Vancouver, British Columbia - TheNewswire - November 5, 2020 - Cyon Exploration Ltd. (previously True Grit Resources Ltd.) (the "Company") (TSXV:CYON) (OTC:CYNXF) has compiled and is analyzing historical data for the property with the objective of selecting the best sites for deep drilling. With only shallow drilling completed on the property historically, the topography suggests that the Cortez gold trend dips to a deeper depth and drilling to over 1,100 feet is needed. The Black Rock Canyon property is located just 16 kilometers north and 22 kilometers northwest of Nevada Gold Mine's Pipeline gold mine, and Goldrush & Fourmile gold deposits respectively. Nevada Gold Mines is the single largest gold-producing complex in the world producing over 45 million ounces to date and a joint venture between Barrick [NYSE: GOLD] and Newmont Corporation [NYSE: NEW]. The Pipeline, Cortez and Goldrush-Fourmile deposits are portions of the 16 kilometer-wide Cortez gold trend which is projected to have over 50 million ounces still undiscovered.
This review and subsequent identification of mining sites includes mapping done in the late 1990s and commercially available aeromagnetic data flown at 200-meter line spacing over the entire property. Historical drill results indicate significant gold anomalies are present at shallow depths and indications are that deeper drilling may find similar geologic formations as other major discoveries nearby.
Cyon Exploration Ltd.
Per: "Byron Coulthard"
President & CEO
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This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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