posted
check out cau. good gold play.. looks like decent support around 1.05-1.09 area. recent high of 1.4 on no real news.. should look for bounce on good news today!.
Canyon Completes Phase 1 Drilling and Confirms High Grade Structures at Briggs Monday May 15, 4:58 pm ET
GOLDEN, Colo., May 15 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company announces completion this week of its Phase I reverse circulation development drilling program at its Briggs Mine in Inyo County, California. A total of 61 holes totaling 21,232 feet have been drilled in this program. Program results confirm the discovery of a new zone of high-grade, structurally controlled, gold mineralized material adjacent to the Gold- tooth fault, a major structure associated with the previously mined gold ore bodies at Briggs, which produced more than 550,000 ounces of gold. The new zone is approximately 800 feet long and from 7 feet to 21 feet in true thickness. It forms a shoot or lens of material that dips 60 to 70 degrees to the west and has an apparent steep plunge to the north and remains open to the north along the strike of the fault, and partially open at depth. Gold mineralization is associated with intense silica-carbonate-pyrite alteration. Previous drill holes in the same area were generally confined to shallow depths. Although they encountered the Goldtooth fault, these previous holes only intercepted thin, economically uninteresting gold mineralization from what is now believed to be the leached top of the Goldtooth fault.
ADVERTISEMENT "This is a strong indicator that significant mineral potential remains at Briggs. A new estimate of mineralized material at Briggs is currently underway and should be completed in June 2006. We anticipate the completion of a new open pit mine plan and reserve estimate by the end of August 2006. We will also be assessing additional potential for underground mining based on what we know about our new high grade discovery zone. An additional Phase II drilling program is being planned to further assess this potential. In addition, we have retained Golder Associates, a well known engineering firm, to initiate leach pad design and cost studies to coincide with completion of our new mine plan in August. One of the Company's top priorities is the re-opening of our Brigg Mine," states James Hesketh, President & CEO.
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