Crystal Lake Mining Announces Discovery Hole, High-Grade Nickel-Copper-Cobalt in Northwest Ontario - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2017) -Crystal Lake Mining (TSXV: CLM) (OTC Pink: SIOCF) has announced discovery hole, high-grade nickel-copper-cobalt results from its flagship EL1 drill project, located near the town of Emo, in northwesternOntario, approximately 35 kilometers northwest of Fort Frances, directly north of Minnesota.
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The property, hosting the company's principal exploration target, contains polymetallic nickel-copper-platinum group metal sulphides hosted within a mafic norite intrusion, referred to as the Emo Complex or Dobie Intrusion, is one of several optioned by Crystal Lake
Historic drilling from the period beginning in the 1950's to 1972, outlined a mafic intrusive mineralized zone measuring 335 metres in a north-south direction, 275 metres in width, and 305 metres explored depth, with a predicted plunge of 30 to 45 degrees north. Based on historical, non-NI 43-101 compliant drilling of 220 short drill holes, Chibtown Copper Corporation reported indicated reserves of 4.8 million tonnes grading 0.28% copper, 0.24% nickel, and 0.05% cobalt.
While the property was not considered economic at the time, Crystal Lake was attracted by the disseminated mineralization containing higher-grade parallel north-trending lenses or "shoots", with historic drilling indicating widths of 4.3 metres to 12.2 metres. One such shoot was estimated to contain 204,000 tonnes grading 0.65% copper and 0.87% nickel. A total of 7 such shoots were identified but not similarly documented as to tonnage or grade.
In late 2015 the company drilled 10 holes totalling 6,100 feet. An intersection from surface to 63.75 metres in one hole, returned a weighted average of 1.05% nickel and 2.18% copper, confirmed the existence of high-grade copper-nickel shoots, which are considerably better than previously recorded in the historical drilling. Of significance, the bottom 9.8 metre section averaged 1.92% nickel, 0.17% copper and 0.132% cobalt.
The company is headed by President & CEO Wally Boguski, who brings more than 30-years experience in the mining and banking industry, having worked on several mining projects in Canada and Mexico. Wally has been involved in strategic development planning and in capital market financing of early stage mining companies for the past 24 years.
Management stated: "An independent review and interpretation of current exploration data on the EL1 Project leads us to believe that the documented mafic intrusion exhibits the potential for significantly higher grade copper-nickel-bearing mineralization at depth. Our work in this area appears to be justified and well-focused. Our encouraging results indicate that we are on the right path and we feel that there exists considerable potential for success."
The free-hold 170-acre farm property includes a 4-bedroom house and out buildings suitable for storing equipment, which the company will use as a field base for its Ontario Iron Ore operations.
The shares last traded at $0.26, and with 48.5 million shares outstanding, the company is capitalized at $12.6 million. For more information please visit the company's website www.CrystalLakeMiningCorp.com or contact the company at 250-766-1517 or email info@CrystalLakeMiningCorp.com. Investor relations is handled by RAMA Communications, who can be reached at 250-899-4889 or by email at ramacommu@gmail.com.
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