TORONTO, Sept. 11, 2020 (GLOBE NEWSWIRE) -- CR Capital Corp. (TSX-V / CIT) ("CR Capital" or the "Company") is pleased to announce that the results from its July 2020 surface rock and soil geochemical sampling program are available for the Glenrock Gold Property (“Property”) located 100 km north of Sault Ste. Marie, Ontario. The Property consists of 109 cell claims totaling approximately 1,800 hectares and is contiguous to the southeast with the larger Coppercorp Property also held 100% by CR Capital. The exploration program was undertaken in follow-up to the results of the sampling program reported in the January 13, 2020 News Release.
During the program, the work focus was on the further assessment of the Glenrock West gold showing area for which 24 rock samples were obtained from outcrop or subcrop and 70 soil samples were collected over a GPS located grid covering the area.
As well, an additional 47 predominantly previously unsplit core samples were collected from three historic drill holes completed in 1988 in the Glenrock West area which are stored at the ENDM core library in Sault Ste. Marie. This was in follow-up to the core sampling program discussed in the January 13 News Release. The Company thanks the personnel of the Sault Ste. Marie Resident Geologist office for their repeated aid and support in conducting this work.
2020 Program Results
The results of the 2020 program continue to be highly encouraging and have resulted in the delineation of excellent targets for diamond drill testing.
Surface rock 0.5 square metre composite grab samples in the vicinity of the Glenrock West area from this visit reported mineral values of up to 3.29 g/t Au, 0.7 g/t Ag, 0.21% Cu, 94 ppm Co, and 0.57 g/t Au, 1.3 g/t Ag, 0.43% Cu, 540 ppm Co.
The results of the soil sampling delineated an up to 100 m wide and 200 m long, WNW elongated trend of highly elevated Au values in 15 samples ranging from 0.001 g/t Au to 1.72 g/t Au and averaging 0.18 g/t Au. The soil anomaly remains open along strike in both directions as to the west it trends laterally into a swamp where samples could not be taken, and to the east it trends towards the Glenrock Main gold showing area. As a result, additional soil and rock sampling along this trend and to the north is warranted. The soil and rock geochemical anomalies are shown in the figure.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b955417c-9573-4cc1-b17a-5e603b1ef41a
Sampling of historical core from the government core library returned encouraging new results reporting up to 0.99 g/t Au over 0.8 m in unsplit core. Combining this core sampling with those from the previously announced January 13, 2020 News Release, the results widen the intersections in two historical holes that are located directly to the east and west of the Glenrock West Showing.
In view of the gold values encountered in the historical drilling located laterally on both sides of the Glenrock West Showing, the showing and immediate area should be explored with additional drilling.
2018 - 2020 Exploration Summary
Based upon the results of the CR Capital’s exploration in the Glenrock area encompassing both the Glenrock Main and Glenrock West Showings, an east-west trending, highly prospective, surface exposed, zone of elevated to high-grade gold results based is defined from 32 single to composite one square metre grab rock samples averaging 1.61 g/t Au, and ranging in values from 0.001 g/t Au to 10.6 g/t Au. Twenty five out of the 32 samples returned values of greater than 0.1 g/t Au. Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
Based upon the sampling, the gold-enriched zone has now been extended to 300 m along an E-W strike and remains open for additional exploration laterally in both directions.
Geophysically, the gold-enriched zone is spatially coincident with a portion of a more extensive, 600 m by 75 m, ground IP high chargeability anomaly that had been identified in a 1997 survey, and which also remains open to the west.
Gold Potential throughout the Property
In addition to the Glenrock Main and West showings, there are numerous other historical gold prospects documented on the Property, none of which have not been subjected to any modern gold exploration in the last 21 years. Additional prospects include the nearby:
Both these prospect areas are associated with sub-parallel high chargeability IP anomalies and recommended for follow-up exploration.
Other gold prospects on the Property include:
Numerous additional high chargeability IP anomalies remain untested throughout the Property in areas of limited outcrop coverage.
The aforementioned gold showings and prospects on the Property are hosted in altered mafic volcanic rocks of the Batchawana Greenstone Belt, a typical Archean greenstone belt. Gold is also known to occur in other geological environments on the Property including Banded Iron Formation and other sediments.
However, despite being part of the Superior Province, and located regionally to the known gold producing areas in the Abitibi and Wawa belts, respectively some 300 km to the northeast, and 200 km to the north, the Batchawana Greenstone Belt has been largely overlooked for gold exploration in the past, and as such, offers opportunities for new discoveries.
Typically in any Archean greenstone belt, the individual showings and prospects of lode gold mineralization, collectively, may indicate the presence of a larger and more widespread mineralizing system. The detailed compilation of historic work combined with the recent exploration results by the Company suggests that the known showings and prospects may be part of a larger Au(-Cu) system on the Property, which itself remains highly underexplored. These results have generated multiple new high priority targets that are recommended for diamond drill testing.
The Company has filed an application to the Ontario government for a new Exploration Permit to diamond drill these targets. A consultation process is ongoing with the Batchewana First Nation with the purpose of negotiating a drilling permit to conduct subsurface exploration on their traditional territory.
The collected rock samples for the site visit pertaining to this program were delivered directly by the Qualified Person to the AGAT Laboratories facility in Mississauga, Ontario. The Qualified Person submitted a blind Au standard plus a coarse quartz blank into each submitted batch. The submitted samples were prepared by crush to 90% passing 2mm, split to 250 gm and pulverize to 85% passing 75um (Method Code 200-002). The samples were analyzed for gold at the AGAT Laboratories facility at Mississauga by Au by fire assay, ICP-OES Finish, 50g with a range 0.001 – 10 ppm (Method Code 202-552, gravimetric assay for over-limit >10 ppm Au samples), and for multielement metals analysis by 4-Acid Digestion and ICP-OAS method finish with re-assay for over-limit >10 gm for Au. The AGAT Mining Geochemistry Laboratory is accredited to ISO 17025 by the Standards Council of Canada (SCC).
The information in this press release has been reviewed and approved by Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43-101 standards.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.
CR Capital Corp. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of CR Capital. Forward-looking statements include estimates and statements that describe CR Capital's future plans, objectives or goals, including words to the effect that CR Capital or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to CR Capital, CR Capital provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, CR Capital's objectives, goals or future plans, statements, details of the exploration results, potential mineralization, CR Capital's portfolio, treasury, management team and enhanced capital markets profile, the timing of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in CR Capital's public documents filed on SEDAR. Although CR Capital believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CR Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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