Red Canyon Resources Ltd. provided a summary of its 2023 detailed exploration work on its 100% owned Kendal copper project in west-central British Columbia. The Company is focused on impactful, value-adding exploration to make discoveries of copper and copper-gold deposits in established mineral belts in North America. Company Highlights: The Company has completed a detailed lithogeochemical vectoring study and magnetic inversion modeling on its 100%-owned Kendal copper project in British Columbia.

These studies have significantly enhanced confidence that Kendal may represent a newly discovered, never drill-tested, porphyry copper system; In late 2023, the Company collected over 200 rock outcrop samples throughout the Kendal area and using four-acid digestion with high-precision trace-element geochemical analyses, the Company identified important chemical enrichment and depletion zones typical of established porphyry models. Equally important, these studies suggest the erosional level of the porphyry system at Kendal could be directly above and in close proximity to the modeled zone of copper mineralization; The field program also included a project-wide, 213-line-kilometre airborne magnetic and radiometric survey. Fathom Geophysics conducted modeling of the magnetic data including a magnetic vector inversion that outlines an interpreted, 2-km-long elliptical zone of magnetite destruction coincident with the core target area at Kendal; Based on the results of these studies, the Company has completed final drill hole targeting in advance of an anticipated initial drill program as early as fall 2024; and The Company controls a portfolio of seven 100%-owned, internally generated copper and copper-gold projects, four of which are drill ready, including Kendal.

Kendal comprises five 100%-owned mineral claims totaling 2,738 hectares located in west-central British Columbia approximately 25 km northeast of the city of Terrace, a regional infrastructure hub with a well-serviced airport. Infrastructure is excellent with four intersecting highways, hydroelectric power and rail corridors and port facilities approximately 120 km to the west at Prince Rupert. The project has direct road access, only 3.5 km from Highway 16.

A key focus of the Kendal project is the large 2.5 x 1.5 km zone of hydrothermal alteration, manifested as a phyllic zone associated with an interpreted mineralized porphyry intrusion. The Company has completed detailed geological interpretation, a lithogeochemistry vectoring study, magnetic inversion modeling and radiometric studies. These technical studies have significantly enhanced confidence that Kendal may represent a newly discovered, never drilled, copper porphyry system.

In the fourth quarter of 2023, the Company initiated a lithogeochemical vectoring study to better understand the porphyry copper potential within the project area and approximately 200 specimens of variably altered and randomly mineralized whole rocks were collected within the area of interest. The sample suite was analysed for trace element lithogeochemistry using four-acid digestion, which ensures that key minerals are dissolved. High-quality mass spectrometry is utilized to ensure high precision at low detection limits.

This analytical technique allows for the recognition of subtle trends in the data that indicate hotter and potentially more proximal fluid sources, or more simply, the identification of the core of a potential mineralizing system. The enrichment or depletion of certain key elements provides a model of trace element behavior that reflects hotter and cooler temperatures within the vertical geochemical plume that develops above porphyry copper deposits. This enrichment or depletion forms the basis of the porphyry copper lithogeochemical footprint model of Halley et al.

(2015). Interpretation of Kendal data suggests that the current level of erosion is potentially in close proximity to the most prospective potassic alteration zone, suggesting that the top of a copper porphyry system could be near surface. The 2023 field program also included a project wide 213-line-kilometre airborne magnetic and radiometric survey.

Fathom Geophysics assisted the Company with modelling the magnetic data including the completion of 3D inversions. Key geological, geochemical and geophysical features that are typically characteristic of mineralizing porphyry copper systems all overlap and are centered around a 600 x 600 metre region of numerous small, altered intrusions and dykes. This core area is surrounded by a nearly 2-km-wide zone of depressed magnetic responses, as seen in aeromagnetic data, outcrop and hand sample magnetic susceptibility measurements.

This magnetic destruction zone potentially formed from hot hydrothermal fluids that destroyed the magnetite that was originally part of the mainly mafic volcanic host rocks. The gamma-ray radiometric response outlines areas with very low thorium/potassium (Th/K) ratios that reflect intense hydrothermal alteration through the significant addition of potassium, in this case mostly from sericite-alteration of mafic volcanic rocks.