Cross River Ventures Corp. (CSE: CRVC) (FSE: C6R) (the "Company" or "Cross River") is pleased to announce the commencement of the fallwinter 2020 exploration program at its Tahsis Gold Project, located on northern Vancouver Island, B.C., proximal to the Zeballos Gold Camp.
Historic exploration programs and the Cross River programs to date have identified four target areas at Tahsis, three previously known and fourth just recently acquired by staking of open ground:
- Target A consists of a continuous 950 metre section of gold-in-soil values ranging from a minimum of 15 ppb to a maximum of 1,672 ppb associated with the eastern contact area of the Mt. Washington Intrusive Suite quartz diorite.
- Target B consists of two cluster soil anomalies (450m by 500m and 1300m by 250m) related to the contact between the Quatsino limestone and Karmutsen volcanics.
- Target C consists of a series of 150 metre to 450-metre-long gold anomalies with values ranging from 6 ppb Au to 146 ppb Au within the Quatsino limestones with interbedded Karmutsen basalts.
- Target D is the Extra Zone, a gold and copper bearing skarn zone north of Tahsis. The ground came open and was recently acquired. Historic grab sampling returned highlight values of 10.8 grams per tonne gold and 7.97% copper from a garnet skarn carrying an estimated 50% chalcopyrite*.
The fall/winter exploration program will focus on the Extra Zone with a program of closely spaced soil sampling and rock sampling of the historic showings in preparation for subsequent trenching.
The Company also announces it has granted incentive stock options pursuant to its stock option plan, to various directors, officers, and consultants of the Company, to purchase up to an aggregate of 780,000 common shares of the Company. The stock options are exercisable at a price of $0.50 per share and expire two years from the date of grant.
R. Tim Henneberry, P.Geo. (BC) a Qualified Person under NI 43-101 and a Consultant to the Company has reviewed and approved the technical content of this news release.
* Report on the 1990 Programme of Geological Mapping, Geochemistry, Induced Polarization-Resistivity and Magnetic Geophysics and Diamond Drilling Carried out on the Extra Property by D.M. Nelles dated November 1, 1990). Cross River cautions investors grab samples are selected samples and are not necessarily representative.
About the Company
Cross River is a gold exploration company that is focused on the development of top tier exploration properties in premier mining districts. The Company controls a multiple project portfolio in NW Ontario, Canada, with highly prospective ground in and among prolific, gold bearing greenstone belts. The Company also owns an option to acquire a 100% undivided interest in the Tahsis Property, an early-stage gold exploration property located on Vancouver Island, in the Nanaimo Mining Division, British Columbia. 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68341