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Canyon Copper Corp. - Oxide copper targets to be reviewed by geological team including independent consultant
TSXV: CNC OTCBB: CNYC VANCOUVER, May 16, 2012 /CNW/ - Canyon Copper Corp. ("Canyo...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nTSXV: CNCOTCBB: CNYC\n\n\nVANCOUVER, May 16, 2012 /CNW/ - Canyon Copper Corp. (\"Canyon\" \"Company\") (TSX-V: CNC) (OTCBB: CNYC) is pleased to announce\n that it has commissioned a visit to the Moonlight and New York Canyon\n Properties both located on the famous Walker Lane mineral belt.  A team\n of Canyon's senior geologists with an independent consultant will be\n looking in some detail at the properties with particular emphasis on\n the potential to expand the copper oxide potential of the Longshot\n Ridge and Moonlight systems. It allows an opportunity to review the\n immediate exploration plans for each property. The independent\n consultant visit is important for the continuing development of the\n Moonlight project as it is planned to update the earlier NI 43-101\n report completed for Sheffield Resources Limited in 2006.\n\n\nUpcoming programs for Canyon Copper:\n\n\nCanyon is focusing on the copper oxide deposits at the start of the\n exploration and development of both the New York Canyon and the\n Moonlight Copper properties for the following reasons:\n\n\nBoth have the potential to be brought into production in a shorter time\n frame than the much larger operational size that is represented by the\n sulphide bodies associated with the oxide bodies.\n\n\nThe capital and operating expense for a copper leach operation would be\n expected to be much less than that of a larger sulphide recovery plant.\n This could allow senior financing of the project with a combination of\n an off-take agreement to buy premium grade copper cathodes, contracted\n bank loans and equity financing.\n\n\nThe oxide deposits can produce high quality cathode copper that is\n typically sold promptly at a premium to the traditional refined metal\n prices for copper.\n\n\nSulphide concentrates are sold to a smelter and are subject to variable\n treatment and refining charges (TC/RC), currently at about $80/tonne of\n 90% of the contained copper in the concentrate, and higher freight\n costs since the sulphide concentrate generally has less than 30% by\n weight of copper metal in it. This results in additional freight costs\n for the 70% waste and moisture in the copper sulphide concentrate.\n Payment may take months to complete through times of varying metal\n prices and foreign exchange rates.\n\n\nProposed Drill Program on Moo...