TORONTO, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL)(Frankfurt:W0I) ("Copper Lake" or the "Company") is pleased to announce that the Company has retained George Mannard, P.Geo, as a consulting geologist to oversee the Company’s Ontario properties and specifically the upcoming drill program on our Marshall Lake property. Mr. Mannard has over 30 years of global mineral exploration experience and is an expert in precious and base metals. He is well versed in project management, structural geology studies, mapping, evaluation and acquisitions, and has developed 8 gold mines and is co-credited with discovery of the Louvicourt copper zinc mine near Val d’Or, Quebec. Mr. Mannard has extensive gold experience with Moss Lake Gold Mines and Wesdome Gold Mines, where he was the Vice-President, Exploration. He is familiar with the Marshall Lake project as he was involved with the property when it was explored by Falconbridge.
Copper Lake CEO, Terry MacDonald, commented “We are delighted to have retained a geologist of Mr. Mannard’s stature and the extensive gold and VMS background to oversee our Ontario properties as we move to the next stage of exploration. George brings tremendous experience with him, and his knowledge of the property and contacts in the area will allow him to hit the ground running. We are looking forward to commencing the next drill program on our Marshall Lake property shortly.”
The Company has granted, pursuant to its 10 per cent rolling stock option plan, three million three hundred and fifty thousand incentive stock options to directors, officers and consultants at an exercise price of five cents for a term of five years.
Mr. George Mannard, QP, P.Geo has reviewed the content of this news release.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing its properties located in Ontario, Canada:
- The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage property located 120 km north of Geraldton, Ontario via good all weather gravel road from the Trans-Canada Highway and just 22 km north of the main CNR rail line.
Copper Lake currently has a 68.75% interest in the property and has the option to increase its interest to 75% by incurring additional expenditures of $560,000 by July 15, 2018. The Company can further increase its interest to 87.5% by taking the project to bankable feasibility stage. The Company filed an updated NI 43-101 report dated June 7, 2016 which is available on SEDAR (www.sedar.com). - The Norton Lake nickel, copper, PGM property (69.79%) is located in the southern Ring of Fire area, approximately 100 km north of the Marshall Lake property, and has a NI 43-101 compliant measured and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd. The NI 43-101 report dated May 1, 2009 is available on SEDAR at www.sedar.com.
- The Company also recently entered into a mineral property option agreement to acquire up to 100% of four separate properties in Ontario made up of seven claims. The properties are situated in the Kenora and Patricia mining divisions in Northwestern Ontario and are known as the Queen Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property.
On behalf of the Board of Directors,
“Terrence MacDonald”
Chief Executive Officer and Director
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.
Terrence MacDonald
416 561-3626