|
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.
|