Calgary, Canada (June 29, 2020) – Crestview Exploration Inc. (CSE: CRS) (“Crestview” or the “Company”) announced it has acquired a geophysical use licence from Edcon-PRJ, Inc. of Lakewood, Colorado for aeromagnetic data. The subject data consists of 934-line miles of high-quality data collected by Edcon-PRJ, Inc. over its Divide Mine, Rock Creek and Castile Mountain projects. The area was covered with northeast lines, 200 meters apart and northwest tie lines 800 meters apart.
The company engaged the services of Frank P. Fritz of Fritz Geophysics to complete an interpretation of the data. The company supplied geological data for the property as well as held discussions with Mr. Fritz to convey what the company knows about the project area in regards to significant geological features and the location of current exploration targets.
This property is comprised of 8 unpatented lode claims covering 164.8 acres (66.7 ha).
Aeromagnetics response in the area of the project was identified a remnant circular magnetic feature. This was interpreted by Fritz to be a volcanic vent or pipe that lies in the northern area of the claim block.
The company hypothesized a hot springs model for the mineralization on the property based on presence of siliceous sinter and silicified volcanic rocks at the top of Castile Mountain. This finding appears to support the hot springs model. Additional mapping and geochemical sampling are warranted to fully develop this model as well as gold targets on the property.
The company is in the process of designing a geochemical sampling, and geological mapping program for work on Castile Mountain. The field work will commence later this summer.
Castile Mountain is located in the southern portion of the Tuscarora Mining District which is centered 3.5 miles to the northeast of Castile Mountain. Historic mining from underground and surface placer mines produced 200,000 ounces of gold and 7.27 million ounces of silver as reported in Nevada Bureau Mines and Geology Bulletin 106, Mineral Resources of Elko County, Nevada. In more recent times (1989-1991) 39,976 ounces of gold and 254,000 ounces of silver were produced from the Dexter open pit by Horizon Gold Corporation and Chevron, as reported in “Technical Report Describing the Tuscarora Project, Centered on 565568E/4573240N, UTM WGS84 Zone 11 N in Elko County, Nevada USA. Prepared for American Pacific Mining Corp. by E.L. (Buster) Hunsaker III, CPG 8137, effective date January 15, 2018.
The Castile Mountain prospect lies on the southeast side of the Tuscarora volcanic field, the largest Eocene age (39 million years before present) volcanic field in Nevada. This is important because Eocene magmatism occurred contemporaneously with the main gold mineralizing event that formed the bulk of the gold deposits in Nevada.
A paleo hot spring vent crops out at the top of Castile Mountain as evidenced by a small area of sinter and silicified volcanic rocks that carry the best gold geochemistry. The surrounding area is primarily clay altered with quartz vein stock works. Surface gold mineralization is hosted by andesite breccia. Below the andesite breccia is a package of rocks comprised of volcanic flows, ash flow tuff and a basal conglomerate. The basal conglomerate lies unconformably on an erosional surface at the top of the older Paleozoic sedimentary rocks. This unconformity represents an excellent stratigraphic target below the hot springs vent, along with disseminated mineralization in favourable rock units and possibly quartz veins.
The Carlin Trend lies about 17 miles southwest of the property and the mines of the Jerritt Canyon Mining District lie about 14 miles to the east of the property.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
The company now has three properties, Rock Creek, Divide Mine and Castile Mountain in close proximity to each other. We intend to take advantage of the synergy and exploration cost savings created by these properties being located close to each other.
This News Release was prepared by M.J. Abrams; BS and MS Geology, CPG #11451; Idaho PG #570; California PG#4138; Oregon RG#938. M.J. Abrams is a Qualified Person as defined by NI 43-101 and has approved the scientific and technical disclosure included in this news release.
About Crestview Exploration Inc:
Crestview Exploration is a technology driven, well funded and experienced exploration company focused on finding gold and silver deposits in mining friendly jurisdictions. The company’s flagship project Rock Creek as well as the Divide Mine and Castile Mountain precious metal projects are located in the Tuscarora mining district in north-central Nevada, in Elko County.
For further information please contact:
Glen Watson, Chief Executive Officer
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
This news release includes certain information that may be deemed “forward-looking information” under applicable securities laws. All statements in this release, other than statements of historical facts, that address acquisition of the Property and future work thereon, mineral resource and reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital financing, and general economic, market or business conditions, and those additionally described in the Company’s filings with the Canadian securities authorities.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedar.com. The Company 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.