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Canyon Closes Option Agreement to Acquire Samuels Lake Property
VANCOUVER, BC / ACCESSWIRE / October 19, 2016 / Canyon Copper Corp. (TSXV: CNC) ("Canyon") i...
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[{"type":"text","content":"Canyon Closes Option Agreement to Acquire Samuels Lake PropertyVANCOUVER, BC / ACCESSWIRE / October 19, 2016 / Canyon Copper Corp. (TSXV: CNC) (\"Canyon\") is pleased to announce that the TSX Venture Exchange (the \"Exchange\") has closed the option agreement (\"Option Agreement\") with ProAm Explorations Corporation (\"ProAm\"), a company listed on the \"Exchange\", to earn a 71% interest in the Samuels Lake Property (the \"Property\") by paying $50,000 and issuing 200,000 common shares to ProAm. The future obligations under the Option Agreement are set forth in Canyon's news release dated September 27, 2016.\nSamuels Lake (the \"Property\") is located in the Rainy River District of Ontario, about 56 kms west southwest of Atikokan, a former mining centre that is 200 kms west of the port of Thunder Bay. The claim block covers a land area of 595.63 ha, (1,472 acres) with 5 mineral claims (36 units). This coverage encompasses all of the area of the Samuels Lake Intrusion.\nThe Property is host to Nickel, Copper, Cobalt and Platinum Group Elements (\"PGE\"). Ben Ainsworth, President and CEO of Canyon stated - \"The advantage of having accumulations of nickel-copper sulphides, and the potential for cobalt as a by-product means Samuels Lake is an attractive exploration target for Canyon. Cobalt is an important component of lithium ion batteries electrode materials.\"\nSummary of Historical Work\nThe Property is an advanced exploration project, having had two significant work campaigns on it. Both campaigns lead to recommendations for further work, with geophysical targets for drilling. The first campaign was in 1998 - 2001, which started from a joint venture agreement between StarCore Resources Ltd and ProAm Explorations Corporation (\"ProAm\"). The program included property scale geophysical surveys, together with prospecting and trenching of the discovery area. This was followed up by a drill program of 12 NQ drill holes for 2,748 m. to test some of the electromagnetic and magnetic anomalies identified by the surface geophysical surveys.\nDrill hole SM 99-3 one of the early drill holes attempted, intersected 45.74 meters of 0.82 % copper, 0.64% nickel, with 0.8g/t Pt+Pd+Au and up to 0.08% cobalt. This mineralization was associated with wehrlite alteration which has a high magnetic susceptibility and can also present magnetic anomal...