- Canyon Copper doubles claim holdings in Saskatchewan
- Total of 3,562 hectares of new staking on 8 claim blocks
- Increase in overall size of the Bootleg Project to 7,280 hectares
Vancouver, British Columbia - Canyon Copper Corp. ("Canyon" or the “Company”) (TSX-V: CNC) is pleased to announce that it has acquired through staking a total of 3,562 hectares as part of the Bootleg Lake Gold and VMS Property (the “Property” or “Bootleg Lake”) located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.
In February and March 2018, Canyon acquired through staking 8 claim blocks totaling 3,562 hectares with two claim blocks contiguous to existing claims plus a large claim position located approximately 5 to 15 kilometres south west of the Bootleg Lake claims, and in an area near four past producing base metal mines owned by Hudbay Minerals (“Hudbay”). The mines, Flexar, Birch Lake, Amisk Lake and Coronation produced at different times between 1995 and 2006 with the ore being shipped to the Hudbay mill and smelter in Flin Flon.
Canyon now holds a total of 7,280 hectares south west of Flin Flon, Manitoba and Creighton, Saskatchewan within the Flin Flon Greenstone Belt. This is an area of renewed mineral exploration interest with the Federal and Saskatchewan governments signing an agreement in December 2017 worth approximately $2million to conduct an airborne geophysical survey southwest of Creighton.
In May, 2017, Canyon entered into an option agreement with New Moon Minerals Corp. a private company, to earn up to a 75% interest in the Bootleg Lake Property hosting three past producing gold mines, the Bootleg/Rio Mine, the Henning Maloney Mine and the Newcor Gold Mine. All three of these deposits have historical estimates calculated by Vista Mine Inc. in the mid 1980’s.
In July, 2017, the Saskatchewan government re-opened the Creighton area for staking after a period of closure and Canyon staked a total of 13 claims blocks covering 2,851 hectares contiguous to south and west side of the Bootleg Lake Property. With this staking, Canyon increased the claim area to a total area of 3,718 hectares or 37.18 sq. kilometres a 329% increase in area from option agreement.
Stephen Wallace, President and CEO of Canyon stated, “Canyon continues to acquire and control highly prospective ground throughout the Company’s area of interest near Flin Flon. Working within the Company’s philosophy to acquire property through low cost staking as quality ground becomes open.”
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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