Cross River Raises $2.65 Million in Private Placement Financing

Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to announce that the winter 2022 drill program has been completed at the Company's 12,000-hectare McVicar Gold Project, located in northwestern Ontario, Canada.

The Company's maiden diamond drill campaign on the McVicar property completed with a total of 3468.5 meters of core over 14 holes. The program lasted from late February to late March 2022. Drilling was focussed on two target areas including eight holes (2281.5 meters) in the newly discovered and previously undrilled Bear Head Trend, and six holes (1187 meters) in the Altered Zone, designed to follow-up significant gold mineralization discovered by previous operators.

The program staged from McVicar Camp, a temporary winter camp built along the seasonal Cat Lake - Pickle Lake Winter Road, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake (Fig. 1). The helicopter-supported program deployed two diamond drills operated by Major Drilling, employed local contractors and partners, and was completed in a safe and efficient manner.

The original planned 5000 meters was cut short due to seasonal access challenges along the winter road, however the completed drilling provided a thorough initial test of both target areas.

"We are very pleased to have completed the initial drill test on two of the McVicar target areas," said CEO, Alex Klenman.

"We look forward to assay results for the Bear Head Trend and the Altered Zone, and bringing the new technical knowledge gained by drilling to the multiple target zones elsewhere on the property. We're eager for discovery in the untested areas, such as Bear Head, which until now, hasn't seen a drill hole. We believe McVicar is just scratching the surface in terms of potential," continued Mr. Klenman.

The Company anticipates receiving assay results over the next 4-6 weeks, and will report once received, reviewed, and verified by the Company's Qualified Person.

The 2022 drill program focused on two of several target areas on the large property (Fig. 2):

• The Bear Head Trend: a newly discovered +700-meter long gold trend, where 2021 surface sampling returned assay values up to 19.75 grams-per-tonne gold over coincident LiDAR and magnetic features.

• The Altered Zone: where historic drilling has intersected open-ended, shallow depth, shallowly-plunging gold mineralization with limited drill testing, including 6.46 g/t Au over 10.09 m including 29.86 g/t Au over 1.86 meters^[i]

Maps for drill hole locations and drill hole traces are shown for the Bear Head Zone (Fig. 3) and the Altered Zone (Fig. 4).

About The Bear Head Trend

The Bear Head Trend was discovered in summer 2021 by Cross River Ventures field crews. The target is defined by a +700m strike of high-grade surface samples (up to 19.75 g/t Au - see News Release October 5^th, 2021) following a prominent WNW trending topographic ridge system with mapped iron formation, sheared mafic meta-volcanics, and mineralized quartz veins. The trend is located approximately 600 meters south of the historic Chellow Vein near the southern contact between mafic volcanics and granite along the Bear Head Fault Zone. Drillholes were positioned to target the mineralized ridge system and coincident magnetic anomaly, as well as the topographic low situated between the Bear Head Trend and the Chellow Vein.

The Bear Head Trend is a previously undrilled high-grade gold corridor that is nested within a WNW trending multi-km braided damage zone structure. This geological environment is considered prospective for Archean greenstone gold deposits and contains favorable structural and lithological sites for gold deposition.

About The Altered Zone

The Altered Zone is a complex zone of deformation and intense alteration composed of sheared mafic volcanics, abundant green mica, intermediate intrusive rocks, massive to semi-massive quartz, and a quartz-carbonate-sericite schist.

New geologic modelling by Cross River in 2021 utilizes historic drilling data and suggests that the high-grade gold bearing structure continues at depth, coincident with lithologic breaks and a broader damage zone corridor characterized by an intense hydrothermal alteration overprint. The gold bearing structure at the Altered Zone is open in all directions. 2022 drillholes were positioned to target down-plunge extensions of known mineralization based on 3D modelling, as well as track the continuity of the structure to the south.

About the McVicar Project

Cross River's McVicar gold project is situated in the Superior Province of northern Ontario, Canada. The greenstone belts within the Superior Province contain some of the largest economic gold deposits in the world. McVicar encompasses the geologically significant structural components of the Lang Lake greenstone belt, an underexplored belt located approximately 40 km north of the historic Golden Patricia Mine (619,796 oz at 15.2 g/t Au)*.

The McVicar Gold Project is a district-scale (approximately 12,000 hectares) gold exploration project that contains gold prospective structure and host rocks that transect the entire Lang Lake greenstone belt, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.

The property covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).

Historic drilling at McVicar Lake in the Altered and North Flexure Zones include:

• 6.46 g/t Au over 10.09 m including 29.86 g/t Au over 1.86 meters^[ii]

• 5.5 g/t Au over 3.6 m including 12.2 g/t Au over 0.98 meters^[iii]

The McVicar property also host the Chellow Vein zone, which is a narrow quartz vein that consists of smoky grey to white quartz mineralized with minor pyrite and visible gold. The vein system yielded high grade gold at surface including grab samples^[iv] that assayed 827.4 g/t Au and 578.1 g/t Au^[v].

Limited drill testing below the known showings in the early 1990's didn't yield significant gold assay values; however, the Cross River technical team believe the Chellow Vein is hosted in a much broader (1-2km wide) high-strain deformation corridor, characterized by a series of parallel-trending shears that have not been systematically tested.

 
Figure 1: McVicar Gold Project, location of nearby deposits and historical mines, NW Ontario

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Figure 2: Drill target zones, winter 2022 drill program, McVicar Gold Project, NW Ontario

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Figure 3: Drill collars and traces for the Bear Head Zone, winter 2022 drill program, McVicar Gold Project, NW Ontario

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Figure 4: Drill collars and traces for the Altered Zone, winter 2022 drill program, McVicar Gold Project, NW Ontario

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Quality Assessment, Quality Control Protocols

Cross River has deployed an industry-standard quality-assurance/quality-control program during the 2022 drill program. This included the insertion of a sequence of standards, blanks, and duplicates into the sample string, in addition to industry standard chain of custody protocols for the samples. Core cutting is currently being completed in Thunder Bay and samples are being shipped to ALS Global for multi-element analysis (ME-MS41) in addition to fire-assay of gold using analytical codes Au-ICP21 and Au-GRA21.

Qualified Person

Daniel MacNeil, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. 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 Cross River Ventures

Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,000-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade in Canada under the symbol "CRVC" on the CSE, and in the US under the symbol "CSRVF" on the OTCQB. Please visit www.crossriverventures.com for more information.

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.

Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to report that drilling has commenced at the Company's 12,000-hecatre McVicar Gold Project, located in northwestern Ontario, Canada.

The up to 5,000-meter diamond drill program is designed to test targets in Altered Zone and Bear Head Trend, two of several known gold target zones on the property. Diamond drilling is being conducted by Major Drilling under the supervision and guidance of the Company's technical team. Initially, the program will utilize two drill rigs focused on the Altered Zone and conclude with both drill rigs in the Bear Head Trend (see Figure 2).

Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to report that two diamond drill rigs have been mobilized to the Company's 12,000-hecatre McVicar Gold Project, located in northwestern Ontario, Canada.

Crews have been on site over the last two weeks preparing the McVicar Camp, an exploration drill camp located along kilometer 125 of the Cat Lake Winter Road, in Northern Ontario, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake.

The McVicar gold project is situated in the Superior Province of northern Ontario, Canada. The greenstone belts within the Superior Province contain some of the largest economic gold deposits in the world. McVicar encompasses the geologically significant structural components of the Lang Lake greenstone belt (see Figure 1 below), an underexplored belt located approximately 40 km north of the historic Golden Patricia Mine (619,796 oz at 15.2 g/t Au)*.

Cross River Ventures has initiated a planned 5,000-meter diamond drill program at McVicar, designed to test the Altered Zone and Bear Head Trend, two of several gold target zones on the property. Diamond drilling will be conducted by Major Drilling utilizing two Duralite 1000N Fly configuration diamond drill rigs. Drilling will commence shortly with two rigs focused on the Altered Zone (Target 2, Figure 2) and conclude with both drill rigs in the Bear Head Trend (Target 1, Figure 2).

"After conducting a methodical, detailed exploration approach at McVicar over the last year the technical team has identified several priority drill targets. We're excited to begin drilling and move project development forward in a meaningful way," said CEO, Alex Klenman. "This round of exploration drilling will build on historical drill intercepts at the Altered Zone, where we intend to drill test along strike, down-dip and down-plunge gold targets."

"In addition to the Altered Zone target, we're also conducting a maiden drill program at the newly discovered 700-meter long Bear Head gold trend, where surface sampling recently returned assay values up to 19.75 grams-per-tonne gold. McVicar is large, it's extensive, and is full of favorable geology, historic occurrences, and multiple target zones. It's exciting to begin drilling our flagship project,"continued Mr. Klenman.

About The Altered Zone

The Altered Zone is a complex zone of deformation and intense alteration composed of sheared mafic volcanics, abundant green mica, intermediate intrusive rocks, massive to semi-massive quartz, and a quartz-carbonate-sericite schist.

New geologic modelling by Cross River in 2021 utilizes historic drilling data and suggests that the high-grade gold bearing structure continues at depth, coincident with lithologic breaks and a broader damage zone corridor characterized by an intense hydrothermal alteration overprint. The gold bearing structure at the Altered Zone is open in all directions. The upcoming drill program is designed to test the gold grade and continuity of the structure along strike, down-dip, and down-plunge. The program and will also test for new high-grade gold shoots at several locations along the broader Altered Zone structural trend.

About The Bear Head Trend

Cross River Ventures field crews discovered the Bear Head Trend during the summer 2021 fieldwork. It is located approximately 600 meters south of the historic Chellow Vein at the southern contact between mafic volcanics and granite along the Bear Head Fault Zone (Figure 1). This geological environment is considered prospective for Archean greenstone gold deposits and contains favorable structural and lithological sites for gold deposition.

The Bear Head Trend is an undrilled, minimum 700m, high-grade gold corridor that is nested within a WNW trending multi-km braided damage zone structure. Key samples collected in 2021 include sheared and silicified mafic metavolcanic rocks with 1-10cm wide smoky blue quartz veins which returned gold values of 19.75 grams-per-tonne ("g/t") gold ("Au") and 1.415 g/t Au (News Release October 5th, 2021) .

About the McVicar Project

Cross River's McVicar Gold Project is a district-scale (approximately 12,000 hectares) gold exploration project that contains gold prospective structure and host rocks that transect the entire Lang Lake greenstone belt, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.

The McVicar project covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).

Historic drilling at McVicar Lake in the Altered and North Flexure Zones include:

• 6.46 g/t Au over 10.09 m including 29.86 g/t Au over 1.86 metersⁱ

• 5.5 g/t Au over 3.6 m including 12.2 g/t Au over 0.98 metersⁱⁱ

The McVicar Lake claims also host the Chellow Vein zone, which is a narrow quartz vein that consists of smoky grey to white quartz mineralized with minor pyrite and visible gold. The vein system yielded high grade gold at surface including grab samplesⁱⁱⁱ that assayed 827.4 g/t Au and 578.1 g/t Au^iv.

The 2022 winter drill program is fully funded, and the Company has received all relevant permits.

Figure 1: McVicar Gold Project, location of nearby deposits and historical mines, NW Ontario

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7276/115196_e2ba42f6c41f1ae1_002full.jpg

Figure 2: Drill target zones, winter 2022 drill program, McVicar Gold Project, NW Ontario

To view an enhanced version of Figure 2, please visit:
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Qualified Person

Daniel MacNeil, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. 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 Cross River Ventures

Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,000-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade in Canada under the symbol "CRVC" on the CSE, and in the US under the symbol "CSRVF" on the OTCQB. Please visit www.crossriverventures.com for more information.

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.

Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to report that the Drill Camp construction is underway at the 12,000-ha (120 Km2) McVicar Gold Project, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in the Superior Province, northwest Ontario, Canada. The Camp is located at kilometre 120 along the Cat Lake Winter Road and will support a planned 5,000-meter diamond drill program scheduled to start in mid February 2022.

Cross River has also received positive results from an initial Geoprobe sampling program designed to expand known gold mineralization (and pathfinder element anomalies) under cover along the Bear Head Trend target area (see below; Figure 1).

The Company utilized a Geoprobe to sample areas with thick overburden at McVicar in September-October 2021. The Geoprobe is a small, track-mounted percussive-hammer driven sediment and top-of-bedrock sampling tool capable of collecting samples up to 20 meters deep. The tool does not generate cuttings, leaves almost no disturbance, and in favorable terrain can collect up to 40 samples per day. Team members have previously successfully utilized Geoprobe technology in the Yukon.

"Camp mobilization is an exciting first step in Cross River's upcoming winter drill program at the McVicar gold project," said CEO, Alex Klenman. "Drilling in this first round will be conducted along-strike, down-dip and down plunge at the Altered Zone, in addition to a maiden drill program in the newly discovered Bear Head Trend. The initial Geoprobe results increase our confidence in the Bear Head Trend drill targets," continued Mr. Klenman.

Figure 1. McVicar Winter Drill Program target areas

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Geoprobe Sampling Program

A total of 119 samples were collected from the Bear Head Trend using the Geoprobe in September and October of 2021. Most samples did not reach bedrock due to thick sandy horizons and thicker than expected glacial deposits (Figure 2A). Despite challenging ground conditions, Gold (Figure 2B), and Antimony (Figure 2C) contain single and multi-station anomalies adjacent to known mineralization, increasing confidence in these target areas. Gold values in the Geoprobe sampling ranged from below detection to 0.039 ppm (mean 0.0014 ppm), and antimony values ranged from below detection to 0.73 ppm (mean 0.0435 ppm).

Figure 2: Geoprobe sampling results in the Bear Head Trend, including A) Sample medium, B) Gold analyses, C) Antimony analyses. Significant rock samples are labeled on the maps.

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About The Bear Head Trend

Cross River Ventures field crews discovered the Bear Head Trend during the summer 2021 fieldwork. It is located approximately 600 meters south of the historic Chellow Vein at the southern contact between mafic volcanics and granite along the Bear Head Fault Zone (Figure 1). This geological environment is considered prospective for Archean greenstone gold deposits and contains favorable structural and lithological sites for gold deposition.

The Bear Head Trend is an undrilled, minimum 700m, high-grade gold corridor that is nested within a WNW trending multi-km braided damage zone structure. Key samples collected in 2021 include sheared and silicified mafic metavolcanic rocks with 1-10cm wide smoky blue quartz veins which returned gold values of 19.75 grams-per-tonne ("g/t") gold ("Au") and 1.415 g/t Au.

About the McVicar Project

Cross River's McVicar Gold Project is a district-scale (approximately 12,000 hectares) gold exploration project that contains gold prospective structure and host rocks that transect the entire Lang Lake greenstone belt, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.

The McVicar project covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).

Historic drilling at McVicar Lake in the Altered and North Flexure Zones includeⁱ:

• 6.46 g/t Au over 10.09 m including 29.86 g/t Au over 1.86 m

• 5.5 g/t Au over 3.6 m including 12.2 g/t Au over 0.98m

The McVicar Lake claims also host the Chellow Vein zone, which is a narrow quartz vein that consists of smoky grey to white quartz mineralized with minor pyrite and visible gold. The vein system yielded high grade gold at surface including grab samplesⁱⁱ that assayed 827.4 g/t Au and 578.1 g/t Auⁱⁱⁱ.

Limited drill testing below the known showings in the early 1990's didn't yield significant gold assay values; however, the Cross River technical team believe the Chellow Vein is hosted in a much broader (1-2km wide) high-strain deformation corridor, characterized by a series of parallel-trending shears that have not been systematically tested.

The 2022 winter drill program is fully funded, and the Company has received all relevant permits.

Laboratory Protocol, Quality Assessment, Quality Control

Geoprobe samples pertaining to this release were sent to ALS Geochemistry Laboratories in Thunder Bay, Ontario, for analysis. Samples were prepared using PREP-31 standard rock/core package and analyzed for gold using standard Fire Assay and ICP-AES (ALS Code: Au-ICP21). One certified gold standard and one blank were inserted for every 50 Geoprobe samples.

Qualified Person

Daniel MacNeil, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. 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 Cross River Ventures

Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,000-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade in Canada under the symbol "CRVC" on the CSE, and in the US under the symbol "CSRVF" on the OTCQB. Please visit www.crossriverventures.com for more information.

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.

Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to update shareholders on its recent land acquisition and update preparations for the upcoming winter drill program at its 100% owned McVicar Gold Project.

The 12,000-ha McVicar Gold Project covers a large portion of the Lang Lake Greenstone Belt (Patricia Mining Division) in the Uchi sub-Province, Superior Province, northwest Ontario, Canada (Fig. 1).

The gold deposits in this part of NW Ontario are hosted in Archean greenstone belts, rocks which contain some of the world's great gold mines and much of the global gold endowment. McVicar sits approximately 150 km east of the Red Lake gold camp (>20 Moz Au^[i]), 50 km east of the Springpole gold deposit (5 Moz Au^[ii]), and 20 km northwest of the Golden Patricia mine (0.6 Moz Au^[iii]).

Image 1: Location of the 12,000-ha McVicar Gold Project, NW Ontario, Canada

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In advance of its upcoming winter drill program, the Company acquired the remaining relevant open claim blocks within the McVicar project area. These additional blocks cover historic mineral occurrences with notable gold results.

The added mineral Claims were acquired from an arms-length vendor in consideration for the issuance of 100,000 common shares (the "Consideration Shares"). The Consideration Shares are subject to a statutory hold period of four-months-and-one-day following closing day of issuance.

No finders' fees or commissions were paid in connection with completion of the acquisition of the Claims.

The following is a list of mineral occurrences situated on the newly added land positions, and the claims are shown in Figure 2.

• Lang Lake - Belore^[iv] 14.12 grams per ton gold and 0.45% copper
• Sample 2056^[v] 1.34 grams per ton gold
• Sample 0134^[vi] 1.47 grams per ton gold
• AOI 3^[vii] 1.18 grams per ton gold
• Sample 2211^[viii] 297 grams per ton silver and >1% lead

The map below shows the locations of the new claims in red outlines and the locations of the samples are labelled yellow dots within the new claims (red).

Image 2: McVicar map showing new claims and sample locations

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These samples have had limited follow up, and no known historic drill holes are located nearby these gold showings. Even the Lang Lake - Belore sample with 14.12 grams per ton gold and 0.45% copper was not followed up and drill-tested. These additional property acquisitions comprise new discovery opportunities on the McVicar property, and the technical team will target these areas for mapping and sampling during the summer 2022 field program.

The Company's Winter 2022 drill program includes a planned 5,000 meters of core drilling from two priority targets: The Altered Zone and the Bear Head Zone.

The Company received Early Exploration Permits for the McVicar property in June 2021. These permits allow Cross River to advance the property through diamond drilling in the Altered Zone and along the Bear Head Gold Trend. Field work in 2021 has significantly advanced these targets to the drill testing stage.

The upcoming Q1 helicopter-supported program will stage from the Cat Lake Winter Road. The window for the winter road will dictate the exact timing of the 5000m drilling campaign. Camp construction is anticipated in the first part of February 2022.

About the McVicar Project

Cross River's McVicar Gold Project is a district-scale gold exploration project that covers the main structural elements of the entire Lang Lake greenstone belt, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.

The McVicar project covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).

Historic drilling at McVicar Lake in the Altered and North Flexure Zones include^[ix]:

• 6.46 g/t Au over 10.09 m including 29.86 g/t Au over 1.86 m

• 5.5 g/t Au over 3.6 m including 12.2 g/t Au over 0.98m

The McVicar Lake claims also host the Chellow Vein zone, which is a narrow quartz vein that consists of smoky grey to white quartz mineralized with minor pyrite and visible gold. The vein system yielded high grade gold at surface including grab samples^[x] that assayed 827.4 g/t Au and 578.1 g/t Au^[xi].

Limited drill testing below the known showings in the early 1990's didn't yield significant gold assay values; however, the Cross River technical team believe the Chellow Vein is hosted in a much broader (1-2km wide) high-strain deformation corridor, characterized by a series of parallel-trending shears that have not been systematically tested.

The Company acquired state-of-the-art Lidar coverage of McVicar and mobilized a Phase 1 field program in summer 2021. The technical team incorporated the historic and modern work into a regional geologic model. That yielded two high-grade gold trends located at the Altered Zone and the newly discovered Bear Head Zone. Those two locations became priority drill targets for the Winter 2022 exploration program.

The winter drill program is fully funded, and the Company has received all relevant permits. The map below shows the planned targets:

Figure 1: McVicar Winter 2022 Drill Program Targets

To view an enhanced version of Figure 1, please visit:
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The Winter 2022 drill program builds on the successful Phase 1 field campaign reported in the Company's New Release dated October 5, 2021. The Phase 1 field program confirmed the locations of historic bedrock gold occurrences.

In addition, the 2021 field work identified and outlined a new mineralized zone south of the historic Chellow Vein, named the "Bear Head" Zone.

Bear Head Zone

The Bear Head is a newly discovered, undrilled, minimum 700-meter-long, high-grade gold corridor, nested within a multi-kilometer gold-bearing crustal-scale break.

The technical team identified an extensive NW-trending multi-kilometer damage zone in altered mafic volcanic rocks, coincident with braided lineaments and structural breaks identified in (topographic) Lidar features. These surficial and geologic features match a magnetic geophysical anomaly.

Field crews identified this new trend on site approximately 600 meters south of the historic Chellow Vein. The Bear Head Zone is situated near the southern contact between mafic metavolcanic rocks and granite outboard of the Bear Head Fault Zone.

Two samples collected from sheared and silicified mafic metavolcanic rocks containing smoky-blue quartz veins (1-10 centimeter-wide), returned gold values of 19.75 grams-per-tonne ("g/t") gold ("Au") and 1.415 g/t Au, respectively (see Company news release dated October 5, 2021).

The surface exposure of the shear zone shows up clearly as a discrete WNW trending break on the 2021 Lidar survey data. Magnetic data shows a coincident linear anomaly (high and magnetic edge feature).

The drill program will test the extent of the anomaly at depth across the recessive zone at and adjacent to the structural/magnetic breaks which are coincident with the mapped gold zones.

Image 2: Location of the new Bear Head Trend, 550m south of and parallel to the Chellow Vein

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The Altered Zone

The Altered Zone is a complex zone of deformation and intense alteration composed of intensely sheard mafic volcanics, abundant green mica, intermediate intrusive rocks, massive to semi-massive quartz, and a quartz-carbonate-sericite schist make up the zone.

New geologic modelling by Cross River in 2021 utilizes historic drilling data and suggests that the high-grade gold bearing structure continues at depth, coincident with lithologic breaks and a broader damage zone corridor characterized by an intense hydrothermal alteration overprint.

The gold bearing structure at the Altered Zone is open in all directions. The upcoming drill program is designed to test the gold grade and continuity along strike, down-dip and down-plunge. The program will also test for new gold shoots and domains at several locations along the broader Altered Zone structural trend.

Shallow historic drilling at the Altered Zone intercepted 6.46 g/t Au over 10.09m (including 33 g/t Au over 1.86m) (drillhole ML-86-27^[xii]), 5.7 g/t Au over 7.71m (drillhole ML-03-01⁹), amongst other high-grade results. Trenching of the shear zone approximately 200m north of the claims returned 6.89 g/t Au over 1.55m (trench AZ-03-05; Continuum Resources Ltd.^[xiii]).

Image 3: Cross River Ventures' Model-Interpreted Altered Zone Target and Historic Drill Intercepts

To view an enhanced version of Image 3, please visit:
https://orders.newsfilecorp.com/files/7276/112278_c1e5c6bec4224812_007full.jpg.

The Company received Early Exploration Permits for the McVicar property in June 2021. These permits allow Cross River to advance the property through diamond drilling in the Altered Zone and along the Bear Head Gold Trend. However, an unusual fire season inhibited field work at McVicar until late in the year.

The upcoming Q1 helicopter-supported program will stage from the Cat Lake Winter Road. The window for the winter road will dictate the exact timing of the 2022 5000m drilling campaign.

Dr. Rob Carpenter, P.Geo., Ph.D., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. 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 Cross River Ventures

Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,000-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade in Canada under the symbol "CRVC" on the CSE, and in the US under the symbol "CSRVF" on the OTCQB. Please visit www.crossriverventures.com for more information.

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.