Copper Lake Resources Ltd has reported that it has started a minimum 3,000-m diamond drill program at its Marshall Lake copper-zinc-silver volcanogenic massive sulfide (VMS) property.
The VMS property is situated to the north of Geraldton, Ontario — a traditional territory of the Aroland and the Animbiigoo Zaagi igan Anishanaabek First Nations.
The exploration and contractor crews are already on-site, leading to expectations that drilling will start immediately at the first drill site. Permits for all scheduled 2021 exploration studies have been awarded in compliance with Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry regulations.
The main focus of the drilling is a powerful, new, deep Induced Polarization (IP) anomaly, located close to and 150 m below the historic Billiton copper-zinc-silver VMS deposit. Various other base-metal occurrences on the property that have been subjected to very little or no drilling earlier will also be tested by drilling in this program.
We are excited to begin this drilling program. Over the last few months, our technical team led by the Company’s Vice President of Exploration, Don Hoy, has created a new geological model for the Billiton VMS deposit and surrounding area, utilizing a recent DCIP/MT geophysical survey, supplemented by a detailed compilation of regional exploration data for the entire Marshall Lake Greenstone Belt.
Terry MacDonald, CEO, Copper Lake Resources Ltd
“This exercise has successfully identified several new high-potential VMS targets to be tested in the current drilling program,” added MacDonald.
It is anticipated that drilling will be completed with a period of six to eight weeks. The drill results will be published as soon as they are available.
Granting of Stock Options
Copper Lake has awarded a total of 6,650,000 stock options to some directors, officers and consultants of the company in compliance with the company’s current Stock Option Plan. Each option can be exercised into one common share of the company at a cost of $0.08 per share for a period of five years from the date of grant, that is, October 18th, 2021 today. The options will vest instantly.