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Re: News Release - Thursday, August 04, 2011
Gold Canyon Intercepts 24 Meters at 17.48 Grams Per Tonne Gold at
Springpole Gold Project
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Gold Canyon Resources Inc. (GCU: TSX-V) ("Gold Canyon" or "the
Company") is pleased to announce hole SP11-066 intersected 24 meters at
17.48 grams per tonne gold (79 feet at 0.510 oz per ton gold) including
6 meters at 52.60 grams per tonne gold (20 feet at 1.536 oz per ton
gold) at its 100% controlled Springpole Gold Project, located 110
kilometers northeast of the Red Lake Mining Camp, Ontario, Canada.
- Diamond drill hole SP11-066 intersected 24 meters at 17.48 grams per
tonne gold (79 feet at 0.510 oz per ton gold) including 6 meters at
52.60 grams per tonne gold (20 feet at 1.536 oz per ton gold).
Applying a 1 oz per ton (34.29 grams per tonne) top cut, these
intervals are 24 meters at 10.31 grams per tonne gold (79 feet at 0.301
oz per ton gold) including 6 meters at 29.45 grams per tonne gold (20
feet at 0.859 oz per ton gold). This hole was collared along the
southwest margin of the East Extension Zone and drilled at an azimuth
of 020 degrees true north with a --45 degree inclination. Remaining
un-assayed core from this hole will be submitted for metallurgical
testing to characterize ore from the East Extension Zone.
- Diamond drill hole SP11-067 intersected 39 meters at 2.93 grams per
tonne gold (128 feet at 0.086 oz per ton gold) including 1 meter at
39.73 grams per tonne gold (3 feet at 1.160 oz per ton gold). This hole
was collared from the same pad as SP11-066, but was drilled at an
azimuth of 040 degrees true north with a --45 degree inclination.
- Holes SP11-066 and -067 tested an area where historic drill holes
reportedly encountered similar mineralization. Some nearby historic
holes were selectively sampled and, in several cases, core is now
missing from these holes. Holes SP11-066 and -067 confirm results in
this area; they also demonstrate overall better continuity of
mineralization when compared to historic data and will be used for
future resource calculations.
"We are very pleased to confirm high grades at shallow depth in the
East Extension Zone," states Dr. Quinton Hennigh, Technical Advisor to
and Director of Gold Canyon. "Although East Extension is a smaller
target than the Portage Zone, it could potentially make a good starter
pit. Holes SP11-066 and -067 demonstrate good continuity of high-grade
mineralization along the southwest margin of this deposit. These
results coupled with the corridor of near-surface mineralization that
we discovered in drilling between the Portage Zone and East Extension
last summer suggest we might ultimately be able to connect these two
deposits."
Tables have been removed, News Release has been truncated; please view
entire News Release at: http://www.goldcanyon.ca/i/pdf/nr4au11.pdf
View map at http://www.goldcanyon.ca/i/pdf/nr4au11_Springpole_Plan_Map_Aug2011_8x11.pdf
- Diamond drill hole SP11-064 was drilled from the southwest shore of
Springpole Bay on the +300 section at an azimuth of 040 degrees true
north and an inclination of -45 degrees. This hole encountered numerous
intervals of gold and silver mineralization as well as typical Portage
Zone style alteration, but appears to have followed the southwest
margin of the zone.
- Based on 3-dimensional and geostatistical modelling of the results of
SP11-064 and other recent drill holes, it is now believed that the
Portage Zone dips moderately to steeply northeast as opposed to
southwest as previously believed. Holes SP11-070 and -071, part of the
summer-fall 2011 drill program, and both currently in progress, are
drilled from the northeast shore of Springpole Lake, adjacent to camp,
toward the southwest, and are designed to better test this newly
interpreted geometry. The results from both holes will be included in
future resource calculations.
Tables have been removed, News Release has been truncated; please view
entire News Release at: http://www.goldcanyon.ca/i/pdf/nr4au11.pdf
View map at http://www.goldcanyon.ca/i/pdf/nr4au11_Springpole_Plan_Map_Aug2011_8x11.pdf
Holes SP11-061, -065 -069, all recently completed core holes, will be
assayed later in the year when they undergo an extensive series of
metallurgical tests.
Operational Update
On August 1, a medium lift helicopter mounted drills on each of the two
barges currently on-site at Springpole. Availability of a suitable
helicopter to lift the drills onto the barges has been hampered by the
need of such aircraft to help fight extensive forest fires that have
erupted in NW Ontario since early July. Due to this and other fire
related issues, the Company's summer drill program has experienced
slower core production than planned. Dry and warm weather conditions
persist and the Springpole base camp remains on high alert.
Two land-based drills have operated continuously at Springpole since
late June. These rigs are currently drilling holes SP11-070 and -071,
both tests of the Portage Zone drilled from the northeast shore of
Springpole Lake. In addition, four metallurgical holes have recently
been completed and will undergo an extensive series of metallurgical
tests to be run over the next several months. With the barge drills
operational, the Company plans to keep four drills operating through
freeze-up, likely in early November. These rigs should produce around
9,000 meters of core, which is less than the 12,000 meters that was
originally planned. 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, Camp 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 area of about 4 square kilometers
representing only about 15 percent of the greater alkaline intrusive
complex which remains yet 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 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.
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 Company's 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 info@goldcanyon.ca
Investor Relations: Leo Karabelas, Tel: (416) 543-3120 Email:
leo@frontlineir.com
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.
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/nr4au11.pdf
2018 KB in size, approx. 6 minutes, 17 seconds to download at 56.6Kbps
Associated File:
http://www.goldcanyon.ca/i/pdf/nr4au11_Springpole_Plan_Map_Aug2011_8x11.pdf
6984 KB in size, approx. 21 minutes, 41 seconds to download at 56.6Kbps
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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:info@goldcanyon.ca
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATEUR |
CODE : GCU.V |
ISIN : CA38055D1050 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Gold Canyon Res. est une société d’exploration minière d'or basée au Canada. Gold Canyon Res. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont FAVOURABLE LAKE, SPRINGPOLE, CORDERO et KRATZ SPRING au Canada. Gold Canyon Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 16,1 millions (12,1 millions US$, 11,3 millions €). La valeur de son action a atteint son plus bas niveau récent le 05 décembre 2008 à 0,02 , et son plus haut niveau récent le 08 avril 2011 à 4,22 . Gold Canyon Res. possède 47 442 200 actions en circulation. |