CANYON COPPER Commences Phase One Programme
VANCOUVER, BC August 16th, 2011 - - Canyon Copper Corp. (the "Company") (TSX-V: CNC) (OTCBB:CNYC) is pleased to announce that it has commenced Phase One of its exploration programme on the New York Canyon Project. The first stage of Phase One involves the re-assay, by an independent ISO 17025 certifiable assay laboratory, of approximately 1,440 drill samples from the Company's 2006 drill programme in order to determine proper quality assured copper values for these samples. The assays of these samples will be reported when received, which is anticipated to be in approximately three weeks subject to the work load at the assay office. The balance of the Phase One work programme (see news release dated July 18, 2011) is expected to be completed by the end of 2011.
2006 Drilling Summary
In 2006, the Company carried out a 33 hole drill programme of 3,543 meters (11,690 feet) at a cost of approximately USD $950,000. In this programme, the Company completed 7 HQ core drill holes with a total of 855 meters (2,805 feet) and 26 five inch diameter reverse circulation drill holes with a total of 2,688 meters (8,818 feet). A review of the assay results by independent consultants was reported in the Company's National Instrument 43-101 Technical Report filed on SEDAR on May 6, 2010 (the "Technical Report"). This review indicated that the assay results of the 2006 drill programme were not recommended to be included in the resource estimate made in the Technical Report because "of extremely high variability in the duplicate, blank and standard check samples" reported by the assayer. It appears that the sample of pulp material used for assay was only a weight of 0.5 grams which is not considered to be sufficient weight to obtain reliable assays from much larger original samples. The pulp samples have been kept in dry, locked storage in Hawthorne, Nevada since 2006 and were in a good state of preservation, with no evidence of spillage or damage to the boxes which contained them. The sample set was transported in a secure manner to the assay laboratory.
19 of the 33 drill holes (58%) from the 2006 drill campaign were located in significant in-fill sites or around the perimeter of mineralization defined, but not limited, by earlier drilling and exposure in road cuts. Because copper oxide mineralization is relatively easy to identify in the drill samples and the earlier assays indicated the presence of some copper (even if the values were of insufficient certainty to use in a resource estimate), it is expected that the inclusion of validated assay results from these pulp samples in any future resource estimate could be additive to the current resource estimate.
The Longshot Ridge mineralization is part of a skarn and porphyry style mineralized belt extending over 5 kilometers WNW from the Longshot Ridge to the old mine workings of the Champion and Copper Queen mineralized areas. This mineralized area represents a small part of the overall New York Canyon project area, which includes at least two other areas of copper oxide mineralization, the old mine workings of the Buffington Springs and the Power Line areas, which will be further assessed during the Phase One work.
Mr. B. Ainsworth, P. Eng, BC, with BC Licence #8648 and the President of the Company, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release. Mr. Ainsworth is currently responsible for the work programme on the New York Canyon Project.
Please visit SEDAR (www.sedar.com) for the full NI 43-101 Technical Report and Mineral Resource Estimate for the New York Canyon Copper Project.
For more information about Canyon Copper please www.canyoncc.com
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 the Company's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, the Company's ability to obtain additional financing, the Company's ability to complete the planned exploration programme on the New York Canyon Project, uncertainty of estimates of mineralized material and other factors which may cause the actual results, performance or achievements of the Company 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. The term "contained copper pounds" used in this News Release is not permitted under the rules of the SEC. 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.