Results Released From 2007 Drilling Program at Copper Canyon
Cranbrook, B.C., 19 December 2007 - Copper Canyon Resources Ltd. (TSX-V:CPY) has received final assays from partner NovaGold Resources Inc. (AMEX, TSX:NG) from a 12-hole, 16,200 ft (4,940 m) diamond drilling program completed this season on the Copper Canyon property, located adjacent to Galore Creek Mining Corp’s Galore Creek Project in northwestern British Columbia. The Galore Creek Mining Corp is composed of a 50/50 joint venture between Teck Cominco Ltd. and NovaGold Resources Inc.
Highlights:
- All holes from the 2007 program intersect significant mineralization, many in areas outside the current inferred resource boundary
- DDH CC07-033 returns 129.0m grading 0.89% copper-equivalent from 76.0m to 205.0m and 158.8 m grading 1.13% copper-equivalent from 438.2m to 597.0m
- DDH CC07-34 returns 118.0 m grading 0 .99% copper- equivalent from 4.60 to 122.60m
- DDH CC07-36 returns high-grade gold mineralization of 31.9 g/t Au over 2.5 m from 183.5m to 186.0m and 26.8g/t Au over 2.7m from 211.8m to 214.5m (true thicknesses undetermined)
- DDH CC07-44 returns 181.0 m grading 0.69% copper equivalent from 26.5m to 207.5m
The Copper Canyon property is controlled 100% by Copper Canyon Resources Ltd. and is under option to NovaGold, which may earn up to an 80% interest. As announced on November 16th, NovaGold has notified Copper Canyon that it has met the requirements to complete its 60% earn-in. NovaGold may earn an additional 20% interest in the Copper Canyon Property by paying Copper Canyon C$1 million and completing a feasibility study by September 2011. The deadline for this one-time election is February 14th, 2008.
The 2007 program had multiple objectives, including resource expansion and the testing of additional geochemical and geophysical targets on the property. It is expected that the recent drilling results will be used to calculate an updated inferred resource estimate.
Hole ID |
From
(m) |
To
(m) |
Assayed Length (m) |
Cu Equiv
(%)a |
Cu
(%) |
Au
(g/t) |
Ag
(g/t) |
CC07-0033 |
|
|
|
|
|
|
|
| |
25.00 |
56.00 |
31.00 |
0.57 |
0.32 |
0.37 |
2.60 |
| |
76.00 |
205.00 |
129.00 |
0.89 |
0.35 |
0.78 |
7.43 |
Including |
78.50 |
88.50 |
10.00 |
1.64 |
0.74 |
1.29 |
12.90 |
Including |
118.50 |
126.00 |
7.50 |
1.53 |
0.76 |
1.16 |
7.70 |
Including |
132.50 |
153.00 |
20.50 |
1.74 |
0.50 |
1.82 |
15.36 |
Also Including |
141.00 |
146.50 |
5.50 |
2.22 |
0.62 |
2.39 |
16.45 |
| |
438.22 |
597.00 |
158.78 |
1.13 |
0.54 |
0.78 |
12.85 |
Including |
438.22 |
467.00 |
28.78 |
3.15 |
1.40 |
2.29 |
40.44 |
Also Including |
442.00 |
450.00 |
8.00 |
4.48 |
2.10 |
3.39 |
36.75 |
Also Including |
458.00 |
464.00 |
6.00 |
4.08 |
1.24 |
3.73 |
64.50 |
Including |
505.58 |
516.00 |
10.42 |
2.35 |
0.74 |
2.21 |
30.05 |
Also Including |
505.58 |
509.00 |
3.42 |
3.56 |
0.92 |
3.90 |
29.47 |
Including |
568.00 |
574.00 |
6.00 |
1.08 |
0.68 |
0.55 |
6.93 |
CC07-0034 |
|
|
|
|
|
|
|
| |
4.60 |
122.60 |
118.00 |
0.99 |
0.36 |
0.89 |
9.99 |
Including |
4.60 |
40.00 |
35.40 |
1.58 |
0.94 |
0.70 |
24.00 |
Also Including |
34.00 |
38.00 |
4.00 |
3.39 |
2.13 |
1.45 |
43.50 |
Including |
93.00 |
102.00 |
9.00 |
1.64 |
0.03 |
2.65 |
0.57 |
Also Including |
93.00 |
96.00 |
3.00 |
2.67 |
0.02 |
4.35 |
0.70 |
| |
168.00 |
248.00 |
80.00 |
0.62 |
0.02 |
0.99 |
0.17 |
Including |
180.00 |
192.00 |
12.00 |
1.68 |
0.02 |
2.72 |
0.10 |
Also Including |
183.00 |
186.00 |
3.00 |
3.36 |
0.02 |
5.49 |
0.10 |
CC07-0035 |
|
|
|
|
|
|
|
| |
13.50 |
58.00 |
44.50 |
0.55 |
0.25 |
0.48 |
1.24 |
Including |
13.50 |
22.00 |
8.50 |
0.84 |
0.34 |
0.80 |
1.45 |
Including |
44.00 |
53.50 |
9.50 |
1.15 |
0.53 |
0.98 |
2.28 |
Also Including |
44.00 |
48.50 |
4.50 |
1.69 |
0.75 |
1.50 |
3.21 |
CC07-0036 |
|
|
|
|
|
|
|
| |
183.50 |
214.50 |
31.00 |
3.30 |
0.03 |
5.31 |
4.57 |
Including |
183.50 |
192.60 |
9.10 |
6.14 |
0.04 |
9.91 |
8.49 |
Also Including |
183.50 |
186.00 |
2.50 |
19.63 |
0.05 |
31.90 |
21.80 |
Including |
211.83 |
214.50 |
2.67 |
16.57 |
0.08 |
26.80 |
22.70 |
CC07-0037 |
|
|
|
|
|
|
|
| |
38.00 |
49.68 |
11.68 |
0.54 |
0.30 |
0.35 |
4.12 |
| |
82.00 |
91.50 |
9.50 |
0.56 |
0.38 |
0.21 |
6.35 |
| |
115.50 |
120.80 |
5.30 |
0.52 |
0.33 |
0.27 |
3.24 |
| |
147.25 |
161.50 |
14.25 |
1.78 |
0.95 |
0.63 |
50.05 |
Including |
147.25 |
153.65 |
6.40 |
3.21 |
1.76 |
1.33 |
71.85 |
CC07-0038 |
|
|
|
|
|
|
|
| |
277.00 |
340.28 |
63.28 |
0.60 |
0.32 |
0.35 |
7.30 |
Including |
279.50 |
295.40 |
15.90 |
1.33 |
0.70 |
0.83 |
14.46 |
Also Including |
286.00 |
295.40 |
9.40 |
1.69 |
0.86 |
1.10 |
18.03 |
Including |
330.35 |
340.28 |
9.93 |
0.69 |
0.40 |
0.32 |
9.42 |
CC07-0039 |
|
|
|
|
|
|
|
| |
60.00 |
65.00 |
5.00 |
0.89 |
0.02 |
1.41 |
1.25 |
Including |
60.00 |
62.50 |
2.50 |
1.20 |
0.02 |
1.92 |
1.70 |
CC07-0040 |
|
|
|
|
|
|
|
| |
13.00 |
24.00 |
11.00 |
0.76 |
0.39 |
0.43 |
12.46 |
Including |
15.50 |
20.50 |
5.00 |
1.14 |
0.53 |
0.70 |
20.80 |
| |
290.00 |
296.00 |
6.00 |
0.49 |
0.33 |
0.22 |
2.97 |
| |
472.50 |
490.10 |
17.60 |
0.47 |
0.29 |
0.26 |
2.51 |
Including |
472.50 |
478.50 |
6.00 |
0.64 |
0.36 |
0.39 |
4.20 |
| |
512.25 |
532.00 |
19.75 |
0.49 |
0.26 |
0.36 |
1.50 |
Including |
516.00 |
520.00 |
4.00 |
0.96 |
0.48 |
0.75 |
2.65 |
CC07-0041 |
|
|
|
|
|
|
|
| |
80.00 |
91.15 |
11.15 |
0.49 |
0.34 |
0.12 |
8.03 |
| |
274.50 |
279.00 |
4.50 |
0.51 |
0.26 |
0.37 |
3.00 |
CC07-0042 |
|
|
|
|
|
|
|
| |
236.50 |
248.50 |
12.00 |
0.41 |
0.33 |
0.11 |
0.78 |
| |
325.00 |
354.50 |
29.50 |
0.50 |
0.16 |
0.54 |
1.46 |
Including |
325.00 |
331.00 |
6.00 |
1.02 |
0.33 |
1.11 |
1.50 |
| |
367.50 |
421.70 |
54.20 |
0.51 |
0.18 |
0.52 |
1.99 |
Including |
388.50 |
404.43 |
15.93 |
1.07 |
0.23 |
1.32 |
4.51 |
Also Including |
388.50 |
390.25 |
1.75 |
2.77 |
0.11 |
4.10 |
18.90 |
Also Including |
401.32 |
404.43 |
3.11 |
2.38 |
0.08 |
3.64 |
10.00 |
CC07-0043 |
|
|
|
|
|
|
|
| |
130.00 |
138.00 |
8.00 |
0.63 |
0.41 |
0.33 |
2.36 |
| |
157.50 |
174.00 |
16.50 |
0.56 |
0.38 |
0.27 |
1.52 |
| |
192.70 |
198.00 |
5.30 |
0.54 |
0.37 |
0.27 |
1.45 |
| |
330.00 |
338.00 |
8.00 |
0.37 |
0.24 |
0.19 |
1.48 |
| |
371.00 |
431.91 |
60.91 |
0.40 |
0.15 |
0.39 |
1.32 |
CC07-0044 |
|
|
|
|
|
|
|
| |
26.50 |
207.50 |
181.00 |
0.69 |
0.32 |
0.49 |
8.96 |
Including |
48.00 |
62.80 |
14.80 |
1.03 |
0.52 |
0.63 |
14.09 |
Including |
82.50 |
96.60 |
14.10 |
0.94 |
0.50 |
0.60 |
8.74 |
Including |
141.50 |
160.54 |
19.04 |
1.48 |
0.61 |
1.06 |
24.64 |
Also Including |
143.50 |
151.50 |
8.00 |
1.92 |
0.82 |
1.36 |
31.06 |
Including |
176.50 |
180.50 |
4.00 |
2.27 |
1.64 |
0.92 |
7.33 |
| |
287.35 |
323.00 |
35.65 |
0.62 |
0.03 |
0.97 |
0.71 |
Including |
292.19 |
309.64 |
17.45 |
0.97 |
0.03 |
1.55 |
0.65 |
Also Including |
292.19 |
301.00 |
8.81 |
1.12 |
0.02 |
1.78 |
1.18 |
NOTE: Gold and Copper equivalent calculations use metal prices of US$375/oz for gold, US$5.50/oz for silver and US$0.90/lb for copper. Gold and Copper equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries. |
NOTE: Intersections based on a 0.35% Cu Equivalent Cut-Off |
A compilation map outlining drill-hole locations can be found here:
Copper Canyon Drill-hole Location Map
The property contains a significant inferred category resource estimate completed by an independent engineering firm as reported previously by the Company (see news release Nov 19, 2007).
Copper Canyon management considers the Copper Canyon property to be an important component of the Galore Creek project, providing a potential source of high-grade ore.
Clarification Regarding Abo News Release Nov 16, 2007
Management wishes to clarify earn-in requirements and resultant ownership relating to the Abo Gold Project. Egoli Resources Inc. may earn a 75% interest in the Property by completing CDN$7.5M in exploration expenditures, paying Copper Canyon CDN$1.5M in cash and issuing 1,000,000 million common shares of Egoli over a 5 year period. After these commitments are met, Copper Canyon Resources will own a 25% interest in the Property and retain a 2% net smelter royalty (NSR), 1% of which may be purchased at any time for CDN $1,500,000.
About Copper Canyon Resources
Copper Canyon Resources was created by way of a Plan of Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. approved the plan to reorganize the Company’s mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, three of Eagle Plains’ projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon on a one-for-one share basis.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
On behalf of the Board of Directors
Signed
“Tim J. Termuende”
President and CEO
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@copcanyon.com or visit our website at http://www.copcanyon.com
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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