Copper Lake Resources Ltd. (“Copper Lake” or the “Company”) has shared an update on its Marshall Lake copper, zinc, silver, and gold volcanogenic massive sulfide (VMS) project (the “Property”), which is located northeast of Thunder Bay, Ontario.
Borehole Electromagnetic (EM) Surveys
A new zone of mineralization called the VTEM/Deep IP discovery was identified during recent drilling on the Property. An intersection of 1.74% copper, 0.05% lead, 2.35% zinc, 109.67 g/t silver, and 1.41 g/t gold across 11.87 m highlights the recent discovery (Mar-21-03).
A second hole (Mar-22-01) tested the new discovery and encountered two well-mineralized zones with heavy dissemination to semi-massive chalcopyrite, sphalerite, and pyrite across 2.17 and 1.95 meters, respectively. These two intercepts are awaiting assays, which should be completed within the next few weeks.
Borehole EM investigations on these two holes, as well as a few additional important holes, were recently done to assist in identifying expansions to the mineralized zones and vectoring towards the thicker deposition of sulfide mineralization at this location. The BHEM data is presently being modeled, with the immediate objective of identifying targets for a drill program planned for the summer. The Company is expecting to get a preliminary analysis of the BHEM data within a week.
Summer Exploration Program
The main objective for diamond drilling this summer will be to continue to test the recent VTEM/Deep IP finding to broaden or increase the limits of this new mineralized zone. With only three drill holes, the huge IP anomaly (chargeability and resistivity) and VTEM conductors linked with mineralization have received very little testing — further drilling is needed.
A first drill test of the Deeds Island target will be the second priority. At this location, a large residual gravity anomaly (200 m by 100 m) is linked to a significant zinc geochemical anomaly, a zone of large hydrothermal alteration, and several aerial EM conductors. To help define particular high-priority drill sites, the gravity anomaly is now being modeled in 3D.
The Deeds Island target, located 6 km east of the Billiton deposit, has huge sulfide potential in younger rocks that are stratigraphically higher in the section than the Billiton deposit. Diamond drilling has never been used to test the Deeds Island target.