Cross River Ventures Corp. announced results from the Altered Zone drill program at the McVicar Project, located 150km northeast of Red Lake Ontario. Highlights include Drill Hole AZ-03 contained 14.6 m of 0.55 g/t gold ("Au") including 4.15 m of 1.42 g/t Au and Drill Hole AZ-04 contained 1.0 m at 4.45 g/t Au.

Planned follow-up work for the Altered Zone target area includes geophysics and step-out drill holes. New geologic modelling by Cross River in 2021 utilized historic drilling data and this yielded a new interpretation of the Altered Zone geometry and an orogenic gold targeting framework. Furthermore, the geological evaluation suggests that the high-grade gold bearing structure continues at depth, is coincident with lithologic breaks, and is localized within a broader damage zone corridor characterized by an intense hydrothermal alteration overprint.

The Altered Zone drill program tested the gold grade and continuity along strike, down-dip and down-plunge; is considered open in all directions. The drill program also tested for new gold shoots and domains at several locations along the broader Altered Zone structural trend. Six diamond drillholes tested the Altered Zone during the winter 2022 program.

Notable Drilling AZ-01 is the westernmost hole drilled in the Altered Zone and was designed to test the NW-SE trending, north-east dipping Altered Zone structure, down-plunge of mineralization encountered in 1986-1992 by BHP, including ML-86-02 which intersected 2.75m of 5.0 g/t gold. The hole cut 6.4m of overburden before intersecting interbedded mafic metavolcanic rocks and banded iron formation to 97.32m depth. From 97.32m to EOH at 272m, the drill hole cut gabbro, norite and anorthosite intervals.

The Altered Zone structure was intercepted from 102.85-104.90m and contained minor qtz+carb veining in a sheared gabbro, with minor pyrite and minor fuchsite alteration. AZ-02 was collared south east of AZ-01 and was designed to test the Altered Zone structure down- plunge of mineralization encountered in BHP hole ML-86-04 which intersected 1.2 g/t Au over 1m in the altered zone structure. The hole cut 4m of overburden before intersecting mafic metavolcanic and mafic tuffs down to 70.69m depth.

Gabbro and norite were then encountered to EOH at 186m, with the Altered Zone structure observed from 113.78 ­ 118.89m. This interval consists of sheared, brecciated gabbro with pervasive carbonate, chlorite and fuchsite alteration and fine disseminated magnetite. No significant quartz veining was encountered.

AZ-03 was collared 100m south east of AZ-02 and designed to test the down-plunge extension of the most notable mineralization previously drilled in the area, including BHP hole ML-87-27 which intersected 4.63m of 14.3 g/t gold. AZ-03 was collared 260m NE of ML-87-27. The 2022 hole cut 16.75m of overburden, followed by mafic metavolcanics with minor gabbro intervals down to 64.28m.

From 64.28m to EOH at 206m, the hole cut gabbro and norite. The Altered Zone was intersected within the gabbro from 112.05 ­ 127.63m and contained intensely sheared and altered gabbro wallrock with quartz+carbonate+fuchsite veins up to 1.52m wide. The best gold intercept from the 2022 drill program was in this Altered Zone intersection from 113 ­ 127.63 which averaged 0.55 g/t gold over 14.63m, including 4.15m of 1.42 g/t gold, and 0.56m of 4.02 g/t gold.

AZ-04 was the easternmost hole of the program and was collared 240m east of AZ-03, designed to test the down-plunge extension of mineralization encountered in 1986-1992 BHP drillholes. The hole cut 6m of overburden before intersecting mafic metavolcanic rocks down to 35.05m depth. A sheared contact then transitions the wallrock into gabbro and norite down to 223.66m, followed by granodiorite to EOH at 240m.

The Altered Zone structure was encountered from 141.52 ­ 155.12m and consisted of intensely sheared and altered gabbroic wallrock with 5-6% quartz+carbonate+fuchsite veining, and an interval of granodiorite footwall from 155.12 ­ 172.06m. The highest grading sample from AZ-04 was taken from the footwall granodiorite, with 4.45 g/t gold over 1m. AZ-05 was drilled to the south of the main know Altered Zone drilling and designed to test the along- strike continuity of the zone near surface towards the southeast.

The hole cut 8.3m of overburden followed by gabbro, norite, and anorthosite down to 97.2m, and ending in granodiorite down to EOH at 133.2m. The Altered Zone structure was successfully intersected from 45.88 ­ 61.24m and consists of moderately sheared and altered gabbro with minor to moderate quartz+carbonate veining, locally intense fuchsite and chlorite alteration. The hangingwall and footwall of the Altered Zone shear structure consisted of mineralized norite with up to 5% net-textured sulfides (po>py>cpy).

From 36.22 to 45.88m, this interval contained 0.12% copper and 0.19% Nickel mineralization. AZ-06 was drilled 80m southeast of AZ-05 to continue testing the projected strike extension of the Altered Zone structure to the SSE. The hole cut 5m of overburden before intersecting gabbro, norite and anorthosite down to EOH at 155m.

Intermittent intermediate dykes cut the wallrock throughout this interval. The Altered Zone structure was intersected from 32.2 ­ 45.23m and contained intensely sheared and brecciated wallrock with sericite+carbonate+chlorite+fuchsite alteration and up to 20% calcite+/-quartz veining. The best gold intercept was from 34-35m depth, at 1m of 0.2 g/t gold.