CYON RECEIVES DRILLING PERMIT AND FINALIZES PLANS FOR DRILL PROGRAM

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Vancouver, British Columbia (January 11, 2021) – Cyon Exploration Ltd. (the “Company”) (CYON: TSX.V) is pleased to announce that we have received approval of the Notice of Intent filed with the U.S. Bureau of Land Management for deep drilling at our Black Rock Canyon property in the Cortez gold trend, Lander County, Nevada.  Following a review of historical exploration and mining data, we have best determined our drill site locations and plan on an initial 3,000 meter 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. 

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].  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”

Byron Coulthard
President & CEO
info@goldstateresources.com
Tel: 1.604.657.7004

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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