June 12, 2019, Vancouver, British Columbia – Crystal Lake Mining Corporation (TSXV: CLM; OTC: SIOCF; FSE: SOG-FF) (”Crystal Lake” or the “Company”) is pleased to announce that a large copper-gold porphyry target area, with high-grade gold potential, has been outlined on the eastern side of the Company’s Newmont Lake Project in Northwest B.C.’s Eskay Camp.
The northeast trending Chachi Corridor along the McLymont fault system has a current strike length of greater than 8 km by 3 km wide as defined by an extensive review of historic data including rocks, soils and geophysics. The entire corridor, which features astonishing glacial retreat, is notably underexplored and will be one of several primary areas of focus for the 2019 summer exploration program, now underway.
The Chachi Corridor begins approximately 6 km northeast of the historic Northwest Gold zone (“NW Zone”) and 20 km northeast of Crystal Lake’s recent drilling discovery at Burgundy Ridge (March 7, 2019, news release), underscoring both the scale and potential of the entire 430 sq. km Newmont Lake Project located in the heart of the Golden Triangle.
A broad and flat glacial valley ranging in elevation from 500 to 700 meters begins at the northeast tip of the Chachi Corridor and continues in a straight direction northeastward for approximately 20 km to the Galore Creek access road west of the Bob Quinn Airstrip. Additionally, infrastructure and access to the southern portion of the Newmont Lake Project have recently been upgraded with the completion and power production of AltaGas’ Northwest Hydroelectric facilities, including the 66-MW McLymont Creek power plant which sits at the southern tip of Crystal Lake’s land package 15 km northwest of Nickel Mountain.
Location of Crystal Lake Mining’s Newmont Lake Project in the prolific Eskay Mining Camp of Northwest BC, Canada
Glacial Retreat Opens Corridor
Based on cross referencing old and new satellite imagery and orthographic photos, glacial retreat of approximately 2 to 4 kilometers has occurred within the Chachi Corridor since parts of it were last explored with “boots on the ground” in 2008. Widespread surface alteration, intrusive bodies and other geological features consistent with large-scale porphyry copper-gold and associated shear vein gold and/or carbonate replacement gold systems are apparent in the geochemical data compilation. This plus the newly exposed prospective ground makes the entire Chachi Corridor a high-priority target.
Satellite image showing the extent of glacial retreat along Chachi Corridor from 2002 to 2018
Chachi Corridor Additional Highlights:
- Three separate intense geochemical anomalies (copper, gold and silver), vectoring into vast unexplored and highly altered terrain, covering an area greater than 8 km by 3 km;
- An approximate 3 km gossanous zone is adjacent to a cluster of dioritic and syenitic intrusions (typical intrusion types to host large porphyry systems and mineral occurrences in this region), all spatially associated with the McLymont Fault system of extensional tectonics in the region;
- A radiometric age-dating study at the University of British Columbia (“UBC”) concluded late Triassic ages of 203.1 ± 2.0 Ma to 214.1 ± 2.0 Ma on two sampled intrusions to date in the Chachi Corridor, which puts a copper-gold porphyry system in the Corridor remarkably similar in age to the Newmont/Teck Galore Creek/Copper Canyon deposits approximately 40 km to the northwest (Assessment Report #30749, B.C. Geological Survey);
- Limited historic rock sampling (late 1980’s) over a strike length of 1 km from an interpreted epithermal area on the eastern side of the Chachi Corridor returned values ranging from anomalous to 14.2 g/t Au, with 8 of the 28 samples grading >8 g/t Au (Assessment Report #18450).
Richard Savage, President and CEO of Crystal Lake, commented: “The right people, the right area, the right time – we’ve assembled an amazing team that’s planning an expansive initial exploration program that will be systematic and discovery-driven, applying state-of-the-art exploration technologies.”
Chachi Phase 1 Exploration Program
A team of approximately 20 people at any given time will be exploring and validating the Chachi Corridor. A Phase 1 program consisting of extensive prospecting, lithological and alteration mapping, airborne and ground geophysics, and geochemical and alteration vectoring using the latest in-field mobile hyperspectral and X-ray Fluorescence (“XRF”) technology should quickly define priority targets for drill testing this summer.
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The technical information in this news release has been reviewed and approved by Mr. Abdul Razique, PhD., P.Geo., a Qualified Person responsible for the scientific and technical information in this news release under National Instrument 43-101 standards.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
President & CEO
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