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Canyon Copper Corp. enters into agreement to acquire Moonlight copper porphyry property
VANCOUVER, Nov. 29, 2011 /CNW/ - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) (OTCBB: CNYC) ...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 29, 2011 /CNW/ - Canyon Copper Corp. (\"Canyon\") (TSX-V: CNC) (OTCBB: CNYC) is pleased to announce that it\n has entered into an assignment agreement (the \"Assignment Agreement\")\n with Metamin Enterprises Inc. (the \"Assignor\"), a company controlled by\n Benjamin Ainsworth, Canyon's President, Secretary and director, and\n Metamin Enterprises USA Inc. (the \"Subsidiary\"), a wholly owned\n subsidiary of the Assignor, to acquire the former Placer Dome Moonlight\n Project, a bulk tonnage porphyry copper, gold, silver property.  It is\n located on the Northern end of the very productive Walker Lane Porphyry\n Trend that includes major past producers such as the Yerrington Mine in\n Nevada and properties like Canyon's New York Canyon Project, south of\n Hawthorne, Nevada.\n\n\nThe Moonlight Property is located in an area with a historical mining\n tradition that brought significant benefits to the local communities\n around Crescent City, Plumas County, California, with a low\n environmental impact. The local community has been involved in logging\n and mining historically and is currently enduring high unemployment.\n Local support was expressed for a recent exploration effort (2006-8) on\n the Moonlight Property for development of a long life project in the\n labour catchment area.\n\n\nA historical estimate was disclosed by Sheffield Resources Ltd. in the\n technical report titled \"Moonlight Copper Property, Plumas County,\n California\" dated April 2007, prepared by George Cavey, P.Geo and Gary\n Giroux, P.Eng., and filed on SEDAR on May 14, 2007. The historical\n estimate is now out of date by virtue of further work and a change in\n the boundaries of the Moonlight Property since the report was written.\n The historical sulphide resource estimate was wholly contained by the\n claims now subject to this agreement with the resource estimates\n described in the following grade tonnage tables:\n\n\n\n\n\nMOONLIGHT INDICATED MINERAL RESOURCE GRADE-TONNAGE TABLE\n\n\nCutoff  \n\n\nTons > Cutoff   \n\n\n \n\n\nGrade > Cutoff\n\n\n(Cu%)      \n\n\n(tons)  \n\n\nCu(%)   \n\n\nAu (oz/t) \n\n\nAg (oz/t)\n\n\n0.20  \n\n\n161,570,000  \n\n\n0.324    \n\n\n0.003\n\n\n0.099\n...