Vancouver, British Columbia, June 7, 2018, - Canyon Copper Corp. ("Canyon" or the "Company") (TSX-V: CNC) announces the drill results for the final two drill holes completed on Canyon's Bootleg Lake project, located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.
In March 2018, the Company completed a four drill hole program totaling 1,446 metres on the Bootleg Lake project. Three diamond drill holes were drilled at the past producing Rio mine and a single hole at the past producing Newcor mine. The results of the first two drill holes of the program BL-01 and BL-02 were previously announced on May 14, 2018 (link to press release https://www.canyoncc.com/news/2018/canyon-copper-announces-drill-results-from-bootleg-lake-project/ ).
Drill hole BL-03 was the third drill hole targeting the past producing Rio Mine. Drilled 200 metres northeast along the presumed strike from the first two drill holes BL-01 and BL-02. BL-03 intersected two fault zones, the first 17m to 31m downhole and the second 188m to 229m downhole with 1% to 5% disseminated pyrite. Within this second fault zone from 197m to 200m downhole was a mineralized section grading 0.77 g/t Au over 3.0m including a 1.0m section from 199m to 200m grading 1.44 g/t Au.
These three drill holes targeted the past producing Rio Gold Mine which is characterized as Mesothermal gold mineralization along the Rio Fault corridor, particularly in close proximity to the granodioritic Phantom Lake pluton immediately to the south. The drilling targeted the intersection of two sections of the NE-SW trending Rio fault corridor and the N-S trending Douglas Lake fault. The detailed results are below
Note: All widths reported are drill intersected core lengths and do not represent true widths
Table of results of Rio Mine drill holes completed in 2018.
BL-01 and BL-02 data was previously released
Stephen Wallace, President and CEO commented "This is Canyon Copper's first drill program at the Rio Mine. The results show good grades over mineable widths and the first step to determining a new mine. In addition, a wealth of technical data has been collected relating to the complex geological structures and intrusions that are part of the deposit."
Based on these results the company plans additional drill core studies to understand geological structures and granodiorite intrusions logged in the drill holes including detailed structural directional analysis and down hole surveys. Additional surface exploration, trenching, mapping and geophysics based on past data and drill hole information will be planned for summer 2018. The information from this drilling program and surface work will form the basis for future drilling.
The fourth drill hole of the drill program BL-04 was drilled to target the depth extension of the past producing Newcor Gold mine. The drill hole totaled 453 metres in depth and there was no significant gold or base metal values in drill hole. BL-04 intersected two fault zones between 336.75m and 341.4m and between 355.0 and 365.0 m down hole. These two fault zones are within the depth projection zone of the Newcor Mine. The fault from 336.75 to 341.4 is described as strongly brecciated, altered with hematite and black chlorite alteration with quartz carbonate veining. This is similar to mineralization seen in a surface pit near the historic Newcor mine workings.
The company is investigating the use of downhole geophysics to determine fault structure, geology and proximity to the Newcor Mine mineralization.
Below is an outline of the sampling, QA/QC and analytical procedures.
Quality Assurance and Quality Control ("QA/QC") Program
The Company has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core is first logged then sawn in half during the sampling process with the half being retained for verification and reference purposes. During sample collection and assaying, there is an established QC procedure using standards, duplicates and blanks. The samples are then securely shipped to the TSL Laboratories ("TSL") facility in Saskatoon, Saskatchewan Canada.
At TSL in Saskatoon the samples will be crushed and pulverized in preparation for analysis. The samples will be analysed for gold using fire assay with AA finish. All samples with over 3 g/t gold will undergo secondary analysis fire assay-gravimetric finish. In addition, all samples will be analysed using the TSL multi-element package ICP-AES Aqua Regis for 29 additional elements. Select elements will be reanalysed if over the ICP package limits. The coarse rejects and pulps are kept in Saskatoon for re-assaying purposes and then returned to the Company's storage site where they will be stored for long term verification and reference.
Anthony Spooner P.Geo supervised the drill program, sampling, QA/QC program and logged all the drill holes in the exploration program and is designated Qualified Person within the meaning of National Instrument 43-101. Stephen Wallace, P.Geo, is the Company's 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.
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.