CYON IDENTIFING PROMISING DRILLING LOCATIONS FOR BLACK ROCK CANYON PROPERTY
Vancouver, British Columbia (December 3, 2020) – Cyon Exploration Ltd. (the “Company”) is pleased to announce that permitting is underway for deep drilling at the recently acquired Black Rock Canyon property in the Cortez gold trend, Lander County, Nevada. 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.
The company has identified specific drill sites and submitted a Notice-level permit document to the U.S. Bureau of Land Management’s field office in Battle Mountain, Nevada. Approval is expected in the coming weeks, following which drill sites and access can be constructed.
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 [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. Steven I. Weiss, PhD, C.P.G. is a qualified person as defined by National Instrument 43-101 and 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, Lander County, Nevada, U.S.A.“, available from the company’s website at https://goldstateresources.com/projects/
Figure 1. Cyon’s Black Rock Canyon Property and the Cortez Gold Trend, Nevada
(modified from Barrick Gold Corporation, 2016; UTM NAD27 meters; blue line shows Nevada Gold Mines AOI)
Cyon Exploration Ltd.
Per: “Byron Coulthard”
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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