Vancouver, British Columbia, Canada – October 5, 2021 – Cross River Ventures Corp. (CSE: CRVC) (FWB:C6R) (the “Company”) is pleased to update shareholders on the progress of the 2021 exploration work at its portfolio of gold projects, located in NW Ontario, Canada.
Phase 1 field work is now complete on all properties. Sample assay results at the 12,000-ha McVicar Gold Project have now outlined a new, approximately 700m long, mineralized trend south of the Chellow Vein. This trend, which is open in all directions, will now be called the “Bear Head Trend”.
A team of four personnel, contracted by Bayside Geoscience of Thunder Bay Ontario, recently completed a 28-day field program at the McVicar. The team conducted prospecting and mapping around areas of historic gold (“Au”) mineralization in the Chellow Vein, AGM Zone and Altered Zone areas. Additionally, the crew investigated interpreted structural targets across the property. A total of 354 grab samples were collected during the program with six grab samples returning values of greater than 1 gram-per-tonne “(g/t”) Au as summarized in the following table:
|Sample ID||Easting||Northing||Target Area||Au (g/t)|
|B731154||607441||5710259||Bearhead Fault Zone||19.75|
|B731281||607040||5710285||Bearhead Fault Zone||1.415|
Of these samples, two confirmatory samples taken from the Chellow Vein returned 19.75 g/t Au and 6.63 g/t Au from stripped outcrops. These samples demonstrate the high grade of the Chellow Vein, and they are consistent with sampling completed by previous operators.
Two samples taken from approximately 600m south of the Chellow Vein, which returned values of 19.75 g/t Au and 1.415 g/t Au respectively, represent new surface discoveries of Au mineralization at McVicar. These samples were collected from a sheared and silicified mafic volcanic that contained 1-10cm wide smokey-blue quart veins. The samples lie proximal to the southern contact between mafic volcanics and granites along the Bearhead Fault Zone (Map 2).
Follow up exploration programs will focus on the Bearhead Fault Zone to better define the extent, width, and grade of Au mineralization.
A single grab sample returned 1.67 g/t Au within a sericite and silica altered intermediate volcanic rock within the northeast extent of the Bearhead Fault Zone. No previous sampling in the area returned Au mineralization. Further work will be required to determine the significance of this sample in the context of the Bearhead Fault Zone mineralized system.
One grab sample from a quartz-carbonate vein located near the historic “Point Showing” returned 6.45 g/t Au. The vein is observed to be up to 10cm wide and is hosted within weakly sheared gabbro related to the McVicar Lake Stock.
Data Verification, Sampling Procedures & QA/QC
Rock samples were collected by field personnel utilizing rock hammers and placed into poly bags labelled with a unique station ID and sample number. Field personnel recorded sample information in a digital data collector and recorded GPS coordinates, geological observations, and photographs at each sample location.
Field standards and blanks were inserted into the sample stream every 25th sample, alternating between standard and blank. All standards and blanks reported in the ALS analytical certificates and all field standard and blank QA/QC samples were within acceptable values.
Samples were transported by Bayside personnel to the ALS Chemex preparation laboratory in Thunder Bay, Ontario. ALS then ships sample pulps to ALS Chemex Vancouver for analysis. Au values were determined via fire assay with an ICP-AES finish. Any Au samples that were above the detection limits for this method were analyzed via fire assay with a gravimetric finish. Major and trace element geochemistry was analyzed via Aqua Regia digest followed by an ICP-MS finish.
* Note: Grab samples are selective by nature and may not be representative of the average grade or style of mineralization but will be used to help guide additional exploration on the properties.
The technical content disclosed in this press release was reviewed and approved by Mr. Steven Flank, P.Geo, MSc., a Qualified Person as defined under National Instrument 43-101. Historical assay results contained in this press release were not verified by the Company, however, the historical reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets were commonly inserted in the reports.
About the Company
Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,0090-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River’s common shares trade in Canada under the symbol “CRVC” on the CSE, and in the US under the symbol “CSVRF” on the OTCQB. Please visit www.crossriverventures.com for more information.
On behalf of the Board of Directors of
CROSS RIVER VENTURES CORP.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Canadian Securities Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.