Cross River Ventures (CSE: CRVC) CEO Alex Klenman on Doubling Land Position at the McVicar Lake Gold Project in Ontario
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Cross River Ventures, Mr. Alex Klenman. Alex, how are you?
Alex Klenman: I'm well, Gerardo, thanks for having me back.
Gerardo Del Real: Thanks for coming back on. You had some pretty important news here a few days ago. You doubled your land position at the McVicar Lake Gold Project in Northwest Ontario. You now have a district-scale play here. I know you and the team are excited about the project. Can you provide some details on the consolidation of McVicar?
Alex Klenman: Yeah, I would love to. This was sort of the last remaining package of ground that we had identified and wanted to grab. It does consolidate the McVicar Project. McVicar was actually broken up into multiple projects. McVicar East came with the Northern Dominion acquisition we did, then we followed it up by getting Argo Gold's Claims to the West, which created an even larger package. There was more actually more data that came with that acquisition as well and I can share some of that with you.
But the remaining 4,000 hectares, we were able to get ... and now, as you mentioned, it's a district scale play, a little over 8,000 hectares, which really covers essentially all of the main structural elements of the entire Lang Lake belt. The Lang Lake belt isn't as well known as say the Red Lake belt, or even Pickle Crow to the East of us. But we're sandwiched in between.
This is the Uchi Subprovince of the Archaean Shield, basically it's the Canadian Shield. Where we are is right where you want to be and you want to find these under explored packages that show just enough to get you excited but not so much where you're wondering where something might be hiding, and that's exactly what we have here.
Gerardo Del Real: Lang Lake you mentioned is host to at least, I believe, it's what 10 early stage-
Alex Klenman: Yeah.
Gerardo Del Real: Structurally controlled gold prospects?
Alex Klenman: Correct. It's really got enough as I mentioned, enough of these sort of the teaser work, which was all done in the early 90s. Nobody's really done anything since. Most of the work was done by multinationals, like BHP who cut and ran after Bre-X. This ground has essentially sat there, hasn't had much in terms of more modern techniques like Lidar, which we're working these airborne surveys, which we just did on our Fuchsite project, our JV with ethos.
The way it's these airbornes are able to delineate breaks and folds and things in structural importance is really quite eye opening. We're going to be flying those surveys over Lang Lake here in Q1 and we're really going to get an idea of where the folds are, where the breaks are, where these elements are, that where gold deposition is most likely to occur in a significant way.
The easiest way to explain it is these little cracks, if you will, gold, was moved in fluid. It was fluid and when deposition occurs, its like putting your hand down on a wet sponge. The water is going to seep through the cracks in your fingers there. That's basically what we're looking for here. It's up-sized, it meets the requirements of our tech team in a big way and we're excited about McVicar. We think there's something exciting going to come out of the exploration here in 2021.
Gerardo Del Real: That program is being run by Dr. Rob Carpenter, correct?
Alex Klenman: Correct. The tech team, which is led by Dr. Carpenter, they identify these things for one specific reason and that's the next big discovery. There's no other reason that they would be involved. It's not to just poke around and keep busy. It's clearly, high priority discovery area and it meets the tech requirements of the team. All of the exploration work will be directed by the team. There's four of them. They've, come basically with the with the acquisitions, because, their involvement is critical. I think that provides a continuity as well to the exploration plans. They know the areas, they know what needs to be done and, with their resumes and their previous successes, we think, obviously we're in pretty good hands.
Gerardo Del Real: A lot to like, it sounds like a busy 2021. You have a tiny market cap, a very good share structure. I'm excited to see what comes out of the project, Alex, anything else that you'd like to add to that?
Alex Klenman: No, just keep a little bit back in your portfolio for explorers, like Cross River. We're going to meet a need that's important I think investing wise, especially when we all ... if you're a Gold bug or even a partial Gold bug, the 2021 sets up quite well. All of the things that set the metal of fire in 2020 are still there, if not more.
So we expect the gold price to do well in 2021 and you want to, if we do pack back to 2100, you kind of want to hold some explorers and you're going to want to hold explorers that have ... we're always categorized as high risk, high reward.
I would say that we're less risk high reward here because of the people involved because of the area we're in and some other things here that kind of set us apart from others. So I would suggest, make a little room for Cross River in your portfolio and enjoy the ride in 2021. We think it's going to be a good one.
Gerardo Del Real: Well said. Alex, thank you so much.
Alex Klenman: Thanks Gerardo.