Vancouver - Cross River Ventures Corp. (the 'Company') (CSE: CRVC; OTCQB: CSRVF; FWB: C6R) is pleased to announce results from the Bear Head Zone maiden drill program at the McVicar Project, located 150km northeast of Red Lake Ontario.
Highlights include: Discovery drill hole BH-02 intersected 0.5m of 41.1 g/t gold with visible gold in core at 153.75 m downhole
Maiden 8-hole diamond drill program tested a new gold trend (the 'Bear Head Zone') that was discovered in 2021 with surface samples grading up to 19.75 g/t Au
All 8 holes intercepted anomalous gold mineralization greater than 0.25 g/t Au.
Planned follow-up work includes geophysics and step-out drill holes
In the summer of 2021, Cross River completed extensive targeted prospecting work on the McVicar Property located in the Archaean Lang Lake greenstone belt, which resulted in the discovery of a new surface gold trend, the 'Bear Head Zone', which was drill tested by the company in winter 2022. The Bear Head Zone is a +700-meter long gold trend with surface samples returning up to 19.75 grams-per-tonne (g/t) gold over coincident LiDAR and magnetic features. No previous drilling has ever been completed at the Bear Head Zone target.
Eight diamond drillholes tested the Bear Head Zone during the winter 2022 program, and all holes intercepted anomalous gold mineralization greater than 0.25 g/t Au. Drilling identified an altered and mineralized corridor >710 m long, open to the east and west along strike.
About The Bear Head Trend
The Bear Head Trend was discovered in summer 2021 by Cross River Ventures field crews. The target is defined by a +700m strike of high-grade surface samples following a prominent WNW trending topographic ridge system with mapped iron formation, sheared mafic meta-volcanics, and mineralized quartz veins. The Bear Head zone is located 600 meters south of the historic Chellow Vein near the southern contact between mafic volcanics and granite along the Bear Head Fault Zone. Drillholes were positioned to target the mineralized ridge system and coincident magnetic anomaly, as well as the topographic low situated between the Bear Head Trend and the Chellow Vein.
The Bear Head Trend is a previously undrilled high-grade gold corridor that is nested within a WNW trending multi-km braided damage zone structure. This geological environment is considered prospective for Archean greenstone gold deposits and contains favorable structural and lithological sites for gold deposition.
About The Altered Zone
The Altered Zone is a complex zone of deformation and intense alteration composed of sheared mafic volcanics, abundant green mica, intermediate intrusive rocks, massive to semi-massive quartz, and a quartz-carbonate-sericite schist.
New geologic modelling by Cross River in 2021 utilizes historic drilling data and suggests that the high-grade gold bearing structure continues at depth, coincident with lithologic breaks and a broader damage zone corridor characterized by an intense hydrothermal alteration overprint. The gold bearing structure at the Altered Zone is open in all directions. 2022 drillholes were positioned to target down-plunge extensions of known mineralization based on 3D modelling, as well as track the continuity of the structure to the south.
About the McVicar Project
Cross River's McVicar gold project is situated in the Superior Province of northern Ontario, Canada. The greenstone belts within the Superior Province contain some of the largest economic gold deposits in the world. McVicar encompasses the geologically significant structural components of the Lang Lake greenstone belt, an underexplored belt located approximately 40 km north of the historic Golden Patricia Mine (619,796 oz at 15.2 g/t Au).
The McVicar Gold Project is a district-scale (approximately 12,000 hectares) gold exploration project that contains gold prospective structure and host rocks that transect the entire 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.
The property covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).
About Cross River Ventures
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 28,000-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 'CSRVF' on the OTCQB.
Contact:
Alex Klenman
Tel: 604-227-6610
Email: aklenman@crossriverventures.com
Web: www.crossriverventures.com
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.
CROSS RIVER VENTURES CORP. 