CANYON COPPER EXPANDS CAMERON COBALT PROJECT
Canyon Copper Corp. TSX-V: CNC has acquired additional claims surrounding the company’s 100-per-cent Cameron Cobalt project located in Brigstocke township approximately 20 kilometres southwest of Cobalt, Ont., and 120 kilometres north of North Bay, Ont.
The new claims consist of 60 claim units covering an area of 960 hectares bringing the total project area to a total of 64 contiguous claim units covering 1,024 hectares. The new claims surround the original claims and cover the same geology.
The original claims cover the past exploration pits and a shaft of the Cameron target developed in the 1950s 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 per cent cobalt and 1.7 g/t gold (Au).
Stephen Wallace, president and chief executive officer of Canyon, stated: “This acquisition is in keeping with Canyon’s plans to continue to seek quality cobalt projects throughout Canada. The Cameron project along with Munro-Warden and Samuels Lake will be part of the company’s 2018 summer 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 dikes.
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 250 metres of the diabase contact. This is the characteristic cobalt silver mineralization found throughout the cobalt and silver centre mining camps.
Mr. Wallace, PGeo, 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.