🕐09.12.10 - 15:54 Uhr
Gold Canyon Announces Additional Long Gold Intercepts at Springpole Gold Project
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Re: News Release - Thursday, December 09, 2010
Gold Canyon Announces Additional Long Gold Intercepts at
Springpole Gold Project
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Gold Canyon Resources Inc.
(GCU: TSX-V) ("Gold Canyon" or "the
Company") is pleased to announce that hole SP10-029 has intersected 132
meters at 2.30 grams per tonne gold including 42 meters at 5.28 grams
per tonne gold.
Another hole, SP10-028, intersected 108 meters at 1.75
grams per tonne gold including 12 meters at 6.11 grams per tonne gold.
Hole SP10-028 ended in mineralization when the hole was terminated due
to difficult drilling conditions.
Both holes, SP10-028 and -029, test
parts of the Portage Zone (please see attached map).
The Springpole
Gold Project is 100% controlled by the Company and is located in the
Red Lake Mining District of Ontario, Canada.
- Hole SP10-029, 132 meters at 2.30 grams per tonne gold (433 feet at
0.067 oz per ton gold) including 42 meters at 5.28 grams per tonne gold
(138 feet at 0.154 oz per ton gold), was collared approximately 70
meters east of SP10-011 (94 meters at 2.51 grams per tonne gold
announced in news release dated August 30, 2010) at an azimuth of 220
degrees true north and inclination of -45 degrees, parallel to hole
SP10-011 and below, and on section with, hole SP10-005 (55.0 meters at
2.21 grams per tonne gold announced in news release dated May 4, 2010).
This long interval of gold mineralization, in the northwest part of the
Portage Zone, is the deepest intercept drilled to date during the
current staged drilling program, and confirms mineralization to depths
in excess of 300 meters.
It also reaffirms shallower, on section
mineralization intercepted in drill hole SP10-005, which ended in
mineralized rock.
The true width represented by this intercept is
approximately 90 meters.
Shallow zones of gold mineralization were also
encountered in this hole (see table on page 3: Summary of Significant
Intervals from Portage Zone).
- Hole SP10-028, 108 meters at 1.75 grams per tonne gold (354 feet at
0.051 oz per ton gold) including 12 meters at 6.11 grams per tonne gold
(39 feet at 0.178 oz per ton gold), was collared a few meters from
SP10-008 (123 meters at 1.45 grams per tonne gold announced in news
release dated August 16, 2010) at an azimuth of 245 degrees true north
and inclination of -45 degrees.
This hole targeted a 100 meter wide gap
with no previous drill holes in the Portage Zone.
Due to difficult
drilling conditions, the hole was terminated in mineralized rock before
penetrating the full width of the Portage Zone.
This intercept
demonstrates continuity of mineralization to vertical depths of at
least 350 meters in this part of the Portage Zone (see table on page 3:
Summary of Significant Intervals from Portage Zone).
- The strike length of the northwesterly striking Portage Zone
presently stands at approximately 950 meters.
Hole SP10-028 and -029
continue to confirm that the Portage Zone persists beyond 300 meters
depth along its entire length.
True widths of the zone range from 90 to
150 meters.
Drilling planned for Winter 2011 will test shallow
portions of this zone to confirm continuity to surface.
- Hole SP10-021 tested an area between the Portage Zone and East
Extension Zone and encountered 4 meters at 6.17 grams per tonne gold
(13 feet at 0.180 oz per ton gold) from 299-303 meters down hole depth
in a vein more typical of the East Extension Zone.
Hole SP10-023
encountered 38 meters at 0.68 grams per tonne gold (125 feet at 0.020
oz per ton gold) from 40-78 meters down hole depth along the eastern
margin of the Main Zone (see table on page 3: Summary of Significant
Intervals from Other Targets [Not in Portage Zone]).
- Results from the remaining two holes from this summers drill program
are due back from the lab by mid-December.
Hole SP10-026 tests the
Portage Zone below hole SP10-007 at its northwest end.
Hole SP10-025,
tests the gap between the Main and Portage Zones.
Hole SP10-027 was
terminated at 115 meters when the drill hole deviated off course and
thus was unable to reach its intended target zone and was not sampled.
In total, the Company drilled approximately 10,300 meters of diamond
drill core at Springpole during the Summer 2010 Diamond Drill Program.
- The Company is planning an aggressive Winter 2011 Diamond Drill
Program to further evaluate the size of the Portage Zone.
Up to 10,000
meters of drilling are planned utilizing three diamond core rigs
beginning in early January 2011, weather permitting.
Cold weather has
recently settled in the Springpole area and personnel are building up
ice on the lake in preparation for winter drilling.
Two rigs will
drill infill holes in the Portage Zone and a third rig will drill
step-out holes to the southeast where the Company believes the Portage
Zone can be expanded.
"Hole SP10-029 is anomalous for the Portage Zone which typically
displays true widths of 100-150 meters and grades of around 1.3-1.5
grams per tonne gold," comments Dr.
Quinton Hennigh, technical advisor
to Gold Canyon.
"The true width of the Portage Zone represented by the
intercept in SP10-029 is about 90 meters, yet the grade is
significantly higher at 2.23 grams per tonne gold.
This intercept may
indicate that the zone narrows but increases in grade with depth."
"Hole SP10-028 tested a 100 meter gap in drilling in the southeast part
of the Portage Zone," continues Hennigh.
"Although we were disappointed
the hole did not penetrate the full width of the Portage Zone, we are
very pleased to see it return good gold grades in this critical gap."
Tables have been removed and News Release has been truncated; please view
entire News Release at:
http://www.goldcanyon.ca/i/pdf/nr9de10.pdf
View map at:
http://www.goldcanyon.ca/i/pdf/nr9de10_GCU_Map_SP-Drilling2010_9Dec.pdf
The Summer 2010 Diamond Drill Program completed in October, 2010 is
part of an ongoing program of drilling and remodelling of the
Springpole deposit to move it towards prefeasibility.
Drilling is
planned to continue through April 2011, at which time work will begin
on revising the resource estimate for the deposit.
Springpole is an alkaline intrusion hosting a gold system that
represents a potentially new style of Canadian Archean Shield gold
deposit.
Springpole shares many similarities with deposits such as the
Cripple Creek Gold deposit in Colorado.
The Portage Zone is hosted by a
trachytic porphyry intrusion displaying polyphase autolithic breccias
that contain gold mineralization of remarkably uniform grade.
Other
zones, including East Extension, Camp and Main, consist of high grade
veins and pods hosted in diatreme breccias composed of intrusive and
country rocks.
These diatreme breccias surround the northwest and
northern margins of the Portage Zone.
The known mineralized zones
underlie a total known area of about 4 square kilometres representing
only about 15 percent of the greater alkaline intrusive complex which
yet remains to be explored.
Core was logged, then split using diamond saws, with one half sent for
analyses and the other half stored for future reference.
Quality
control programs include the use of duplicates, standards and internal
and external check assaying.
Certified sample standards were submitted
with the normal sample stream.
Gold and silver assays were completed by
SGS Canada Inc.
in Red Lake and Toronto, Ontario using a 30 gram
charge, fire assay, with an ICP finish.
For over limit assay results,
initial assays in excess of 10.0 grams per tonne Au, a gravimetric
finish is utilized.
Quinton Hennigh, Ph.D., P.Geo.
and Alan Roberts, M.Sc., P.Geo.
are the
Qualified Persons pursuant to National Instrument 43-101 responsible
for, and have reviewed and approved, the technical information
contained in this news release.
Dr.
Hennigh is acting as a technical
adviser to Gold Canyon and Alan Roberts is the Senior Geologist of
Alaska Earth Sciences, Inc.
and Project Manager at Springpole.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral
and precious metals properties.
The Company controls a 100% interest in
the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium
Project and Favourable Lake Poly-metallic property currently under
option to Shoreham Resources Inc.
pursuant to an option and joint
venture agreement entered into in December 2005 - all in the Red Lake
Mining District of Ontario, Canada.
Through its wholly owned U.S.
subsidiary, Gold Canyon Resources USA
Inc., the Company controls a 100% interest in the Cordero Gallium
Project situated in Humboldt County, Nevada, U.S.A.
Gold Canyon entered into a Joint Exploration Agreement with the Japan
Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Companys website:
www.goldcanyon.ca
Akiko Levinson,
President & Director
For further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604)
682-0537
Investor Relations: Leo Karabelas, Tel: (416) 543-3120 Email:
Certain statements contained in this news release using the terms
"may", "expects to", "project", "estimate", "plans", and other terms
denoting future possibilities, are forward-looking statements in
respect to various issues including upcoming events based upon current
expectations which involve risks and uncertainties that could cause
actual outcomes and results to differ materially.
The future conduct of
the Companys business and the feasibility of its mineral exploration
properties are dependent upon a number of factors and there can be no
assurance that the Company will be able to conduct its operations as
contemplated and the accuracy of these statements cannot be guaranteed
as they are subject to a variety of risks that are beyond our ability
to predict or control and which may cause actual results to differ
materially from the projections or estimates contained herein.
The
risks include, but are not limited to, the risks described in the above
press release; those risks set out in the companys disclosure
documents and its annual, quarterly and current reports; the fact that
exploration activities seldom result in the discovery of a commercially
viable mineral resource and are also significant amounts of capital to
undertake and the other risks associated with start-up mineral
exploration operations with insufficient liquidity, and no historical
profitability.
The Company disclaims any obligation to revise any
forward looking statements as a result of information received after
the fact or regarding future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.
Associated File:
http://www.goldcanyon.ca/i/pdf/nr9de10.pdf
1103 KB in size, approx.
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Associated File:
http://www.goldcanyon.ca/i/pdf/nr9de10_GCU_Map_SP-Drilling2010_9Dec.pdf
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30 seconds to download at 56.6Kbps
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Copyright (c) 2010 GOLD CANYON RESOURCES INC.
(GCU) All rights
reserved.
For more information visit our website at
http://www.goldcanyon.ca/ or send mailto:
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