Calgary, Alberta--(Newsfile Corp. - April 14, 2020) - Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) ("Crestview" or "the Company") is pleased to announce it has entered into a lease with an option to purchase a 100% interest in the Divide Mine, a high-grade precious metal vein target located in Elko County, north central Nevada. This property is comprised of 12 unpatented lode claims covering 247 acres (110ha). The claims cover the majority of the old workings and potential strike extension of the Divide Mine.
Location map
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The Divide Mine is located in the northwest portion of the Tuscarora Mining District which is centered 7 miles to the southeast of the Divide Mine. Historic mining from underground and surface placer mines produced 200,000 ounces of gold and 7.27 million ounces of silver as reported in Nevada Bureau Mines and Geology Bulletin 106, Mineral Resources of Elko County, Nevada. In more recent times (1989-1991) 39,976 ounces of gold and 254,000 ounces of silver were produced from the Dexter open pit by Horizon Gold Corporation and Chevron, as reported in "Technical Report Describing the Tuscarora Project, Centered on 565568E/4573240N, UTM WGS84 Zone 11 N in Elko County, Nevada USA, Prepared for American Pacific Mining Corp. by E.L. (Buster) Hunsaker III, CPG 8137, Effective date January 15, 2018.
Currently American Pacific Mining Corp. is exploring for high-grade gold on their claims located in the central portion of the Tuscarora district.
The Carlin Trend lies about 22 miles south-southwest of the property and the mines of the Jerritt Canyon Mining District lie about 18 miles to the east of the property.
The Divide Mine sits on the eastern flank of a prominent upthrown block exposing sedimentary rocks surrounded by 40-million-year-old volcanic rocks. The sedimentary rocks exposed here are known to closely overlie favourable sedimentary gold mineralization host rocks in the region. Further, the age of the volcanic rocks is important because the age rocks is coincident with the age of gold and silver mineralization in the region; and there is a relationship with volcanism and mineralization. There is evidence on the property of igneous rock intrusions. Fault structures on the east edge of the host block provide conduits for multiple episodes of dikes as well as plumbing for the gold bearing mineral system.
Gold and silver mineralization occur in banded quartz veins and quartz breccia veins deposited in north-south and north-northeast oriented fissure systems. The Divide Mine contains silver, cinnabar (mercury), minor copper oxides and up to 0.224 ounces of gold per ton (7 g/tonne) in rock samples. Additionally, historic drill logs from Homestake mining report drill results that hit Carlin-style sulfide gold mineralization and geochemistry from a hole located just north of the claims.
Near term plans are to acquire aeromagnetic data to assist in outlining the intrusive rocks we believe are related to the mineralization at the property; then focus on geochemical sampling and geological mapping to delineate drill targets.
M. J. Abrams, Crestview's Vice-President Exploration commented "The Divide Mine has many similarities to our nearby Rock Creek project located one mile to the west. Given the geologic environment, location and tenor of mineralization, the Divide property has compelling exploration potential deserved of a major drill campaign. We plan to incorporate what we have learned there into our work at the Divide Mine; as well as utilize the synergy of having two similar projects in close proximity to lower overall exploration costs on both properties".
The agreement is a third-party agreement with Geological Services Inc., a Utah corporation with an office located at #3 Knob Hill Road, Park City, Utah 84098 USA.
The terms of the agreement are as follows (US$):
Advance Minimum Royalty
On or before 15 April 2020: $25,000
1st Anniversary: $35,000
2nd Anniversary: $50,000
3rd Anniversary: $75,000*
4th Anniversary: $100,000*
5th Anniversary: $150,000*
(And each year thereafter)
Payments can be recovered from production.
1-mile Area of Interest on locatable land.
$2,000,000 buyout *can be exercised at any time, subject to a retained 2% NSR.
* = indexed to CPI.
This News Release was prepared by M.J. Abrams; BS and MS Geology, CPG #11451; Idaho PG #570. M.J. Abrams is a Qualified Person as defined by NI 43-101 and has reviewed the scientific and technical disclosure included in this news release.
About Crestview Exploration Inc:
Crestview Exploration is a technology driven, well funded and experienced exploration company focused on finding gold and silver deposits in mining friendly jurisdictions. The company flagship project Rock Creek is located in north-central Nevada, in Elko County.
For further information please contact:
Glen Watson, Chief Executive Officer
Tel: 1-604-803-5229
Email: Glen@crestviewexploration.com
www.crestviewexploration.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Forward-Looking Information
This news release includes certain information that may be deemed "forward-looking information" under applicable securities laws. All statements in this release, other than statements of historical facts, that address acquisition of the Property and future work thereon, mineral resource and reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company's due diligence investigations, market prices, exploration successes, continued availability of capital financing, and general economic, market or business conditions, and those additionally described in the Company's filings with the Canadian securities authorities.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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