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Junior Miner Picks Up High-Grade Gold Property
By: AllPennyStocks.com News
February 16, 2010
“Gold, we leapt from our benches/Gold, we sprang from our stools”, wrote Robert Service in the last century, in chronicling the reaction of the Yukon prospectors to the lure of the shiny yellow metal. And, in this heady time of stratospheric gold prices, and more sophisticated means of finding and mining it, some things don’t change.
The junior miner located in the town of Cranbrook, British Columbia, but a stone’s throw from where this month’s Winter Olympics are being held (and where symbolic gold is being hung around athletes’ necks on a daily basis) is returning to the roots of what made Canada’s reputation as a mining power. In the third week of February, Copper Canyon Resources Ltd. (TSX-Venture:CPY) announced it had acquired a 100% interest in the Kiwi property located 70 kilometres northeast of Ross River, in central Yukon.
The claims consist of 32 units (668 hectares), which overlie high-grade gold occurrences associated with intrusive rocks and north-west trending structures. Past operators reported in-situ visible gold with analytical values of up to 115 grams per ton (g/t) gold and 32 g/t silver reported from a grab sample at the VG Showing. Copper Canyon intends to carry out systematic exploration of the property this year.
The Kiwi property covers an epithermal gold-silver showing discovered by Teck Corp. in 1997. The last recorded work on the property was reported by Teck in 1997 who conducted limited hand trenching and rock geochemical sampling.
Not yet four years old, CPY was formed in a spinoff from Eagle Plains Resources (TSX-Venture:EPL). CPY seeks to add shareholder value by applying the joint venture model to advance its projects to production.
Copper Canyon, the most significant property, is located adjacent to the Galore Creek Project in north-western B.C., a 50/50 joint venture between Teck Cominco Ltd. and NovaGold Resources. Early in January, NovaGold Resources Inc. (TSX:NG) announced that it and its partner, Teck Resources Inc. (NYSE:TCK), were considering a more aggressive program in 2010 to advance Galore Creek toward a construction decision. They expect to issue a new mine plan for the project in the very near future. This plan is to include updated economics using higher gold and copper prices and an optimized project plan.
It was soon after this announcement that CPY’s share price soared to its 52-week high of 40.5 cents, after withering to a 52-week gulch of 13 cents last August. The price settled in somewhere in the upper reaches between those two extremes, at 35 cents, soon after the Kiwi purchase. It’s exciting news for small-cap investors looking to load this bargain stock into its gold holdings, and possibly seeing those holdings turn more lucrative – in the land where a previous gold rush began.
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