Cross River Updates Exploration Plans at Its Multi-Project Portfolio, NW Ontario, Canada
Cross River Updates Exploration Plans at Its
Multi-Project Portfolio, NW Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2021) -
Cross River Ventures Corp.
(CSE:
CRVC) (FSE: C6R) (the "
Company
") is pleased to update shareholders on the progress of the 2021
exploration plans at its portfolio of gold projects, located in NW Ontario, Canada.
McVicar Gold Project
Cross River's approximately 11,500-hectare McVicar Gold Project encompasses the recent
consolidation of multiple properties that cover the Lang Lake greenstone belt located in the Patricia
Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW
Ontario, Canada.
Eagle Mapping Ltd. will fly a LiDAR survey of the property as soon as conditions allow.
The survey will
create a high-resolution topographic map to identify shear zones and structural features. The Company
plans to use this data to enhance structural understanding and focus in on the most prospective zones for
gold mineralization, to be further assessed in the field.
The Company has also contracted Bayside Geoscience Inc. for targeted field work (prospecting,
sampling, delineating known showings) based on technical geological analysis and historical data
review. The 4-week program is scheduled to commence in June, after results from the LiDAR survey are
received and analyzed.
The field program will focus on high potential structural zones (i.e., Bear Head Fault zone, Altered Zone
shear, Lang Lake deposit, and the unexplored Cannon Lake Fault zone). The Cross River technical team
will also conduct site visits to assess priority targets during this field work campaign.
In addition to the Bayside field team, the Company has engaged GroundTruth Exploration Inc. for a 2-
month Geoprobe Bedrock Interface sampling campaign at McVicar scheduled to begin late July.
The Geoprobe survey will directly follow-up the LiDAR survey and field work. The Geoprobe will be used
to rapidly sample bedrock surface through overburden with no environmental impact and maximum
efficiency. It will allow the Company to further delineate high priority targets defined by LiDAR and field
investigations.
The Geoprobe survey will begin near the Chellow Vein (up to 827 grams-per-tonne gold sampled in
quartz veins: McKay, 2003), with the goal of tracing known gold-bearing shear zones along strike and
identifying potential for prospective parallel structures.
The Company's data compilation at McVicar
has uncovered 1000s of data points from rock samples
and historic trenching including assays, alteration, lithology, structural data, and detailed maps from
across the property.
Additionally, historic drillhole data for almost 200 holes, containing 1000s of assay
and logging intervals, is currently being interpreted in Leapfrog to gain a 3-D understanding of targets
such as the Altered Zone and Chellow Vein.
"Our exploration plans have been progressing as scheduled," said Alex Klenman, CEO.
"The technical
team has been hard at work combing through historical data, gaining a complete understanding of all the
geological components of McVicar and the other projects.
We're now ready to enter the next phase of
work, which leads us to field work, and ultimately, drilling.
It's all about quality target generation, and the
methodical approach taken here gives us what we feel is the most effective roadmap to impactful
discovery," continued Mr. Klenman.
Figure 1: McVicar Gold Project, Lang Lake Greenstone Belt, NW Ontario, Canada
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Figure 2: McVicar Target Areas, Lang Lake Greenstone Belt, NW Ontario, Canada
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Figure 3: Proposed permit activities, McVicar Gold project, NW Ontario, Canada
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Exploration permit applications for the McVicar Gold project have been submitted and are currently in
circulation.
The Company anticipates receiving necessary approvals by late April.
Uchi Belt and Manitou Properties
Bayside Geoscience has been contracted for targeted field work (prospecting, sampling, delineating
known showings) planned to commence in mid-May on the remaining Cross River Ontario properties
(Manitou, Shabu, Dent Lake, Maskooch, and Ear Falls).
Timing and logistics of these field programs will
be determined and announced in the coming weeks.
The Cross River technical team will also be
conducting site visits to assess priority targets during these field work campaigns.
The Company has completed Phase 1 Technical review and data compilation for these properties. The
reviews of historic work revealed an abundance of valuable data and mineralization potential, warranting
additional follow-up field work for all of the properties.
Initial results will guide future field work.
The
technical team will be consulting with Bayside geologists to ensure field efficiency and a detailed
approach to the field campaigns.
Figure 4: Shabu, Dent-Jackson, Maskooch projects, NW Ontario, Canada
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Cross River Raises $933,500
The Company is also pleased to announce that it has completed the offering of 4,667,500 units (each, a
"
Unit
").
The Units were offered by way of non-brokered private placement, at a price of $0.20 per Unit,
for gross proceeds of $933,500.00.
Each "Unit" consists of one common share, and one-half-of-one
common share purchase warrant (each whole warrant, a "
Warrant
") exercisable to acquire an additional
common share at a price of $0.30 until April 20, 2023.
The gross proceeds from the offering will be used
for further project development work and for general working capital purposes.
In connection with completion of the offering, the Company paid finders' fees of $16,100.00, and issued
80,500 Warrants to certain arms-length parties who introduced subscribers to the offering.
All securities
issued in connection with completion of the offering are subject to a four-month-and-day statutory hold
period, in accordance with applicable securities laws, until August 21, 2021.
* Grab samples are selective by nature
and may not represent the true grade or style of mineralization across the property
The technical content disclosed in this press release was reviewed and approved by Dr. Rob
Carpenter, P.Geo., Ph.D., a Qualified Person as defined under National Instrument 43-101.
Historical
assay results contained in this press release were not verified by the Company, however,
the historical
reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets
were commonly inserted in the reports.
About the Company
Cross River is a gold exploration company that is focused on the development of top tier exploration
properties in premier mining districts. The Company controls a multiple project portfolio in NW Ontario,
Canada, with highly prospective ground in and among prolific, gold bearing greenstone belts.
The
Company also owns an option to acquire a 100% undivided interest in the Tahsis Property, an early-
stage gold exploration property located on Vancouver Island, in the Nanaimo Mining Division, British
Columbia.
Cross River's common shares trade under the symbol "CRVC" on the CSE.
On behalf of the Board of Directors of
CROSS RIVER VENTURES CORP.
Alex Klenman
CEO
604-227-6610
www.crossriverventures.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management discussion and analysis section of our
interim and most recent annual financial statement or other reports and filings with the Canadian
Securities Exchange and applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements, except as required by applicable laws.
References
References:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/records/52O11SW2002.html
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