CANYON RESOURCES ANNOUNCES GOLD DISCOVERY IN MONTANA
CANYON RESOURCES ANNOUNCES GOLD DISCOVERY IN MONTANA GOLDEN, Colo., Nov. 18 /PRNewswire/ -- Canyon Resources Corp.
(NASDAQ: CYNR), a Colorado-based mining company, today announced that the Seven-Up Pete Joint Venture has made a major gold discovery at its McDonald property near Lincoln, Mont. Seven-Up Pete is a venture between Phelps Dodge Mining Co., which holds an undivided 72.4 percent interest and acts as a operator, and Canyon Resources Corp., which holds the remaining 27.6 percent interest.
Phelps Dodge estimates that the deposit contains approximately 185 million tons of mineralized material with an average grade of 0.028 ounce of gold per ton using a cutoff grade of 0.016 ounce of gold per ton. Preliminary studies indicate that a major portion of the deposit is amenable to open pit mining and low-cost heap leach processing. The venture has initiated comprehensive metallurgical, engineering, and environmental studies to evaluate the economic potential of the deposit. The venture has been exploring in the area since 1989 and to date has completed 260 drill holes totaling more than 175,000 feet of drilling. Canyon had previously disclosed the discovery of a small portion of the McDonald deposit and the delineation of other mineralized material at the Venture's Seven-Up Pete property. The Seven-Up Pete deposit contains 10 million tons of mineralized material with an average grade of 0.060 ounce of gold per ton using a cutoff grade of 0.020 ounce of gold per ton. The venture is continuing exploration activity at the property. Canyon Resources currently produces gold and silver from the Kendall Mine in Montana and also produces and sells industrial mineral products from a Nevada plant. -0- 11/18/91 /CONTACT: Linda J. Engel of Canyon Resources Corp., 303-278-8464/ (CYNR) CO: Canyon Resources Corp. ST: Colorado IN: MNG SU: EH-KJ -- LA008 -- 1230 11/18/91 08:33 EST
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|Date:||Nov 18, 1991|
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