TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to announce that it has signed exploration agreements with Aroland and Animbiigoo Zaagi’igan Anishinaabek (“AZA“) First Nations (the “Exploration Agreements“), outlining a framework for collaboration on the Exploration Program for the Marshall Lake Copper-Zinc-Silver-Gold VMS Property (the “Property“) (Figure 1).
Figure 1 – Regional location and claim boundaries for the Marshall Lake Property
Copper Lake recognizes the significance of the affected lands to the First Nations. As part of the Exploration Agreements, the First Nations have provided their consent for the Company’s exploration activities. The Exploration Agreements contain measures to accommodate, compensate, prevent, mitigate and address concerns, including impacts to Indigenous rights, cultural values, and the environment in relation to Copper Lake’s exploration programs.
Copper Lakes’s CEO, Terry MacDonald, CPA, CA, commented, “These agreements solidify our mutually beneficial working relationship with the communities in whose traditional territories we are advancing our exploration efforts. As part of Copper Lake’s commitment to work collaboratively and respectfully with all Indigenous peoples, we are aligned with their commitment to protect and enhance the resource-based economy in their traditional territories. These Exploration Agreements come in a very timely manner, as we have just been granted new exploration permits and plan to expand the exploration work in areas of the property where previous drilling has identified several zones yielding significant copper-zinc-silver intercepts in historical diamond drilling. These areas include the Teck Hill-Gazooma and Gazooma North-RM-Lease target areas (see Figure 1). Such target areas have returned shallow drill intercepts of 2.05% copper, 33 g/t silver & 0.31 g/t gold over 26.9 metres as well as 1.38% copper, 54.0 g/t silver & 0.10 g/t gold over 43.0 metres, respectively (see Figure 1). Drilling at all of these occurrences has been very shallow, largely within 150 metres from surface.”
Figure 1 Priority Targets for 2025 Exploration
Appointment of Chief Financial Officer
The Company announces that David McDonald has resigned as CFO of the Company in order to pursue other activities. Paul Mcgroary has been appointed as CFO in the interim. Mr. Mcgroary is a Director of the Company and was the CFO prior to the appointment of Mr. McDonald in 2022.
The Company wishes to thank Mr. McDonald for his service over the past two years.
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 just 22 km north of the main CNR rail line. Copper Lake has an 82.97% 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. These newer claims add approximately 30 square km to the 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 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 Company filed an updated NI 43-101 in October 2023 with a mineral resource of open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper. The Norton Lake property is located in the traditional territories of Eabametoong (“Fort Hope”) and Neskantaga First Nations.
On behalf of the Board of Directors,
Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
tmacdonald@copperlakeresources.com
Neither 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.
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