- Results of 10 grab samples collected during site visit to Bootleg Lake
- Grab samples of 183.0 g/t and 38.9 g/t gold from former Rio Mine area
- Grab sample of 10.1 g/t gold from former Newcor Mine area
Vancouver, British Columbia, August 30, 2017 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce the results of grab samples collected during a recent site visit to the Bootleg Lake gold and VMS base metals project ("Bootleg Lake") located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.
In July 2017, a site visit to Bootleg Lake was conducted by the management of Canyon and New Moon Minerals Corp. ("New Moon") to assess mineralization potential and to determine access and infrastructure. Canyon optioned the Bootleg Lake from New Moon in May 2017 (see Canyon news release dated May 31, 2017). During the site visit a total of 10 samples were collected from the former Newcor and Rio Mine areas and from historic tailings from the Rio Mine. The results of the samples are shown in the table below.
"Mineralized float at Bootleg Lake is widespread in the areas of the former mines, which closed due to low gold prices and have been dormant for over 25 years," said Stephen Wallace, President and CEO of Canyon. "From an exploration perspective, access to the property is simply a short drive from Creighton, which makes the project a low-cost, year-round exploration target."
|029109||Rio Mine Area Mineralized Grab Sample||183.0*||11.4||71.4||26.20|
|029110||Rio Mine Area Mineralized Grab Sample||18.6*||15.7||33.2||2.46|
|029111||Rio Mine Area Mineralized Grab Sample||38.9*||533||38.4||7.22|
|029112||Rio Mine Area Waste Grab Sample||0.61||9.87||36.8||0.15|
|029113||Rio Mine Area Mineralized Grab Sample||22.1*||13||23.5||3.32|
|029114||Rio Mine Area Mixed Waste Grab Sample||3.44||13.7||40.5||0.70|
|029115||Newcor Mine Area Pit Sample||0.78||1600||> 5000||8.45|
|029116||Newcor Mine Area Mineralized Grab Sample||10.1*||640||1940||7.60|
|029117||Tailings West Sample||0.64||44.2||51.4||0.24|
|029118||Tailings East Sample||2.48||69.9||41.1||1.37|
|* = samples that returned greater than 5,000 ppm gold when analyzed using Actlabs package 1A2 (Au Fire assay -AA) and were subsequently analyzed using Actlabs package 1A3 (Au Fire assay – Gravimetric).|
Sampling and Analysis
All samples were collected and transported to Activation Laboratories Ltd. ("Actlabs") in Ancaster Ontario by Stephen Wallace, PGeo. At Actlabs, all samples were analysed using packages 1A2 (Au Fire assay -AA) and UT-1-0.5g (Ultratrace 1). All samples which returned values greater than 5,000 ppm gold from the 1A2 analysis were further assayed using package 1A3 (Au Fire assay -- Gravimetric).
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.
About Bootleg Lake
Bootleg Lake is located south of Creighton, SK approximately 5 kilometres (3 miles) from the historic mining centre of Flin Flon, MB. In July 2017, Canyon staked a total of 13 claims blocks covering 2,851 hectares, which expanded the project area to 3,718 hectares (9,187 acres).
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 exploration programs on the Bootleg Lake 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.