It said "impressive surface alteration and mineralisation" at Burgundy Ridge was being exposed by a rapidly receding glacier.

The final hole in a four-hole shallow RC programme cut 58m at 0.31% copper and 0.27g/t gold from surface, and struck 1.5m at 2.6% copper from 118m.

"The cover has been lifted off Burgundy Ridge with geologists fascinated by their first look at what's below surface at a dynamic target that not long ago was completely hidden by snow and ice," president and CEO Richard Savage said.

"To have [a] hit on each hole in maiden drilling during extremely challenging conditions last fall, confirming a new early-stage discovery high in the system in this prolific district, gives us a huge edge entering our 2019 diamond drilling programme and sets the table for a potential major new find."

Historic intercepts from the project in British Columbia include 11m at 55g/t gold, 40g/t silver and 0.97% copper over 11m from 1987, Crystal Lake said.

Under an option agreement finalised with Romios Gold Resources over Newmont Lake in December, Crystal Lake can acquire 100% by spending C$8 million (US$6 million) in exploration over three years, paying $2 million (US$1.5 million) in cash and issuing 12 million shares to Romios over the same period.

Romios will retain a 2% NSR royalty and will receive 2 million bonus shares if a plus-1Moz gold-equivalent resource is established, and a further million shares for every additional 1Moz Au-eq defined.

Crystal Lake reported a working capital deficit of about $600,000 (US$447,000) at the end of December.

Its shares had traded above $1 last March but fell to a 52-week low of 24c last week.

They closed 2% or half-a-cent higher to 25.5c on Friday to capitalise Crystal Lake at $20 million.