Cannon Announces Spring Exploration Program; Work to Start in Late May
May 10 2010 - 8:30AM
Marketwired
Cannon Exploration (PINKSHEETS: CNEX) is pleased to announce that
the company will be returning to the Queen Alexandra property
sometime in late May to continue with the next stage of
exploration.
The company has also engaged a new geophysics company to
contract for the management of the next phase of exploration on the
property. Currently the companies are in the process of reviewing
data from the previous exploration programs, and will draw from the
information to complete the plan for the spring/summer program. The
move to a new partner for the exploration of the Queen Alexandra is
based on the company's desire to become compliant with the NI 43
101 standards on a going forward basis.
The Ontario Geological Survey lists 55 companies that have
active programs or properties staked for base metals, gold,
uranium, molybdenum, and diamonds, in the Kenora District, which
includes Dryden.
Many of the properties have had previous exploration and some
extraction over the years, but the many juniors are back in there
as mineral prices remain high.
The area's geology is structurally complex and much of what lies
deep down is relatively untouched. In the Kenora area, compared to
more established camps like Red Lake, there's only a few diamond
drill holes that have penetrated down 1,000 feet. Many companies
are referring to historical information (drill logs,
prospecting/assessment reports, government surveys and records,
production logs) in an effort to take some of the guesswork out of
the search for metals in the area.
Champion Bear, Treasury Metals, Manitou Gold, MPH, Canadian
Arrow, Tamaka Gold, to name a few, are some of the companies
currently exploring for various mineral deposits in the Kenora and
Dryden regions.
About Cannon: Cannon Exploration is positioning itself to emerge
as a quality mineral resource Exploration Company in the North
American mining industry, focusing primarily on properties located
in preferred mining districts in Canada.
Forward-Looking Statements: The statements which are not
historical facts contained in this release are forward-looking
statements that involve risks and uncertainties, including but not
limited to, the effect of economic conditions, the impact of
competition, the results of financing efforts, changes in
consumers' preferences and trends. The words "estimate,"
"possible," and "seeking" and similar expressions identify
forward-looking statements, which speak only to the date the
statement was made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, because
of new information, future events, or otherwise. Future events and
actual results may differ materially from those set forth herein,
contemplated by, or underlying the forward-looking statements.
Contact: Investor Relations: 1-866-365-4724 Website:
http://www.cannon-exploration.com