CRS:CC - Crestview Exploration to Conduct CSAMT Geophysical Survey at the Rock Creek Gold Prospect in Tuscarora NV And Announces Closing of First Tranche of Private Placement
(TheNewswire)
Calgary, Canada – TheNewswire- June 10, 2022 – Crestview Exploration Inc. ( CSE:CRS ) , ( Frankfurt:CE7 )(“ Crestview ” or the “ Company ”) is pleased to announce an upcomingControlled-Source Audio-frequency Magnetotelluric (CSAMT) geophysicalsurvey at the Rock Creek gold prospect to be conducted by GeophysicsGPR International Inc. The survey will include four East-West linesfrom across the property (Figure 1), and is slated to begin mid-July,2022.
The survey will be conducted ahead of our planneddrilling at Rock Creek and will be used to both finalize our drillhole selection and build upon understanding of the geology atdepth.
Figure 1: Proposed CSAMT Lines atRock Creek
Click Image To View Full Size
The two southernmost lines (1 & 2) will cross the1.6 km gold-arsenic anomaly outlined by a Mobile Metal Ion (MMI) soilsurvey carried out by Ironwood Gold Corp. in 2010 (Figure 2). Line 1is also in the area of outcropping Paleozoic sequence and assumed tobe lower in the stratigraphy. Line 2 crosses the widest portion of theMMI anomaly along transect with two of the proposed drill holes.
Figure 2: MMI Soils Survey at RockCreek
The two northern lines (3 & 4) cross or areproximal to a historical drill program carried out by Shell in 1983which yielded interesting results. Line 3 bisects historic holes CC-10and CC-11 which each reportedly intersected 100 feet of 0.02 opt goldmineralization (Cruson and Limbach, 1985 in Amended Technical Report -Rock Creek Project, Rock Creek Mining District, 2019). Line 4 is justsouth of historic hole CC-2, which is described as having encounteredpyritized, carbonaceous siltstone at depth:
“The top 265 ft. of this hole penetrated altered tuffwith numerous gold shows … then bottomed in 135 ft. of pyritized,carbonaceous siltstone" (Cruson and Limbach, 1985 in AmendedTechnical Report - Rock Creek Project, Rock Creek Mining District,2019).
The Company is also pleased to announce that is hasclosed, subject to CSE approval, the first tranche of its non-brokered private placement in the amount of $176,500.05by issuing 1,176,667 units at a price of $0.15 per unit. Each unitconsists of one common share of the Company and one share purchasewarrant of the Company. Each warrant is exercisable into one commonshare of the Company at a price of $0.30 for a term of two-years fromthe date of issuance. The Company intends to use the proceeds of thisfirst tranche private placement for the above mentioned CSAMT program,sampling, other field work and general corporate purposes.
The Company has paid $8,050 in cash and issued 46,666warrants as compensation to qualified finders. Each warrant isexercisable at a price of CAD$0.30 for a term of two-years from thedate of issuance.
The securities issued under the private placement willhave a hold period expiring four months and one day from the date ofissuance pursuant to applicable Canadian securities laws.
None of the securities offered in connection with theFinancing will be registered under the United States Securities Act of1933, as amended, or the securities laws of any state of the UnitedStates.
This news release shall not constitute an offer to sellor a solicitation of an offer to buy, nor shall there be any sale ofthe securities in any state where such offer, solicitation, or salewould be unlawful.
This News Release was prepared by J.A. Lowe, M.Sc.Geology. Brian T. Brewer, M.Sc., CPG #11508, is a Qualified Person asdefined by NI 43-101 and has reviewed and approved the scientific andtechnical disclosure in this news release.
On Behalf of the Board of Directors,
Chris Wensley, CEO
About Crestview ExplorationInc:
Crestview Exploration is a technology driven,well-funded and experienced exploration company focused on findinggold and silver deposits in mining friendly jurisdictions. TheCrestview’s projects Rock Creek, Divide, and Castile Mountain aresituated in the Tuscarora Mountains of northern Elko County, Nevada.The company’s Tuscarora properties combined comprise a total of 101unpatented lode mining claims, with 74 claims at Rock Creek, 19 claimsat Divide, and 8 claims at Castile Mountain.
The Cimarron project is located in the San AntonioMountains of Nye County, Nevada, and is comprised of 31 unpatentedlode mining claims, including control of 6 historically producingclaims 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 SECURITIESEXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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