Shares of Canyon Copper Corp. (TSX-Venture:CNC) are on the move higher as the company announced that it had entered into an option agreement with 2333382 Ontario Inc. a private company, to earn up to a 100% interest in the Munro Warden Copper Nickel Cobalt Property located approximately 85 kilometres east of Timmins, Ontario and 55 kilometres north of Kirkland Lake, Ontario.
The Property consists of nine mining leases and six mineral claims totalling 717 hectares located in the eastern part of the Kidd-Munro assemblage of the Abitibi Greenstone Belt. The Abitibi greenstone belt is one of the largest, best-preserved, and mineral-rich greenstone belts in the world.
The company has shown interest in the property among other things because of historical drilling showing results as high as 4.9% copper and 0.27% cobalt. Shares are up 16.67% in late-day trading to $0.035 on the news as investors applaud the acquisition.
