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Crystal Lake Mining Corp
Symbol C : CLM
Shares Issued 107,347,734
Close 2019-09-04 C$ 0.285
Recent Sedar Documents

Crystal Lake samples 23.08 g/t Au at Newmont Lake

2019-09-04 11:24 ET - News Release

Mr. Richard Savage reports

CRYSTAL LAKE MINING PROVIDES AN EXTENSIVE EXPLORATION UPDATE ON THE NEWMONT LAKE PROJECT - GOLDEN TRIANGLE, ESKAY CAMP, OUTLINING 2 MAJOR TARGET AREAS FOR HIGH-GRADE GOLD, SILVER AND COPPER SYSTEMS

Crystal Lake Mining Corp. has released further positive results from the continuing exploration program on the company's Newmont Lake project in the heart of British Columbia's Golden Triangle, Eskay camp. Drilling and surface work continue to expand known zones and turn up new discoveries with expansive footprints.

The in-field exploration program that started in May, 2019, has collected approximately (approximate values are given as exploration is continuing):

  • 2,500 soil samples for assay;
  • 1,500 rock samples for assay;
  • 4,500 hyperspectral samples analyzed in-house by TerraSpec Halo;
  • 700 core samples from historic unsampled core for assay;
  • 12 line kilometres of induced polarization geophysical survey;
  • 300 square kilometres of geological mapping in a variety of detail;
  • Over 4,000 metres of diamond drilling with all samples submitted for assay;
  • Extensive 3-D deposit modelling;
  • Construction of a brand new state-of-the-art 50-person exploration camp;
  • Construction of a logistical network for future lower-cost exploration.

The results of the program have delineated major new discoveries in the Burgundy Ridge copper-gold-silver (Cu-Au-Ag) alkalic porphyry trend, as well as new high-grade gold targets near the historic gold resource at the northwest zone and along the greater 10 km long Newmont Lake gold Corridor along the Mclymont fault.

The program continues to produce new mineral discoveries on surface on a weekly basis and two diamond drill rigs are still turning on both the Burgundy Ridge copper-gold-silver system and the Newmont Lake gold corridor trend.

Burgundy Ridge Cu-Au-Ag alkalic porphyry

Results from the 2019 surface exploration and diamond drilling program have confirmed the presence of a large Cu-Au-Ag alkalic porphyry trend over an area which includes Burgundy, Telena and the 72 zone 2.3 km away.

Crystal Lake is very pleased by the performance of SwiftSure Diamond Drilling as its drill continues to turn on the first-ever diamond drill holes at Burgundy Ridge. Initial results have visually delineated a Cu-Au-Ag porphyry with related high-grade skarn system first sampled in 2012. No significant work was completed past 2014 until Crystal Lake intersected mineralization at depth in a late-season reverse circulation drill program in October, 2018 (see press release, March 7, 2019). Preliminary interpretations of surface and drill core indicate a large high-grade skarn body adjacent to megacrystic syenite/epidote-garnet hydrothermal breccia porphyry system.

Further drilling approximately 2.3 km to the northeast along the Burgundy-Telena-72 zone trend intercepted new mineralization hosted in potassic/hematite altered intrusions in the form of disseminated and vein-hosted chalcopyrite plus bornite adjacent to historic high-grade Cu-Au-Ag skarn-type mineralization.

Unprecedented ice/snow retreat is exposing new mineral showings on surface along the trend consisting of potassic/hematite altered megacrystic to porphyritic syenites with a variety of chalcopyrite mineralization styles.

The combination of new surface mineralization discoveries, lithological orientations and mapping along the 2.3 km trend are all further evidence for the presence of a large alkalic, silica-undersaturated porphyry with adjacent high-grade skarn system. This preliminary model is geologically synonymous to the world-class Galore Creek Cu-Au-Ag porphyry deposit (814.7 million tonnes of 0.50 per cent Cu, 0.31 g/t Au, 5.21 g/t Ag -- B.C. Minfile No. 104G 090) located 30 km to the northwest.

Cole Evans, president/chief executive officer of HEG, commented: "The vastness of copper with associated gold and silver mineralization of multiple styles starting at surface is really impressive. Our team has been tracking ice and snow retreat with a variety of tools. As it retreats, we are consistently being rewarded with new exposures of high-grade mineralization on surface. The first-ever look at the subsurface from 2019 diamond drilling is giving us the confidence to make aggressive step outs with mineralization open along trend and at depth. Drilling continues while we eagerly await assays. The potential to have a large-scale copper-gold-silver deposit with similar lithologic, mineralization, alteration and orientation characteristics of our world-class neighbour Galore Creek 30 km to the northwest is very encouraging. An important distinction is the Burgundy Ridge trend is roughly one-fifth the distance from road and power infrastructure making it a much more attractive system from that perspective."

Newmont Lake gold corridor, high-grade Au-Ag-Cu system

The technical team is pleased with the results of a recently completed IP survey by Walcott Geophysics and new high-grade Au discoveries at outcrop with highlights of 23.08 g/t Au, 6.49 g/t Ag and 0.16 per cent Cu (Sample ID B0003502) that has identified new drill targets with the potential for high-grade Au discoveries along the Mclymont fault; a known prolific high-grade Au conduit with multiple showings over the 20 km trend. Chargeable IP anomalies in the foot wall of the Mclymont fault system, like those of the historic high-grade gold resource, extend to the northeast and southwest of the northwest zone. This fault system has been mapped for 20 km with 95 per cent held within the Newmont Lake property. Brand new discoveries adjacent to receding ice/snow of massive/semi-massive sulphides (pyrite and chalcopyrite) synonymous with high-grade Au in the area have also been discovered with assays pending.

Furthermore, new 3-D modelling of the northwest zone high-grade Au system has outlined significant areas for expansion of the non-compliant historic inferred resource that contains 1,406 kilotonnes at an average grade of 4.43 g/t Au, 0.22 per cent Cu and 6.4 g/t Ag at a projected base-case cut-off grade of two g/t Au containing 200,000 ounces Au, 6.79 million pounds of copper and 291,000 oz of silver (mineral resource estimate on the north west zone, Newmont Lake property, submitted to Romios Gold Resource Inc., May 11, 2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980s and early 1990s. Hy-Tech Drilling has commenced the first-ever oriented, HQ drill core holes in the northwest zone targeting new high-grade Au with the objective to significantly expand the size of the known Au zone and acquire oriented core data to aid in the vectoring of more high-grade Au targets in the area.

Maurizio Napoli, PGeo, vice-president of exploration of Crystal Lake, commented: "We have been patient with the NW zone to give our technical team the proper time required for thorough due diligence of this high-grade Au system developing along the 20 km long Mclymont fault trend. Brand new high-grade gold discoveries have been made on surface with corresponding geophysical anomalies that suggests there is more high-grade Au in this area than previously understood. In addition, the non-compliant historic resource of 200,000 ounces gold completed in 2006 was limited to 1980s drilling where the majority of core was not assayed or oriented. Our team has been able to model the deposit with the latest in 3-D software and have identified probable extensions of the system. We have managed to prove this theory with brand new high-grade Au intercepts from previously unsampled drill core. When we factor in gold prices that have more than tripled since resource work was last done, and a new road and power plant 10 miles down the valley, the potential is there for this to become one of the most important high-grade Au corridors in the district. Crystal Lake's dominant land package is poised to capitalize on this."

Qualified person

The technical information in this news release has been reviewed and approved by Mr. Napoli, PGeo, vice-president of exploration for Crystal Lake Mining, a qualified person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About Crystal Lake Mining Corp.

Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in B.C. and Ontario. The company has an option to earn a 100-per-cent interest in the Newmont Lake project, one of the largest land packages among juniors in the broader Eskay region, in the heart of northwest B.C.'s Golden Triangle.

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