• Exploration permit granted for Rio and Newcor targets
• Planned 4 to 6 drill hole program totaling 1,500 to 2,000 metres
• Drill program mobilization within a week
Vancouver, British Columbia, February 13, 2018 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce the Company has received a Surface Exploration Permit granted by the Saskatchewan Ministry of the Environment for a diamond drilling program on Canyon’s Bootleg Lake project located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.
On February 9, 2018, Canyon Copper was granted a Surface Exploration Permit, which approved the Company’s plan to drill the Rio and Newcor target areas. In addition, Canyon has obtained all other required permits and has notified required stakeholders.
The Company now plans drill mobilization by February 15, 2018. A drilling contract for 1,500 to 2,000 metres of NQ diamond drilling has been signed with Minotaur Drilling of Warman Saskatchewan. Minotaur Drilling has experience on the Bootleg Lake property, drilling for New Moon Minerals in 2013.
The drilling is planned to target two high priority targets on the Bootleg Lake project, the past producing Newcor and Rio gold mines. The exploration plan is to test historical data, expand the zones of known mineralization and obtain precise geological information.
At the former Rio mine area, the company plans up to 4 drill holes targeting the potential at depth extension of the known working. The previous underground work at the Rio mine in the 1980’s reached a maximum depth of 120 metres. Canyon’s drill plan is to intersect the Rio fault and zone of mineralization at a depth of between 200 and 250 metres below surface.
Canyon plans the same targeting at the former Newcor mine area. Past underground work at Newcor in the 1930’s and 1940’s extended to a depth of 130 metres and the present plan is to intersect the zone of mineralization at between 225 and 275 metres below surface. In addition, the drilling at Newcor will also target the strong airborne magnetic anomaly that parallels the fault zone that runs under the length of Douglas Lake to the west of Newcor. This magnetic anomaly was highlighted in detail by the UAV AirMag survey completed by Canyon in late 2017. Details of this survey are presented in the January 29, 2018 press release.
Stephen Wallace, President and CEO of Canyon stated, “The drilling program is aimed at doubling the depth of known mineralization at both Rio and Newcor past producing mines. Given the historical high gold grades at both targets the drilling is testing the potential for future underground deposits “
Stephen Wallace, PGeo, 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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