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VANCOUVER, Oct. 31, 2011 /CNW/ – Canyon Copper Corp. (“Canyon Copper”) (TSX-V: CNC) (OTCBB: CNYC) is pleased to announce that it has acquired three of the patented claims included in its New York Canyon Project. The patented claims, being Copper Queen 1, Copper Queen 2 and Mildred, form a contiguous block of approximately 57 acres over the Copper Queen mine workings, including 2 shafts. One of the shafts has an estimated depth of 75 feet, which is now caved, and the second shaft to the south, which was once well shored, had a depth of 224 feet and has substantial dump of mineralized material and waste rock adjacent to it.
A brief report by James Fredie indicated that the mineralization in this dump area included oxide and sulphide copper and some powellite, a mixture of calcium molybdate and calcium tungstate. Dump material included Luning Limestone, iron stained quartz porphry and contact zone rocks believed to be skarn rock that was originally Luning limestone. A more recent report by M. Brady (December 1997) shows that drilling by Conoco was very widely spaced for investigation of the very irregular geometry of skarn mineralization and was apparently geared to defining more consistent porphyry style mineralization in a bulk tonnage configuration. M. Brady’s report identifies an area on the north side of the Copper Queen patents as having good potential for developing such a target.
Drill sample pulps from the 2006 drill campaign on the Longshot Ridge oxide deposit were delivered to a Sparks Nevada laboratory in August, 2011 and Canyon Copper is still waiting for the last batch of these samples. The samples were not included in the Canyon Copper NI 43-101 resource estimate for Longshot Ridge because they failed the quality assurance (QA) and quality control (QC) requirements of management. They are from drill holes that were mainly outlining the oxide deposit or infilling gaps in the original drill pattern, and will be included in a revised resource estimate when they have been audited for QA/QC and incorporated in the data base.
Qualified Person
Benjamin Ainsworth, P. Eng, BC, with Licence #8648 and the President of Canyon Copper, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release.
On behalf of the Board of Directors,
“Benjamin Ainsworth”
CANYON COPPER CORP.
Benjamin Ainsworth, President
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 program 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 uses the terms “measurer”, “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 measurers. 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 measurer, indicated or inferred resource exists or its 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.
