VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 30, 2017) - CRYSTAL EXPLORATION INC. (the "Company" or "Crystal") (TSX VENTURE:CEI) (OTCQB:CYRTF) is pleased to report a 100% project acquisition that contains the potential for diamond bearing kimberlites along with historical gold occurrences. The Project contains targets that require interpretation and ground geophysical surveying to isolate new priority kimberlite targets. The Project is near Crystal's 100% owned Muskox, Contwoyto and Hood Projects located in Nunavut, Canada.
The Project holds 4 gold occurrences named A3, FIN, Shallow Bay and Butterfly/Dune Gold. Each of the gold occurrences contains significant results from historical exploration. Highlights from historical exploration include:
- 63.09 grams per tonne gold ("g/t Au") over 4.86 meters ("m") (Butterfly/Dune gold occurrence; Drill hole 87-13 drilled by Cominco Ltd. 1987);
- 20.11 g/t Au over 4.55 m (Butterfly/Dune gold occurrence; Drill hole 93-01 drilled by Echo Bay Mines 1993);
- 38.35 g/t Au over 2.47 m (A3 Gold occurrence; Drill hole A-93-03 drilled by Echo Bay Mines 1993);
- 11.58 g/t Au over 3.05 m (FIN Gold occurrence; Drill hole F-93-12 drilled by Echo Bay Mines 1993); and
- 35.19 g/t Au over 3.6 m (Shallow Bay Gold occurrence; Drill hole S-3-84 drilled by Bow Valley Industries Limited 1984).
The A3, Fin and Butterfly/Dune gold occurrences are hosted in banded iron formation ("BIF") and the Shallow Bay gold occurrence is hosted in a quartz stockwork. All the gold occurrences have not been the subject of modern day exploration and have horizontal loop electromagnetic conductors ("HLEM") both adjacent and along strike which require follow-up exploration.
Historic exploration was focused on magnetic high signatures with associated HLEM responses. New exploration methods for iron formation-hosted gold that incudes Spectral Induced Polarization ("IP") surveys has not been applied at the Project.
Diamond bearing potential at the new project is evidenced by a recent High Resolution Airborne Magnetic Survey by Fluxgeo (1993) that identified 5 high priority kimberlite targets which require follow-up prospecting, sampling and ground geophysical surveying. During 2003, regional till samples recovered kimberlite indicator minerals including pyrope garnets, eclogitic garnets, chrome diopside, olivine, chromite and Ilmenite which require follow-up.
Crystal has signed a Property Purchase Agreement with North Arrow Minerals Inc. (TSXV: "NAR") that is expected to close within 60 days and is subject to TSX Venture Exchange approval. Agreed upon terms include: a $50,000 cash payment on closing and a $50,000 cash payment in December, 2018; 500,000 CEI commons shares on closing and 500,000 CEI common shares in December, 2018; a 1% GOR/NSR, Crystal can purchase half the royalty (0.5%) for $1 million at any time; 500,000 CEI common shares upon reporting an inferred resource greater than 250,000 gold ounces within an already established mineralized zone; and 500,000 CEI common shares upon reporting an inferred resource greater than 250,000 gold ounces outside of the established mineralized zone, but within the Area of Interest.
Jim Greig, President & CEO commented, "The new ground is complimentary to Crystal's projects and has the potential to provide more diamond targets while exploring the gold occurrences. Crystal's new and existing projects are located in a proven region for gold and diamonds as evidenced by the close proximity to the formerly producing Jericho Diamond Mine and Lupin Gold Mine. North Arrow has taken an equity ownership in Crystal that will provide value through exploration success and an opportunity for Crystal to leverage North Arrow's diamond expertise. We look forward to exploring and incorporating this exciting ground into the 2017 exploration plans."
About Crystal Exploration Inc.
Crystal is a Canadian diamond exploration company with Common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Jim Greig, President and Chief Executive Officer
Cautionary Statement on Forward-Looking Statements
This press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might", "be taken", "occur" or "be achieved". Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Crystal operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Crystal cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Crystal's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, factors discussed in each management discussion and analysis of the Company, available on SEDAR at www.sedar.com.
Although Crystal has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking information.
The forward-looking information in this press release is made as of the date of this press release, and Crystal disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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