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Crystal Lake Mining Corp.
Summary
| Project: | Nicobat | |
|---|---|---|
| Deposit: | Nicobat | |
| Location: | Canada | |
| Commodities: | Nickel-Copper-PGM | |
| Date: | 3/2/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 2-3-2018: Crystal Lake Mining Corp. announces a Supporting Acquisition report for its Nicobat deposit at the Nicobat project. Summary of property in support of acquisition. Crystal Lake Mining Corp. (“Crystal Lake”) retained Ronacher McKenzie Geoscience I | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Peter Lightfoot, Elisabeth Ronacher, Jenna McKenzie (Lightfoot Geoscience Inc.;Ronacher McKenzie Geoscience Inc.) | |
| ABSTRACT: | Crystal Lake Mining Corp. (“Crystal Lake”) retained Ronacher McKenzie Geoscience Inc. (“Ronacher McKenzie”) and Lightfoot Geoscience Inc. (“Lightfoot Geoscience”) to prepare an Independent Technical Report on Crystal Lake’s Nicobat Project near Fort Frances, Ontario. The property consists of 27 non-contiguous, unpatented mineral claims covering a total of 4,224 ha in seven townships. Claims 4273688 and 4276458 are fully owned by Crystal Lake. Crystal Lake holds a 15% interest in claim 4271029 with the right to increase its interest to 60% by paying $2,000,000 to Emerald Lake Development Corp. (“Emerald Lake”), the holder of the mineral rights to this claim. Crystal Lake has the right to increase its interest to 85% by paying $8,000,000 to Emerald Lake with the option to obtain the remaining 15%. All other claims are subject to an agreement dated September 27, 2016, in which Emerald Lake granted Crystal Lake the right of first refusal to purchase 100% interest in the claims. Crystal Lake chose to exercise this right of first refusal on September 28, 2017 and Emerald Lake agreed to vend 100% interest in the claims to Crystal Lake in exchange for shares. As of the effective date of this report, the transaction is subject to regulatory approval. The property remains subject to a net smelter return (“NSR”) of 2%. The area has been explored for Ni-Cu-PGE sulfide mineralization since the early 1950s but no major deposit has been found to date. | |
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