• Claim block increase 16-fold from 16 hectares to 1,024 hectares • 100% purchase, no royalty
Vancouver, British Columbia, January 15, 2018 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that Canyon has acquired additional claims surrounding the company’s 100% Cameron Cobalt Project located in Brigstocke Township approximately 20 kilometers southwest of Cobalt, Ontario and 120 kilometers north of North Bay, Ontario.
The new claims consist of 60 claim units covering an area of 960 hectares bringing the total project area to a total of 64 contiguous claim units covering 1,024 hectares. The new claims surround the original claims and cover the same geology.
The original claims cover the past exploration pits and a shaft of the Cameron target developed in the 1950’s which is now closed. A grab sample collected in 1987 from the historical Cameron pits and analyzed by the Ontario Geological Survey returned assay values of 2.26% Co and 1.7 g/t Au. (Data Source is file MDI31M05SW00021 from the Ontario Mineral Deposit Inventory).
Stephen Wallace, President and CEO of Canyon stated, “This acquisition is in keeping with Canyon’s plans to continue to seek quality Cobalt projects throughout Canada. The Cameron project along with Munro-Warden and Samuels Lake will be part of the Company’s 2018 summer exploration program.”
Geologically the Cameron Cobalt property is located within the Cobalt Embayment in the Southern Province of the Canadian Shield where Huronian Supergroup sedimentary rocks lay unconformably overly Archean basement rocks. Both the Huronian sediments and Archean rocks have been intruded by Proterozoic-aged Nipissing diabase occurring as both sills and dykes.
The Cameron property claims covers the contact between the Proterzoic sediments of the Lorrain and Gowganda formation of the Huronian Supergroup and the intrusion of the Nipissing Diabase. The mineralization model for the property is the “Five Element Vein” style of mineralization (Co-Ag-Ni-Bi-As), which is characteristically found with 250m of the diabase contact. This is the characteristic cobalt silver mineralization found throughout the Cobalt and Silver Centre mining camps.