On Wednesday Crystal Lake Mining Corp (OTCMKTS:SIOCF) stock generated a gain of 0.01% from the previous day to close at $0.165. This is after the company announced that it had discovered a new hydrothermal element system at the Chachi Corridor that has high-grade mineralization.
New high-grade mineralization area at the Chachi Corridor
The corridor has high-grade copper, gold, zinc, nickel silver, lead and cobalt on an expansive area stretching 8km long by 4km wide. It is along the Eskay Rift, east of the Newmont Lake gold area in the middle of the Golden Triangle. The company has indicated that three different mineralization styles in the vast area have shown assays from various samples in varying amounts from the outcrop surface. The mineralized hydrothermal system runs parallel to the McLymont Fault on the eastern side and it corresponds with the less than 2km long continuous geographical anomaly.
Crystal Lake CEO and President Mauricio Napoli indicated that when they began the program this year at their Newmont Lake Project, the Chachi area was hugely unexplored within the expansive land package. Napoli stated that CLM conducted an extensive large scale exploration program and they are excited that the exploration has discovered a new large mineralization coincident with the less than 2km chargeability anomaly. They also established a significant aeromagnetic anomaly on the main fault system linked with gold mineralization in the southwest region of the Newmont Lake area.
The 2019 program also discovered high grade mineralisation of copper, zinc, lead, cobalt and nickel which was remarkably unexpected. The CEO added that the program work also supports the exploration of copper and gold mineralization in the Chachi corridor. The presence of high-grade nickel, copper and cobalt and VMS style arsenide mineralization is an indication that there is a possibility of discovering deposits of base metals in the highly mineralized corridor.
Ground survey reveals more mineralization
Rock samples and multi-element geochemical soil data from the discovered mineralization indicate that there is a geochemical anomaly of several elements spreading over an area of 8km by 4km. the area is part of the rich McLymont Rift that includes high-grade gold-silver-copper sulfide and high graded silver-copper-zinc-lead as well as the high-grade nickel-copper-cobalt-silver arsenide linked to the stockwork Cu sulfide mineralization.
Recently they completed a ground geophysics analysis that highlighted a chargeability anomaly in chemical anomalies of the soil occurring at the McLymont Fault footwall. They collected over 2000 hyperspectral measurements and soil samples as well as 800 rock samples from the area. Results indicated the occurrence of gold, silver, and copper linked with quartz veins in the 600m long footprint induced polarization anomaly.
The mineral exploration of Cuba displays highlighted the presence of high-grade Ag-Cu-Zn-Pb sulfide mineralization linked to the barite next to the Cuba Thumper stretch that is 3.2 km long on the eastern side of the McLymont Rift. The multi-element hydrothermal mineralization of gold, silver, and copper, as well as silver, zinc, copper, and lead, falls in the footprint of the discovered sulfide/arsenide mineralization.