Canyon Resources Uranium Joint Venture Drilling Confirms Mineralization
08 Janvier 2007 - 3:30PM
PR Newswire (US)
GOLDEN, Colo., Jan. 8 /PRNewswire-FirstCall/ -- Canyon Resources
Corporation (AMEX:CAU), a Colorado-based mining company, is pleased
to announce favorable results from a drilling program conducted on
the Converse-Sand Creek Joint Venture area of interest near
Douglas, Wyoming. The drilling was conducted by operating partner
New Horizon Uranium Corporation. In a progress report dated
December 26, 2006, New Horizon detailed the results of their
initial rotary drilling effort on the Converse-Sand Creek Project,
located near Douglas, Wyoming. A drilling program was initiated on
November 24, 2006, that focused on the "Scott Ranch" target area.
On December 15, and after the completion of 14 drill holes and
10,395 feet of drilling, the program was suspended due to the
approaching year-end holidays and seasonally inclement weather.
Completion of the first phase of drilling is anticipated for early
2007, and a second phase of 12 additional rotary drill holes is
presently being permitted for completion during the same timeframe.
The current drilling program consisted of wide-spaced,
reconnaissance style drilling on five fences of drilling over a
strike length of 1.5 miles and with drill hole spacing of 500 to
1,000 feet. Of the 14 drill holes completed to date, 13 holes
encountered intercepts of uranium mineralization indicative of a
"roll front" style uranium deposit. In addition, the drill holes
have provided considerable additional information regarding both
the location of a uranium-bearing roll front, its apparent
orientation and rock types. Uranium mineralization has been
previously identified in sediments of the White River Formation
that trends through the Sand Creek JV area. The White River
formation is the same formation that hosts Cameco Corporation's
Crow Butte in-situ leaching (ISL) uranium operation in Nebraska. In
addition to the intercepts quoted below, considerable low-grade
uranium mineralization peripheral to the indicated intercepts may
be amenable to solution mining with present ISL technology. Bill
Wilson, President of New Horizon said, "In light of the widespread
nature of these drill holes, we are very pleased with the results
to date that, in part, helps to confirm the historic drilling
completed by Canyon's partner Aquitaine in 1981. We look forward to
additional drilling planned for the first quarter of 2007." James
Hesketh, President and CEO of Canyon Resources, said the following
with regard to the results, "These results point out the potential
for development of substantial uranium mineralization in this
highly prospective but under-explored district in Wyoming." Uranium
drill intercepts summarized by New Horizon include the following:
Converse-Sand Creek Program Hole ID From To Feet % U3O8 (Location)
(Feet) (Feet) SR06-1 775.0 785.5 10.5 0.066 Including 2.0 0.146
793.0 797.0 4.0 0.031 SR06-2 735.5 738.0 2.5 0.038 755.0 767.0 12.0
0.054 Including 4.0 0.093 SR06-3 711.5 713.0 1.5 0.031 724.0 726.5
2.5 0.031 SR06-4 650.0 651.5 1.5 0.046 SR06-5 696.0 696.5 0.5 0.027
SR06-6 648.5 653.5 5.0 0.031 SR06-7 631.0 653.0 22.0 Local
anomalies to 1,000 counts/second SR06-8 597.5 598.5 1.0 0.025 601.5
607.0 5.5 0.021 SR06-9 613.0 614.0 1.0 0.026 SR06-10 No significant
values SR06-11 740.0 743.5 3.5 0.024 754.0 755.5 1.5 0.017 SR06-12
622.5 625.5 3.0 0.022 710.5 714.0 3.5 0.017 722.0 725.0 3.0 0.017
SR06-13 685.0 686.5 1.5 0.024 728.5 733.0 4.5 0.016 758.0 762.5 4.5
0.018 SR06-14 542.5 547.5 5.0 0.021 The Converse Joint Venture was
formed in January 2006 by Canyon and New Horizon Uranium
Corporation, a private company based in Golden, Colorado, to
explore and develop uranium properties in Converse and Niobrara
Counties of Wyoming. In June 2006, the Converse Joint Venture
joined with High Plains Uranium (TSE:HPU) to form the Sand Creek
Joint Venture. The Converse-Sand Creek JV covers an area of
interest of approximately 92,000 acres (37,300 hectares), located
east and south of Douglas, in Converse County, Wyoming. About
Canyon Resources Canyon Resources, based in Golden, Colorado, was
formed in 1979. The Company has a history of precious metals
exploration success and can claim a number of significant
discoveries. Canyon currently owns the Briggs Mine in California
and is currently evaluating the re-start of that operation. Canyon
is also evaluating the potential development of the Reward Gold
Project in Nevada. For additional information on Canyon Resources
and its projects please visit our website at
http://www.canyonresources.com/. 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, projections of favorable geologic
formations, environments and similarities to existing uranium
deposits. Factors that could cause actual results to differ
materially from these forward-looking statements include, among
others: the variability of natural geological settings, the
volatility of uranium prices; potential operating risks of mining,
development and expansion; the uncertainty of estimates of
mineralized material and uranium 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 DATASOURCE: Canyon Resources Corporation CONTACT: James
Hesketh, President and CEO, or Valerie Kimball, Investor Relations,
both of Canyon Resources Corporation, +1-303-278-8464 Web site:
http://www.canyonresources.com/
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