Red Canyon Provides Corporate Overview and Exploration Plans for 2024
Suite 1210 – 1130 West Pender Street
Vancouver, British Columbia, V6E 4A4 Canada
T +1 (604) 681-9100
Red Canyon Provides Corporate Overview and
Exploration Plans for 2024
Vancouver, British Columbia, January 22, 2024: 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 f ocused 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 disc overy 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”.
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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.
Figure 1: Location map of Red Canyon’s 100% owned copper and copper-gold projects.
Peak Project: The Peak property is located in the Cariboo region of south -central British
Columbia, approximately 30 km NE of the City of Williams Lake. Peak is a large, 6,718-hectare,
strategic land position situated in a copper‐gold district with active large scale mining operations
and excellent infrastructure. The Project is located approximately 28 km SW of the Mount Polley
copper-gold mine and 20 km SE of the Gibraltar copper-molybdenum mine. A series of complex
magnetic highs spanning over approximately 15 km of interpreted Quesnellia Island Arc Terrane
have been identified using magnetic inversion modeling and are considered by the Company to
be prospective for copper-gold. Project wide soil geochemistry has outlined anomalous areas of
copper associated with magnetic features that may reflect the presence of porphyry -type
intrusions in the bedrock. An induced polarization (IP) geophysical survey, which focused on
coincident magnetic features with elevated copper in soils, was completed by the Company in
2023. Four of the seven targets tested show IP chargeability highs coincident with elevated
copper geochemistry and interpreted intrusion related magnetic features.
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Figure 2: Plan view of Peak airborne magnetics RTP-VD geophysics with completed pole – dipole IP lines.
The Company’s primary drill-ready target is at Peak Central, which represents an area of complex
magnetic highs and lows associated with altered and mineralized porphyritic rocks. A 2011 IP
survey at Peak Central outlined a large chargeability zone west of outcropping copper bearing
porphyritic rocks, which has not been drill tested.
Figure 3: Peak Central IP section line 1000N.
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The Company is adequately funded a nd plans for an initial 2024 second quarter 1,000 m drill
program to test the Peak Central high chargeability zone, an adjacent deep highly resistive zone,
as well as several Peak North targets including 6S (see News Release November 7, 2023).
Scraper Springs Project: Scraper Springs is in northern Nevada approximately 125 km from
the cities of Winnemucca and Elko. The Project is 100% owned, subject to a 2% net smelter
return royalty and consists of 190 unpatented mining claims, spanning 1,589 hectares. The
approximate 4 x 4 km alteration footprint surrounding the Scraper Springs target is comparable in
scope to some of the world’s largest copper deposits.
Figure 4: Scraper Springs plan view shallow IP with 2022 IP section.
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.
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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.
Figure 5: Ping drill collar location map.
Drill hole RCPG-23-003 (“003”) was collared on the edge of an interpreted intrusi on-related
magnetic feature (Figure 5). 003 intersected 85 m of a newly recognized, coarse-grained, quartz-
rich porphyritic intrusion from the base of overlying till cover to the end of the hole (Figure 6). The
intrusion is highly deformed, foliated , and strongly lineated with local zones of more intense
shearing and early deformed quartz veining. Broad zones (tens of metres) have been impacted
by post -deformation sericite and pyrite alteration with associated quartz veining, indicating
significant hydrothermal fluid flow. Geology and alteration encountered in 003 may suggest that
it is on the outer margins of a potentially mineralized system. Assay results from 003 returned
weakly anomalous Cu values moderately increasing down hole. By intersecting a new porphyry
intrusion in this first pass program, the Company has confirmed the validity of its targeting process
in this till covered area of Quesnellia Island Arc Terrane . The interpreted centre of the magnetic
high associated with 003 is approximately 300 m to the ESE of the 003 collar location.
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Figure 6: Ping RCPG-23-003 foliated, coarse-grained, quartz-rich porphyritic intrusion with early deformed
quartz veinlet at 143m.
Drill holes RCPG-23-001, 004 and 005 all intersected an extensive, newly-discovered package of
carbonaceous and calcareous marine sediments with quartz and quartz-carbonate
veining. RCPG-23-004 and 005 rocks have been tightly folded and strongly deformed to form
phyllite with graphitic horizons, carbonate veins and pyrite porphyroblasts. Quartz vein dominated
zones were intersected in structurally -focused deformation zones with associated chlorite, iron
carbonate and sericite alteration. These quartz veins and related rocks a ppear similar to gold-
bearing sediment-hosted orogenic quartz veins that characterize many gold districts, including
British Columbia's Barkerville district. A two metre wide quartz-feldspar porphyry felsic dyke in
RCPG-23-004 cuts the deformed sediments and is pervasively sericite-altered with pyrite and at
least two phases of quartz veins. Assay results from 001, 004, and 005 returned weakly
anomalous zones with elevated Au, Ag and As. The graphitic horizons associated with zones of
1-3% pyrite porphyroblasts are interpreted to be the source of the highly chargeable IP feature
targeted in this program.
The Ping South area is located within an elevated magnetic portion of a 25 km long northwest-
trending positive magnetic feature. The feature is also partly correlative with the western margin
of a 90 x 15 km north -trending gravity high that is co -spatial with the western margin of a
conductivity (VTEM) low. These coincident geophysical features share comparable
characteristics to regional geophysical responses from several British Columbia copper deposits.
Kendal Project: Kendal is 100% owned and comprises five mineral claims totalling 2,738
hectares located in west -central British Columbia, approximately 25 k m northeast of the City of
Terrace.
A key focus of the Kendal project is the 2.5 x 1.5 km zone of hydrothermal alteration, manifest as
phyllic alteration associated with an interpreted mineralized porphyry intrusion . In the fourth
quarter of 2023, the Company initiated a porphyry alteration vectoring study to better understand
the porphyry potential within this region. Approximately 200 rock specimens were sampled within
the area of interest (Figure 7), and subsequently sawn, described and photographed.
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The entire sample suite has been analysed for trace element geochemistry using four -acid
digestion, which ensure s that key minerals are dissolved . High-quality mass spectrometry is
utilized to ensure high precision at low detection l imits. This analytical technique allows for the
recognition of subtle trends in the data that indicate hotter and more proximal fluid sources , or
more simply, the identification of the core of the mineralizing system.
In addition to geochemical analyses, alteration mineralogy of the sample suite was determined
using SWIR (short wavelength infrared) spectrometry to indicate trends in mineralogy, mineral
abundances, mineral chemistry and crystallinity , to identify locales with significant variations in
temperature, pH and fluid flux.
It is anticipated that individual data layers or combinations of data layers will indicate zones with
hotter fluids, greater fluid flux and upflow zones that would be key localities for targeted follow-up
exploration.
Figure 7: Kendal Project topographical orthophoto with outline of region of phyllic alteration (yellow) and
focus area for Q4/23 trace element rock sampling program (blue).
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
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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 compan y 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.
For more information, please visit the Company's website at www.redcanyonresources.com.
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.
On Behalf of the Board of Directors
Wendell Zerb
Chairman and Chief Executive Officer
+1 (604) 681-9100
For further information, please contact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016