Crestview Exploration Inc. Acquires a Lease with Option to Purchase on the Cimarron Gold Prospect in Nye County – Nevada
330 5th Ave, Suite 1800
Calgary, AB T2P 0L3
www.crestviewexploration.com
NR: 1-022421 CSE: CRS – FRA: CE7
Crestview Exploration Inc. Acquires a Lease with Option to Purchase on the
Cimarron Gold Prospect in Nye County – Nevada
Calgary, Canada February 24, 2021 – Crestview Exploration Inc. (CSE: CRS, Frankfurt: CE7)
(“Crestview” or “the Company”) is pleased to announce it has entered into an option agreement (the
“Agreement”) with Nevada Select Royalty (“Nevada Select”), a wholly-owned subsidiary of Ely Gold
Royalties Inc. (TSX-V: ELY, OTCQB: ELYGF) whereby Crestview will have the option to purchase 100%
of the Cimarron gold prospect (“Cimarron” or the “Property”) with Nevada Select retaining a 2.5% Net
Smelter Royalty (“NSR”).
The Cimarron gold prospect is a high-grade epithermal gold target associated with the historic San
Antonio mine. The prospect is located in Nye County, Nevada approximately 30 kilometers North of the
mining town Tonopah, NV (see Map 1 below).
The Cimarron gold prospect is situated in the northern portion of the San Antonio Mountain Range.
Regionally, the property is at the intersection of two prominent gold trends: The Walker-Lane trend which
runs approximately NW and hosts a number of mines including Bullfrog, Goldfield, and Rawhide; and an
approximately NNE trend of gold mines including Manhattan, Gold Hill, and the “world-class” Round
Mountain – according to the Kinross website, Round Mountain’s 15 millionth ounce of gold was poured as
of 2018).
MAP 1
The property is comprised of 13 unpatented lode claims which overlap and control the 6 historically-
producing claims around the San Antonio mine. The San Antonio mine was active from the early 1900’s to
the 1940’s, and the mine area received attention again in the 1980’s from a number of exploration
companies including Newmont and Echo Bay. Altogether, approximately 190 holes and 54,000’ were
drilled in the 1980’s, with gold intercepts greater than 1 opt encountered in several drill holes.
During this time, a shallow oxide gold resource was calculated and outlined, but never extracted. The
historic resource outlined includes a West, Central, and East target which totals greater than 50,000 ounces
of gold (see Map 2 below; reference is to an internal mining report by Peter Hahn to Budge Mining Ltd.
dated February 17, 1987). The resource was never made 43-101 compliant as the data predates the practice.
MAP 2
The deposit is hosted in a series of Oligocene age volcanic rocks overlying Paleozoic strata, and younger
Miocene age intrusions. The target is a shallow, low sulfidation oxide gold system with strong structural
control. The mineralization is associated with silicification, brecciation, and iron oxides.
The company plans to begin drilling operations in the near term, with a focus on validating the historical
drill data acquired with the property. Subsequent work will be conducted to establish a 43-101 compliant
resource.
J.A. Lowe, Crestview’s Vice-President Exploration, commented “(t)he Cimarron gold prospect is an
exciting new project with a lot to offer. The property is located in a mining-friendly district with nearby
supporting infrastructure and nearby producing gold mines, including the prominent Round Mountain. The
property itself has had historical production from the San Antonio mine, dating back t o the 1940’s.
Moreover, the historical data acquired with the property (from exploration in the [19]80’s) is very
compelling, and suggests considerable opportunity for expansion.”
The terms of the agreement are for 2.5% Net Smelter Royalty (NSR) and $200,000 (US$) in the following
installments:
Initial payment of $25,000
1st Anniversary of $35,000
2nd Anniversary of $50,000
3rd Anniversary of $45,000
4th Anniversary of $45,000
The 2.5% NSR applies to the property and any locatable land in a 1-mile Area of Interest.
This News Release was prepared by J.A. Lowe, M.Sc. Geology, and has been approved by Brian T. Brewer,
M.Sc., CPG #11508.
Brian T. Brewer 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 Crestview’s projects Rock Creek, Divide, and Castile
Mountain are situated in the Tuscarora Mountains of northern Elko County, Nevada. The company’s Tuscarora
properties combined comprise a total of 101 unpatented lode mining claims, with 74 claims at Rock Creek, 19 claims
at Divide, and 8 claims at Castile Mountain.
The Cimarron project is located in the San Antonio Mountains of Nye County, Nevada, and is comprised of 13
unpatented lode mining claims overlapping and controlling 6 historically producing claims associated with the
historic San Antonio mine.
Glen Watson, Chief Executive Officer
Tel: 1-604-803-5229
Email: [email protected]
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 investi gations, 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS
REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE