Business
Crest Resources Options The Enterprise Property in Newfoundland to Opawica Explorations Inc. and Enters Staking Agreement
Vancouver, B.C. - TheNewswire - October 26, 2020 - Crest Resources Inc. ("Crest" or the "Company") (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) is pleased to announce
About this update from Mineral Road Discovery Inc.
[{"type":"text","content":"Vancouver, B.C. - TheNewswire - October 26, 2020 - Crest Resources Inc. (\"Crest\" or the \"Company\") (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) is pleased to announce that the Company has entered into a property option agreement (the \"Agreement\") with Opawica Explorations Inc. (TSX: OPW) (\"Opawica\") to sell Opawica up to a 100% undivided interest, subject to a retained royalty reserved by Crest, in the Enterprise property (the \"Property\") located in the Exploits Subzone of Central Newfoundland and Labrador. Property Highlights The Enterprise Property represents an exceptional geophysical, geological and structural triple junction target which the Crest Resources development team identified, based on recently released mag data, cross referenced with regional geology in the Exploits Subzone belt. The Enterprise property features both epizonal gold targets, and an undefined magnetic anomaly on the margin of a granitic body. Pursuant to the Crest Resources operating model, this high interest property will be vended into Opawica, giving them an opportunity to develop the property, while Crest retains an interest in the property, receiving cash from Opawica. Michael Collins, Crest President and Chief Executive Officer, comments \"Our team worked with new Newfoundland and Labrador Geological Survey mag and geologic data, and identified an extreme mag high at the intersection of a large scale intrusive, meta-sediments, and inferred deep seated dog-leg structural faulting. Further in our research it was shown that Rio Tinto performed airborne electromagnetic and magnetic surveys in 1979 and followed up with a minor drilling exploration program in spring of 1980, with one 86m drill hole in this claim group. Given the history of major miners exploring this region, we believe these factors warrant a modern, second look on this ground - and Opawica has the expertise and experience to do that.\" Transaction Outlined Opawica may earn an initial 80% interest in the Property by paying an aggregate of $1,450,000 cash and incurring $5,000,000 in work expenditures over a four year period as follows: (i) $250,000 cash due upon signing the Agreement (the \"Agreement Date\"); thereafter, optional commitments of (ii) $450,000 cash and incurring $1,000,000 in exploration expenditures on or before the second anniversary of the Agreement Date; (iii) $2...