- Total of 2,851 hectares of new staking on 13 claim blocks
- Increase in overall size of Bootleg Lake Gold Project from 867 to 3,718 hectares
Vancouver, British Columbia, August 2, 2017 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has acquired through staking a total of 2,851 hectares contiguous to its Bootleg Lake Gold Project ("Bootleg Lake", or the "Project") located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.
On July 20, 2017, the Saskatchewan government re-opened the Creighton area for staking after an extended period of closure, and Canyon staked a total of 13 claims blocks covering 2,851 hectares contiguous to south and west side of Bootleg Lake. The original Bootleg Lake property consisted of 4 contiguous claims totalling 867 hectares. With the new staking, the present total area is 3,718 hectares or 37.18 square kilometres - a 329% increase in area.
On May 11, 2017 Canyon entered into an option agreement on Bootleg Lake, which hosts three past producing gold mines: the Bootleg/Rio Mine, the Henning-Maloney Mine and the Newcor Gold Mine. All three of these gold deposits have historical estimates calculated by Vista Mines Inc. in the mid-to-late 1980s. In addition to the known deposits there are a number of additional gold and copper occurrences on the Bootleg Lake claims, including possibly mineralized tailings from previous gold production at the Bootleg/Rio mine.
Stephen Wallace, President and CEO of Canyon stated, "The staking went as planned with Canyon successfully acquiring all the open ground we had targeted, and more. Of other interest, we noted that Hudbay Minerals Inc., our neighbor to the north and east, was also staking at the same time to the immediate south of Canyon's new claims."
Canyon plans to integrate exploration on the new claims into the planned program for the original Bootleg Lake acquisition. In the near term, a detailed compilation of historical information is underway, to be followed by prospecting and geological mapping during the 2017 summer field season. A detailed geophysical survey is planned for the Bootleg/Rio Mine area to determine the shape and plunge of mineralization. A follow-up diamond drill program will be outlined, if results warrant.
Stephen Wallace, P.Geo., is the Company's designated Qualified Person within the meaning of National
Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Stephen Wallace, President, CEO and Director
Canyon Copper Corp.
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Canyon's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, Canyon's ability to implement its proposed drill programs on the Bootleg Project, Canyon's ability to obtain additional financing, uncertainty of estimates of mineralized material and other factors which may cause the actual results, performance or achievements of Canyon to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources
This News Release may use the terms "measured", "indicated" and "inferred" "resources." We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estates of "inferred mineral resources" may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute "reserves" as in-place tonnage and grade, without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable.
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