Vancouver – Wednesday, March 1, 2017 – CRYSTAL EXPLORATION INC. (the “Company” or “Crystal”) (TSXV: “CEI”) is pleased to report exploration plans for Crystal’s 100% owned diamond bearing Muskox, Contwoyto and Hood Projects located in Nunavut, Canada.
A three-phase exploration plan is in progress that includes drilling of 6 ‘bulls eye’ ground magnetic targets and completing geophysics over 12 high priority lake and/or Electromagnetic based targets to generate additional new high priority targets. Diamond drilling and exploration work permits are granted across all Crystal project areas.
During 2016, 146 till samples were processed of which 117 samples contain possible ‘picked’ kimberlite indicator minerals (KIM’s) across Crystal’s project areas. The samples cumulatively contain 7,386 possible KIM’s that await microprobe analysis.
Crystals projects and newly developed targets are located in the northcentral portion of the Slave craton of the northwestern Canadian shield which hosts world class diamond mines and deposits, yet remains vastly under-explored. Testament to this is Canada’s and/or the Slave Cratons newest producer, the Gahcho Kue Diamond Mine which recently reported a 67.87 carat gemstone from production.
New Target Drilling Program
Crystal’s 2017 drill program will focus on discovering new kimberlite(s). The anomalies include 5 magnetic high and 1 magnetic low and range from 125 to 225 meters in size.
The targets are primarily based on high resolution ground magnetics and elevated KIM’s from pick results. The geophysics show similar geophysical signatures (magnetic highs and lows) that enabled the discovery of other diamond bearing kimberlite pipes including the Contwoyto 1, Muskox, Jericho, Jericho South, Rush, Unicorn, Voyageur and Peregrine kimberlites.
The 2017 work program consists of three phases of exploration.
Phase 1 – Spring program will involve a ground geophysics program to isolate additional high priority targets for drilling. The program may involve additional work over potential new acquisition properties.
Phase 2 – Summer program focused on drill ready priority targets. Additional targets may be added pending the results of the Phase 1 program. The program will include till sampling and ground geophysics.
Phase 3 – Fall drill program focused on expansion from the summer program.
Dean Besserer, P.Geol., and Technical Advisor of Crystal Exploration Inc., commented “The presence of diamond bearing kimberlites in this region and the quality of our targets are compelling reasons to drill Crystal’s targets that were developed from the 2016 exploration program and tens of millions of dollars in historical data from the likes of De Beers Canada, Ashton Mining and Tahera Diamonds during the 1990’s and 2000’s.”
About Crystal Exploration Inc.
Crystal is a Canadian diamond exploration company with Common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Jim Greig”
President and Chief Executive Officer
Cautionary Statement on Forward-Looking Statements
This press release contains “forward-looking information”, as such term is defined in applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “anticipates”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “plans” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would” or “might”, “be taken”, “occur” or “be achieved”. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Crystal operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Crystal cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Crystal’s actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, factors discussed in each management discussion and analysis of the Company, available on SEDAR at www.sedar.com.
Although Crystal has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Crystal disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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