(TheNewswire)
Vancouver, B.C. - TheNewswire - June 3, 2021 -Crest Resources Inc. (“Crest” or the “Company”) (C NSX :CRES. CN ) is pleased toannounce that the Company has entered into a 50/50 staking syndicateagreement with Exploits Discovery Corp. (“Exploits”) (C NSX :NFLD. CN ) and acquiredthrough staking the 100% owned PB Hill Property (the ”Property”)located in prospective siliciclastic sediments of the Exploits SubzoneGold Belt, Newfoundland.
Highlights
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- The PB Hill Property is a large contiguous land package thatencompasses a land area of ~1,986km² (198,600Ha) .
- Previous exploration of the Property focused mainly on the highlymagnetic mafic/ultramafic rim that hosts numerous significant gold andbase metals occurrences, including a historical inferred resource atthe Mosquito Hill Prospect of 4.47MT of 0.526g/t Au indicated, 32.9MTof 0.461g/t Au inferred located 3 km east of the property boundary.
- New proven model in the Exploits Subzone Gold Belt suggests thatgold is transported in primary structures (ie. Dog Bay Line, AppletonFault) associated with magnetic lows and deposited in secondary andtertiary structures within the siliciclastic sediments of theDavidsville Group.
- The geophysical signature of the Property highlights multipleuntested distinct en-echelon geophysical structures near an extremelow as indicated by the NL Government residual magnetic survey. Theseare deemed to be high priority targets
- With most terrain that strays from major highways and bush trailsvirtually unexplored, we believe there is reason to continue toleverage our increased geological understanding in the area and createincreased shareholder value.
Following recent discoveries in the Exploits Subzone Gold Belt ofNewfoundland, early indications of success across the region show thepotential for a district size gold camp that’s being compared toOntario and Quebec’s Abitibi Greenstone Belt. Although the ExploitsSubzone Gold Belt is different in age; similar rheological processesinvolving gold mobilization in deep seated structures, emplacing goldin later stage secondary, tertiary and quaternary structures indicatethe opportunity for thousands of square kilometers of underexploredgold potential.
The Crest technical team have leveraged their diverse knowledge of thegeology of central Newfoundland and this switch in explorationmindsight early on, to help build Exploits Discovery Corp. With thelargest foothold in the Exploits Subzone, the Crest and Exploitsstaking syndicate delivers increased shareholder value to bothcompanies on the jointly owned PB Hill Property.
Area Map of The PB HillProperty
About The PB Hill Property
The PB Hill Property is situated in the siliciclastic sediments of theDavidsville Group, in the Exploits Subzone Gold Belt, Newfoundland.The Project encompasses a total land area of approximately 1,986 km²(198,600 Ha). The project has had very little work completed due tothe majority of focus revolving around base metal exploration; Crestsees this as an opportunity for discovery. The perimeter of theproject has undergone multiple exploration programs over the past 75years with the following government documented results:
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- Great Rattling Brook (MODS002D/12/Au 001) - 21 samples over strike of 75m give 0.1 to 2.3 g/t Auin melange of pyritic, graphitic shale bounded by ultramafics andchlorite schist.
- Lizard Pond South (MODS002D/11/Au 002) – Channel samples upto 12.58 g/t Au over 0.4m. DDH– 2.6 g/t Au over 1.0m, 2.3 g/t Au/1.0m, 1.54 g/t Au/0.7m.
- Lizard Pond North (MODS002D/11/Au 003) – Grab sample of 1.47g/t Au, trench channel sampleof 0.96 g/t Au /1.0m, 0.91 g/t Au /1.0m.
- Breccia Pond (MODS002D/11/Au 004) – trench channel of 3.24 g/t Au/1.0m, DDH of 0.84g/t Au/0.7m.
- Swan Lake (MODS 002D/11/Au005) – Trench channel sample of 3.1 g/t Au /2.0m
- Chiouk Brook (MODS 002D/11/Au 001)– DDH 1986 – 14.5 g/t Au/0.25m US Borax, DDH 2003– 2.04 g/t Au/5.9m, 3.6 g/t Au /1.7m, 2.7 g/t Au/0.84m
- Mosquito Hill (MODS002D/05/Au 008) – 4.47MT of 0.526 g/t Au indicated, 32.9MT of0.461g/t Au inferred. Has DDH such as 0.67g/t Au/103.35m including7.56 g/t Au/1.0m, 2.61 g/t Au/2.0.
- Brady/Reid Porphyry Zone (MODS 002D/05/Au 006) – 1.1g/t Au/21.5, 1.6 g/t Au/20.0, 2.2g/t Au/10.6, 0.96 g/t Au/36.1, 1.1 g/t Au/41.4. Best grab sample of6.9 g/t Au in ultra mafics with high Pyrite and Arsenopyrite.
Crest and Exploits believe there is major upside potential foradditional discoveries in the Exploits Subzone, with application ofthe new epizonal geological model. With most areas that stray frommajor highways virtually unexplored, we believe there is reason tocontinue to leverage our increased geological understanding in thearea and create shareholder value.
References:
All Mineral Occurrence Data System codes (MODS) listed above can befound at the following Newfoundland and Labrador Department of NaturalResources Link: https://gis.geosurv.gov.nl.ca/mods/mods.asp
About Crest/Exploits StakingSyndicate
The Crest/Exploits staking syndicate is a 50/50 per-cent Syndicateagreement where Crest has provided the Geological IntellectualProperty for the staking thesis, and Exploits has funded the stakingexpenses. Exploits will receive the first 1.2 times cost return oninvestment and further benefit will be divided on a 50/50 per-centbasis.
NI 43-101 Disclosure
Nicholas Rodway, P.Geo, is an officer of the Company and qualifiedperson as defined by National Instrument 43-101. Mr. Rodway supervisedthe preparation of the technical information in this news release.
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia companylisted on the Canadian Securities Exchange under the symbol“CRES”. The Company’s principal business activity is theacquisition, exploration, and evaluation of mineral property assets inCanada, Australia and Peru and the investment in mineral explorationcompanies and related mining technologies of merit. Crest is committedto creating significant shareholder value through advancing ahigh-quality blended portfolio of resource development and discretetechnology plays that build on corporate intellectual property,industry knowledge, and relationships which drive value outside of the mining cycle, as well as viadirect investment in undervalued exploration plays at an earlystage.
FOR FURTHER INFORMATIONCONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: (778) 819-2709
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
Forward-Looking Statements
This news release contains certain forward-lookingstatements, which relate to future events or future performance andreflect management’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of theCompany’s exploration and other activities, environmental risks,future metal prices, operating risks, accidents, labor issues, delaysin obtaining governmental approvals and permits, and other risks inthe mining industry. All the forward-looking statements made in thisnews release are qualified by these cautionary statements and those inour continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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