Canyon Copper Announces Drill Results from Bootleg Lake Project

Canyon Copper Corp. (“Canyon” or the “Company”) (TSXV:CNC) is pleased to announce the drill results of the first two diamond drill holes completed on Canyon’s Bootleg Lake project, located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba.

Drill holes BL-01 and BL-02 are the first two holes of the 1,446 metre, 4 diamond drill hole program completed on the Bootleg property during February and March 2018. These 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

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.”

Drill hole BL-01 was drilled at a 45-degree dip with a total length of 327m. This drill hole intersected two zones of gold mineralization. Zone1 is 4.0m from 180.0m to 184.0m downhole grading 5.24 g/t Au, including a higher-grade section from 181.0m to 181.5m grading 12.24 g/t Au. A second wider zone of 19.0m from 213.0m to 232.0m downhole graded 2.09 g/t Au including an 8.0m section from 216.0m to 224.0m grading 3.23 g/t Au. The zones of mineralization are characterized as a brecciated rhyolite with 1% to 10% pyrite.

BL-02 was drilled from the same drill setup as BL-01, at 60 degrees dip with a total depth of 369m. There is evidence of faulting throughout most of this drill hole, plus granodiorite zones not seen in the first drill hole. This is a significant change from BL-01 given the proximately of the two drill holes. There is information from past work of granodiorite bodies within the Rio Mine and this appears to be related to this drill hole.

A five metre zone of mineralization, which appears to be related to Zone 1 in BL-01 is found between 222.0m to 227.0m downhole grading 2.45 g/t Au. Within this zone there is a 2.0m section grading 3.84 g/t Au.

Cross section showing BL-01 and BL-02

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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.

Location of drill holes and traces related to 2017 UAV Magnetic Survey

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Background on Drilling Program

February 2018, Canyon was granted a Surface Exploration Permit by the Saskatchewan Ministry of the Environment, and in the second half of February began drilling at the Rio and Newcor target areas. This drill program was completed in March 2018 with 4 NQ diamond drill holes completed, totaling 1,446 metres. Three drill holes were completed at the Rio (Bootleg) target and one at the Newcor target.

The exploration plan was to drill two high priority targets on the Bootleg Lake project, the past producing Newcor and Rio gold mines. The exploration strategy is to test historical data, expand the zones of known mineralization and obtain precise geological and structural information. At both targets the plan was to test potential at depth extension of the known working which had reached a maximum depth of 120 to 130 metres during mining in the 1940’s and 1980’s.

At the past producing Rio mine site, three diamond drill holes totaling 993m were completed from two drill sites. The drill holes were planned to intersect the Rio fault and zone of mineralization at a depth of between 175m and 250m below surface. At Newcor a single drill hole of 453m was completed as the program was modified due to ice conditions. The change in program resulted in a single longer drill hole.

Drill logging and sampling is complete, and all samples are now at TSL Laboratories. 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.

Sample Analysis

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 a 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.

Canyon is also pleased to announce the Company will be exhibiting at the International Mining Investment Conference taking place May 15-16 in Vancouver at the Vancouver Convention Centre East.

On behalf of the Board of Directors,

“Stephen Wallace”

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.

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.

Source: Canyon Copper Corp (TSX Venture:CNC, OTC Pink:CNYCF)

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Subsequent to this press release, Canyon Copper has changed its name to Searchlight Resources Inc. in July 2018 under the ticker symbol TSXV:SRCH.