(TheNewswire)
Vancouver, B.C. - TheNewswire - November 6, 2020 -Crest Resources Inc. ("Crest" or the "Company")(CSE:CRES) (CNSX:CRES.CN)(OTC:CRSTF) is pleased to announce that it hasentered into an agreement to sell its 100% interest in the Lunar Frogproperty to Volatus Capital Corp. (CSE:VC) ("Volatus") inconsideration for 1,500,000 common shares of Volatus. Crest willretain a 1.5% net smelter return royalty on the property.
This is a non-arm's length transaction as the Companycurrently holds 24.05% of the common shares of Volatus. MichaelCollins, the President, CEO and a director of Crest is also thePresident, CEO and a director of Volatus.
President and CEO Michael Collins Comments, "thistransaction and the previous transactions that Crest has completed inthe Exploits Subzone Gold Belt in Newfoundland demonstrate Crest'sability to be a an early starter in some of the most exciting gold andcopper plays in Canada. This vision drives value for the companywhile maintaining in an interest in the projects we pick.
The Lunar Frog gold property (the "Property")consists of six mineral claims comprising 10, 211 hectares well withinthe Stikine Terrane and is located north of the Kemess-Toodoggoneporphyry gold-copper/epithermal gold district of British Columbia. The Property has 18 known mineral showings ranging from PorphyryCopper-Molybdenum-Gold, Copper-Gold Quartz Veins, Platinum andPalladium. The Property is located approximately 170 kilometreseast-southeast of Dease Lake, a small northern community on theStewart-Cassiar Highway.
Sample highlights include:
- Grab sample of 1.8 g/t gold, 5.3 g/t silver and0.502% copper
- Float sample of 1.8 g/t gold, 27 g/t silver and 4.28%copper
- Grab sample of 0.7 g/t gold, 49 g/t silver and 0.989%copper
Porphyry Copper-Gold targets
The assemblage of the Stu/Frog showings are excellentexamples of Porphyry Copper-Molybdenum-Gold targets on the Lunar Frogproperty.
Regionally, the Stu/Frog showings area lies on thewestern edge of the Omineca Belt near the Kutcho fault, marking theboundary with rocks of the Intermontane Belt. The area is underlain byEarly Jurassic granodioritic intrusive rocks of the Pitman Batholithwith minor roof pendants of metavolcanic and metasedimentaryrocks.
Several gossanous areas, quartz veins, minor malachitestains and sulphide occurrences were found in the southeasternportions of the Property, almost solely in the gabbro-diorite unit.Similar sulphide occurrences were found in the northwestern part ofthe complex, although quartz veins and gossans were less abundant.
In 2012, a sample (129292) assayed 1.8 g/t gold, 5.3g/t silver and 0.502% copper, whereas float samples from the areayielded up to 1.8 g/t gold, 27 g/t silver and 4.28% copper. Othersamples (129123 and 129146) from near the peak of the mountain assayed0.7 and 0.4 g/t gold and 49 and 15 g/t silver with 3.28 and 0.989%copper, respectively (Assessment Report 33391).
Also in 2012, in other areas of the Property several(128845 and 128846) samples yielded 0.541 and 0.612 % copper with 11.7and 18.5 g/t silver while a kilometre away a sample (129668) assayed1.64 % copper, 25.7 g/t silver and 1.02 g/t gold (Assessment Report33391).
Copper-Gold Quartz Veins
The Lunar Frog property's potential for Copper-GoldQuartz Veins is illustrated by the sampling of Hard Creek NickelMining. The 2006 sampling resulted in sample 359344 yielding 0.335%copper, 0.22 g/t gold and 4 g/t silver (Assessment Report 29063). Thesample was described as a quartz vein with copper stains. The area isunderlain by mid Triassic to lower Jurassic Takla Group maficvolcanics and the mid Triassic Lunar Creek Ultramafic Complex. Theoldest lithologies in the region are Stikine terrane mixed greenstonemetamorphics and undivided sediments of the Devonian to Permian AsitkaGroup. The strata is intruded by Early and Middle Jurassicgranodiorite and Late Triassic quartz monzonite
Technical disclosure in this news release has beenreviewed and approved by Nicolas Rodway, P. Geo., VP BusinessDevelopment and shareholder of Crest Resources Inc., a QualifiedPerson as defined by National Instrument 43-101.
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia companylisted on the Canadian Securities Exchange under the symbol CRES. TheCompany's principal business activity is the acquisition, explorationand evaluation of mineral property assets in Canada, Australia andPeru and the investment in mineral exploration companies and relatedmining technologies of merit. The Company's Canadian mineral propertyassets include various land and corporate ownership positions withinthe Exploits Subzone, the newest emerging district-scale goldexploration and mining district in the province of Newfoundland andLabrador.
FOR FURTHER INFORMATIONCONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
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.
Copyright (c) 2020 TheNewswire - All rights reserved.