Crystal Lake receives conditional OK for Newmont option

Oct 18, 2018

2018-10-17 14:42 ET – News Release

Mr. Richard Savage reports

CRYSTAL LAKE CORPORATE UPDATE

Crystal Lake Mining Corp. has received a conditional acceptance by the TSX Venture Exchange of the company’s recent transaction with Romios Gold Resources Inc., which was announced in a news release dated Sept. 24, 2018, giving Crystal Lake an option to acquire a 100-per-cent interest in the 436-square-kilometre Newmont Lake project.

Drilling starts at Burgundy Ridge

The company has commenced drilling at the Burgundy Ridge target. Burgundy Ridge, never previously drilled, features multiple targets prospective for gold-copper-silver-zinc mineralization based on surface sampling and geophysics. Given the time of the year and the high elevation at Burgundy Ridge, Crystal Lake’s team has been creative in designing what is expected to be an effective first-pass reverse circulation (RC) drill program through Midnight Sun Drilling.

Once at least three holes have been completed at Burgundy Ridge, the drill rig will be moved to the Newmont Lake gold deposit at a lower elevation to the south, where a series of RC holes will test for continuity of high-grade mineralization while also providing samples for metallurgical testing.

Dr. Peter Lightfoot, Crystal Lake’s technical adviser, commented: “The Newmont Lake project is a jewel in the Eskay rift with deposit potential featuring a range of commodities. We’re excited to start at Burgundy Ridge and the gold deposit to the south.”

Additional developments

The company looks forward to providing investors with an update in the near future on its Nicobat project in Northwestern Ontario. Meanwhile, as part of its continuing efforts to maximize shareholder value, Crystal Lake is evaluating potential business opportunities in the non-resource sector with the goal of allowing its shareholders to participate in a non-resource business (separate from Crystal Lake) by way of a plan of arrangement involving a Crystal Lake subsidiary. There can be no assurance that the company will complete a deal for such an opportunity or that a plan of arrangement will be completed.

Conditional approval for Romios deal

Conditions of the TSX Venture Exchange’s final acceptance of the transaction are providing a final agreement regarding the transaction and a financial plan regarding property expenditures and option payments over the three-year period. The company may have to provide a technical report with respect to the Newmont Lake project.

Qualified person

The technical information in this news release has been reviewed and approved by Dr. Peter C. Lightfoot, PGeo, a qualified person responsible for the scientific and technical information in this news release under National Instrument 43-101 standards.

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.

https://www.crystallakeminingcorp.com/news/