- 100% purchase of Cameron Cobalt Project in Ontario
- Historic grab sample of 2.26% Co and 1.7 g/t Au
- No royalty
Vancouver, British Columbia, November 20, 2017 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that Canyon has acquired a 100% interest in the Cameron Cobalt Project located in Brigstocke Township approximately 20 kilometers southwest of Cobalt, Ontario and 120 kilometers north of North Bay, Ontario.
The property consists of 4 claim units covering an area of 64 hectares hosting 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).
The project is being acquired from an Ontario prospecting group for a single payment of $10,000 Canadian with no royalty payment.
Stephen Wallace, President and CEO of Canyon stated, “This acquisition is in keeping with the Canyon’s philosophy to continue to seek quality projects in low risk jurisdictions at good value. This is Canyon’s third cobalt project in Ontario along with Munro-Warden and Samuels Lake, all of which will be part of the 2018 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, Silver Centre and Gowganda mining camps.
Location Map showing Canyon Copper projects in Ontario
Geological and claim map of Cameron Cobalt Project
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
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.
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