| |
| | Thu Feb 28, 2008
Canyon Reports Positive Cecil R Drilling
|
| | Golden, CO --- Canyon Resources Corporation (AMEX:CAU), a Colorado-based mining company ("Canyon"), is pleased to announce the results of a 15-hole 4,800 foot reverse circulation drilling campaign completed in January at its Cecil R property located five miles north of its Briggs Mine in Inyo County, California.
Highlights from the latest drilling campaign include:
- Hole CR07-5 with 25 feet (7.6 meters) of 0.039 ounce per ton ("opt") Au (1.35 gram per tonne
("gpt") Au).
- Hole CR07-9 with 25 feet (7.6 meters) of 0.045 opt Au (1.54 gpt Au).
- Hole CR07-12 with 30 feet (9.1 meters) of 0.025 opt Au (0.87 gpt Au).
- Hole CR08-13 with 30 feet (9.1 meters) of 0.032 opt Au (1.10 gpt Au) and a second interval of 50 feet (15.2 meters) of 0.024 opt Au (0.817 gpt Au).
This additional drilling information on the Cecil R property supports Canyon's belief that Cecil R, as a satellite deposit to our Briggs Mine, could significantly add both mine life and profitability should we proceed with surface and underground development at Briggs. Planning and permitting at Cecil R would require an estimated three years and would be initiated once mining re-starts at the Briggs Mine. The known mineralization at Cecil R could potentially extend the life of the Briggs Mine by approximately three years," comments James Hesketh, President and CEO.
The goal of this drilling program was to expand known gold mineralization that is found in a tabular body at a low angle contact surface between poorly sorted bedded gravels and a gold-enriched erosion surface on crystalline basement rock. Mineralization pinches and swells and is locally cut out along this contact. Drill holes in this program tested the extensions of known gold mineralization to the north and the west and provided sufficient infill information to facilitate a new resource evaluation. The completed drilling substantially extended the known gold-bearing horizon to the north and west beyond the limits of the previous estimate of mineralization. The ridge immediately to the south of the known mineralization shows the same prospective gold-bearing horizon exposed along its flanks and in historic exploration workings. The contact zone, exposed immediately below the gravel cover along gullies cutting this ridge, is well developed and offers an attractive target for expanding the mineralized zone.
Previous to this drilling campaign, an estimate of 5.75 million tons of in-place mineralized material grading 0.024 opt, using a cut-off grade of 0.015 opt, had been calculated for the Cecil R deposit. This estimate is based on the 51 holes drilled at Cecil R from 1975 to 2006.
Click here to view full news release:
http://www.atna.com/i/pdf/canyon/28feb08.pdf |
| |
| |
