Crestview Exploration to Conduct CSAMT Geophysical Survey on Rock Creek Gold Prospect in Tuscarora, NV and Announces Closing of First Tranche of Private Placement

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Calgary, Canada- TheNewswire – June 10, 2022 – Crestview Exploration Inc. (CSE: CRS), (Frankfurt: CE7) (“Crete“or the”Company”) is pleased to announce an upcoming Source Controlled Audio-Frequency Magnetotelluric (CSAMT) geophysical survey on the Rock Creek Gold Prospect to be conducted by Geophysics GPR International Inc. The survey will include four east-west lines across the property ( Figure 1), and is expected to start mid-July 2022.

The survey will be completed prior to planned drilling at Rock Creek and will serve to both finalize our drill hole selection and build on an understanding of the geology at depth.

Figure 1: Proposed CSAMT lines at Rock Creek
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The two southernmost lines (1 and 2) will cross the 1.6 km gold-arsenic anomaly delineated by a mobile metal ion (MMI) ground survey conducted by Ironwood Gold Corp. in 2010 (Figure 2). Line 1 is also in the outcrop area of ​​the Paleozoic sequence and assumed to be lower in the stratigraphy. Line 2 crosses the widest part of the MMI anomaly along the transect with two of the proposed drill holes.

Figure 2: MMI soil survey at Rock Creek


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The two northern lines (3 & 4) intersect or are close to a historic drilling program carried out by Shell in 1983 which produced interesting results. Line 3 bisects historic holes CC-10 and CC-11 which would each have intersected 100 feet of 0.02 opt gold mineralization (Cruson and Limbach, 1985 in Amended Technical Report – Rock Creek Project, Rock Creek Mining District, 2019). Line 4 is just south of historic hole CC-2, which is described as having encountered pyritized carbonaceous siltstone at depth:

“The upper 265 feet of this hole penetrated weathered tuff with numerous gold showings…then sank into 135 feet of pyritized carbonaceous siltstone” (Cruson and Limbach, 1985 in Amended Technical Report – Rock Creek Project, Rock Creek Mining District, 2019).

The Company is also pleased to announce that it has closed, subject to CSE approval, the first tranche of its non-brokered private placement in the amount of $176,500.05 by issuing 1,176,667 units at a price of $0.15 per unit. Each unit consists of one common share of the Company and one share purchase warrant of the Company. Each warrant is exercisable into one common share of the Company at a price of $0.30 for a period of two years from the date of issue. The Company intends to use the proceeds of this first tranche private placement for the aforementioned CSAMT program, sampling, other field work and general corporate purposes.

The Company paid $8,050 in cash and issued 46,666 warrants as compensation to qualified intermediaries. Each warrant is exercisable at a price of C$0.30 for a term of two years from the date of issue.

The securities issued pursuant to the private placement will have a hold period expiring four months and one day from the date of issue in accordance with applicable Canadian securities laws.

None of the securities offered under the Financing will be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state in the United States.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

This press release was prepared by JA Lowe, M.Sc. Geology. Brian T. Brewer, M.Sc., CPG #11508, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the scientific and technical disclosure in this press release.

On behalf of the Board of Directors,

Chris Wensley, CEO

About Crestview Exploration Inc:

Crestview Exploration is an experienced, well-funded, technology-driven exploration company focused on finding gold and silver deposits in mining-friendly jurisdictions. The Crestview Rock Creek, Divide and Castile Mountain projects are located in the Tuscarora Mountains of northern Elko County, Nevada. The Company’s Tuscarora properties combined comprise a total of 101 unpatented vein mining claims, with 74 claims at Rock Creek, 19 claims at Divide and 8 claims at Castile Mountain.

The Cimarron Project is located in the San Antonio Mountains of Nye County, Nevada, and comprises 31 unpatented vein mining claims, including control of 6 historically producing claims associated with the historic San Antonio mine.

For more information, please contact:

Chris Wensley, Managing Director

Tel: 1-778-887-3900

E-mail: [email protected]

Forward-looking information

This press release contains certain information that may be considered “forward-looking information” under applicable securities laws. All statements contained in this press release, other than statements of historical facts, which relate to the acquisition of the property and future work thereon, mineral resources and reserve potential, exploration activities and events or developments that the company expects are forward-looking information. Although the Company believes that the expectations expressed in these statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those indicated in the statements. Certain factors could cause actual results to differ materially from those indicated in the forward-looking information. These include the results of the Company’s due diligence investigations, market prices, exploration successes, the continued availability of capital funding and general economic, market or business conditions, as well as those further described in the documents filed by the Company with the Canadian securities authorities.

Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking information. For further information on the Company, investors are encouraged to consult the public documents filed by the Company on www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law..

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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