TORONTO, April 09, 2018 (GLOBE NEWSWIRE) — CR Capital Corp. (TSX-V:CIT) (“CR Capital” or the “Company“) announces that a field program will commence this spring on its 100% owned claims acquired from Superior Copper Corporation on March 6, 2018. The property is situated in Kincaid, Ryan and Palmer townships of the Sault Ste. Marie District, Ontario.
The Company plans to conduct a program of detailed prospecting and mapping with a focus on surface sampling known occurrences and trenches on the Property. As identified in the news release dated March 16, 2018, the Company has identified anomalous cobalt values at multiple outcrop locations that has revealed the significant cobalt potential on the Property in association with copper, gold and silver which merits expedited follow-up exploration. The Company will be assessing documented Cu-Co showings but also will be sampling occurrences and historical drill core in which previous reported analyses have not included cobalt.
Based upon the results, this work will be followed up by line cutting and ground induced polarization surveys and borehole geophysical surveys of selected drill holes completed from 2013 to 2015 in order to define diamond drill targets. In addition, a program is planned for detailed three-dimensional exploration modeling of Coppercorp area mineralized zones, mine historical workings, and previous diamond drilling using geodetic survey coordinates, mine plans and sections, and drill hole data. The results of these programs will be used to define follow up diamond drill targets.
The company has also entered into a National Science and Engineering Research Council of Canada (NSERC) industry-university partnership with Pete Hollings of the Department of Geology, Lakehead University, to study the petrology, geochemistry, sedimentology and alteration of the drill core on the Property in order to develop a paragenetic model for the Cu mineralization that will lead to enhanced exploration models. A grant proposal for financial support is being submitted to NSERC.
An Exploration Plan is being submitted to the Ministry of Northern Development and Mines, Ontario. Contacts have been made with the Batchewana First Nation community entering into a consultation process for permission for the Company to conduct exploration work on their traditional aboriginal territory.
The Company also announces the grant of 487,500 options to directors, officers and consultants of the Company. Of those options issued, 375,000 stock options were issued to the directors and 150,000 to officers including 75,000 to an officer who is also a director. The options vest immediately, expire in five years and are exercisable at $0.15.
The information in this press release has been reviewed and approved by Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43‐101 standards.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.