Copper Lake Resources (TSX-V:CPL) believes it could capitalise on existing data and make significant discoveries on its Marshall Lake VMS Copper, Zinc and Silver property in Ontario.
Speaking to Mining.com.au, CEO Terry MacDonald says Copper Lake has two projects – Marshall Lake and Norton Lake – and each have different requirements to progress and varying levels of infrastructure.
“Marshall Lake has year-round road access and huge potential for multiple deposits, but has been hampered by lack of capital and the depressed capital markets in Canada,” MacDonald tells this news service.
“With a small amount of capital (less than $5 million), we believe we could capitalise on existing data and make significant discoveries on the property.”
Located 250km north of Thunder Bay, Ontario, Canada, the bulk of the Marshall Lake VMS Copper Gold Project property is 25km north of the Canadian National Rail and is accessible all year round. Access to the smaller northern part of the property less than 3km from the heavy duty Ogoki road, a key Ontario development access route and integral to provincial plans for the development of “The Ring of Fire” deposits to the north.
Copper Lake Resources holds a majority interest in the 7,728 hectare Norton Lake property, which is located about 50km northeast of Fort Hope, Ontario and about 400km northeast of Thunder Bay.
The Norton Lake property has a 43-101 resource with potential for significant increase in size.
“However the lack of road access has hindered further exploration and development of the property. We will react on this property as the road development progresses,” MacDonald says.
According to the company’s website, 3D conceptual modelling of the Norton Lake nickel-copper massive sulphide deposit in conjunction with Copper Lake sampling of historic drill core, has identified a separate sulphide lens. This lens is situated near surface and adjacent to the Norton Lake deposit, some 15m below surface.
Copper Lake has not completed any drilling on the new sulphide lens.
Write to Adam Orlando at Mining.com.au
Images: Copper Lake
