CRS:CC - Crestview Exploration Options to Purchase the Falcon Project in Elko County Nevada
(TheNewswire)
Calgary, Canada – TheNewswire- September 7, 2022 – Crestview Exploration Inc. ( CSE:CRS ) , ( Frankfurt:CE7 )(“ Crestview ” or “the Company”) is pleased to announce it hasentered into an option agreement (the “Agreement”) with the FalconMine Group (“ FMG ”), whereby Crestview has optioned to purchase 100% of theFalcon Project (“ Falcon ” or the “ Property ”).
The Falcon project comprises eighty-seven (87)unpatented lode claim and six (6) patented claims associated with thehistoric Falcon mine. According to “in house” historical reports,“[t]he Falcon Mine was discovered in 1876 and produced high-gradeore, averaging 100 opt (ounces per ton) silver, until 1891” (BrianBond, 2010 – Preliminary Geological Report, Falcon Claim Block). Theproperty is situated just 2 km’s south of Crestview’s flagshipRock Creek prospect and a similar distance southwest of Crestview’sDivide prospect (see Map 1), placing all three properties in closeproximity for a total of 189 claims.
MAP 1
Crestview’s Tuscarora district play (Rock Creek,Divide, Castile, and now Falcon) is in a highly prospective, prolificgold region (see Map 2). The properties are surrounded on three sidesby giant, “world-class” gold deposits and mines, including theMidas mine, approximately 35 km’s to the west-southwest, which hasproduced more than 2.2 Moz Au and 26.9 Moz Ag with proven and probablereserves of an additional 2.73 Moz Au and 199.92 Moz Ag from anepithermal Ag (Au) deposit (Hecla Mining Company Website – 2022);the Goldstrike operation, approximately 45 km’s south, whichincludes both the Betze-Post open pit and the Meikle underground mineand boasts a combined 11.88 Moz Au production with an additional 8.53Moz Au of proven and probable reserves from a Carlin-type gold deposit(Technical Report on the Goldstrike Mine, Eureka and Elko Counties,State of Nevada, USA NI 43-101 Report – 2019); and the JerrittCanyon mine, approximately 30 km’s to the east (further from theCarlin Trend than the Tuscarora properties), which has produced anincredible 9.7 Moz Au from a Carlin-type gold deposit (TechnicalReport on the Jerritt Canyon Mine, Elko County, Nevada, USA Report forNI 43-101 – 2021), with continued exploration ongoing.
MAP 2
The Falcon property occurs in the southwest portion ofan Eocene-aged caldera complex, hosted in a sequence of Devoniansedimentary rocks overlain by andesitic, dacitic, and rhyoliticvolcanic rocks of the Tuscarora volcanic field (Roney Long, 2000 –The Falcon Mine Project). Our exploration concept at Falcon is verysimilar to and consistent with our targeting model at Rock Creek andDivide. The historic production and exploration at Falcon focused onsilver mineralization in epithermal veins in the upper volcanicsequence. As with the Rock Creek and Divide properties, previous workat the Falcon prospect resulted in stratigraphic interpretations ofthe surface metasedimentary sequence which indicate the possibility ofa Carlin-type host rock at relatively shallow depths (Roney Long, 2000– The Falcon Mine Project). As such, we envision both shallow, highgrade silver vein targets and deeper, disseminated Carlin-type Au (Ag)targets at Falcon.
Chris Wensley, Crestview’s CEO, commented “TheFalcon project is an important strategic addition to our otherTuscarora prospects, greatly expanding our footprint in the region.The Falcon prospect lies just over a mile south of the Rock Creek andDivide properties creating additional synergy with our explorationprogram and greatly enhancing our chances for success.”
The terms of the agreement are as follows: 1.5% NetSmelter Royalty (NSR); payment of $500,000 (US$); and 2,000,000 CRSshares payable as follows:
* Initial payment of $10,000within 10 days after the Effective Date
* 1 st Anniversary of $40,000 and 200,000 CRSshares on or before December 15, 2023
* 2 nd Anniversary of $75,000 and 300,000 CRSshares on or before December 15, 2024
* 3 rd Anniversary of $100,000 and 400,000 CRSshares on or before December 15, 2025
* 4 th Anniversary of $125,000 and 500,000 CRSshares on or before December 15, 2026
* 5 th Anniversary of $150,000 and 600,000 CRSshares on or before December 15, 2027, upon which the Option Exercisewill be complete
The Agreement provides that Crestview will conduct aminimum of $250,000 of exploration activities over the term of theoption agreement. The agreement also provides a buyout option of the1.5% NSR for an additional $2,000,000. The Option Agreement isconditional upon Crestview being satisfied as to the interest in theProperty held by Optionor; receipt by Crestview of data, records andother information to allow Crestview to conduct Exploration of theProperty; and receipt of Canadian Securities Exchange approval.
This News Release was prepared by J.A. Lowe, M.Sc.Geology, and has been approved by Brian T. Brewer, M.Sc., CPG #11508.
Brian T. Brewer is a Qualified Person as defined by NI43-101 and has reviewed the scientific and technical disclosureincluded in this news release.
On Behalf of the Board of Directors,
Chris Wensley, CEO
About Crestview ExplorationInc:
Crestview Exploration is anexperienced exploration company focused on the exploration anddevelopment of its portfolio of gold and silver properties located inprolific mining districts of Nevada.
Crestview’s Rock Creek, Divide,Falcon, and Castile Mountain properties are situated in the TuscaroraMountains of northern Elko County, Nevada. The company’s Tuscaroraproperties total 6 patented and 196 u npatented lode miningclaims, and comprise areas with local historic production and limitedmodern exploration.
The Cimarron project is located inthe San Antonio Mountains of Nye County, Nevada, and is comprised of31 unpatented lode mining claims, including control of 6 historicallyproducing claims associated with the historic San Antonio mine.
For further information pleasecontact:
Chris Wensley, Chief Executive Officer
Tel: 1-778-887-3900
Email: Chris@crestviewexploration.com
Forward-Looking Information
This news release includes certaininformation that may be deemed “forward-looking information” underapplicable securities laws. All statements in this release, other thanstatements of historical facts, that address acquisition of theProperty and future work thereon, mineral resource and reservepotential, exploration activities and events or developments that theCompany expects is forward-looking information. Although the Companybelieves the expectations expressed in such statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those in the statements. There are certain factors that couldcause actual results to differ materially from those in theforward-looking information. These include the results of theCompany’s due diligence investigations, market prices, explorationsuccesses, continued availability of capital financing, and generaleconomic, market or business conditions, and those additionallydescribed in the Company’s filings with the Canadian securitiesauthorities.
Investors are cautioned that anysuch statements are not guarantees of future performance and actualresults or developments may differ materially from those projected inthe forward-looking information. For more information on the Company,investors are encouraged to review the Company’s public filings atwww.sedar.com. The Company disclaims any intention or obligation toupdate or revise any forward- looking information, whether as a resultof new information, future events or otherwise, other than as requiredby law .
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITSREGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FORTHE ADEQUACY OR ACCURACY OF THIS RELEASE
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