Canyon Resources Provides Update
01 Février 2006 - 11:35PM
PR Newswire (US)
GOLDEN, Colo., Feb. 1 /PRNewswire-FirstCall/ -- Canyon Resources
Corporation (AMEX:CAU), a Colorado-based mining company, is pleased
to provide an update of our activities. Briggs Project Project
activities at the Company's wholly owned Briggs Mine are focused on
developing plans to re-start mining at the site in light of the
current strong gold market. The mine retains its operating permits
and residual gold production from the heap leach pad is ongoing.
WLR Consulting (WLR) of Lakewood, Colorado, has completed
scoping-level engineering analysis and mine design work on
potential open pit mining opportunities around the existing Briggs
pits and at the Cecil R deposit, a potential satellite pit to
Briggs located about five miles to the north. WLR identified
potential mining opportunities around the Briggs Main and Briggs
South Unit pits using the existing site block model, updated
operating costs and historical site gold recovery rates. This
analysis developed sufficient mineralized material within designed
pits to provide internal justification for continued expenditure on
drilling and feasibility studies at the site. Geologic review of
these targets shows the potential for open extension of
mineralization both along strike and to depth. Additional drilling
is required before a final study can be completed. A reverse
circulation drilling rig has been mobilized to the site to conduct
a 25-hole, 7,600 foot drilling program around the main Briggs pit.
The first six holes, totaling 2,975 feet of drilling, have
intercepted expected geology and the assays are pending. A block
model has been constructed using 51 existing drillholes at the
Cecil R deposit and scoping level economic analysis and mine design
work has been completed. This analysis produced sufficient
mineralized material within a designed pit shell to justify
additional drilling and feasibility study. Geologic review of this
project indicates the presence of potential open extensions to the
deposit along strike in both directions. A drilling program has
been designed for this property and permits for the drilling
program have been approved. Additional environmental study and
permitting work would be required to allow mining at Cecil R. As
previously announced, drilling operations are being conducted on
potential high grade underground mining targets associated with the
Goldtooth fault around the previously mined Briggs North and
Goldtooth pits. One diamond drill hole has been completed which
targeted the potential high grade feeder structure under the
Goldtooth pit. This core hole was successful in intercepting the
anticipated geologic structure at approximately 150 feet below pit
bottom, intersecting gold mineralization over 89 feet averaging
0.013 opt of gold. This intercept included nine feet averaging
0.068 opt of gold, within which three feet contained 0.141 opt of
gold. This result is sufficiently encouraging to justify additional
drilling on the Goldtooth target. Construction of a drill road to
our high priority drilling target at Briggs North has been
completed, but difficult core drilling conditions were encountered
on the second hole of this program, reducing drilling productivity.
The core rig has been released and a second reverse circulation
rig, which has been proven to be more productive in this type of
ground, has been contracted. James Hesketh, President & CEO
noted: "We are very encouraged by these results. The potential at
Briggs and its satellite pits, when combined with the recently
announced positive study for our nearby Reward Project in Beatty,
Nevada, provide justification for our ongoing activities on these
projects. The Briggs Mine, with its existing mining permit, is our
focus and first priority. We believe that the opportunity exists to
develop reserves at the site with the completion of additional
drilling and feasibility study, therefore we are accelerating our
drilling programs with the addition of another drill rig." Land The
Company has completed a claim staking program, adding 54 additional
claims, each about 20 acres in size, around our Briggs location and
84 claims around our Reward property. These claims provide
additional security to our existing land positions and increase the
potential for discovery on structural trends that exist on the
property. Corporate Dr. Gary C. Huber has resigned as a Director
and Officer of the Company and will be leaving to pursue other
interests. Dr. Huber most recently served as Vice President of
Finance and Corporate Development. Gary founded the company in 1979
with two other geologists, one of whom was Dr. Richard De Voto,
Gary's Ph.D Professor at the Colorado School of Mines. "Gary was my
partner side by side and has been an integral part in Canyon's
successes in the past 27 years. Together we raised over
$100,000,000 in equity and debt financing," comments Chairman, Dr.
Richard De Voto. Gary will continue to support the Company as a
consultant. "We would like to extend our sincere gratitude to Gary
for his 27 years of service with the Company and wish him the
greatest success in the future," states James Hesketh. This press
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act or 1933, as amended and Section
21E of the Securities Exchange Act of 1934 as amended. Such
forward-looking statements include, among others, feasibility
studies for the Briggs and Reward projects, mineralized material
estimates, drilling capability and the potential reopening or
expansion of the Briggs Mine. Factors that could cause actual
results to differ materially from these forward-looking statements
include, among others: the volatility of gold prices; potential
operating risks of mining, development and expansion; the
uncertainty of estimates of mineralized material and gold deposits;
and environmental and governmental regulations; availability of
financing; the outcome of litigation, as well as judicial
proceedings and force majeure events and other risk factors as
described from time to time in the Company's filings with the
Securities and Exchange Commission. Most of these factors are
beyond the Company's ability to control or predict. FOR FURTHER
INFORMATION, CONTACT: James Hesketh, President and CEO (303)
278-8464 Valerie Kimball, Investor Relations (303) 278-8464
http://www.canyonresources.com/ DATASOURCE: Canyon Resources
Corporation CONTACT: James Hesketh, President and CEO, or Investor
Relations, Valerie Kimball, both of Canyon Resources Corporation,
+1-303-278-8464 Web site: http://www.canyonresources.com/
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