04:32:23 EST Tue 28 Jan 2020
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Crystal Lake Mining Corp
Symbol CLM
Shares Issued 107,347,734
Close 2019-09-10 C$ 0.24
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Crystal Lake stakes 5,423 additional ha at Newmont Lake

2019-09-10 13:21 ET - News Release

Mr. Richard Savage reports


Crystal Lake Mining Corp. has provided an update on exploration designed to test the Newmont Lake corridor for high-grade gold mineralization on the company's roughly 700-square-kilometre Newmont Lake project in the heart of British Columbia's Golden Triangle. The Newmont Lake corridor contains the historic Newmont Lake gold mineral resource, which sits at the western flank of the strongly endowed Eskay rift. Geological work has established potential for the known deposit to be open along strike. A thorough review of historic drill core, assaying of previously untested drill core and construction of a 3-D model underpin a new understanding of the deposit and have provided a number of targets along strike from the historic resource, where potential extensions or new mineral zones may exist.

High-grade gold targets in the Newmont Lake gold corridor

Assay results from an extensive program of surface mapping and geochemistry of rock chip samples and previously unsampled core have shown that high-grade gold mineralization follows the trend of the McLymont fault zone (please see the company's news release dated Sept. 4, 2019) over a strike length of greater than eight kilometres, centred along the trend of the Newmont Lake resource.

Multiple boulders containing high-grade gold mineralization with up to 84.4 grams per tonne gold have been traced back to a new target in the Arseno zone. The boulders are selected samples that are not in situ. The source of these samples is not known and is not necessarily indicative of mineralization hosted on the property. Similar mineralization in outcrop has been traced back to a possible source, which is interpreted to be covered by ice. This target is a stepout along trend from the historic Newmont Lake deposit, and drilling is being guided by a combination of outcropping mineralization, alteration and chargeability response in the induced polarization survey.

The first three drill holes at the Northwest zone tested the northern portion in the footprint of the historic inferred resource that contains 1,406,000 tonnes at an average grade of 4.43 grams per tonne gold, 0.22 per cent copper and 6.4 g/t silver 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 ounces of silver (mineral resource estimate on the Northwest 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. The objectives of the initial drilling are to better understand the geological controls on mineralization and evaluate whether historic sampling adequately reflects the grade. Drilling beyond the northern and southern trend of the historic resource is designed to identify extensions of mineralization based on the newly developed geological model. The drill targets have been constrained, based on the geological data, together with the trend of mineralization and the chargeability response from the 2019 induced polarization survey.

The mineral estimate cited above is presented as a historical estimate and uses historical terminology that does not conform to current National Instrument 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of NI 43-101. These historical estimates do not meet current standards, as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

Crystal Lake expands the Newmont Lake project

Crystal Lake has staked an additional 5,423 hectares of claims contiguous with the Newmont Lake and Foremore claims properties. The total land package now comprises a total of 728 square kilometres (72,800 hectares), which makes Crystal Lake the holder of one of the largest and most prospective projects within the Eskay camp.

Maurizio Napoli, PGeo, vice-president of exploration of Crystal Lake, commented: "Our 2019 exploration program has indicated that the McLymont fault running through the centre of our project is an important control of the high-grade gold mineralization in the historic resource of 200,000 ounces completed in 2006. Our sampling campaign of historic drill core that had not been previously assayed has demonstrated that there are unsampled gold-bearing intervals within the resource volume, implying that a significant amount of gold, silver and copper values may be underreported within the area of the historic resource. The objective of our current drilling campaign is to expand the current resource and to discover new high-grade gold zones along the McLymont fault."

Qualified person

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

Quality assurance/quality control

Rock samples from the Northwest gold zone were sent to MSA Labs' preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to two millimetres, split 250 grams and pulverized to 85 per cent passing 75 microns. Prepped samples were sent to MSA Labs' analytical facility in Langley, B.C., where they were analyzed for gold using method FAS-121 (fire assay/AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock samples were analyzed for 53 elements using method IMS-230, multielement ICP-MS four-acid digestion, ultratrace level. Silver assay results greater than 100 g/t Ag as well as cobalt, copper, nickel, lead and zinc greater than 10,000 parts per million were automatically analyzed by ore-grade method ICF-6.

Crystal Lake Mining conducts its own quality assurance/quality control program, where three standard reference material pulps and two blank reference material samples are inserted for every 100 samples when analyzing rock samples.

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 British Columbia 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 northwestern British Columbia's Golden Triangle.

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