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🕐06.04.10 - 15:05 Uhr
Gold Canyon Intersects 3.30 Grams Per Tonne Gold Over 64.0 Meters at the Springpole Gold Project
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Add to your address book or safe list to ensure delivery of email blasts (click for instructions) Gold Canyon Intersects 3.30 Grams Per Tonne Gold Over 64.0 Meters at the Springpole Gold Project Gold Canyon Resources Inc. (GCU: TSX-V) ("Gold Canyon" or "the Company") is pleased to announce results for the first two drill holes of its Winter Drill Program 2010 at its 100% controlled Springpole Gold Project located in the Red Lake Mining District of Ontario, Canada. SP10-002 encountered 3.30 grams per tonne (gpt) gold over 64.0 meters (0.096 opt gold over 209.9 ft) including 5.86 gpt gold over 9.0 meters (0.171 opt gold over 29.5 ft) and 7.23 gpt gold over 7.0 meters (0.211 opt gold over 23.0 ft). This intercept fills a critical gap in drilling within the Portage zone and demonstrates the continuity of this zone from 50m below surface to depths of over 200 m. SP10-001 encountered 1.31 gpt gold over 21.5 meters (0.038 opt gold over 70.5 ft) at shallows depth in the Camp Zone. This intercept indicates that the deeper mineralized zone encountered in historic drilling extends to surface.Two diamond core rigs completed 1,778 m (5,832 ft) of drilling in six holes in late February and early March. Due to unseasonably warm conditions, the program was terminated early when it was determined that winter road access was quickly deteriorating. This drilling comprises the first stage of a carefully designed, three stage drill program to be undertaken over the next 12 months. Stage one drilling filled several critical gaps within the Portage and Camp zones (please refer to news release dated January 11, 2010) where historic drilling encountered broad, shallow intercepts of gold mineralization associated with an alkaline porphyritic intrusion. "Although we are disappointed that we were unable to complete as much drilling as planned, we are very pleased to have six new drill holes filling gaps in critical parts of the Springpole gold system," states Dr. Quinton Hennigh, technical advisor to Gold Canyon. "Using larger diameter HQ drill core we saw good recovery in what had been technically difficult drilling in the past. This phase of drilling has confirmed and reinforced the long intervals of 1-2 gpt gold mineralization documented during previous programs. However, the intercept in SP10-002 displays higher grades than had been historically encountered in the Portage Zone." Table Summarizing Significant Drill Intercepts from Holes SP10-001 and -002 (m) Length (m) Gold (gpt) Length (feet) Gold (opt) SP10-001 12.5 34.0 21.5 1.31 70.5 0.038 50.0 58.0 8.0 1.90 26.2 0.055 including 54.0 58.0 4.0 3.44 13.1 0.100 89.0 91.0 2.0 1.74 6.6 0.051 118.0 127.0 9.0 1.84 29.5 0.054 SP10-002 113.0 115.0 2.0 1.18 6.6 0.034 140.0 141.0 1.0 1.60 3.3 0.047 164.0 168.0 4.0 1.70 13.1 0.050 180.0 181.0 1.0 1.38 3.3 0.040 217.0 218.0 1.0 5.00 3.3 0.146 247.0 311.0 64.0 3.30 209.9 0.096 including 254.0 263.0 9.0 5.86 29.5 0.171 including 277.0 284.0 7.0 7.23 23.0 0.211 Results in the table above are preliminary Stage two drilling is planned between June and September 2010. Stage three drilling is planned during the winter of 2010-11. The ability for Gold Canyon to proceed with and the eventual timing of these proposed stages is subject to the Company�s ability to obtain the necessary funding. Following its comprehensive review of the project in 2009, the Company now believes it has a much more complete understanding of the deposit and potential for significant increase in size. Therefore, it is fast-tracking work through this three staged exploration program to advance the project towards a prefeasibility study. True widths of mineralizationin these drill holes at this stage of explorationare not precisely known. 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 assays were completed by SGS Canada Inc. in Red Lake, Ontario using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 gpt Au, a gravimetric finish is utilized. Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person pursuant to National Instrument 43-101 responsible for, and has reviewed and approved, the technical information contained in this news release. Dr. Hennigh is acting as a technical advisor to Gold Canyon. 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 Company�s website:
Akiko Levinson, For further information, please contact: 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 Company�s 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 company�s 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. Click Here for a Free Real-time Stock Quote on TSX-V: GCU
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