Copper Lake finds Au geochemical anomalies at Marshall

Executive Summary

• Copper Lake Resources Ltd. identified new compelling gold geochemical anomalies on its Marshall Lake property in Northwestern Ontario, following up on historic data to capitalize on high gold prices.
• The update highlights two specific historic surveys (1981 lake sediment and 1991 soil sampling) that revealed significant gold anomalies which were never followed up on due to historical low gold prices.
• These new targets are located in accessible, year-round zones distinct from the primary Billiton deposit, supporting the thesis that Marshall Lake could be a multi-deposit Noranda-style VMS camp.

Key Details

• Property Context: Marshall Lake is a 220 sq km VMS copper-zinc-silver-gold property in Northwestern Ontario, 120 km north of Geraldton, Ont. Copper Lake holds an 82.97% interest.
• Strategic Objective: The study aims to identify new areas prospective for gold, silver, and base metal mineralization from the existing database, leveraging current high gold prices.
• Historic Lake Sediment Survey (1981, Dungarvon Resources):
  • Conducted over the western portion of the property, east of the Billiton deposit.
  • Billiton deposit historical resource: 2.2 million tonnes at 4.20% Zn, 1.34% Cu, and 2.05 oz/t Ag.
  • Grid A: Small gold anomalies ranging from 10 to 65 ppb Au.
  • Grid B: Highest and most extensive gold anomalies, ranging from 15 to 200 ppb Au.
  • Grid C: Gold values ranging from 10 to 70 ppb Au; notably coincides with a prominent mercury anomaly (a common gold pathfinder).
  • Methodology: 421 samples collected via cylindrical freefall sampler at 30m intervals along N-S lines spaced 328m apart. Water depths 0.6 to 8.0m.
• Historic Soil Sampling Survey (1991, Dungarvon Resources):
  • Conducted in the same area as the 1981 survey to define land-based targets peripheral to the lake anomalies.
  • Anomaly 1: Prominent gold-in-soil anomaly measuring 300m by 800m, oriented N-S.
  • Contains 17 sites with gold values ranging from >5 to 100 ppb Au.
  • Also contains high values for copper, lead, zinc, and silver, suggesting a local bedrock source.
  • Methodology: 1,131 soil samples collected using an auger in A or B soil horizons.
• Future Work: Follow-up exploration will occur in conjunction with ongoing work on high-grade Cu-Zn-Ag intersects at Teck Hill-Gazooma and Gazooma North-RM leases. The new gold targets are accessible year-round, allowing for modern geophysics application.
• Qualified Person: Donald Hoy, MSc, PGeo, Vice-President of Exploration, reviewed and approved the content under NI 43-101.

Notable Quotes

• Terry MacDonald, CEO: "The Marshall Lake property is a large property in a prolific mining area... While we will continue with exploration at the conductive centre on the Billiton deposit area, these other zones we are accessible year-round and give us the opportunity to apply the most current geophysics to these areas and to follow up on the premise that Marshall Lake could be a Noranda-style VMS camp with several deposits."