Red Canyon Resources Ltd. (CSE:REDC), (the 'Company' or 'Red Canyon'), is pleased to provide a corporate overview outlining summary results from last year's activities and exploration plans for 2024.
The Company is focused on impactful, value-add exploration to make discoveries of copper and copper-gold deposits in established mineral belts in North America.
Company Highlights: The Company controls a portfolio of eight 100%-owned, internally generated copper and copper - gold projects, four of which are advanced and drill ready.
The Company's Peak copper-gold project in central British Columbia has multiple targets highlighted by magnetic features, coincident IP, and elevated copper geochemistry. An initial 1,000 m drill program to test first priority targets including the Peak Central area is planned for the first half of 2024.
The Scraper Springs copper project in northern Nevada hosts a 4 x 4 km alteration footprint comparable in scope to some of the world's largest copper deposits. A deep penetrating IP geophysical line completed by Red Canyon has identified a large chargeable drill target. The Hercules discovery north of Scraper Springs in Idaho has renewed interest in copper porphyry exploration in the area.
In the fourth quarter of 2023, Red Canyon completed four first-pass diamond drill holes at its Ping South copper project in British Columbia, testing one of three priority copper-gold targets. Drill hole RCPG-23-003, collared on the edge of an interpreted intrusive related magnetic feature, intercepted a sericite/pyrite altered, quartz-rich porphyry intrusion from the beginning of bedrock to the end of the hole. Intersecting a new porphyry intrusion in this glacial till covered area of the Quesnellia Island Arc Terrane is considered technically positive.
The Company continues to advance a detailed porphyry alteration vectoring study at its high-profile Kendal copper project in British Columbia. In the fourth quarter of 2023, the Company collected over 200 rock outcrop specimens throughout the Kendal area. Using four-acid digestion, trace element geochemistry and hyperspectral analysis, the Company expects to refine and model the porphyry mineralizing potential within the project prior to an anticipated initial drill program in 2024.
Wendell Zerb, the Chairman and CEO of the Company, states: 'Red Canyon has rapidly advanced four of its eight 100% owned projects to the drill stage. Our Peak Project is set to be drill tested first in the second quarter, followed potentially by programs at Scraper Springs and Kendal. Each of these projects has been advanced to the drilling stage by completing systematic, advanced, and detailed geological, geophysical, and geochemical programs. We are at the stage now where shareholders have exposure to potentially the next value add copper-gold discovery'.
Project Overview: The Company holds a portfolio of eight 100% owned projects in British Columbia, Nevada, and Utah. Initial advanced exploration efforts have focused on the Peak and Ping projects in central British Columbia. Red Canyon conducted a first pass diamond drill program at Ping South in the fourth quarter of 2023 and plans to conduct an initial 1,000 m drill program at Peak in the second quarter of 2024. High priority projects at Scraper Springs in northeast Nevada and Kendal in west central British Columbia are expected to advance to an initial drill stage in early to mid-2024.
The Company continues to review new early stage to advanced stage mineral projects both within the Western United States and British Columbia.
Previous operators at Scraper Springs mostly targeted shallow, high-grade gold systems or Carlin-related gold systems. A reinterpretation of the alteration and geology at the Project by Red Canyon and third-party consultants suggests high-temperature, low-pH clays and Eocene-aged intrusions at Scraper Springs could be associated with a deeper, large-scale copper system. In 2022, Red Canyon completed a deep IP survey at the Project, which outlined a significant, chargeable zone not previously drill tested. One historical drill hole approximately 1.5 km east of this new chargeability target intersected strong propylitic alteration and ended in anomalous copper mineralization with values up to 0.17% copper.
The Company views Scraper Springs as an important, high-profile copper project with excellent discovery potential. Red Canyon is currently reviewing options regarding conducting deep penetrating MT geophysics, or extending IP geophysical coverage prior to initial drill testing.
Ping South Project: The Ping South property comprises four contiguous mineral claims covering 3,821 hectares in north-central British Columbia, located approximately 50 km NW of the City of Prince George. Ping South lies within the Quesnellia Island Arc Terrane which hosts numerous deposits of alkalic porphyry gold-copper style mineralization, including Mount Polley and Mt Milligan. Access to the property is excellent via a well-maintained logging road network. Main forest service roads run to the north and south of the Ping South claims.
In the fourth quarter of 2023, the Company conducted a first pass diamond drill program, completing four diamond drill holes totalling 665 m, and testing one of three interpreted alkalic copper-gold porphyry targets identified using a combination of Mobile Metal Ion (MMI) geochemistry, airborne magnetics and induced polarization geophysics. Two of the three targets were not tested due to a lack of available surface water for drilling. These targets remain untested and considered high priority.
The Company interprets a large 2.5 x 1.5 km zone of highly-altered surface rocks to represent the phyllic (Quartz-Sericite-Pyrite) alteration within a copper porphyry system. Previous mapping and sampling also identified propyllitically altered porphyritic rock and breccia zones with widespread anomalous copper geochemical values. The Company interprets that the current level of erosion at Kendal is likely above a more prospective potassic alteration zone, suggesting that the main part of the copper system is preserved and may be open laterally and at depth.
The 2023 field program also included a project wide 213 line kilometre airborne magnetic and radiometric survey. Additional modeling of the magnetic data including magnetic inversion work is planned for the first quarter of 2024. The Company anticipates that these combined work programs currently underway at Kendal will optimize the initial drill program, which could begin as early as the third quarter of 2024. This project has never been drill tested.
Corporate Strategy:
Red Canyon is focused on exploring for copper and copper-gold related mineral systems within mining friendly jurisdictions in North America, with a particular focus on British Columbia and the Western United States. The Company is specifically targeting new or underexplored areas within established, premier copper districts.
The Red Canyon team has sourced and advanced its portfolio of 100% owned projects over the last three years using leading-edge geoscience to generate new exploration concepts. The Company is largely focused on exploring for and acquiring new projects by staking claims on open ground; a strategy which has enabled Red Canyon to build a portfolio of 100% owned properties, without complicated option or earn-in encumbrances.
Red Canyon intends to drill test several priority projects in 2024 with a goal of bringing targets to a decision point as quickly and cost-effectively as possible. The Company also intends to advance several additional projects to a drill stage by executing geologic, geochemical, and geophysical programs. Red Canyon is executing a corporate strategy of seeking out strategic alliances and will evaluate opportunities to joint venture, option or sell projects to qualified partners to maximize its exposure to exploration success.
Additional information on the Peak and Scraper Springs projects can be found in the NI 43-101 Technical Reports dated May 1, 2023 and September 26, 2023 respectively, as filed on SEDAR+ at www.sedarplus.ca.
Additional information on the Company's other projects can be found on the Company's website www.redcanyonresources.com. Further projects are in development and details will be disclosed as information comes available.
About Red Canyon Resources: Red Canyon Resources Ltd. (CSE: REDC) is a technically-driven, discovery-focused mineral exploration company focused on exploring North America's top copper jurisdictions. The Company's core goal is to make impactful copper discoveries to benefit all stakeholders and aid in the green energy transition. Red Canyon has a portfolio of 100% owned copper and copper-gold porphyry exploration projects. The Company's technical team consists of experienced geoscientists with diverse capital market, junior and major mining company backgrounds, and a track record of success.
Red Canyon is part of the NewQuest Capital Group which is a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies. Further information about NewQuest can be found on the company website at www.nqcapitalgroup.com.
Contact:
Wendell Zerb
Tel: +1 (604) 681-9100
Email: wzerb@redcanyonresources.com
Drilling at Ping South was conducted using a Zinex A5 core drill rig. Initial drilling used HQ sized core to advance through a series of unconsolidated till and lacustrine derived sediments. In addition, HQ advanced through up to 60m of oxidized bedrock before transitioning to diamond drilling using NQ sized core. Core was initially logged and photograph at the Company's temporary field office before being transported to a leased core facility where it was geotechnic'd, prepped and then cut to the Company's specified sample intervals. Half core samples are placed in bags with the remaining half stored in core boxes. Samples are dispatched to ALS Laboratories an accredited analytical laboratory meeting ISO/IEC 17025:2005 and ISO 9001:2015. Samples are prepared by crushing and grinding via ALS methods CRU-21 and PUL-32 respectively. The pulps are then assayed for 48 elements via ALS method ME-MS61 using a 25g sample. Gold is assayed by fire assay using ALS method Au-AA23 using a 30g sample charge and AAS finish. Laboratory standards and QA-QC are monitored by the Company.
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 October 12, 2023 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
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.
Contact:
Tel: 778-867-5016
Email: bzerb@redcanyonresources.com
RED CANYON RESOURCES LTD. 
