Crystal Lake Mining Corp. [CLM-TSXV; SIOCF-OTC; SOG-FSE] said Thursday June 20 that it has expanded the size of its Newmont Lake Project by approximately 25% to 55,100 hectares. The company said it is now the largest landholder among junior companies in northwest British Columbia’s broader Eskay camp as the 2019 exploration season ramps up.
Newmont Lake is located in the heart of B.C.’s Golden Triangle region and includes the McLymont Fault System, which is not far from the former Eskay Creek and Snip gold mines.
On Thursday, Crystal Lake shares eased 1.56% or $0.005 to 31.5 cents. The shares are trading in a 52-week range of 24 cents and 74 cents.
Crystal Lake is a mineral exploration company with projects in British Columbia and Ontario. The company recently said it has outlined a large copper-gold porphyry target area, with high-grade gold potential on the eastern side of Newmont Lake.
The junior as an option to earn a 100% interest in the Newmont Lake Project. Under an agreement with Romios Gold Resource Inc. [RG-TSXV; RMIOF-OTC], it can exercise the option by spending $8 million on exploration at Newmont Lake over the next three years.
Based on cross referencing old and new satellite imagery and orthographic photos, Crystal Lake said glacial retreat of approximately 2 – 4 km has occurred within the Chachi Corridor since parts of it were last explored with “boots on the ground” in 2008.
The Chachi Corridor is a prospective zone that reveals widespread surface alteration as well as other geological features that are consistent with copper-gold porphyry environments.
“Widespread surface alteration, intrusive bodies and other geological features consistent with large-scale porphyry copper-gold and associated shear vein gold and/or carbonate replacement gold systems are apparent in the geochemical data compilation,” the company said recently.
“This, plus the newly exposed prospective ground makes the entire Chachi Corridor a high priority target,” the company said.
On Thursday, Crystal Lake said the newly-defined Chachi Corridor has been expanded via the staking of 17.5 km2 of prospective ground straddling the northeast boundary of the Newmont Lake Project. This area is known as Chachi East.
On the western side of the project, Crystal Lake has also staked the 74 km2 Ridge West block, which represents the possible southwesterly extension of the recently announced Burgundy Ridge discovery. Burnaby Ridge is believed to be part of a 3-km northeast trending mineral corridor situated west of a series of under-explored high-grade gold occurrences and targets, along with the historic Northwest gold zone.
All of these mineral zones and associated host rocks are within a graben structure bounded by the 20-km-long McLymont Fault. “This makes the Newmont Lake Project a highly favourable geological environment for new discoveries,” the company said in a March 7, 2019 press release.
The company said all new ground (115 km2) was acquired by staking, including a series of non-adjoining claims, covering 23.3 km2 that are separate from Chachi East and Ridge West.
“We have managed to gain control of the potential extensions of two large and prospective corridors on the Newmont Lake property,” said Maurizio Napoli, Crystal Lake’s vice-president, exploration. “Vectoring of soil anomalies into Chachi East and the numerous mineral occurrences on Ridge West add to an already impressive land package at the Newmont Lake project,” he said.