TORONTO, June 25, 2020 (GLOBE NEWSWIRE) -- CR Capital Corp. (TSX-V / CIT) ("CR Capital" or the "Company") is pleased to announce that field work is commencing on its recently optioned 445 hectare Mt. Jamie North Property (the “Property”). On June 3, 2020, the Company signed an option agreement to acquire the Property (see the Company’s press released dated June 3, 2020). The purpose of the field work is to follow up on historical surface showings as well as projected surface extensions of mineralization from the adjacent Mt. Jamie Mine Property which is south east of the Property. The previously identified trends include the West Mt. Jamie Gold Trend, Mt. Jamie Mine Gold Trend, North Vein Gold Trend, Golden Tree Gold Trend, and North Golden Tree Gold Trend.
The initial program will consist of prospecting and sampling of the Property as outlined by the map below.
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/97a3bd0e-c581-4e08-abc3-7f170b243fbb
The Property occupies the boundary between the Balmer Assemblage (2.99-2.96 Ga) and the Ball Assemblage (2.94-2.92 Ga). Contacts between major metavolcanic assemblages in Red Lake have proven to be highly prospective, and most major gold deposits in Red Lake have been found within several hundred meters of similar contacts.
CR Capital is also pleased to announce that it has engaged the services of Mr. Tim Twomey as a consulting geologist. Mr. Twomey is a professional geologist with over 36 years of exploration, production and management experience. He brings a track record that includes playing a key role in Goldcorp’s “High-Grade Zone” discovery, development and production at Red Lake and was a key part of the team at Goldcorp that compiled data and then targeted gold mineralization from Lake Winnipeg to east of Pickle Lake. It is an unparalleled mining success and is regarded as the highest-grade gold mine in the world. Mr. Twomey has also previously worked with Premier Gold Mines Ltd, Yamana Gold Inc. and Mega Precious Metals, all of whom have or have had significant gold exploration projects in the Red Lake Camp.
Brian Howlett, President & CEO, echoed previous employers’ words, “Tim epitomizes the spirit of enthusiasm and innovation in exploration. He will bring a keen eye and mind to CR Capital, and help develop exploration concepts and targets on the recently acquired Mt. Jamie North property, which is adjacent to the Mt. Jamie Mine, and on trend with the Rowan and Red Summit Mines.” Mr. Howlett further added that, “Tim’s dedication to his work will be a critical catalyst for the tremendous growth that CR Capital expects to see in the near future, and we feel very fortunate that he has accepted this opportunity to work with the Company.”
The Red Lake greenstone belt is famous for high grade gold mineralization and has produced, from 1930 to the present, more than 25 million ounces of gold.
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 of Disclosure for Mineral Projects.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.
Cell: 647-227-3035
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 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, 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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