Crystal Lake Corporate Update Symbol: TSX-V: CLM
Crystal Lake Corporate Update
Symbol: TSX-V: CLM
VANCOUVER
,
Oct. 17, 2018
/CNW/ - Crystal Lake Mining Corporation (the "Company" or "Crystal
Lake Mining") is pleased to announce that it has received a conditional acceptance by the TSX
Venture Exchange of the Company's recent transaction with Romios Gold Resources Inc., which
was announced in a news release dated
September 24, 2018
, giving
Crystal Lake
an option to
acquire a 100% interest in the 436 sq. km Newmont Lake Project.
Drilling Starts at Burgundy Ridge
The Company has commenced drilling at the Burgundy Ridge target. Burgundy Ridge, never
previously drilled, features multiple targets prospective for gold-copper-silver-zinc mineralization
based on surface sampling and geophysics. Given the time of the year and the high elevation at
Burgundy Ridge,
Crystal Lake's
team has been creative in designing what's expected to be an
effective first-pass reverse circulation (RC) drill program through Midnight Sun Drilling.
Once at least three holes have been completed at Burgundy Ridge, the drill rig will be moved to the
Newmont Lake gold deposit at a lower elevation to the south where a series of RC holes will test for
continuity of high-grade mineralization while also providing samples for metallurgical testing.
Dr.
Peter Lightfoot
,
Crystal Lake's
Technical Adviser, commented: "The Newmont Lake Project is a
jewel in the Eskay Rift with deposit potential featuring a range of commodities. We're excited to start
at Burgundy Ridge and the gold deposit to the south."
Additional Developments
The Company looks forward to providing investors with an update in the near future on its Nicobat
Project in northwestern
Ontario
. Meanwhile, as part of its continuing efforts to maximize shareholder
value,
Crystal Lake
is evaluating potential business opportunities in the non-resource sector with the
goal of allowing its shareholders to participate in a non-resource business (separate from
Crystal
Lake
) by way of a plan of arrangement involving a
Crystal Lake
subsidiary. There can be no
assurance that the Company will complete a deal for such an opportunity or that a plan of
arrangement will be completed.
Conditional Approval for Romios Deal
Conditions of the TSX Venture Exchange's final acceptance of the transaction are providing a final
agreement regarding the transaction and a financial plan regarding property expenditures and option
payments over the 3-year period. The Company may have to provide a technical report with respect
to the Newmont Lake Project.
Qualified Person
The technical information in this news release has been reviewed and approved by Dr.
Peter C.
Lightfoot
, 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 the discovery of new magmatic nickel sulfide deposits and other deposit types using
technical excellence in exploration target development.
On behalf of The Board of Directors of
Crystal Lake Mining Corporation
,
Richard Savage
, President & CEO
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 the 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.
SOURCE
Crystal Lake Mining Corporation
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CO: Crystal Lake Mining Corporation
CNW 14:33e 17-OCT-18