- Eagle Mapping will perform a LiDAR survey of the McVicar Gold Property to identify the most prospective zones for gold mineralization
- Bayside Geoscience has been contracted for targeted fieldwork on the remaining Cross River Ontario properties
- Cross River has raised C$933,500.00 from a non-brokered private placement
- Cross River is a gold exploration company
- Cross River Ventures Corp (CRVC) is down 5.56 per cent, trading at C$0.17 per share at 11:45 am ET
Cross River Ventures Corp (CRVC) has provided an update on the progress of the 2021 exploration plans at its portfolio of gold projects located in NW Ontario.
McVicar Gold Project
Cross River's 11,500-hectare McVicar Gold Project encompasses the recent consolidation of multiple properties that cover the Lang Lake greenstone belt located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.
Eagle Mapping Ltd. will fly a LiDAR survey of the property as soon as conditions allow. The survey will create a high-resolution topographic map to identify shear zones and structural features. The company plans to use this data to enhance structural understanding and focus in on the most prospective zones for gold mineralization, to be further assessed in the field.
Cross River has also contracted Bayside Geoscience Inc. for targeted fieldwork (prospecting, sampling, delineating known showings). The 4-week program is scheduled to begin in June after results from the LiDAR survey are received and analyzed.
The field program will focus on high potential structural zones (i.e., Bear Head Fault zone, Altered Zone shear, Lang Lake deposit, and the unexplored Cannon Lake Fault zone). The Cross River technical team will conduct site visits to assess priority targets during this fieldwork campaign.
The company has also engaged GroundTruth Exploration Inc. for a 2-month Geoprobe Bedrock Interface sampling campaign at McVicar scheduled to begin in late July.
The Geoprobe survey will directly follow up the LiDAR survey and fieldwork. The Geoprobe will be used to rapidly sample bedrock surface through overburden with no environmental impact and maximum efficiency. It will allow the company to further delineate high priority targets defined by LiDAR and field investigations.
The Geoprobe survey will begin near the Chellow Vein (up to 827 grams-per-tonne gold sampled in quartz veins: McKay, 2003), with the goal of tracing known gold-bearing shear zones along strike and identifying potential for prospective parallel structures.
Cross River's data compilation at McVicarhas uncovered 1000s of data points from rock samples and historic trenching including assays, alteration, lithology, structural data, and detailed maps from across the property. Additionally, historic drill hole data for almost 200 holes, containing 1000s of assay and logging intervals, is currently being interpreted in Leapfrog to gain a 3-D understanding of targets such as the Altered Zone and Chellow Vein.
"Our exploration plans have been progressing as scheduled," said Alex Klenman, CEO.
"The technical team has been hard at work combing through historical data, gaining a complete understanding of all the geological components of McVicar and the other projects. We're now ready to enter the next phase of work, which leads us to fieldwork, and ultimately, drilling. It's all about quality target generation, and the methodical approach taken here gives us what we feel is the most effective roadmap to impactful discovery," continued Mr. Klenman.
Exploration permit applications for the McVicar Gold project have been submitted and are currently in circulation. Cross River anticipates receiving necessary approvals by late April.
Uchi Belt and Manitou Properties
Bayside Geoscience has been contracted for targeted fieldwork (prospecting, sampling, delineating known showings) planned to commence in mid-May on the remaining Cross River Ontario properties (Manitou, Shabu, Dent Lake, Maskooch, and Ear Falls). The timing and logistics of these field programs will be determined and announced in the coming weeks. The Cross River technical team will also be conducting site visits to assess priority targets during these fieldwork campaigns.
The company has completed the Phase 1 technical review and data compilation for these properties. The reviews of historic work revealed an abundance of valuable data and mineralization potential, warranting additional follow-up fieldwork for all of the properties. Initial results will guide future fieldwork. The technical team will be consulting with Bayside geologists to ensure field efficiency and a detailed approach to the field campaigns.
Cross River raises $933,500
Cross River has completed the offering of 4,667,500 units. The units were offered by way of a non-brokered private placement, at a price of $0.20 per unit, for gross proceeds of C$933,500.00. Each unit consists of one common share, and one-half-of-one common share purchase warrant exercisable for an additional common share at $0.30 until April 20, 2023.
Proceeds from the offering will be used for further project development work and for general working capital purposes.
Cross River paid finders' fees of $16,100.00 and issued 80,500 warrants to certain arms-length parties who introduced subscribers to the offering. All securities issued in connection with the completion of the offering are subject to a four-month-and-day statutory hold period, in accordance with applicable securities laws, until August 21, 2021.
Cross River is a gold exploration company that is focused on the development of top-tier exploration properties in premier mining districts. The company controls a multiple project portfolio in NW Ontario.
Cross River Ventures Corp (CRVC) is down 5.56 per cent, trading at C$0.17 per share at 11:45 am ET.