Copper Lake Resources holds a 68.75% interest and can increase this to 75% by spending $625,000 on the Marshall Lake VMS Copper Gold Project by 15th July 2018. By taking the project to bankable feasibility the interest would then rise to 87.5%.
Marshall Lake is an all year round road accessible VMS Copper, Gold, Zinc and Silver project (Volcanogenic Massive Sulphide.) Located 252 kilometres north of Thunder Bay, Ontario, Canada, the bulk of the property is 22 kilometres north of the Canadian National Rail and is accessible all year round. Access to the smaller northern part of the property less than 3 kilometres 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.
The property consists of 44 claims with an area of 8,864 ha and 89 leased claims with an area of 1,566.167 ha for a total of 10,430.17 ha, or 104 square kilometres. The leases have a 21 year term. All of the leases have mining rights and many of the leases also have surface rights.
Between 1954 and 1996 exploration at Marshall Lake project was subject to difficult access. Notwithstanding the logistical issues during this period a sequence of high grade near surface copper, zinc, silver and gold discoveries were made. Those discoveries were made primarily from “Following” surface showings and then confirmed by shallow drilling.
Since 2005 the introduction of all-weather logging roads to the property has enabled the deployment of heavier equipment. In light of these significant logistical changes exploration efforts were stepped up in late 2006 resulting in a series of major near surface drill tested discoveries targeting 100m below surface. Those discoveries include Gazooma (2005/6), South Billiton (2006/7), Teck Hill (2007/8), Cherry Hill (2008) and the RM zone (2009/12). The quantity of near surface discoveries then begged the question “Is there a bigger VMS feeder plumbing system at depth?” It is now Copper Lakes intention to start to answer that question.
Based on the 2006 to 2012 discoveries in 2014 the Board of Copper Lake took a strategic decision to appoint two independent consultants to conduct an independent review the project. Caracle Creek who were responsible for the geophysical analysis and Orix Geoscience the geology, data collation and assembling the data into an integrated project wide database.
As a consequence of that process Copper Lake now believes it has a working property wide geological model for the project.
The Caracle-Orix report was based on:
A database of 181 holes drilled between December 2006 to March 2012.
178.9 line km of VTEM airborne data covering 22.8 sq. km,
Two ground magnetic surveys: the first covered the D Zone, Open Pit and Main Zone totalling 106.8 line km, the second covering Teck Hill totalling 25.1 line km, giving a grand total of 131.9 line km.
Induced Polarization survey covering: Gripp Lake West, the D Zone, Main Zone, Open Pit, Gazooma and Teck Hill.
Based on the data above the Caracle-Orix report identified 7 of the highest priority targets within the historically focused on core 22.8 sq. km exploration area.
That initial Caracle-Orix report has highlighted the significant potential of reprocessed VTEM data due to software improvements made in the last decade which deliver “Digitally Cleaner” data by filtering out “Noise.” This now enables much better geophysical visualisation permitting “Sight” down to 150-180 metres rather than the 100 metres historically.
The Caracle-Orix report identified 7 of the highest priority targets within the historically focused on core 22.8 sq. km exploration area. Based on this in July 2016 the Board of Copper Lake further commissioned two separate larger geological and geophysical reports incorporating a further 1308.0 line km of VTEM data covering 196.5 sq. km plus a further two hundred plus older previously un-digitised drill holes. Based on those reports the Board will then set it priorities on how to move the project forward.