|Crystal Lake Mining: Moving Forward|
As my readers know, I have been following B.C. based junior exploration company Crystal Lake Mining (TSXV: CLM) (OTC: SIOCF) (FSE: SOG-FF) over the past few months. Very quickly, Crystal Lake has become an important new player in the Eskay Camp with one of the district’s largest land packages and plans for an exploration program.
To date, I have been impressed by the operations of this company which has a firm future vision.
In recent news, Crystal Lake announced a spinout is in the works, via an arrangement agreement dated June 25, 2019, with wholly-owned subsidiary Sassy Resources (1). As per the agreement, Crystal Lake’s Northwest Ontario nickel asset (Nicobat Project) will be spun-off to Sassy, as will with the company’s Letter of Intent dated June 24, 2019, to acquire the Foremore claims in Northwest B.C.’s Golden Triangle. (1) This could prove to be an excellent strategic move as it should allow Crystal Lake to focus on its 550 sq. km Newmont Lake Project, a property with a historic gold deposit. (3)
Richard Savage, President and CEO of Crystal Lake, commented: “Sassy will have a team and a brand that will excite investors and advance its projects in an efficient and bold way. We look forward to announcing the Sassy CEO in the very near future. Sassy also intends to complete a financing on its own before the completion of the arrangement for general working capital purposes including certain exploration initiatives.” (1)
Given what I have seen thus far of the Crystal Lake team, I believe that the spinout has been extremely well-thought out and planned.
For more details on the spinout, click here
In addition to the spinout, Crystal Lake has just announced that its ongoing Phase 1 exploration program has greatly expanded the target area at Burgundy Ridge, the newest drilling discovery in Northwest B.C.’s prolific Eskay Camp based on four shallow first-ever drill holes (reverse circulation) during winter conditions last fall. Crews will be mobilizing for the maiden diamond drilling program at Burgundy Ridge during the week of July 22 to aggressively broaden this discovery (high-grade copper plus gold, silver, cobalt and zinc) laterally and at depth. (3)
As stated by Richard Savage: “We are ready to leverage the hard work and expertise of our discovery-driven teams who have done a remarkable job to position shareholders for a summer to remember in the Eskay Camp. We’ve got the right people in the right area at the right time – drilling starts with bullseye targets at Burgundy Ridge to immediately expand the district’s newest discovery.”(3)
In 1988, after a 109 drill holes, tiny exploration companies Stikine Resources and Calpine Resources finally hit the hole they needed at Eskay Creek: 27.2 g/t Au and 30.2 g/t Ag over 208m.
Eskay Creek mine would go on to become Canada’s highest-grade gold mine with production of more than 3 million ounces of gold (2). Unearthing a fraction of what the broader Eskay Camp could hold, may make Crystal Lake shareholders happy.
Personally, I feel that all of this news is very exciting. Of course, until drilling results are released, it is ‘wait and see’. I look forward to the drilling program and results.
Dr. Kal Kotecha
Crystal Lake is a subscriber. Junior Gold Report has been compensated. Perform your own due diligence.
(1) Crystal Lake Mining (June 2019) : Crystal Lake Announces Signing of Arrangement Agreement to Create Sassy Spinout :https://crystallakemining.com/crystal-lake-announces-signing-of-arrangement-agreement-to-create-sassy-spinout/
(2) Visual Capitalist (July 2016) : INFOGRAPHIC: The story of the Golden Triangle in British Columbia
(3) Crystal Lake (July 16, 2019) Crystal Lake Outlines Large-Scale Copper-Gold-Rich System at Burgundy Ridge as Crews Prepare for Diamond Drilling
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