Canyon Copper Corp. (“Canyon”) (TSXV:CNC) is pleased to announce that it has acquired by staking 5 claim blocks, totalling 384 hectares, covering geological prospective areas close to its Munro Warden property which is located approximately 85 kilometres east of Timmins, Ontario and 55 kilometres north of Kirkland Lake, Ontario.
The original Munro Warden holdings, optioned in July 2017, consisted of 9 mining leases and 6 mineral claims totalling 717 hectares located in the eastern part of the Kidd-Munro assemblage of the Abitibi Green stone Belt. With the addition of the new staking Canyon’ holdings will now total 1,101 hectares in Munro and Warden townships. This staking is part of the Canyon’s plan to acquire strategic claims by cost effective staking to consolidate the Company’s position around each of the company’s projects.
During an August 2017 site visit to the optioned Munro Warden claims a series of grab samples were collected. The results are shown in table below.
Stephen Wallace, President and CEO of Canyon stated “We are pleased with results of small number of grab samples which reflect the VMS potential at Munro Warden. “
The new staking is in part based on data from the Targeted Geoscience Initiative III – (TGI III) – Kidd Munro Assemblage completed by Natural Resources Canada and the Ontario Geological Survey. An initiative to facilitate the discovery of base metal deposits in the vicinity of established, base metal mining communities. The Munro Warden property is located in the eastern part of the Kidd-Munro assemblage of the Abitibi Greenstone Belt.
The Abitibi greenstone belt is one of the largest, best-preserved, and mineral-rich greenstone belts in the world. The Kidd-Munro sequence hosts a number of mineral deposits, including the world-class Kidd Creek volcanogenic massive sulphide deposit, the Dundonald and Alexo komatiitic nickel deposits and several major lode gold deposits. In Munro Township, copper and zinc bearing massive sulphides have been mined at the Potter and Potter-Doal Mines and gold at the Croesus Mine.
At present data compilation of existing data is underway and an exploration plan is being developed.
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 Multi-Element package ME-MS61. Samples with greater than 10,000 ppm Cu (1%) were secondarily analysed for copper using the 8-4 Acid Total Digestion.
Stephen Wallace, P.Geo., is Canyon’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
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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