Precious Metals

Cross River Ventures Corp. (CSE: CRVC) (FSE: C6R) (the "Company") is pleased to report that field work, including prospecting and focused mapping, has commenced at its 100% owned, 6,570-hectare, Manitou Gold Project, located within the Archean Uchi Subprovince, NW Ontario, Canada.

Bayside Geoscience has been contracted to conduct a 2-week reconnaissance program at the Manitou property. This Phase 1 field campaign will focus on assessing gold-bearing structures along strike and parallel to historic high-grade gold occurrences, within broad NE trending shear zones that transect the property. The field team will evaluate mineralization styles and potential strike extensions, collect samples and field data for analysis, and consider exploration techniques for follow-up property work (e.g. geochemistry, geophysics, drill testing). The Cross River technical team's review of historic data from the Manitou property indicates potential for significant shear-zone hosted gold, and the field campaign will focus on areas of interest highlighted by the initial review and target ranking.

On April 22, 2021, the Company announced the expansion of the Manitou project through the acquisition of the Lower Manitou mineral claims, which yield a large contiguous land position. The addition of the Lower Manitou claims will allow Cross River to systematically explore prospective shear zones over an 8km+ strike length, contextualize the larger scale geologic controls on known showings, and to seek additional damage zones with the potential to host gold on the property.

The newly consolidated Manitou gold property is located within the eastern margin of the Archean Eagle-Wabigoon-Manitou lakes Greenstone belt, approximately 40km south of the community of Dryden, Ontario. The property is underlain by mafic to felsic metavolcanic rocks and course clastic metasedimentary rocks, which are locally intruded by intensely altered granodiorite porphyries with significant sulfide mineralization. Deformation zones are widespread, and alteration is extensive on the property, with regional scale faults and gold-hosting shear zones trending north-northeast.

The Manitou area has undergone sporadic exploration from the late 1800's to present day, and the property itself has seen several drill campaigns and sampling programs, in addition to minor historic gold production.

Drilling by St Joes Canada Inc (1983), and prospecting, sampling, and stripping (Ivar J. Riives, 2003; Rubicon Minerals Corp, 2005; Manitou Gold, 2011) have uncovered several north-northeast trending shear zones cutting through the property. The most notable mineralization discovered to date occurs in 2 parallel NE-trending mineralized shear zones including; a) the Queen Alexandria-Bird Island trend (5 km+ strike length with rock samples to 78.1 g/t Au; MDI152F07NW00008), and b) the Reliance Prospect (2 km strike length of well-defined sulfide bearing, quartz flooded shearing over a 20 ft width, with rocks samples including 9.7 g/t Au, 6 g/t Au, and drill intercepts incl. 1m at 3.36 g/t Au; Manitou Gold, 2011; Riives, 2003; St. Joes Canada; 1983). Both shear zones are open along strike and the Cross River team believes there is potential for untested gold mineralization both in strike extensions and in parallel structures.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7276/83907_a96ea6ba44cbd973_002.jpg

Figure 1: Manitou Gold Project and surrounding claims, NW Ontario, Canada

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7276/83907_a96ea6ba44cbd973_002full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7276/83907_a96ea6ba44cbd973_003.jpg

Figure 2: Queen Alexandra-Bird Island Trend and Reliance Shear, Manitou Gold Project, NW Ontario, Canada

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7276/83907_a96ea6ba44cbd973_003full.jpg

Subsequent Phase 2 work on the Manitou property will be contingent on results from the initial field program and may consist of follow-up sampling, targeted geochemical surveys, or geophysics designed to define diamond drill targets.

Tahsis Option Agreement Terminated

The Company also announces that it has elected not to proceed with its existing option to acquire the Tahsis Gold Project, located in northern Vancouver Island. The Company has provided notice of termination of the option to the existing owner of the Project and has arranged to reimburse the owner for certain expenditures requirements on the Project as required by the terms of the original option. The Company has not assumed any ongoing obligations associated with the Project. The decision to terminate the option was made to allow the Company to focus capital on its project portfolio in Northwestern Ontario.

* Grab samples are selective by nature and may not represent the true grade or style of mineralization across the property

The technical content disclosed in this press release was reviewed and approved by Dr. Rob Carpenter, P.Geo., Ph.D., a Qualified Person as defined under National Instrument 43-101. Historical assay results contained in this press release were not verified by the Company, however, the historical reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets were commonly inserted in the reports.

About the Company

Cross River Ventures Corp. is a gold exploration company focused on the development of top tier exploration properties in premier mining districts. The Company controls a multiple project portfolio (over 28,000 hectares) in NW Ontario, Canada, with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade under the symbol "CRVC" on the CSE.

On behalf of the Board of Directors of

Cross River Ventures CORP.

Alex Klenman
CEO
604-227-6610
aklenman@crossriverventures.com
www.crossriverventures.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Canadian Securities Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

References

Queen Alexandria MDI:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52F07SW00008.html 

St Joes Canada Inc 1983:
http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/afri/data/imaging/52F07NW0016/52F07NW0016.pdf

Ivar J. Riives 2003:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/52F07SW2001/52F07SW2001.pdf

Rubicon Minerals Corp 2005:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000001076/20001993.pdf

Manitou Gold Inc. 2011:
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000006947/20009983.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83907

News Provided by Newsfile via QuoteMedia

gold bars with money

VIDEO — George Salamis: Major Gold Miners Making Money, but Volatility Curbing Big Decisions

George Salamis: Major Gold Miners Making Money, but Volatility Curbing Big Decisionsyoutu.be

Turmoil continues to rock the broader markets, and while the gold price has also suffered declines, George Salamis believes it's holding up well compared to other assets.

"Gold has hung in there pretty well relative to other investments — other commodities, currencies. I think it's held its own," he said at the Prospectors & Developers Association of Canada (PDAC) convention.

Salamis, who is the president and CEO of Integra Resources (TSXV:ITR,NYSEAMERICAN:ITRG), explained that he also sees gold miners doing well, but thinks volatility is stopping them from making moves.

Keep reading...Show less
Breaker Resources

Breaker Resources


Keep reading...Show less

NOVAGOLD Reports Second Quarter 2022 Financial Results

Donlin Gold's Largest Drill Program in Over 10 Years Advancing in Preparation for Feasibility Work

Strong Treasury of $142 Million in Cash and Term Deposits; $25 Million of Receivables in 2023

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

WHEATON PRECIOUS METALS RECOGNIZED IN CORPORATE KNIGHTS' 2022 LIST OF THE BEST 50 CORPORATE CITIZENS IN CANADA

TSX | NYSE | LSE: WPM

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that it has been named to the Corporate Knights' 2022 list of the Best 50 Corporate Citizens in Canada .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Yamana Gold Provides Notice of Second Quarter 2022 Results

YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) ("Yamana" or "the Company") will release its second quarter 2022 operational and financial results after the market closes on Thursday, July 28, 2022, Eastern Daylight Time ("EDT"). The Company will then host a conference call and webcast to review the results on Friday, July 29, 2022 at 9:00 a.m. EDT.

The Company also plans to provide a pre-release of production for the second quarter with a further update on certain optimizations and project advancements on or around Thursday, July 7, 2022.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
gold coins and us money

VIDEO — Will Rhind: Upside Favors Gold; Strong US Dollar Checking Gains for Now

Will Rhind: Upside Favors Gold; Strong US Dollar Checking Gains for Nowyoutu.be

Strength in the US dollar is keeping the gold price in check right now, but that won't last forever.

Speaking to the Investing News Network, Will Rhind, CEO of GraniteShares, said the yellow metal is in a good position given market conditions and looks set to strengthen moving forward.

"(Gold has) really managed to shrug off a lot of the negatives around rising rates and a strong dollar, and I think people have got to ask themselves, 'How much more can the dollar strengthen from here? ... Realistically is there more upside for the dollar here, or for gold?' I think clearly I'm in the camp of favoring gold on that one," he said.

Keep reading...Show less

Latest Press Releases

Related News

×