Copper Lake Resources Ltd (TSX-V:CPL, OTC:WTCZF) has revealed preliminary plans for a comprehensive summer exploration program at its Marshall Lake copper-zinc-silver VMS property in northwestern Ontario.
The Marshall Lake Property contains several zones that have historically yielded significant copper-zinc-silver intercepts through diamond drilling, the company said in a statement.
Notable drill results include intercepts such as 2.05% copper, 33 g/t silver, and 0.31 g/t gold over 26.9 meters, as well as 1.38% copper, 54 g/t silver, and 0.1 g/t gold over 43 meters.
Most of the drilling in these zones has been shallow, Copper Lake noted, with depths of approximately 150 meters from the surface.
The company plans to conduct Large-Loop Electromagnetic (LLEM) geophysical surveys during the summer program. These surveys aim to explore deeper layers of the property, enhancing geological understanding and identifying conductive anomalies at depth.
The anomalies identified will serve as potential drill targets to extend known mineralized zones, according to the company.
“For the last five years we have been focused on the Billiton Zone where the highest grades were encountered and where there is a historical resource. However the Billiton zone is challenging to explore at any time other than when the ground is frozen due to the wet ground,” Copper Lake CEO Terry MacDonald said in a statement.
“These other zones that we are planning to explore this summer 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.”
In conjunction with the exploration program, Copper Lake intends to launch a non-brokered private placement financing to raise up to $2.5 million. The financing will comprise up to 70 million Non Flow-Through Units (NFT Units) at $0.025 per unit and up to 25 million Flow-Through Units (FT Units) at $0.03 per unit. Each unit includes warrants exercisable for additional shares, aimed at funding the upcoming exploration and development activities.
"We are excited about the potential of Marshall Lake as a Noranda style VMS camp with multiple deposits," added MacDonald. "This financing will bolster our ability to advance exploration targets and enhance shareholder value."