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