CRES Announces Update on Operations
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) 6 1 8- 1 8 3 5, F ( 6 0 4 ) 681 -3552
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NEWS RELEASE
CREST RESOURCES ANNOUNCES UPDATE ON OPERATIONS
Vancouver, B.C. – April 23, 2020 ‐ Crest Resources Inc. (CSE: CRES) (the “Company”) is pleased to provide
the following update on its operations.
Sale of Minerals Claims to Cleghorn Minerals Ltd.
Further to a news release dated March 20, 2020, the Company has completed the sale of its 100%
undivided interest in 142 mineral claims known as the Sprague Cleghorn Prospect and Odie Cleghorn
Prospect, located in the Matac hewan area of NE Ontario, to Cleghorn Minerals Ltd. (“Cleghorn”) for
consideration of 1,500,000 units (the “Payment Units”) of Cleghorn at the deemed price of $0.06 per
Payment Unit. Each Payment Unit consists of one common share of Cleghorn and one -half of one share
purchase warrant, with each whole warrant exercisable into a further common share at a price of $0.10.
The Company now owns and controls 2,500,000 common shares of Cleghorn representing 8.80% of the
issued and outstanding common shares of Cleghorn based on a total of 28,408,618 shares outstanding;
or 4,250,000 common shares of Cleghorn representing 14.09% of the outstanding shares assuming
exercise of the 1,750,000 warrants held by the Company. Cleghorn Minerals Ltd. is a Nickel Copper PGE
focused exploration company, with the Meech Lake Exploration project south of Timmins Ontario. The
CEO of Cleghorn is Glenn Mullen who is also Chairman of Abitibi Royalties and Chairman, President and
CEO of Golden Valley Mines Ltd.
Investment in Carbon Foundry Corp.
The Company is party to a shareholder’s agreement dated December 12, 2019 (the “Shareholder’s
Agreement”) to incorporate and invest $50,000 to own an initial 50% interest in Carbon Foundry Corp.
(“Carbon Foundry”), a private company formed for the purpose of developi ng, building and operating a
facility to refine graphite and other similar carbon elements. The other shareholder of Carbon Foundry is
an arm’s length party that contributed intellectual property and technologies to earn its 50% interest. The
Company’s initial investment was completed on January 17, 2020. Pursuant to the Shareholder’s
Agreement, the Company may make and/or arrange additional investments of $200,000 for large scale
testing/pilot program in the development phase of the project, and up to $ 2,500,000 in the
commercialization phase of the project should the results of the development phase be successful.
Investment in Essex Minerals Inc.
The Company has participated in a non-brokered private placement of Essex Minerals Inc. (“Essex”) that
closed on April 6, 2020. The Company has acquired 1,000,000 common shares of Essex at a price of $0.10
per share for total cost of $100,000. The acquisition was made for investment purposes.
Chala Copper Project Exploration Update
The Company owns a 68.5 % interest in five mineral claims known as the Chala Copper project, (“Chala”),
located east of Chala, Peru. The claims were acquired through a staking syndicate that includes the
Company’s President, CEO and director, Michael Collins, who holds an 18% interest in the claims.
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28 samples were taken in the Phase I exploration program. Selected samples from the Chala claims
returned values of nil to up to 8 g/t Au and 2.2% Cu. Neighboring concession holders with similar geology
have developed small scale, high grade goldmines within structures trending onto the Chala licenses.
Historic small mines on the Chala claims were shut down for lack of permits but represent an opportunity
to work with small miners to open old workings, develop some cash flow and sample mineralization below
the weathered cap rock. The large scale potential is the identification and development of IOCG deposits.
The geology is dominated by a series of porphyritic monzodio rite intrusions into a n equigranular
granodiorite of the coastal batholith. A least 4 different phases of intrusions were identified, with all
related to at least one of the major fault orientations. Cu +/- Au +/- Fe mineralization appears intimately
related with the dolerite dikes common along inferred extensional fault orientations. The mineralization
conforms to the IOCG model. The large IOCG deposits are hosted in a belt that runs about 800 km north
from Tacna, and all are found between 10 and 60 km from the coast. The project concessions are located
about 50 km from the coast in the center of the belt, with known IOCG deposits about 100 km to the west,
and 30 km to the south.
Michael Collins, P.Geo . and President, CEO and d irector of Crest, is the Qualified Person for Crest
Resources Inc. and has approved the technical content of this news release.
Acquisition of Additional Interest in Chala Copper Project
On March 12, 2020, the Company entered into a property purchase and sale agreement with Mr. Collins
to purchase a 5% interest in the Chala copper project from Mr. Collins for consideration of 1,000,000
common shares of the Company with a deemed price of $0.05 per share. When completed, the
acquisition will increase the Company’s total interest in the Chala project to 73.5%. This transaction
constitutes “related party transactions” for the purposes 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 s to obtain a formal valuation and seek minority shareholder s’ approval for the
acquisition on the basis that the fair market value of the director’s 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.
Acquisition of Lion’s Den Property
Further to a news release dated February 27, 2020, the Company has completed the acquisition of a 100%
interest in 11 mineral claims totalling 11,569 hectares known as the Lion’s Den property for consideration
of 300,000 common shares of the Company.
The Lion’s Den property is within the Toodoggone region of north-central British Columbia, north of the
Kemess mine and Benchmarks Lawyers (Cheni mine) project and directly adjacent to Evergolds Golden
Lion Property. The Lion’s Den property exhibits multiple targets, gold, silver and copper in outcrop and
high values soils, high -grade vein-hosted epithermal gold -silver, copper-gold-silver replacement/skarn,
copper-gold porphyry.
Resignation of Director
Emma Fairhurst has resigned as Chief Operating Officer and a director of the Company, although she
remains a consultant to the Company. The Company would like to thank Ms. Fairhurst for her services on
the board of directors.
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ABOUT CREST RESOURCES INC.
Crest Resources Inc. is a proud British Columbia company listed on the Canadian Securities Exchange
under the symbol CRES. The Company’s principal business activity is the acquisition, exploration and
evaluation of mineral property assets in Canada and the investment in mineral exploration companies of
merit with potential for favourable return on investment. The Company’s mineral property assets are the
100% optioned Red Metal Ridge property on Vancouver Island, the 100% owned Lion’s Den property in
the Toodoggone region of north-central British Columbia, the 60% owned Mt. Peyton and Jonathan’s Pond
Gold Projects in Newfoundland and the 73.5% owned Chala copper property in Peru . Crest also has
investments in explorat ion and mining technology with milling reagent technology in EcoMine
Technologies Corp. and carbon refining technology in Carbon Foundry Corp.
FOR FURTHER INFORMATION CONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
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, accident s, 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.