The Galore Creek/Copper Canyon project overlies one of the largest and highest-grade alkalic intrusive-related gold-silver-copper deposits in North America.
The project, operated by NovaGold Canada Ltd (TSE:NG) and Teck Cominco Ltd (TCK:TSE) with indirect participation by Copper Canyon Resources.
Copper Canyon Highlights:
* Copper Canyon Resources controls 40% of the Copper Canyon property
* NovaGold/Teck Cominco - have earned a 60% interest in the Copper Canyon project, by completing C$3 million in exploration expenditures, issuing a total of 296,000 of NG shares and making property payments totalling C$250,000.
* NovaGold/Teck Cominco - may earn an additional 20% interest in the project for a total of 80% by paying Copper Canyon Resources C$1 million and completing a feasibility study by October 1, 2011.
During the 2007 season, NovaGold/Teck Cominco - completed a 16,000’ (4,940m), 12-hole diamond drilling program on the Copper Canyon Property.
A number of holes were targeted beneath and beyond the existing boundaries of the current inferred resource.
Hole CC07-0033 was drilled to a total depth of 2,076 ft (633 m), testing over 250 m beneath historical drill-hole CC90-2, the highest-grade hole in the Galore District, which intersected 888 ft (270 m) grading 1.92 g/tonne Au, 22.28 g/t Ag and 1.05% Cu.
Follow-up drilling was also completed on hole CC05-030 (drilled in late 2005), which intersected 2.5 m grading 50.6 g/t Au (1.5 oz/ton).
Assay results from this program are pending.
A plan of these holes may be seen on the Copper Canyon 2007 Drill Program Map, the link is located below and to the right.
NovaGold drilled two holes at Copper Canyon in 2005 season, following an 8 hole program in 2004 and announced an Inferred Resource based on a compilation of both their work and 14 historic drill holes on January 10th, 2005.
A plan of existing drill-hole locations may be viewed on the Copper Canyon Compilation Map.
The Inferred Category resource estimate was completed by independent engineering firm Hatch Ltd. of Vancouver, B.C., Canada.
The Copper Canyon property contains - over 2.86 million ounces of gold, 37.9 million ounces of silver and 1.16 billion pounds of copper at a 0.35% copper equivalent cut-off grade (CuEq).
Only a small % or fraction of the property has been explored, still a very huge deposit outlined -
Copper Equivalent grades are based both on long-term average metal prices and estimated recoveries based on extensive metallurgical data from the adjacent Galore Creek Central/SW deposit.
The drill results have defined a broad area of precious metal rich mineralization at least 700 meters by 400 meters which is open to expansion in 3 directions including depth.
The mineralization begins at surface, continuing to as much as 300 meters depth and occurs as a roughly 100+ meter thick zone of disseminated chalcopyrite and pyrite hosted within an intrusive porphyry complex.
Copper Canyon Resources Ltd. (V.CPY) $ 0.395 - 0.005 (+1.28%) Volume: 35.2 k 1:40 PM EST Jan 28, 2008
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RE: Copper Canyon Highlights:
* Copper Canyon Resources controls 40% of the Copper Canyon property
* NovaGold/Teck Cominco have earned a 60% interest in the Copper Canyon project, by completing C$3 million in exploration expenditures, issuing a total of 296,000 of NG shares and making property payments totalling C$250,000.
* NovaGold/Teck Cominco may earn an additional 20% interest in the project for a total of 80% by paying Copper Canyon Resources C$1 million and completing a feasibility study by October 1, 2011.
Copper Canyon Resources Ltd.: Copper Canyon Resources/NovaGold to form Copper Canyon Joint Venture - 2/15/2008 Feb 15, 2008 (M2 PRESSWIRE via COMTEX News Network) --
subsidiary of NovaGold Resources Inc. (AMEX, TSX:NG), have agreed to form a 40/60 joint venture to explore and develop the Copper Canyon property, located adjacent to the Galore Creek Partnership's Galore Creek project, located in north-western British Columbia, Canada. The Galore Creek Partnership is a 50/50 partnership between Teck Cominco and NovaGold.
NovaGold has satisfied all requirements under an option agreement with Copper Canyon which saw the completion of $3,000,000 in exploration expenditures, delivery of 296,000 NovaGold shares and cash payments of $250,000. A 2% net smelter royalty ("NSR") is held by B. Kreft, one-half of which may be purchased at any time for $1,000,000.
Work on the Copper Canyon property has been carried out annually since 2004, when the property was first optioned to SpectrumGold and subsequently transferred to NovaGold. After completing an 8-hole program in 2004, NovaGold commissioned an independent engineering firm who reported a significant inferred category resource estimate as reported previously by the Company (see news release Nov 19, 2007).
A new resource estimate is underway based on 2007 drilling results and will be released in due course.
Drilling to date at Copper Canyon has indicated the presence of both a large, bulk-tonnage copper-gold mineralized system and zones of high-grade gold mineralization. The best hole drilled in the Galore Creek district was CC1990-02, which intersected 270.8m (898') grading 1.92 g/tonne Au, 22.28 g/tonne Ag and 1.05% Cu. Other notable intersects include hole CC05-030, which returned 2.5m grading 50.6 g/t Au, and hole CC07-36 which returned 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)
Since acquiring the property, NovaGold has completed 22 drill-holes, with a total of 44 holes drilled on the property since 1990. A compilation map outlining drill-hole locations can be found here:
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.
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.
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com. (C)1994-2008 M2 COMMUNICATIONS LTD
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