton Lake Deposit and surrounding area. As far as known, aside
from logistical reports, there was no formal interpretation of this
data completed at the time of the surveys. Such data will be
interpreted and modelled and will be of great assistance in
directing future drill programs testing for depth extensions to the
Norton Lake deposit as well as for drill targeting, in and around
the known deposit in the search for additional mineralization.
Historic drilling testing the Norton Lake
deposit intersected a new zone of Ni-Cu-Co-PGE mineralization,
known as the South zone. Drill holes U-4 and U-14 returned drill
intercepts of 0.80% Ni, 1.07% Cu and 3.2 g/t Pt + Pd over
7.0 metres and 0.80% Ni, 0.30% Cu and 1.10 g/t Pt
+ Pd over 5.0 metres, respectively. The South zone appears
to underlie the Norton Lake deposit and has only been tested by the
2 above drill holes, both at very shallow depth. Additional
drilling is clearly warranted to expand this new zone of
mineralization.
Next Steps for Norton Lake:
A thorough compilation of all data available for
the Norton Lake property and surrounding area will be completed to
prioritize targets for upcoming exploration programs. This will
include the integration of legacy airborne surveys, historic
diamond drilling data as well as all ground surveys that have been
completed to date.
Borehole and large-loop EM data generated from
an earlier exploration program testing the Norton Lake deposit and
immediate locale, have been retrieved by Copper Lake.
Interpretation and modelling of such data will be completed to
assist in directing future drilling programs, specifically to
expand on the limits of the known Norton Lake deposit and to
provide targets prospective for satellite or nearby magmatic
Ni-Cu-Co-PGE deposits.
QUALIFIED PERSON
Donald Hoy, M. Sc., P. Geo. Copper Lake’s Vice
President of Exploration, is the Qualified Person responsible for
the technical content contained in this news release.
ABOUT COPPER LAKE RESOURCES
Copper Lake Resources Ltd. is a publicly traded
Canadian mineral exploration and development company with interests
in two projects both located in Ontario.
www.copperlakeresources.com
The Marshall Lake high-grade
VMS copper, zinc, silver and gold project, comprises an area of
approximately 220 square km located 120 km north of Geraldton,
Ontario and is accessible by all-season road from the Trans-Canada
Highway and just 22 km north of the main CNR rail line. Copper Lake
has a 79.45% interest in the joint ventured property, which
consists of 233 claims and 52 mining leases. The project also
includes 148 claim cells staked in 2018 and 2020 that are 100%
owned and not subject to any royalties, which add approximately 30
square km to the original property.
In addition to the original Marshall Lake
property above, Marshall Lake also includes the Sollas Lake and
Summit Lake properties, which are 100% owned by the Company and are
not subject to any royalties. The Sollas Lake property consists of
20 claim cells comprising an area of 4 square km on the east side
of the Marshall Lake property where historical EM airborne
geophysical surveys have outlined strong conductors on the property
hosted within the same favorable felsic volcanic units. The Summit
Lake property currently consists of 100 claim cells comprising an
area of 20.5 square km, is accessible year-round, and is located
immediately west of the original Marshall Lake property. The
Marshall Lake project is located in the traditional territories of
the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First
Nations.
Copper Lake has a 69.79% joint venture interest
in the Norton Lake nickel, copper, cobalt, and
palladium PGM property, located in the southern Ring of Fire area,
is approximately 100 km north of the Marshall Lake Property. The
Norton Lake property is located in the traditional territories of
the Eabametoong (“Fort Hope”) and Neskantaga First Nations.
On behalf of the Board of
Directors,
Copper Lake Resources Ltd.Terry
MacDonald, CEO(416) 561-3626Neither 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.
Cautionary and Forward-Looking
Statements
This news release includes certain
forward-looking statements and forward-looking information
(collectively, "forward-looking statements") within the meaning of
applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein including,
without limitation, statements regarding the Private Placement and
proposed uses of the proceeds of the Private Placement, are
forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Often, but not always,
forward looking information can be identified by words such as "pro
forma", "plans", "expects", "will", "may", "should", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", "potential" or variations of such words including
negative variations thereof, and phrases that refer to certain
actions, events or results that may, could, would, might or will
occur or be taken or achieved. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking
statements. This forward-looking information reflects the Company’s
current beliefs and is based on information currently available to
the Company and on assumptions the Company believes are reasonable.
These assumptions include but are not limited to: TSX Venture
Exchange acceptance of the Private Placement; Market acceptance and
approvals; and the anticipated closing date for the Private
Placement. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general
capital Market conditions and Market prices for securities; delay
or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation,
including environmental legislation, affecting the Company; the
timing and availability of external financing on acceptable terms;
and lack of qualified, skilled labour or loss of key individuals. A
description of additional assumptions used to develop such
forward-looking information and a description of additional risk
factors that may cause actual results to differ materially from
forward- looking information can be found in the Company’s
disclosure documents on the System for Electronic Document Analysis
and Retrieval (“SEDAR”) website at www.sedar.com. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of the Company as of the date of this
news release and, accordingly, is subject to change after such
date. However, the Company expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0653ef4-11b8-46fa-b23a-eace48a9ef62
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