CYON EXPLORATION STARTS DRILLING AT BLACK ROCK CANYON
Vancouver, British Columbia (March 10, 2021) – CYON Exploration Ltd. (the “Company” or “CYON”) (TSXV: CYON | OTCQB: CYNXF | FSE: C2YD) is pleased to announce the commencement of drilling at its Black Rock Canyon property in the Cortez gold trend, Ladner County, Nevada. Following a review of historical exploration and mining data, 3 drill site locations have been located for the proposed phase one drill program. Historical drilling was limited to depths of less than 300 meters; significant gold anomalies are present at shallow depths and indications are that deeper drilling may find similar geologic formations that host the major gold deposits of the Cortez gold trend.
Envirotech Drilling LLC of Winnemucca, Nevada has been engaged by the Company to drill the Reverse Circulation (RC) pre collar holes. The phase one drilling will consist of two to three RC drillholes planned for total depths of between 300 and 365 meters. Rock chips from the RC drilling will be logged and samples submitted to ALS Geochemistry in Reno, Nevada for analysis. Upon completion of the RC drilling, the holes will be cased in preparation for core drilling. The Company has planned a phase two drilling program to re-enter these casings with a core rig, extending the drilling and sampling to depths of up to 1,220 meters per hole.
The Black Rock Canyon property is located in the Cortez gold trend just 16 kilometers north and 22 kilometers northwest of the Pipeline and Cortez gold mine complexes, respectively, and the Goldrush-Fourmile gold deposits (Figure 1), all operated by the Nevada Gold Mines joint venture of Barrick Gold Corporation [NYSE: GOLD] and Newmont Corporation [NYSE: NEW]. As of December 2018, the Pipeline – Cortez mining complex contained a total of more than 45 million ounces of gold in documented past production (23.7 million ounces gold) plus historical Proven and Probable reserves of 159,892,000 tons at 0.055oz Au/ton, and historical Measured and Indicated resources of 62.53 million tons grading 0.051oz Au/ton for 21.3 million ounces. The Cortez gold trend is 16 kilometers wide including the past-producing Buckhorn gold-silver deposit and projects northwest toward the Black Rock Canyon Property.
Mr. Brian G. Thurston, P.Geo., the Company’s President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the technical information in this news release. Further information on the Black Rock Canyon property can be found in the NI 43-101 technical report titled, “Updated Technical Report for the Black Rock Canyon Project, Ladner County, Nevada, U.S.A.”, available from the Company’s website at https://goldstateresources.com/projects/
CYON is engaged in the acquisition, exploration, and development of mineral properties in North and South America. The Company is currently focused on its recently acquired Black Rock Canyon gold property that is favorably located within the Cortez gold trend of the Battle Mountain-Eureka belt, a productive and rapidly growing gold mining district in Nevada.
On behalf of Cyon Exploration Ltd.
President & CEO
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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