June 11, 2008
Cresval Capital Corp. has entered into a property acquisition agreement to acquire an undivided 100-per-cent interest in the New Raven property located 15 kilometres southwest of Lillooet, B.C., in the Lillooet mining division.
The property comprises of an approximate area of 1,887 hectares. The area was not extensively prospected historically and prior to 1990 there was no record of showings in government files. The showings were founded in 1990 by Gary Polischuk by tracing the source of pyrite-bearing float which assayed at 12.21 grams per tonne (0.356 ounce per ton) gold and was found on the logging road which runs along the southern boundary of the claim group.
In a report by Chris J. Sampson, PEng, dated March 31, 2008, Mr. Sampson reported he first examined the property in August, 1990, and collected grab samples from mineralization in the quartz veins in place in various outcrop locations. Trenching programs in September, 1990, and November, 1990, subsequently identified three gold showings designated zones A, B and C.
In 1991, a further trenching program explored this area of geochemical anomalies and discovered a new gold-bearing structure designated zone D. The 1992 trenching program extended mineralization in zone D and discovered the zone E (located between zones A and B). The 1993 soil sampling extended the original grid to the east and indicated a north-south gold anomaly associated with altered greenstones, approximately parallel with the anomalies explored by the 1990 to 1992 trenching and drilling programs.
In his report dated March 31, 2008, Mr. Sampson recommends a diamond drill program using NQ-diameter core and a larger machine, using longer (100 metres, 330 feet), steeper (60 to 70 degrees) dipping holes in each zone B and C locality as they were not adequately explored by the drilling done in 1991. The zone D showing should also be explored at greater depth by a program of 100-metre HQ holes. A trenching program to further explore the geochemical soil anomalies located by the 1993 soil sampling programs is also recommended.
The company has commissioned Eagle Mapping Ltd. to prepare a 1:5000 scale orthophoto base map of the New Raven property in order to plan a diamond drilling program for the 2008 exploration field season.
The vendors of the property are Gary Polischuk and Frobisher Securities Inc., a private company owned and controlled by Louis Wolfin, chief executive officer and director of the company. Under the terms of the agreement, the company can acquire a 100-per-cent undivided interest in the property for $50,000 payable in equal parts to the vendors and 200,000 common shares at a deemed value of 16 cents per share payable to Mr. Polischuk, subject to TSX Venture Exchange acceptance.
The company intends to finance the acquisition and preliminary exploration work with cash on hand. For further information please contact Jim Baylis at 604-682-3701.
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