“Heat Engine” May Link Growing Pipeline of Targets At Crystal Lake’s Newmont Lake Project
Momentum Public Relations
Press Release: February 12, 2019
Crystal Lake Mining Corporation (TSXV: CLM, the “Company” or “CrystalLake“) is pleased to provide an update on the latest understanding of the mineral system model for the variety of occurrences and exploration targets within the 430 sq. km Newmont Lake Project along the western flank of the Eskay Rift – one of the largest land packages in this prolific district.
- Ongoing reinterpretation by Crystal Lake’s technical team of historical and recent released data indicate the potential for a linkage between the historic Northwest gold zone, the Ken-Glacier-O’Neill mineral zone (KGO) approximately 3 km to the north, and other adjacent occurrences along this trend. These exploration targets show potential to host high-grade systems and may be genetically linked to a cluster of granitoid intrusions that comprise part of a “Heat Engine” along the Newmont Lake Graben structure in the heart of the property;
- Within this geological framework, Crystal Lake has a focus on the discovery of mineral deposit types including but not limited to high-grade gold, copper-gold porphyry, skarn and volcanogenic massive sulphide types;
- A total of 22 separate mineral occurrences have been outlined historically across the project area. Rapidly receding snowfields, advances in technology, and a much greater understanding of the regional geology leads the Crystal Lake team to believe that the Newmont Lake Project will emerge as a “jewel” of the Golden Triangle in 2019;
- Crystal Lake looks forward to providing a series of updates including more results from last fall’s programs, notably from the Company’s first drilling at Burgundy Ridge and the Northwest zone, as the month progresses.
Dr. Peter Lightfoot, Technical Advisor for Crystal Lake who was part of the team responsible for the discovery of the Golden Triangle’s first nickel-copper-rich massive sulphide system less than 15 km from the southern border of the Newmont Lake Project, commented: “There are vast tracts of unexplored and under-explored ground within the Newmont Lake Project to feed an already large pipeline of quality targets rarely seen on one property. Our mission is to focus on the targets we interpret to have the highest immediate potential. This has me and our discovery team extremely excited for 2019.”
Crystal Lake has an option to earn a 100% interest in the Newmont Lake Project from Romios Gold Resources (TSXV: RG) – refer to September 24, 2018, and December 3, 2018, news releases.
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 high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
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 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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2019/12/c1942.html
- Published in Business, Crystal Lake Mining, Mining, News Home
Crystal Lake closes $111,000 final tranche of placement
Momentum Public Relations
Press Release: December 28, 2018
Crystal Lake Mining Corp. has closed the final tranche of a non-brokered private placement, raising total gross proceeds of $744,350 in three tranches.
Crystal Lake issued 370,000 units in the third tranche at a price of 30 cents per unit for gross hard-dollar proceeds of $111,000. Each unit consisted of one common share in the capital of the company and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one share of the company for a period of 12 months from the closing of the offering at an exercise price of 45 cents per share.
Finders’ fees for the third tranche may be payable to qualified parties while all securities will be subject to a four-month hold period from the closing date. This private placement is subject to the approval of the TSX Venture Exchange.
As disclosed in the company’s news releases Dec. 21, 2018, and Dec. 18, 2018, Crystal Lake issued a total of 1,809,572 flow-through shares at a price of 35 cents per share in the first two tranches of this financing to raise total flow-through proceeds of $633,350.
The non-flow-through-unit proceeds are for general corporate purposes, while the flow-through funds will be used to advance the company’s projects in northwest British Columbia and Northwest Ontario.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulphide deposits and other deposit types using technical excellence in exploration target development.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake closes $133,350 2nd tranche of financing
Momentum Public Relations
Press Release: December 21, 2018
Crystal Lake Mining Corp. has completed a second tranche of a non-brokered private placement of 381,000 flow-through common shares issued at a price of 35 cents per flow-through share, raising gross proceeds of $133,350. The first tranche closed on Dec. 20, 2018, raising gross proceeds of $500,000.20 through the issuance of 1,428,572 flow-through shares. The total gross proceeds raised in both tranches are $633,350.20.
The company paid finders’ fees of 7 per cent cash and 7 per cent finders’ warrants to Raymond James Ltd. All securities issued are subject to a four-month hold period from the closing date.
The company confirms that it is proceeding with its unit financing. Each unit consists of one common share at 30 cents per share and one-half of one common share purchase warrant, with each full warrant exercisable at 45 cents for a period of one year.
The non-flow-through and flow-through private placements are subject to the approval of the TSX Venture Exchange.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulphide deposits and other deposit types using technical excellence in exploration target development.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake increases financing to $800,000
Momentum Public Relations
Press Release: December 19, 2018
Crystal Lake Mining Corp., further to its news release dated Dec. 18, 2018, has added a $100,000 hard-dollar (non-flow-through) portion to its financing that is expected to fully close by Monday, Dec. 24, 2018, in the aggregate amount of $800,000.
Each Crystal Lake non-flow-through unit is priced at 30 cents and includes a half warrant exercisable at 45 cents for a period of one year. The securities will be subject to a four-month hold period from the closing date. Finders’ fees may be payable to qualified parties.
The company will also be closing $700,000 in flow-through shares on terms announced yesterday (the first tranche of $500,000 has already closed) for a total financing of $800,000.
The non-flow-through and flow-through private placements are subject to the approval of the TSX Venture Exchange.
Stock options granted
Pursuant to the company’s stock option plan, Crystal Lake has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 755,745 common shares at an exercise price of 30 cents per share for up to two years.
About Crystal Lake Mining Corp.
Crystal Lake is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulphide deposits and other deposit types using technical excellence in exploration target development.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake closes $500,000 first tranche of placement
Momentum Public Relations
Press Release: December 18, 2018
Crystal Lake Mining Corp. has closed the first $500,000 tranche of a proposed $700,000 flow-through financing with strategic investors at 35 cents per flow-through share. No warrants are attached to the private placement. The balance of the financing is expected to close on or about Dec. 24, 2018.
A total of 1,428,571 flow-through shares were issued in this first tranche with all securities subject to a four-month hold period from the closing date. Finders’ fees may be payable to qualified parties.
Proceeds of the financing will be used to advance the company’s projects in northwest British Columbia and Northwest Ontario.
The private placement is subject to the approval of the TSX Venture Exchange.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulphide deposits and other deposit types using technical excellence in exploration target development.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake Finalizes Newmont Lake Project Option Agreement
Momentum Public Relations
Press Release: December 03, 2018
Crystal Lake Mining Corporation (the “Company” or “Crystal Lake Mining”) is pleased to announce that it has finalized an agreement with Romios Gold Resources Inc. (refer to September 24, 2018, news release) to acquire a 100% interest in the 436 sq. km Newmont Lake Project in the heart of the Golden Triangle, immediately south of Galore Creek (Newmont and Teck) and north-northwest of key projects in Northwest B.C.’s highly active Eskay Camp. The agreement is subject to the approval of the TSX Venture Exchange.
Dr. Peter Lightfoot, Crystal Lake Technical Adviser, commented: “Our excitement regarding this project has only intensified over the past two months. We’re also eagerly anticipating assay results from a total of six reverse circulation drill holes completed by Crystal Lake during the last half of October at Burgundy Ridge and the Northwest Zone gold system. Icn addition, extensive sampling was carried out by Romios’ crews over parts of the project area during the summer. We look forward to presenting those results and looking ahead to 2019.
“It’s a rare opportunity to be able to advance such a prospective land package in the world’s next great mining camp,” Dr. Lightfoot concluded.
Newmont Lake Project Highlights:
- Vastly under-explored district-scale land package with multi-commodity potential in the heart of the Eskay Rift;
- 22 documented mineral occurrences adjacent to the high-grade Northwest gold zone (historic resource) which is open for expansion;
- Major new infrastructure improvements in the region (roads, bridges, power, AltaGas camp) have enhanced access and will accelerate the discovery process.
The Deal
To acquire a 100% interest in the 436 sq. km Newmont Lake Project, Crystal Lake must complete the following:
- $8 million in exploration expenditures at Newmont Lake over the next three years ($3 million in Year 1 and $2.5 million in each of Years 2 and 3. A total of $508,914 in expenditures made by Crystal Lake since October, subject to verification, will be credited toward the Year 1 commitment through September 20, 2019);
- $2 million in cash option payments to Romios as follows: $250,000 on signing of Letter Agreement (paid) and a further $250,000 payable on each of 90 days, 180 days and 270 days following regulatory approval of transaction; a final $1 million payment upon Crystal Lake earning its 100% interest;
- A total of 12 million shares of Crystal Lake will be distributed to Romios over a three-year period – 4 million each year, with the first 4 million shares issued following regulatory approval of the transaction (subject to normal hold period and a “lock up” provision).
Crystal Lake will be the operator during the earn-in period, which it can accelerate at its discretion, and Romios will have the right to appoint one director to the CLM board.
Romios will retain a 2% Net Smelter Returns Royalty (NSR) on the Newmont Lake Project, or on any after-acquired claims within a 5 km radius of the current boundary of the project, which may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR.
Crystal Lake will issue two million bonus shares to Romios in the event one or more NI-43-101 resource estimates collectively exceed one million ounces of gold equivalent resources in the Indicated and Inferred categories, and an additional one million bonus shares for each full one million additional ounces of gold equivalent resources which is so documented.
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 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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2018/03/c5463.html
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake Gains Foothold In Heart of Golden Triangle
Momentum Public Relations
Press Release: September 24, 2018
Crystal Lake Mining Corporation (the “Company” or “Crystal Lake Mining”) is pleased to announce that it has signed a Letter Agreement with Romios Gold Resources Inc. for an option to acquire a 100% interest in the 436 sq. km Newmont Lake Project in the prolific Golden Triangle, immediately south of Galore Creek (Newmont and Teck) and north-northwest of key projects in the highly active Eskay Camp.
Newmont Lake Project Highlights:
- Vastly under-explored district-scale land package with multi-commodity potential in the heart of the Eskay Rift;
- 22 documented mineral occurrences adjacent to the high-grade Northwest gold zone (historic resource) which is open for expansion;
- Immediate (October) planned drill program at Burgundy Ridge target (never previously drilled) at southwestern end of project where a continually receding snowfield has exposed broad areas of copper-gold-silver mineralization;
- Major new infrastructure improvements in the region (roads, bridges, power, AltaGas camp) have enhanced access and will accelerate the discovery process.
Richard Savage, Crystal Lake President and CEO, commented: “To gain a foothold in such a prominent mining district with an exceptional land package featuring both scale and untapped exploration potential will drive value for CLM shareholders. With Newmont Lake and our Nicobat Project in northwest Ontario, we’re on track for a very exciting finish to 2018.”
Dr. Peter Lightfoot, Crystal Lake Technical Adviser, added: “The combination of mapping programs by the B.C. Geological Survey and operators going back to the 1980’s, coupled with new airborne electromagnetic methods, places the Newmont Lake Project in a whole new light. It is strategically positioned to achieve a place in the world’s next great mining camp.”
The Deal
To acquire a 100% interest in the 436 sq. km Newmont Lake Project, Crystal Lake must complete the following:
1) |
$8 million in exploration expenditures at Newmont Lake over the next three years ($3 million in Year 1 and $2.5 million in each of Years 2 and 3); |
2) |
$2 million in cash option payments to Romios as follows: $250,000 on signing of Letter Agreement (paid) and a further $250,000 payable on each of 90 days, 180 days and 270 days following regulatory approval of transaction; a final $1 million payment upon Crystal Lake earning its 100% interest; |
3) |
A total of 12 million shares of Crystal Lake will be distributed to Romios over a three-year period – 4 million each year, with the first 4 million shares issued following regulatory approval of the transaction (subject to normal hold period and a “lock up” provision). |
Crystal Lake will be the operator during the earn-in period, and Romios will have the right to appoint one director to the CLM board.
Romios will retain a 2% Net Smelter Returns Royalty (NSR) on the Newmont Lake Project, or on any after-acquired claims within a 5 km radius of the current boundary of the project, which may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR.
The Letter Agreement is subject to TSX Venture Exchange approval and the execution of a Definitive Agreement within 45 days.
Dr. Lightfoot concluded, “The planned upcoming drill program at Burgundy Ridge should further underscore the compelling potential of this project. We look forward to extensive data compilation and reinterpretation over the coming months, and quickly advancing this exciting 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 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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2018/24/c1706.html
Contact:
MarketSmart Communications Inc., Tel: +1 (604) 261-4466, Toll free: 1-877- 261-4466, Email: info@marketsmart.ca; Momentum PR, Tel: +1 (514) 815-7473, Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake closes $1.17-million private placement
Momentum Public Relations
Press Release: May 28 2018
Crystal Lake Mining Corp.’s previously announced private placement of May 18, 2018, has been oversubscribed.
Subscriptions received for the second tranche of the non-brokered, hard-dollar private placement at 55 cents per unit totalled $473,000 (860,000 shares to be issued). Final aggregate gross proceeds for this financing with strategic investors came to $1,173,000 (2,132,727 shares in total).
Each unit of the Crystal Lake private placement consisted of one common share of the company and one full share purchase warrant. Each warrant entitles the subscriber to purchase an additional common share at a price of 70 cents for 24 months. All securities will be subject to a statutory hold period of four months from closing.
Proceeds of the financing, which remains subject to regulatory approval, will be used to further advance the company’s Nicobat project in Northwest Ontario and for general working capital purposes. A finder’s fee is payable to qualified recipients as permitted by the TSX Venture Exchange.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through the discovery of new magmatic nickel sulfide deposits using technical excellence in exploration target development.
- Published in Crystal Lake Mining
Crystal Lake closes $700,000 1st tranche of financing
Crystal Lake Mining Corporation (the “Company” or “Crystal Lake”) is pleased to announce that it has closed the first tranche of a $1 million non-brokered private placement to strategic investors at 55 cents per unit for gross proceeds of $700,000. A total of 1,272,727 shares were issued to complete the first tranche. The second and final tranche of this “hard dollar” financing is expected to close next week.
Each unit of the $1 millionCrystal Lake private placement consists of one common share of the Company and one full share purchase warrant. Each warrant entitles the subscriber to purchase an additional common share at a price of 70 cents for 24 months. All securities will be subject to a statutory hold period of four months from closing.
Proceeds of the financing, which remains subject to regulatory approval, will be used to further advance the Company’s Nicobat Project in northwest Ontario and for general working capital purposes. A finder’s fee is payable to qualified recipients as permitted by the TSX-V.
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 using technical excellence in exploration target development.
Forward-Looking Information
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.
On behalf of The Board of Directors of Crystal Lake Mining Corporation.
Alphonse Ruggiero, Director/CFO
Neither 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
View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/18/c3264.html
Contact:
MarketSmart Communications Inc., Tel: +1 (604) 261-4466, Toll free: 1-877- 261-4466, Email: info@marketsmart.ca; Momentum PR, Tel: +1 (514) 815-7473
- Published in Crystal Lake Mining, Uncategorized
Crystal Lake starts drilling at Nicobat
Momentum Public Relations
Press Release: March 21 2018
Diamond drilling has commenced at Crystal Lake Mining Corp.’s 100-per-cent-owned Nicobat project (nickel-cobalt-copper-precious metals) in the Rainy River district of Northwestern Ontario. In addition, the company has expanded its deep penetrating airborne electromagnetic survey from the originally planned 500 line kilometers to 850 line kilometers.
Richard Savage, Crystal Lake Mining CEO, stated: “The historic zone outlined at the Nico1 Property, combined with today’s new technologies and a much better understanding of nickel sulfide deposits, gives us confidence that we’re on track for a new discovery in this under-explored district. We’re continuing to develop our pipeline of exceptional nickel sulfide targets across the 50 sq. km project area, and we look forward to providing regular updates through Phase 1 of this program.”
The first two holes at the Nico1 Property will undercut the historic zone to targeted depths of at least 400 meters and are designed to explore beneath the near-surface disseminated and breccia style magmatic sulfide mineralization. The boreholes will provide an ideal geophysical platform for Lamontagne Geophysics’ borehole electromagnetic survey work to detect nearby conductive targets that may correspond to semi-massive and massive sulfides.
Qualified Person
The technical information in this news release has been reviewed and approved by Dr. Peter C. Lightfoot, P.Geo., and Dr. Elisabeth Ronacher, P.Geo., who are both Qualified Persons responsible for the scientific and technical information in this news release under National Instrument 43-101 standards. Certain technical information in this news release has previously been disclosed by Crystal Lake Mining in its public disclosure record. Readers should refer to Crystal Lake Mining’s full public disclosure record at www.sedar.com.
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 using technical excellence in exploration target development.
- Published in Crystal Lake Mining