(via TheNewswire)
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Company Highlights:
The Company’s Peak copper-gold project in central
British Columbia has multiple copper- gold targets highlighted by magnetic features, coincident Induced Polarization (IP) anomalies and elevated copper geochemistry.Peak represents a 6,560-hectare, strategic land position situated in a coppergold district with active large scale mining operations nearby and excellent infrastructure.This initial program, of up to 2,000m of diamond drilling, will consists of 2-6 drill holes to test a series of high priority copper-gold porphyry targets.
The Company’s main priority is to test Peak Central.A previous IP survey at Peak Central outlined a large chargeability zone and a deep resistive centre, west of outcropping copper bearing porphyritic rocks grading up to 2% copper.
The Peak project represents a series of complex magnetic highs and lows spanning approximately 15km of interpretedQuesnelliaIsland Arc Terrane. The Company has identified four additional priority targets, north of Peak Central with IP chargeability highs coincident with elevated copper geochemistry and interpreted intrusion related magnetic features.
The Company controls a portfolio of seven 100%-owned, internally generated copper and copper – gold projects in
British Columbia and the Western US, four of which are drill ready.
The Peak property is located in the Cariboo region of south-central
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Figure 1: Location Map
A series of complex magnetic highs and lows spanning over approximately 15km of interpreted Quesnellia Island Arc Terrane have been identified using magnetic inversion modeling and are considered by the Company to potentially be intrusive related features. Project wide soil sample geochemistry has outlined anomalous areas of copper associated with magnetic features that further enhances the potential that these features and may reflect the presence of porphyry-type intrusions at depth. An IP geophysical survey, which focused on coincident magnetic features with elevated copper in soils, was completed by the Company in 2023.Four of the seven targets tested show IP chargeability highscoincident with elevated copper geochemistry and interpreted intrusion related magnetic features.
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Figure 2: Map showing Peak airborne magnetics RTP-VD geophysics with completed pole – dipole IP lines.
The Company’s primary drill-ready target is at Peak Central, which represents an area of complex magnetic highs and lows associated with altered and mineralized porphyritic rocks. A 2011 IP survey at Peak Central outlined a large chargeability zone west of outcropping copper bearing porphyritic rocks, which has not been drill tested.
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Figure 3: Peak Central IP cross section line 1000N.
The Company has initiated a 1,000m to 2,000m drill program, largely to test geophysical features outlined in the 2011 IP program and interpreted by Red Canyon to potentially represent the central causative intrusion related to peripheral copper mineralization found in outcrops to the east. This program is fully funded and designed as an initial test program to be potentially followed by subsequent drilling in H2/24.
About Red Canyon Resources
For more information, please visit the Company's website atwww.redcanyonresources.com.
Red Canyon is part of the
On Behalf of the Board of Directors
Chairman and Chief Executive Officer
+1 (604) 681-9100
wzerb@redcanyonresources.com
For further information, please contact:
Investor Relations Manager
+1 (778) 867-5016
bzerb@redcanyonresources.com
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release.
Qualified Person- The technical information contained in this update has been reviewed and approved by
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company’s exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.
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