TORONTO, April 09, 2018 (GLOBE NEWSWIRE) -- CR Capital Corp. (TSX-V:CIT) ("CR Capital" or the "Company") announces that a field program will commence this spring on its 100% owned claims acquired from Superior Copper Corporation on March 6, 2018. The property is situated in Kincaid, Ryan and Palmer townships of the Sault Ste. Marie District, Ontario.
The Company plans to conduct a program of detailed prospecting and mapping with a focus on surface sampling known occurrences and trenches on the Property. As identified in the news release dated March 16, 2018, the Company has identified anomalous cobalt values at multiple outcrop locations that has revealed the significant cobalt potential on the Property in association with copper, gold and silver which merits expedited follow-up exploration. The Company will be assessing documented Cu-Co showings but also will be sampling occurrences and historical drill core in which previous reported analyses have not included cobalt.
Based upon the results, this work will be followed up by line cutting and ground induced polarization surveys and borehole geophysical surveys of selected drill holes completed from 2013 to 2015 in order to define diamond drill targets. In addition, a program is planned for detailed three-dimensional exploration modeling of Coppercorp area mineralized zones, mine historical workings, and previous diamond drilling using geodetic survey coordinates, mine plans and sections, and drill hole data. The results of these programs will be used to define follow up diamond drill targets.
The company has also entered into a National Science and Engineering Research Council of Canada (NSERC) industry-university partnership with Pete Hollings of the Department of Geology, Lakehead University, to study the petrology, geochemistry, sedimentology and alteration of the drill core on the Property in order to develop a paragenetic model for the Cu mineralization that will lead to enhanced exploration models. A grant proposal for financial support is being submitted to NSERC.
An Exploration Plan is being submitted to the Ministry of Northern Development and Mines, Ontario. Contacts have been made with the Batchewana First Nation community entering into a consultation process for permission for the Company to conduct exploration work on their traditional aboriginal territory.
The Company also announces the grant of 487,500 options to directors, officers and consultants of the Company. Of those options issued, 375,000 stock options were issued to the directors and 150,000 to officers including 75,000 to an officer who is also a director. The options vest immediately, expire in five years and are exercisable at $0.15.
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. Cell: 647-227-3035 |
About 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, 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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