TORONTO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- CR Capital Corp. (TSX-V / CIT) ("CR Capital" or the "Company") is pleased to announce that its Exploration Plan applications, which had been elevated by the Ontario Ministry of Energy, Northern Development and Mines (ENDM) to Exploration Permit application status, have now been granted such that the Company can proceed with its planned surface exploration program of trenching and ground and borehole geophysical surveys on the Coppercorp Property. An agreement to conduct basic surface exploration had been signed and activated with the Batchewana First Nation (BFN) in the spring of 2018.
While the Exploration Plan applications were still under consideration, during the fall of 2019 a follow-up prospecting and surface rock sampling program was undertaken, based upon the results of the sampling program reported in the December 6, 2018 news release. During the program 28 samples were collected over four separate outcrop areas throughout the property.
The most encouraging and exciting results were from analyses of samples obtained in the area of the Glenrock Gold West occurrence located in the southeast part of the property which had returned values of 10.6 g/t and 2.9 g/t Au from two reconnaissance grab samples taken the previous year. During this program, prospecting uncovered multiple additional outcrops within the heavily vegetated area consisting of highly silicified, finely pyritized, Archean mafic volcanic rocks spread over two hundred square metres. Twelve one square metre composite or grab samples were collected which reported an average of 1.37 g/t Au with values of up to 4.9 g/t Au. The mineralized surface area appears to be open for expansion to the east, west and north of the occurrence.
During the same program, 26 core samples were collected from historic drill holes completed on the Coppercorp Property which are stored at the ENDM core library in Sault Ste Marie. One drill hole hosting altered mafic volcanic rocks which had tested the Glenrock Gold West occurrence area was found to be over 95% unsplit from which 13 new core samples obtained over 14 sequential metres returned values averaging 0.51 g/t Au and up to 1.73 g/t Au. It was found from this program that nearly every core and surface outcrop sample obtained from the Glenrock Gold West occurrence area reported anomalous to ore grade gold values as listed in the following table.
|Coppercorp Property |
|Sample #s||Sample Type / Size||2019 Assays |
|Glenrock Gold West Occurrence||634397||1.0 sq. m composite grab||2.85|
|Glenrock Gold West Occurrence||634398||1.0 sq. m composite grab||0.47|
|Glenrock Gold West Occurrence||634399||1.0 sq. m composite grab||0.24|
|Glenrock Gold West Occurrence||634400||Grab||0.84|
|Glenrock Gold West Occurrence||634401||Grab||3.18|
|Glenrock Gold West Occurrence||634402||Grab||0.02|
|Glenrock Gold West Occurrence||634403||Grab||0.17|
|Glenrock Gold West Occurrence||634404||1.0 sq. m composite grab||0.12|
|Glenrock Gold West Occurrence||634405||Grab||0.05|
|Glenrock Gold West Occurrence||634406||1.0 sq. m composite grab||4.87|
|Glenrock Gold West Occurrence||634407||Grab||0.24|
|Glenrock Gold West Occurrence||634408||Grab||3.38|
|Average for 12 samples over a 200 sq. m surface area||1.37|
|Historic Diamond Drill Hole |
|634371||core 11.0-12.0 m||0.52|
|DDH 475-88-16||634372||core 12.0-13.0 m||0.29|
|DDH 475-88-16||634373||core 13.0-14.0 m||0.26|
|DDH 475-88-16||634374||core 14.0-14.7 m||0.38|
|DDH 475-88-16||634375||core 14.7-16.0 m||0.29|
|DDH 475-88-16||634376||core 16.0-17.4 m||0.26|
|DDH 475-88-16||634377||core 17.4-18.7 m||0.88|
|DDH 475-88-16||634378||core 18.7-19.9 m||0.27|
|DDH 475-88-16||634379||core 19.9-20.5 m||0.13|
|DDH 475-88-16||634380||core 20.5-21.5 m||0.12|
|DDH 475-88-16||634381||core 21.5-23.0 m||1.73|
|DDH 475-88-16||634382||core 23.0-24.0 m||0.07|
|DDH 475-88-16||634383||core 24.0-25.0 m||0.68|
|Downhole average of 13 samples over 14 metres||0.51|
Based upon these results and a compilation of previous exploration results, further surface prospecting and sampling is planned for the spring of 2020. In addition, new priority diamond drill targets have been identified throughout the Glenrock Gold area. The results of this program open-up a new highly prospective gold exploration target area west and north of the main Glenrock Gold area on the Coppercorp Property.
The Company plans to file an application to the Ontario government for a new Exploration Permit to diamond drill test these targets. A consultation process is planned with the BFN with the purpose of negotiating a more comprehensive Memorandum of Understanding to conduct subsurface exploration on their traditional territory.
The collected rock samples for the site visit pertaining to this program were delivered directly by the Qualified Person or shipped by bonded carrier to the AGAT Laboratories facility in Mississauga, Ontario. The Qualified Person submitted one each of a blind Au-Ag and Cu-Ni-Co multi-element standards, plus a certified blank into each submitted batch. The submitted samples were prepared by crush to 90% passing 2mm, split to 250 gm and pulverize to 85% passing 75um (Method Code 200-002). The samples were analyzed for gold at the AGAT Laboratories facility at Mississauga by Au by fire assay, ICP-OES Finish, 50g with a range 0.001 – 10 ppm (Method Code 202-552, gravimetric assay for over-limit >10 ppm Au samples), and for multielement metals analysis by 4-Acid Digestion and ICP-OAS method finish with re-assay for over-limit >10,000 pm for Cu, Co and As and >10 ppm for Ag. The AGAT Mining Geochemistry Laboratory is accredited to ISO 17025 by the Standards Council of Canada (SCC).
The information in this press release has been reviewed and approved by Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43-101 standards.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.
CR Capital Corp. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of CR Capital. Forward-looking statements include estimates and statements that describe CR Capital's future plans, objectives or goals, including words to the effect that CR Capital or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to CR Capital, CR Capital provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, CR Capital's objectives, goals or future plans, statements, details of the exploration results, potential mineralization, CR Capital's portfolio, treasury, management team and enhanced capital markets profile, the timing of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in CR Capital's public documents filed on SEDAR. Although CR Capital believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CR Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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