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Crystal Lake Mining Signs Binding LOI to Acquire the Foremore Claims Located to the North of its Newmont Lake Project in Northwest B.C.'s Eskay District
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2019) - Crystal Lake Mining Corporati...
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[{"type":"text","content":"Crystal Lake Mining Signs Binding LOI to Acquire the Foremore Claims Located to the North of its Newmont Lake Project in Northwest B.C.'s Eskay DistrictVancouver, British Columbia--(Newsfile Corp. - June 24, 2019) - Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG-FF) (the \"Company\" or \"Crystal Lake\") is pleased to announce that it has signed a binding Letter of Intent (\"LOI\") to acquire a 100% interest in the Foremore claims located to the northern boundary of the Company's 551 sq. km Newmont Lake Project in Northwest B.C.'s Eskay Camp.Figure 1: Crystal Lake Acquires the Foremore claims which are situated directly north of its Newmont Lake Property in the Eskay Creek District of the Golden Triangle, British ColumbiaTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/6406/45857_d81e48e8c4d21ba3_003full.jpgThe Foremore claims comprise 143 sq. km (14,300 hectares) and host an abundance of known precious and base metal-rich mineralization including boulder fields and outcrops. Multiple geochemical and geophysical anomalies also exist over a broad area. Drilling last occurred at Foremore in 2008. Since then, snowfields have literally disappeared, opening fresh ground for exploration. The claims are considered highly prospective for new high-grade mineral discoveries. Richard Savage, Crystal Lake President and CEO, commented: \"Acquiring the Foremore claims is a strategic move on the part of the Company in the broader context of district developments. Crystal Lake's focus this summer is squarely on the high-grade gold potential and copper-gold porphyry potential of the four key zones already identified at the Newmont Lake Project (Northwest Gold zone, Chachi Corridor, Burgundy Ridge and KGO) with crews rapidly progressing to the drilling stage.\" The Deal Pursuant to the LOI with Lorne Warren (the \"Optionor\"), the Company has been granted the exclusive right to earn a 100% undivided interest in the Foremore claims (the \"Option\"). The Company may exercise this right, at its sole discretion, by completing the following:(a) Within 3 business days following the execution of this LOI, delivering to the Optionor the sum of $10,000 (the \"Deposit\"). In the event that the acquisition does not close, the deposit shall be immediately returned to the Company. Making t...