RE: Crest Resources, Exploits acquire PB Hill as syndicate Anyone have any thoughts about the potential of these new claims?.
Crest Resources, Exploits acquire PB Hill as syndicate
2021-06-03 09:43 ET - News Release
Also News Release (C-NFLD) Exploits Discovery Corp
Mr. Michael Collins reports
CREST AND EXPLOITS SYNDICATE STAKE PB HILL GOLD CLAIMS IN THE EXPLOITS SUBZONE, NEWFOUNDLAND
Crest Resources Inc. has entered into a 50/50 staking syndicate agreement with Exploits Discovery Corp. and acquired through staking the 100-per-cent-owned PB Hill property located in prospective siliciclastic sediments of the Exploits subzone gold belt, Newfoundland.
Highlights
- The PB Hill property is a large contiguous land package that encompasses a land area of approximately 1,986 square kilometres (198,600 hectares).
- Previous exploration of the property focused mainly on the highly magnetic mafic/ultramafic rim that hosts numerous significant gold and base metals occurrences, including a historical inferred resource at the Mosquito Hill prospect of 4.47 million tonnes of 0.526 gram per tonne gold indicated and 32.9 million tonnes of 0.461 g/t Au inferred located three kilometres east of the property boundary.
- New proven model in the Exploits subzone gold belt suggests that gold is transported in primary structures (Dog Bay line, Appleton fault) associated with magnetic lows and deposited in secondary and tertiary structures within the siliciclastic sediments of the Davidsville group.
- The geophysical signature of the property highlights multiple untested distinct en-echelon geophysical structures near an extreme low as indicated by the Newfoundland government residual magnetic survey. These are deemed to be high-priority targets
- With most terrain that strays from major highways and bush trails virtually unexplored, the companies believe there is reason to continue to leverage their increased geological understanding in the area and create increased shareholder value.
Following recent discoveries in the Exploits subzone gold belt of Newfoundland, early indications of success across the region show the potential for a district-size gold camp that's being compared with Ontario and Quebec's Abitibi greenstone belt. Although the Exploits subzone gold belt is different in age, similar rheological processes involving gold mobilization in deep seated structures, emplacing gold in later-stage secondary, tertiary and quaternary structures indicate the opportunity for thousands of square kilometres of underexplored gold potential.
The Crest technical team has leveraged its diverse knowledge of the geology of central Newfoundland and this switch in exploration mindsight early on to help build Exploits Discovery. With the largest foothold in the Exploits subzone, the Crest and Exploits staking syndicate delivers increased shareholder value to both companies on the jointly owned PB Hill property.
About The PB Hill property
The PB Hill property is situated in the siliciclastic sediments of the Davidsville group, in the Exploits subzone gold belt, Newfoundland. The project encompasses a total land area of approximately 1,986 square kilometres (198,600 hectares). The project has had very little work completed due to the majority of focus revolving around base metal exploration; Crest sees this as an opportunity for discovery. The perimeter of the project has undergone multiple exploration programs over the past 75 years with the following government documented results:
- Great Rattling Brook (MODS 002D/12/Au 001) -- 21 samples over strike of 75 metres give 0.1 to 2.3 g/t Au in melange of pyritic, graphitic shale bounded by ultramafics and chlorite schistLizard
- Pond South (MODS 002D/11/Au 002) -- Channel samples up to 12.58 g/t Au over 0.4 m.
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- DDH -- 2.6 g/t Au over one m, 2.3 g/t Au over one m, 1.54 g/t Au over seven m.
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- Lizard Pond North (MODS 002D/11/Au 003) -- Grab sample of 1.47 g/t Au, trench channel sample of 0.96 g/t Au over one m, 0.91 g/t Au over one m.
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- Breccia Pond (MODS 002D/11/Au 004) -- trench channel of 3.24 g/t Au over one m, DDH of 0.84 g/t Au over 0.7 m.
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- Swan Lake (MODS 002D/11/Au 005) -- Trench channel sample of 3.1 g/t Au over two m
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- Chiouk Brook (MODS 002D/11/Au 001) -- DDH 1986 -- 14.5 g/t Au over 0.25 m, US Borax, DDH 2003 -- 2.04 g/t Au over 5.9 m, 3.6 g/t Au over 1.7 m, 2.7 g/t Au over 0.84 m
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- Mosquito Hill (MODS 002D/05/Au 008) -- 4.47 million tonnes of 0.526 g/t Au indicated, 32.9 million tonnes of 0.461 g/t Au inferred. Has
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- DDH such as 0.67 g/t Au over 103.35 m including 7.56 g/t Au over one m, 2.61 g/t Au over two m.
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- Brady/Reid porphyry zone (MODS 002D/05/Au 006) -- 1.1 g/t Au over 21.5 m, 1.6 g/t Au over 20 m, 2.2 g/t Au over 10.6 m, 0.96 g/t Au over 36.1 m, 1.1 g/t Au over 41.4 m. Best grab sample of 6.9 g/t Au in ultramafics with high pyrite and arsenopyrite.
Crest and Exploits believe there is major upside potential for additional discoveries in the Exploits subzone, with application of the new epizonal geological model. With most areas that stray from major highways virtually unexplored, they believe there is reason to continue to leverage their increased geological understanding in the area and create shareholder value.
About Crest/Exploits staking syndicate
The Crest/Exploits staking syndicate is a 50/50-per-cent syndicate agreement where Crest has provided the geological intellectual property for the staking thesis, and Exploits has financed the staking expenses. Exploits will receive the first 1.2 times cost return on investment and further benefit will be divided on a 50/50-per-cent basis.
National Instrument 43-101 disclosure
Nicholas Rodway, PGeo, is an officer of the company and qualified person as defined by National Instrument 43-101. Mr. Rodway supervised the preparation of the technical information in this news release.
About Crest Resources Inc.
Crest Resources is a British Columbia company listed on the Canadian Securities Exchange under the symbol CRES. The company's principal business activity is the acquisition, exploration and evaluation of mineral property assets in Canada, Australia and Peru, and the investment in mineral exploration companies and related mining technologies of merit. Crest is committed to creating significant shareholder value through advancing a high-quality blended portfolio of resource development and discrete technology plays that build on corporate intellectual property, industry knowledge and relationships which drive value outside of the mining cycle, as well as via direct investment in undervalued exploration plays at an early stage.
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