The New York Canyon property is located 30 miles (48 km) east of Hawthorne, Nevada. It consists of 3 patented claims and 661 unpatented mining claims. For the Longshot Ridge target, the Company has obtained an indicated mineral resource estimate, at a cut-off grade of 0.2% copper, of 16,250,000 tons at an average grade of 0.43% Cu, and an inferred mineral resource estimate, at cut-off grade of 0.2% copper, of 2,900,000 tons at an average grade of 0.31% Cu (see National Instrument 43-101 ("NI 43-101") Technical Report filed on SEDAR on May 6, 2010 and news release dated May 3, 2010).
The New York Canyon property has a long history of exploration, development and production dating back to 1875 when the copper oxide deposits were first discovered. The first recorded production from the district occurred between 1906 and 1929 when the Wall Street Copper Company produced an estimated 8.9 million pounds of copper at an average grade of 5.5% from a number of small surface showings on the Longshot Ridge area. Exploration of the property during the late-1960s to mid-1970s was conducted by senior mining companies exploring for major copper porphyry deposits. This work defined mineralization at both the Longshot Ridge copper oxide zone and Copper Queen copper sulphide porphyry prospect. Further exploration of the New York Canyon property was conducted between 1992 and 1997, focused primarily on the Longshot Ridge copper oxide prospect. Including drilling by Canyon Copper, approximately 181 drill holes totalling 127,933 feet have been completed on the New York Canyon property.
All exploration to date has demonstrated that there are significant zones of copper mineralization on the property. Further work is required to define the extent of the mineralized bodies and to determine optimal metallurgical techniques for copper extraction.
In 2006 Canyon Copper increased the size of the New York Canyon property by staking an additional 550 mineral claims to cover mineral prospects, possible leach pad areas, access routes and power line right of ways. The project, located in the Santa Fe Mining District of Mineral County, Nevada, will be the focus of an extensive exploration program this year to further evaluate the mineral potential of the property. Planned exploration activities include delineation and expansion drilling of the Longshot Ridge copper oxide system, metallurgical testing of the host mineralized rock and environmental base line studies to initiate a scoping study.
Additional claims staked has increase the total property area controlled by Canyon Copper to approximately 664 claims.
Summary of Drilling by Canyon Copper at New York Canyon
Benjamin Ainsworth, P.Eng, BC, the President of the Company, is a Qualified Person as defined by NI 43-101 and has approved the written disclosure of the New York Canyon Project contained on the Company's Website.