Cross Lake posts drill results

Vancouver — Cross Lake Minerals (CRN-T)has tabled encouraging drill results from the 9 holes drilled at its Midwest zone at the QR mine, situated 58 km southeast of Quesnel, B.C.

These drill results are part of a larger diamond drilling campaign performed on the QR, Cariboo and Cantin Creek properties in November and December, last year. The remaining results will be released after they have been reviewed and interpreted by the company’s technical staff.

The program was designed to expand near-surface mineralization and extend the mineralized zone at depth below existing underground development. The Midwest zone has only been defined and developed to a depth of just over 100 metres.

Drill holes CL-2026, 2027, 2028, 2030 and 2031, were drilled below the currently developed section of the Midwest zone and confirmed the continuity and expansion potential of the zone at depth.

Drill holes CL-03-2032 to 2036 targeted the expansion potential of near-surface mineralization as well as evaluate a second deeper, parallel zone of gold mineralization that was intersected by previous drilling. Some significant intersections from these holes are as follows:

• Hole CL-2026 cut 13.39 metres averaging 5.15 grams gold, starting at a down-hole depth of 145.11 metres
• Hole CL-2027 cut 12 metres averaging 3.60 grams gold, starting 145.5 metres down-hole.
• Hole CL-2028 cut 7.5 metres averaging 2.28 grams gold starting 82.5 metres down-hole. This was followed by a 6-metre section that averaged 4.27 grams gold and a 1.05 metre section that averaged 3.54 grams gold. The second and third intervals 155 metres, respectively.
• Hole CL-2030 cut 2.88 metres averaging 2.64 grams gold, starting 85.12 metres down-hole.
• Hole CL-2031 cut 3.0 metres averaging 2.90 grams gold, starting 101.0 metres down-hole.
• Hole CL-2032 cut 10.4 metres averaging 9.0 grams gold, starting 9.0 metres down-hole. This was followed by a number of other intersections; 6.0 metres averaging 3.35 grams gold at 37.0 metres down-hole, 9.5 metres averaging 4.47 grams gold, 65.5 metres down-hole and, 1.5 metres averaging 7.79 grams gold 125.0 metres down-hole.
• Hole CL-2033 cut 1.5 metres averaging 4.50 grams gold, 33.0 metres down-hole and 12.0 metres averaging 4.59 grams gold, starting 156.0 metres down-hole.
• Hole CL-2035 cut 5.95 metres averaging 2.09 grams gold starting 3.05 metres down-hole.
• Hole CL-2036 cut 13.5 metres averaging 7.84 grams gold, starting 44.0 metres down-hole.

Cross Lake states that its drill program was successful since it intersected both the near-surface mineralization and the parallel zone at depth and east of the developed zone. The results have extended known gold mineralization at surface and indicate a potential for low-cost open-pit development. The new zone at depth can be easily accessed from existing underground development in the Midwest zone and will therefore require a minimum of development capital once the necessary definition drilling has been completed.

The next phase of drilling will continue to expand and define the three target areas in the Midwest zone. Cross Lake’s goal is to re-start the QR mine, which has a permitted, fully equipped 800-tonne-per-day mill and tailings facility on site. The property is easily accessed from Quesnel and has excellent infrastructure.

The recent completion of the acquisition of Gold Giant Ventures has consolidated the ownership of the QR property, and created a strong financial and technical management team clearly capable of achieving the goal of reopening the QR mine.