VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 22, 2017) - CRYSTAL EXPLORATION INC. (the "Company" or "Crystal") (TSX VENTURE:CEI) is pleased to report a series of results from Crystal's 100% owned Muskox and Hood Project areas.
All the existing archived drill core has now been logged and sampled in a series of 7 composite samples from the Muskox Kimberlite. The results are summarized below in Table 1. The samples were processed using the Saskatchewan Research Councils ("SRC's") Dense Media Separation ("DMS") plant to recover commercial sized (approximately +0.85 mm), macro-diamonds.
The combined grade from the DMS processing for the magmatic kimberlite samples is 0.45 carats per tonne ("cpt") and the combined grade from the DMS processing for the pyroclastic kimberlite samples is 0.19 cpt. The largest diamonds recovered include 0.49 carats, 0.40 carats and 0.30 carats (see diamond pictures below). The diamonds are described as off-white, transparent to translucent with minor inclusions.
Caustic fusion was completed on two rock samples collected from the Muskox Kimberlite. The samples were mantle xenoliths and contained 7 diamonds and 45 diamonds respectively. The results are shown in Table 2.
Caustic fusion was completed on two composite rock samples collected from the James River Kimberlite Dyke at surface, located at the Hood Project confirming it is diamondiferous and warrants further exploration. In total, 4 microdiamonds were recovered from sample 16DBP500. The James River Dyke is only 15km from the diamondiferous Tenacity Kimberlite. A high priority drill target developed by Crystal during 2016 exists along the structure that hosts the James River Kimberlite Dyke. The results are shown in Table 2.
Jim Greig, President and CEO of Crystal Exploration Inc., commented, "The samples are similar to some of the historical results at the Muskox Kimberlite. The material processed was archived drill core from previous operators drill campaigns that enabled a cost-effective method to further examine the large kimberlite pipe which measures nearly 4 hectares at surface and extends to over 300m depth. The size and grade potential at Muskox has yet to be fully understood and is illustrated through various sampling programs that generated high to marginal grades throughout the years. The recent results reflect a very small sample size and it is the diamond valuation of good quality gemstones that needs further examination. Future exploration will be required to understand the entire diamond opportunity within the Muskox Kimberlite Pipe. Crystal's projects that neighbor the Jericho Diamond Mine may represent an opportunity for near-term production at an existing diamond mining facility."
In addition, Mr. Anthony Jackson has been appointed Chief Financial Officer ("CFO") of Crystal, effective February 1, 2017. Mr. Jackson replaces Mr. Justin Bourassa, who has resigned as CFO of the Company. Mr. Bourassa was an integral part of the Crystal team and the Company wishes him well on all future endeavors.
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 has 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
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
