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 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
Crystal Lake to start drilling at Nicobat
Momentum Public Relations
Press Release: March 15 2018
Crystal Lake Mining Corp.(CLM:V) has provided an update on its 100-per-cent-owned Nicobat project, where the company is developing a pipeline of highly prospective nickel sulphide targets. Recently expanded to cover 50 square kilometres in Northwestern Ontario’s Rainy River district, Nicobat features excellent infrastructure (road, rail and power access) and a historic nickel-copper-cobalt sulphide mineral zone defined by drilling more than four decades ago.
Highlights:
- Crews are mobilizing to commence drilling within the next seven days at Nico 1 on the western contact of the Dobie Intrusion (below and north of the historic zone);
- Lamontagne Geophysics Ltd. has been contracted to carry out surface and then borehole electromagnetic surveys upon completion of diamond drill holes at Nico;
- A deep penetrating EM survey will be flown by CGG Canada Services Ltd. over Crystal Lake’s claims including the Nico 1 and Nico 2 properties. The objective of the survey is to detect an electrically conductive signature of sulphide mineralization associated with mafic intrusive bodies and strong magnetic anomalies that may represent mafic-ultramafic intrusions under cover.
Crystal Lake Mining has assembled a proven geological and geophysical team to unlock the full potential of its Nicobat project which is being targeted for high-grade nickel, copper, cobalt and precious metal mineralization.
The Rainy River district is situated between major translithospheric faults, and the mafic-ultramafic intrusions in this region are prospective for magmatic sulphide mineralization.
The Nicobat project is near Emo, Ont., approximately 35 kilometres east of the Rainy River gold mine.
New website
Crystal Lake Mining invites investors to check out the company’s new website.
Qualified person
The technical information in this news release has been reviewed and approved by Dr. Peter C. Lightfoot, PGeo, and Dr. Elisabeth Ronacher, 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 on SEDAR.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through new nickel-rich sulphide discoveries in the underexplored Rainy River district of Northern Ontario using technical excellence in exploration target development and technologies.
We seek Safe Harbor.
- Published in Crystal Lake Mining
Crystal Lake gets TSX-V OK for Ont. claims purchase
Momentum Public Relations
Press Release: February 27 2018
PROPERTY ASSET AGREEMENT APPROVED AS CRYSTAL LAKE TARGETS RAINY RIVER DISTRICT FOR NEW NICKEL-RICH SULPHIDE DISCOVERIES
The TSX Venture Exchange has accepted for filing a purchase agreement dated Sept. 28, 2017, between Crystal Lake Mining Corp. and Emerald Lake Development Corp., a private Ontario company, whereby Crystal Lake has acquired certain mineral rights subject to a 2-per-cent net smelter return located in the Rainy River district near Emo, Ont.
As consideration for 100 per cent of the mineral rights, Crystal Lake will pay $50,000 on closing and issue 10.5 million common shares of the company. Significantly, the vendor has agreed to an 18-month voluntary hold period on selling the shares issued in connection with the transaction. For further information, please refer to the company’s news release dated Oct. 5, 2017.
The transaction is arm’s length in nature, and there are no finders’ fees.
The six separate prospective claim blocks that have been acquired are targeting nickel, copper, cobalt and platinum group minerals.
Crystal Lake is rapidly approaching the start of its exploration/drilling program and eagerly anticipates updating shareholders regarding its plans in the very near future.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through new nickel-rich sulphide discoveries in the underexplored Rainy River district of Northern Ontario using technical excellence in exploration target development and technologies.
We seek Safe Harbor.
- Published in Crystal Lake Mining
Crystal Lake adds three properties to acquisition
Momentum Public Relations
Press Release: December 8 2017
Crystal Lake Mining Corp. has made progress on its acquisition of the minerals rights to the Emo, Ont., properties referred to in previous news as Property 1, Property 5, Property 7 and Property 8. The company agreed to purchase a 100-per-cent interest in those properties by paying $50,000 and issuing 10.5 million shares to Emerald Lake Development Corp., subject to a 2-per-cent net smelter royalty, 1 per cent of which may be purchased for $1-million.
The company received conditional approval to the acquisition on Nov. 14, 2017, which required, among other things, the preparation of a current geological report and demonstrated ability to finance the first stage of work on the properties. The company has commissioned Ronacher McKenzie Geoscience to prepare the requisite National Instrument 43-101 report on the properties, and, due to its recent fundraising initiatives, the company now has the financial resources necessary to finance the initial stage of consequently recommended exploration.
The company is pleased that acquisition has since been expanded to include additional properties known as Property 2, Property 3 and Property 4, and the added properties will be included without additional consideration. All of the claim blocks are in the same area and have similar geological characteristics to the EL1 and EL5 property blocks, which the company currently holds under option, targeting nickel, copper, cobalt and platinum group metal massive sulphides.
The company is expecting final approval shortly after the receipt of the pending geological report.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a mineral exploration/development company focused on creating value through the exploration and development of its B.C. and Ontario mineral properties.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Mining