Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) ("Crestview" or "the Company") is pleased to announce we plan to commence property wide mapping and sampling at our Falcon Mine property in the Tuscarora Mountains, in Elko County, Nevada. The summer 2024 program will expand on the 2023 surface sampling at Falcon (see news release dated January 23, 2024), and extend the high resolution mapping and extensive sampling conducted at the nearby Rock Creek prospect in previous seasons (see news releases dated December 13, 2022 and December 15, 2022).
The Falcon property spans 124 claims, including 6 patented claims and 118 unpatented claims, for approximately 883 ha (2,183 acres). The Falcon property sits less than 1.5 km south of Crestview's flagship Rock Creek property, and encompasses the historic Falcon and Scorpion silver mines which were in production from the late 1800's to early 1900's. The Falcon, Rock Creek, and Dry Creek properties are situated in the Tuscarora Volcanic Field (TVF), and are in close proximity to major producing mines to the west (Midas mine around 35 km with 2.2 Moz Au produced to date), east (Jerritt Canyon mine around 30 km with 9.7 Moz Au produced to date), and south (Goldstrike operation, comprising the Betze-Post and Meikle mines, around 40 km with 44 Moz Au produced to date).
In addition to historical highlights from the Falcon property (see below), Crestview conducted a short surface sampling program around and extending from the historic mine area in Fall, 2023 with promising results. The 2023 program included 39 outcrop and float samples of quartz vein material with detectable gold and or silver in 38 of the samples, including 4 samples with greater than 25 ppm silver (including a 720 ppm Ag sample and a 238 ppm Ag sample) and 5 samples with greater than 0.5 ppm gold (including a 1.131 ppm Au sample). The fall 2023 sampling confirmed approximately 1 kilometer of continuous mineralization which when combined with the approximately 5 kilometers of continuous mineralization at Rock Creek, indicates an extensive vein system spanning a significant area.
The 2024 mapping and sampling at Falcon aims to identify additional targets of interest for future exploration, drilling and development, as well as extending on the high resolution mapping and extensive sampling conducted at the nearby Rock Creek prospect, providing additional regional context.
Figure 3: Rock Creek geological map and sampling results
There are two deposit types envisioned at Crestview's Tuscarora properties: shallow gold and silver mineralization disseminated in epithermal quartz veins and deeper Carlin-type gold-silver mineralization in the underlying Paleozoic sequence. The shallow system has been mapped and sampled at Rock Creek, historically mined at Falcon, and currently mined at Midas, and provides evidence for a widespread gold and silver bearing hydrothermal system which appears to span across the Rock Creek property and through the historic Falcon and Scorpion mines.
The underlying Carlin-type potential has yet to be tested, but is evidenced by the nearby Carlin-type gold mines at Jerritt Canyon (east of Crestview's properties) and the prolific Carlin Trend (south and southwest of Crestview's properties). Paleozoic outcrop mapped at Rock Creek and described by previous exploration at Falcon suggests the depth to a potential Carlin-type host rock may not be prohibitive at Crestview's prospects. Additionally, the HSAMT surveys conducted at Rock Creek and Falcon show a contrast in signal response which may represent the depth to the underlying Paleozoic sequence (see news release dated January 17, 2023). Crestview's Tuscarora properties appear to coincide with a north-south structural corridor extending from the Carlin Trend.
The 2024 exploration program at Falcon is the logical next step in development of this large area prospect, expanding on the structural understanding, the extent of Paleozoic outcrop at the surface and better understanding of our location in the stratigraphy, and the extent of the hydrothermal alteration footprint.
Crestview's CEO Chris Wensley commented: "Based on our strong sampling results in October, 2023, we are excited to get going on this vital phase of surface exploration and see what other positive attributes and hidden gems Falcon holds for us. Meanwhile, the company continues to strive to finalize funding and scheduling of the Rock Creek drill program planned for late summer/fall 2024" (see news release dated May 2, 2023).
Historic Falcon Data It is important to note and remind the reader that review of historic data received as a result of the Falcon property acquisition (News Release dated September 9, 2022) revealed assays reported from presumed ore shipments from the 1930's, sampling of historic workings in the 1960's and 1970's and bulk assays from presumed prospect pits. *Note to reader: most of this historic material lacks sufficient context to be interpreted with any level of confidence, and none of the data generated historically was 43-101 compliant as the data predates the practice. Highlights of the data included results from 33 samples collected within and surrounding the Falcon mine historic workings and showed assays over 1 opt Ag from 24 of the samples including 15 samples greater than 5 opt. Various certificates including only brief descriptions, assayed 6,395.1 opt Ag , 757.4 opt Ag,101.72 opt Ag and 0.11 opt Au, 35.9 opt Ag and 0.07 opt Au,69.88 opt Ag and 0.06 opt Au, as well as several ranging from 2.5 opt Ag to 36 opt Ag. Another certificate from 1961 describes a "Falcon" sample which assayed 241.2 opt Ag and a "Scorpion" sample which assayed 2.4 opt Ag. The samples described above represent highlights from the data; however, the reader is encouraged to view the full suite of inherited assay certificates on the company website.
This News Release was prepared by J.A. Lowe, M.Sc. Geology, and has been approved by Alan Morris, M.Sc., CPG #10550. Alan J. Morris is a Qualified Person as defined by NI 43-101 and has reviewed the scientific and technical disclosure included in this news release.
On Behalf of the Board of Directors,
Chris Wensley, CEO
About Crestview Exploration Inc:
Crestview Exploration is an experienced exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.
Rock Creek gold project is Crestview's flagship asset, with 72 unpatented lode mining claims wholly owned and controlled by CRS. The Rock Creek property was acquired in 2017, and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Crestview strategically expanded on the land position with the acquisition of the nearby Falcon silver-gold prospect in September 2022. Between the two properties and additional claim staking at the nearby Dry Creek prospect, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 239 total claims in close proximity of one another. These prospects are situated in a region with proven "world class" gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle, and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favourable.
The Cimarron project is located in the San Antonio Mountains of Nye County, Nevada, and is comprised of 31 unpatented lode mining claims, including control of 6 historically producing claims associated with the historic San Antonio mine. The property is located in the prolific Walker-Lane trend, approximately 44 kms south of the "world class" Round Mountain deposit.
This news release includes certain information that may be deemed "forward-looking information" under applicable securities laws. All statements in this release, other than statements of historical facts, that address acquisition of the Property and future work thereon, mineral resource and reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company's due diligence investigations, market prices, exploration successes, continued availability of capital financing, and general economic, market or business conditions, and those additionally described in the Company's filings with the Canadian securities authorities.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings at www.sedar.com. The Company 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
