Business
Crestview Exploration Inc. Acquires a Lease with Option to Purchase on the Cimarron Gold Prospect in Nye County - Nevada
Calgary, Alberta--(Newsfile Corp. - February 24, 2021) - Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) ("Crestview" or "the Company") is pleased to announce
About this update from Gold Runner Exploration Inc.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - February 24, 2021) - Crestview Exploration Inc. (CSE: CRS) (FSE: CE7) (\"Crestview\" or \"the Company\") is pleased to announce it has entered into an option agreement (the \"Agreement\") with Nevada Select Royalty (\"Nevada Select\"), a wholly-owned subsidiary of Ely Gold Royalties Inc. (TSXV: ELY) (OTCQB: ELYGF) whereby Crestview will have the option to purchase 100% of the Cimarron gold prospect (\"Cimarron\" or the \"Property\") with Nevada Select retaining a 2.5% Net Smelter Royalty (\"NSR\"). The Cimarron gold prospect is a high-grade epithermal gold target associated with the historic San Antonio mine. The prospect is located in Nye County, Nevada approximately 30 kilometers North of the mining town Tonopah, NV (see Map 1 below). The Cimarron gold prospect is situated in the northern portion of the San Antonio Mountain Range. Regionally, the property is at the intersection of two prominent gold trends: The Walker-Lane trend which runs approximately NW and hosts a number of mines including Bullfrog, Goldfield, and Rawhide; and an approximately NNE trend of gold mines including Manhattan, Gold Hill, and the \"world-class\" Round Mountain - according to the Kinross website, Round Mountain's 15 millionth ounce of gold was poured as of 2018). MAP 1 The property is comprised of 13 unpatented lode claims which overlap and control the 6 historically-producing claims around the San Antonio mine. The San Antonio mine was active from the early 1900's to the 1940's, and the mine area received attention again in the 1980's from a number of exploration companies including Newmont and Echo Bay. Altogether, approximately 190 holes and 54,000' were drilled in the 1980's, with gold intercepts greater than 1 opt encountered in several drill holes. During this time, a shallow oxide gold resource was calculated and outlined, but never extracted. The historic resource outlined includes a West, Central, and East target which totals greater than 50,000 ounces of gold (see Map 2 below; reference is to an internal mining report by Peter Hahn to Budge Mining Ltd. dated February 17, 1987). The resource was never made 43-101 compliant as the data predates the practice. MAP 2 The deposit is hosted in a series of Oligocene age volcanic rocks overlying Paleozoic strata, and younger Miocene age intrusions. The target ...