Acquisition of Split Dome Copper Project and Review of Red Metal Ridge Exploration Strategy
CREST RESOURCES INC.
S u i t e 11 00 - 5 95 H o w e S t re e t , V a n c o u v e r , B C V6 C 2 T 5
T ( 6 0 4) 681 - 3 1 7 0, F ( 6 0 4 ) 681 -3552
NEWS RELEASE
CREST RESOURCES INC. ANNOUNCES ACQUISITION OF SPLIT DOME COPPER PROJECT NEAR
HAZELTON, BRITISH COLUMBIA AND REVIEWS RED METAL RIDGE EXPLORATION STRATEGY
Vancouver, B.C. – September 9, 2019 ‐ Crest Resources Inc. (CSE: CRES) (the “Company”) is pleased to
announce that it has entered into a purchase and sale agreement (the “Agreement”) to acquire up to
100% interest, subject only to a 0.25% net smelter return royalty, in the Split Dome copper project (the
“Property”) located near Hazelton, British Columbia. The Company may earn an initial 75% interest in the
Property by paying $10,600 cash and issuing 1,500,000 common shares (the “Consideration Shares”)
within ten business days of executing the Agreement. The Company may earn a further 25% interest to
bring its ownership interest in the Property to 100% by issuing a further 500,000 common shares on or
before January 2, 2020.
Split Dome Copper Project
The Split Dome copper project consists of four claim groups totalling 319 claims for 5,840 hectares located
55 km north-east of Hazelton, British Columbia on the west side of the Babine Valley. The project can be
accessed by active forestry roads on the northern and southern sides of the claim group, which in turn are
accessed two turnoffs north and south of Smithers on Highway 16. Lodges and camp areas are found to
the south-south east in the Fort Babine area.
The project target is a dome feature which is bifurcated by two north -south magnetic lows and has the
overall magnetic signature that is indicative of an intrusive host rock but has been mapped as a
sedimentary rock with a small window of intrusive rocks mapped on the north side of the magnetic
signature. The regional stream sampling downstream of the Sp lit Dome claims indicate second -order
copper in silt anomalies and only one sample has been taken in the target area.
Structurally, the Spit Dome Target lays on the South west side of a Northwest - Southeast regional scale
strike slip fault that locally follows the Babine river. The Split dome target is nestled in a dilational jog in
the fault geometry. This dilational jog gives room for a significant sized granitic intrusive body to rise and
become emplaced in the near surface. Continued activity in the dilational jog in the fault allows for the
long term structural development and the open space s required for copper mineralization. The Lone
Mountain/Mount Horetzky copper showing is located to the north west on the opposite side of the
regional fault structure and demonstrates the pregnant nature of the intrusive system. Split Dome has
the signature of a large intrusive body and has the potential to host a significant copper resource.
The Company is planning an initial exploration program for the property with additional details to follow.
Michael Collins, P.Geo and Director of Crest, and one of the vendors of the project, is the Qualified Person
for Crest Resources Inc. and approves the technical content of this news release.
Two of the vendors of the Split Dome copper project are directors of the Company. Pursuant to the
Agreement, Michael Collins, director, will receive $10,600 cash, 500,000 Consideration Shares, and retain
a 0.25% net smelter returns royalty on the Property, and Owen C. King, director, Chairman, President and
CEO, will receive 500,000 Consideration Shares as payment. The above transactions constitute “related
2
party transactions” for the purpose s of Multilateral Instrument 61 -101, Protection of Minority Security
Holders in Special Transactions (“MI 61 -101”). The Company is relying upon exemptions from the
requirement to obtain a formal valuation and seek minority shareholder approval for the Acquisition on
the basis that the fair market value of such directors’ interest in the Acquisition is less than 25% of the
Company’s current market capitalization.
This transaction is subject to the acceptance of the Canadian Securities Exchange.
Red Metal Ridge
In consideration of the changing market conditions and opportunities presented to the Company,
Management is in the process of reviewing the exploration plans and development concepts for the Red
Metal Ridge Exploration Project on North Vancouver Island optioned from Rich River Exploration Ltd.
FOR FURTHER INFORMATION CONTACT:
Owen C. King
Chairman, President and Chief Executive Officer
Crest Resources Inc.
Telephone: 604-618-1835
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and
accepts no responsibility for the adequacy or accuracy hereof.
Forward-Looking Statements
This news release contains certain forward -looking statements, which relate to future events or future performance
and reflect management’s current expectations and assumptions. Such forward -looking statements reflect
management’s current beliefs and are based on assumptions made by and information currently available to the
Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and
are subject to risks and uncertainties that may cause future results to differ materially from those expected including,
but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other
activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining
governmental approvals and permits, and other risks in the mining industry. All the forward -looking statements
made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings
available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or circumstances save as
required by applicable law.