Canyon Discovers Additional Gold Mineralization at Its Briggs Mine
16 Mars 2007 - 3:15PM
PR Newswire (US)
GOLDEN, Colo., March 16 /PRNewswire-FirstCall/ -- Canyon Resources
Corporation (AMEX:CAU), a Colorado-based mining company, is pleased
to announce the partial results of its step-out drilling along the
Goldtooth fault structure at its Briggs Mine in Inyo County,
California. This exciting new discovery has increased the potential
for additional underground mineralization along strike on the
Goldtooth fault structure. This structure is believed to be the
major control for gold mineralization at Briggs. Holes R-105 and
R-106, both previously reported as step-out holes drilled to the
north of existing mine design areas on the Goldtooth fault
structure, indicated the possibility for additional gold
mineralization with step-out drilling. The decision was made to
test this potential with a series of exploration holes drilled at
roughly 200 foot increments north along strike on the Goldtooth
structure. Six holes have recently been drilled outlining an
additional 1,600 feet of mineralized strike length on the Goldtooth
structure. Assays have been received on four of these new holes.
The last two drill holes, R-111 and R-112, drilled 200 feet and 340
feet, respectively, north from hole R-110 on the Goldtooth fault
structure, have intercepted the expected structure and
mineralization and assays are pending. Highlights from the latest
drilling include: * Hole R-110, a step-out hole drilled 1,300 feet
along the strike from the reserve panel previously reported on the
Goldtooth fault, encountered 20 feet (6.1 meters) of 0.198 ounce
per ton (opt) Au (6.8 gram per tonne (gpt) Au), including 5 feet
(1.5 meters) of 0.497 opt Au (17.1 gpt Au). * Hole R-109, a 1,100
foot step-out hole encountered two mineralized zones, one of 20
feet (6.1 meters) averaging 0.096 opt Au (3.3 gpt Au) and one of 10
feet (3.0 meters) averaging 0.119 opt Au (4.1 gpt Au). * Hole
R-108, a 750 foot exploration step-out hole encountered five feet
(1.5 meters) of 0.119 opt Au (4.1 gpt Au). * Hole R-107, drilled 50
feet north along strike from Hole R-105 encountered 10 feet (3
meters) of 0.125 opt Au (4.25 gpt Au). * Hole R-105, a 450-foot
exploration step-out to the north encountered 15 feet (4.6 meters)
of 0.11 opt Au (3.77 gpt Au), including 5 feet (1.5 meters) of
0.266 opt (9.13 gpt Au). James Hesketh, President and CEO stated,
"These drilling results are notable in that they clearly define the
potential for a significant extension of mineralization along the
Goldtooth structure. We have now drilled over 4,800 feet of strike
length along the Goldtooth fault and have demonstrated the
existence of nearly continuous gold mineralization over the entire
length. We have also demonstrated continuity within the system with
infill drilling in select areas that resulted in our recent reserve
declaration. We have now mapped almost 10,000 feet of Goldtooth
fault on our Briggs property and are impressed by the potential
that remains open along strike and to depth on this very large
mineralized system. We are currently limited in our ability to
conduct additional surface drilling along strike to the north by
steep terrain. This area will be more accessible from underground
workings to determine its full potential. In light of our increased
understanding of the Briggs gold deposits, specifically the
high-grade Goldtooth structure, and due to the cost and difficulty
of conducting additional surface drilling, we are reviewing our
options for Briggs' development. These options include the
potential for developing existing reserves by underground mining to
develop cash flow, while pursuing the additional mineralized
potential of this system by underground drilling and drifting."
Below is a table of significant unreported gold intercepts from
this last round of drilling, including the previously reported
holes R-105 and R-106. The higher-grade ( > 0.10 opt Au) gold
intercepts are italicized. Hole From To Intercept Intercept Grade
Grade (feet) (feet) (feet) (meters) (opt) (gpt) R-105 265 290 25
7.5 0.031 1.08 Step-Out 330 345 15 4.6 0.039 1.36 425 440 15 4.6
0.11 3.77 including 430 435 5 1.5 0.266 9.13 R-106 420 425 5 1.5
0.103 3.53 Step Out R-107 430 440 10 3.0 0.125 4.25 Step-Out R-108
555 560 5 1.5 0.119 4.09 Step-Out R-109 580 600 20 6.1 0.096 3.30
Step Out 630 640 10 3.0 0.120 4.10 R-110 610 630 20 6.1 0.198 6.8
Step-Out Including 620 625 5 1.5 0.495 17.8 The Goldtooth fault is
a major north-south trending high angle structure that has been
mapped for over 10,000 feet of strike length in the Briggs project
area. In the Goldtooth structure, pyrite content usually rises
above 2-3 percent in the high-grade gold intervals which makes them
visually very distinctive. The assay footwall of the high-grade
gold mineralization, nearest the Goldtooth fault, is typically
sharp, while the hanging wall assay values are usually gradational
over several tens of feet. These visually notable features assist
in our understanding of these deposits. Interpretation of geology
and recent drilling results indicate that an elevational control
exists for mineralization on the Goldtooth fault structure.
Previous shallow drilling for open pit ores intercepted the
Goldtooth structure above this elevation cutoff and returned only
low grade or no detectable gold assays. Drilling below this zone is
producing relatively consistent results. This mineralized zone has
been poorly tested to depth and with mixed results. Assay analyses
were performed by ALS Chemex of Sparks, Nevada, using a 30 gram
fire assay with AA finish. The drilling and assay program has been
performed under the direction of Mr. Bill Fleshman, PGeo, AUSIMM,
as a qualified person. For additional information on Canyon
Resources, 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 of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934 as amended. Such forward- looking
statements include, among others, feasibility and drilling studies
for the Briggs and Cecil R projects, mineralized material
estimates, reserves 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 reserves, 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/ (Photo:
http://www.newscom.com/cgi-bin/prnh/20070316/LAF005)
http://www.newscom.com/cgi-bin/prnh/20070316/LAF005
http://photoarchive.ap.org/ 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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