Business
Crest Resources Sells Lunar Frog Gold Property to Volatus Capital Corp
Vancouver, B.C. - TheNewswire - November 6, 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 - November 6, 2020 - Crest Resources Inc. (\"Crest\" or the \"Company\") (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) is pleased to announce that it has entered into an agreement to sell its 100% interest in the Lunar Frog property to Volatus Capital Corp. (CSE:VC) (\"Volatus\") in consideration for 1,500,000 common shares of Volatus. Crest will retain a 1.5% net smelter return royalty on the property. This is a non-arm's length transaction as the Company currently holds 24.05% of the common shares of Volatus. Michael Collins, the President, CEO and a director of Crest is also the President, CEO and a director of Volatus. President and CEO Michael Collins Comments, \"this transaction and the previous transactions that Crest has completed in the Exploits Subzone Gold Belt in Newfoundland demonstrate Crest's ability to be a an early starter in some of the most exciting gold and copper plays in Canada. This vision drives value for the company while maintaining in an interest in the projects we pick. The Lunar Frog gold property (the \"Property\") consists of six mineral claims comprising 10, 211 hectares well within the Stikine Terrane and is located north of the Kemess-Toodoggone porphyry gold-copper/epithermal gold district of British Columbia. The Property has 18 known mineral showings ranging from Porphyry Copper-Molybdenum-Gold, Copper-Gold Quartz Veins, Platinum and Palladium. The Property is located approximately 170 kilometres east-southeast of Dease Lake, a small northern community on the Stewart-Cassiar Highway. Sample highlights include: - Grab sample of 1.8 g/t gold, 5.3 g/t silver and 0.502% copper - Float sample of 1.8 g/t gold, 27 g/t silver and 4.28% copper - Grab sample of 0.7 g/t gold, 49 g/t silver and 0.989% copper Porphyry Copper-Gold targets The assemblage of the Stu/Frog showings are excellent examples of Porphyry Copper-Molybdenum-Gold targets on the Lunar Frog property. Regionally, the Stu/Frog showings area lies on the western edge of the Omineca Belt near the Kutcho fault, marking the boundary with rocks of the Intermontane Belt. The area is underlain by Early Jurassic granodioritic intrusive rocks of the Pitman Batholith with minor roof pendants of metavolcanic and metasedimentary rocks. Several gossanous areas, quartz veins, minor malachite stains and sulphide occurrences were fou...