- Copper Lake Resources Inc. is announcing a non-brokered private placement financing for total gross proceeds of up to $2.5 million
- Financing consists of non-flow-through and flow-through shares
- Copper Lake Resources has interests in two projects, Marshall Lake and Norton Lake
- The financing is expected to close on or about Dec. 7
Canadian mineral exploration and development company Copper Lake Resources Inc. (TSXV:CPL) is announcing a non-brokered private placement financing for total gross proceeds of up to $2.5 million.
The financing will consist of up to 30 million non-flow-through units at a price of $0.025 per NFT Unit and up to 70 million flow-through units flow-through units at a price of $0.025 per FT unit.
The financing will be used towards the company’s Marshall Lake property, in which it has just under an 80 per cent interest. The joint venture high-grade volcanogenic massive sulfide ore deposits (VMS) of copper, zinc, silver and gold project, covers approximately 220 square kilometres and consists of 233 claims and 52 mining leases.
The project also includes 148 claim cells staked in 2018 and 2020 that are 100 per cent owned and not subject to any royalties, which add approximately 30 square km to the original property.
The property is 120 km north of Geraldton, Ontario, and is accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line.
Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100 per cent owned by the company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km, and the Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km.
Copper Lake’s second property is Norton Lake. The company has just under a 70 per cent joint venture interest in the nickel, copper, cobalt and palladium PGM property. CEO Terry MacDonald has said Norton Lake’s technical resource was recently updated. The 43-101 report showed “just under 2 million tons of nickel, copper, cobalt and platinum.”
Macdonald said he believes a lot of room remains for expansion, and 13 km of strike has not been explored. The challenges he mentions include the property location in the southern Ring of Fire, accessible only by air until the Province of Ontario builds a road.
The financing is slated to close in or around Dec. 7 and MacDonald expects it might close in one or two tranches.
For more information, check out the Copper Lake Resources website at copperlakeresources.com.
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