CRES Congratulates Mariner for Consolidating the Great Bend Land Position in Exploits Subzone, Newfoundland
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 8 1- 3 1 7 0, F ( 6 0 4 ) 681 -3552
NEWS RELEASE
CREST RESOURCES CONGRATULATES MARINER RESOURCES CORP.
FOR CONSOLIDATING THE GREAT BEND LAND POSITION IN EXPLOITS SUBZONE, NEWFOUNDLAND
Vancouver, B.C. – August 17, 2020 - Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES) is pleased
to congratulate investee company Mariner Resources Corp. (“Mariner”) for securing an option to acquire
a 100% interest in 277 mineral claims (the “Property”) encompassing a land area of 69.25 km² within and
contiguous to Mariner’s previously staked Great Bend Project located in central Newfoundland, Canada
(see Mariner news dated July 29, 2020). This acquisition by Mariner further consolidates Mariner’s land
position in the area and adds additional known mineral occurrences and high priority exploration targets
within the Exploits Subzone.
Property Highlights
• Historical drill intercepts on claims surrounding and contiguous to the Great Bend project claims
include intercepts of up to 103.5 m at 0.67 g/t Au and 35.0 m at 2.21 g/t Au (Paragon Minerals,
2007 and 2010).
• A historical non 43-101 compliant indicated and inferred resource estimate of 564,400 ounces Au
at a 0.30 g/t Au cut -off grade was also calculated on claims surrounding and contiguous to the
northwestern extent of the Great Bend project (Paragon Minerals, 2007 and 2010).
• Mariner’s inhouse desktop studies on historical geologic al and geophysical data in the area has
identified secondary and tertiary structures that could potentially host higher gold mineralization
than previously discovered on the Property.
• Mariner now has a well equipped and knowledgeable local exploration team ready to begin
exploration on its newly acquired assets.
Crest President and CEO Michael Collins comments, "It’s great to see Crest’s investee company Mariner
continue to build its land position within the Exploits Subzone through both staking and in this case,
acquisition of key claims. With this deal and others previously announced, Mariner demonstrat es that it
both understands the right ground to focus on in the Expl oits Sub zone and possesses the local
Newfoundland relationships to drive land consolidation and build coherent land packages which allow for
significant discovery."
Following the close of this and other recently announced transactions by Mariner, Crest will own a 38.4%
interest in Mariner and together with its joint actors, Michael Collins and Volatus Capital Corp., will own
and control a 42.21% interest in Mariner.
2
{01685590;1}
Area Map of the Great Bend Additional Properties
Terms
Under the terms of the option agreement, Mariner may acquire a 100% interest in the Property by issuing
an aggregate of 2,000,000 common shares to the arm’s length vendors as follows:
• 1,000,000 common shares upon signing the option agreement; and
• 1,000,000 common shares upon completion of a Pre-Feasibility Study.
The vendors shall retain a 2 % net smelter return (“NSR”) royalty on the Property, of which Mariner has
the right to purchase 1% of the NSR for $1,000,000 at any time.
About Crest Resources Inc.
Crest Resources Inc. is a 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
3
{01685590;1}
mineral property assets in Canada, Australia and Peru and the investment in mineral exploration
companies and related mining technologies of merit. Crest is committed to creating significant
shareholder value through advancing a high -quality blended portfolio of resource development and
discrete technology plays that build on corporate knowledge and relationships and drive value outside of
the mining cycle, as well as direct investment in undervalued exploration plays at an early stage.
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 risk s, 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 cautionar y 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.