🕐29.09.11 - 20:27 Uhr
GOLD CANYON ADDS SIGNIFICANT STRIKE TO THE PORTAGE ZONE AT SPRINGPOLE GOLD PROJECT
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Re: News Release - Thursday, September 29, 2011
Gold Canyon Adds Significant Strike to the Portage Zone at
Springpole Gold Project
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Gold Canyon Resources Inc.
(GCU: TSX-V) ("Gold Canyon" or "the
Company") is pleased to announce step-out diamond drill holes SP11-074
and -078 have added significant strike to the southeast end of the
Portage Zone at its 100% controlled Springpole Gold Project, located
110 kilometers northeast of the Red Lake Mining Camp, Ontario, Canada.
Although historic drilling suggested mineralization was present in this
area, the long gold intercepts encountered in holes SP11-074 and -078
clearly demonstrate continuity of mineralization to at least the 0-200
m section (see attached plan section).
- Diamond drill hole SP11-074 intersected 369 meters at 0.91 grams per
tonne gold (1210 feet at 0.027 oz per ton gold), one of the longest
continuous mineralized intervals yet encountered at Springpole.
This
hole was collared on the 0-050 m section and drilled at 220 degrees
true north with an inclination of -45 degrees.
The interval encountered
in SP11-074 is remarkably similar to hole SP11-042 (402 meters at 0.76
grams per tonne gold announced in a press release dated March 29,
2011).
- Diamond drill hole SP11-078 encountered multiple intervals of
mineralization including 114 meters at 0.58 grams per tonne gold (374
feet at 0.017 oz per ton gold).
This hole was collared on the 0-150 m
section and drilled at 220 degrees true north with an inclination of
-45 degrees.
Results from hole SP11-078 are very similar to nearby
hole SP11-046 (announced in a press release dated April 14, 2011).
Like
SP11-046, it is believed that the results from SP11-078 indicate that
the drill hole passed through the upper margin of the Portage Zone.
If
so, this would imply that the Portage Zone is plunging to the
southeast.
- Results from SP11-074 and -078 are interpreted to indicate that the
Portage Zone remains open along strike and at depth to the southeast.
Additional drilling to test areas underneath SP11-078 and further along
strike is planned for later this fall or early winter.
"We are very pleased with the results from our step-out holes," states
Dr.
Quinton Hennigh, technical advisor and Director of Gold Canyon
Resources.
"Looking at a plan section, it is very clear that the system
remains wide open for expansion to the southeast.
The profile of the
deposit on the 0+00 m section is roughly 300 meters wide and 400 meters
tall.
The very long intercept in hole SP11-074 suggests this profile
projects to the -050 m section further southeast.
If such a profile
continues even further, we can quickly add a lot of volume to this
zone."
Table has been removed, News Release truncated; please view entire News
Release at:
http://www.goldcanyon.ca/s/News_Releases.asp?ReportID=482639
Infill Drilling
Recent infill drill results continue to demonstrate continuity and, in
places high grades.
- Diamond drill hole SP11-072 was collared on the 0+750 m section, 50m
southeast of drill hole SP11-070 (news release dated 15th September
2011), and drilled at an azimuth of 220 degrees true north with an
inclination of -55 degrees and tested mid-levels of the Portage Zone.
A continuous interval of 319 meters at 0.97 grams per tonne gold (1046
feet at 0.028 oz per ton gold) started at a down hole depth of 63
meters.
- Diamond drill hole SP11-073 was collared on the 0+700 m section, was
vertical and drilled from a barge.
This hole encountered an impressive
250 meters at 1.46 grams per tonne gold (820 feet at 0.043 oz per ton
gold) starting at the bedrock interface.
Included within this long
interval are several intervals of higher grade mineralization including
15 meters at 5.83 grams per tonne gold (49 feet at 0.170 oz per tonne
gold) starting at the bedrock interface and 28 meters at 4.57 grams per
tonne gold (92 feet at 0.133 oz per ton gold) starting at 89 meters
down the hole.
- Diamond drill hole SP11-075 was collared on the 0+100 m section, was
vertical and drilled from a barge.
This hole tested the north-eastern
margin of the Portage Zone and encountered multiple intervals of
mineralization, the longest of which was 206 meters at 0.91 grams per
tonne gold (676 feet at 0.027 oz per ton gold).
This hole ended in
mineralization.
"Infill drilling continues to demonstrate the robust, continuous nature
of mineralization at Springpole," comments Hennigh.
"When we see
multiple zones of higher grade mineralization like that encountered in
SP11-073, we know we have a lot more drilling to do to fully understand
this large, dynamic gold system."
Table has been removed, News Release truncated; please view entire News
Release at:
http://www.goldcanyon.ca/s/News_Releases.asp?ReportID=482639
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 field and laboratory duplicates,
standards, blanks, 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.
Operational Update
Two barge-based and two land-based drills are currently operating on
site and will continue through freeze-up, likely in early November.
Approximately 8,000 meters of core have been drilled so far this
summer, and it is expected that the drills should produce around 10,000
meters of core.
Holes drilled this summer are expected to allow the
Company to revise the 43-101 compliant resource estimate for the
deposit sometime late in the second half of 2011.
About Springpole
Springpole is an alkaline intrusion hosting a gold system that
represents a potentially new style of Canadian Archean Shield gold
deposit.
The Portage zone is hosted by a trachytic porphyry intrusion
displaying polyphase autolithic breccias that host gold mineralization.
Other zones, including the East Extension and Main, consist of
high-grade veins and pods hosted in diatreme breccias composed of
intrusive and country rock fragments.
These breccias surround the
northwest and northern margins of the Portage Zone.
The known
mineralized zones underlie a total known area of about 4 square
kilometers representing only about 15 percent of the greater alkaline
intrusive complex which remains yet to be explored.
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 Guyana Frontier Mining Corp.
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.
View News Release in PDF Format:
http://www.goldcanyon.ca/i/pdf/2011-09-29_NR.pdf
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View Map:
http://www.goldcanyon.ca/i/pdf/2011-09-29_NRM.pdf
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5 minutes, 29 seconds to download at 56.6Kbps
View Plan Section:
http://www.goldcanyon.ca/i/pdf/2011-09-29_NRPS.pdf
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3 minutes, 3 seconds to download at 56.6Kbps
You can also view this News Release on our website at:
http://www.goldcanyon.ca/s/News_Releases.asp?ReportID=482643
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Copyright (c) 2011 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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