Gold Canyon Resources Inc.
TSX VENTURE : GCU
PINKSHEETS : GDCRF
March 13, 2012 08:30 ET
Gold Canyon Intersects 283 Meters at 1.83 Grams per Tonne Gold
and 121 Meters at 2.03 Grams per Tonne Gold at its Springpole Gold
Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2012) - Gold
Canyon Resources Inc. (TSX VENTURE:GCU)(PINKSHEETS:GDCRF) ("Gold
Canyon" or "the Company") is pleased to announce assays from infill
drilling at its 100% controlled Springpole Gold Project, located
110 kilometers northeast of the Red Lake Mining Camp, Ontario,
Canada. Hole SP11-065, a hole drilled for metallurgical testing,
intersected 283 meters at 1.83 grams per tonne gold (928 feet at
0.053 oz per ton gold) including 99.6 meters at 3.57 grams per
tonne gold (327 feet at 0.104 oz per ton gold), and hole SP12-108
intersected 121 meters at 2.03 grams per tonne gold (397 feet at
0.059 oz per ton gold) including 41 meters at 4.01 grams per tonne
gold (134 feet at 0.117 oz per ton gold).
To view the Updated Drill Map, please visit this link:
http://media3.marketwire.com/docs/gcu313_Fig1.pdf.
•Diamond drill hole SP11-065 was drilled in 2011 on the 0+700 m
section line at an azimuth of 220 degrees true north and an
inclination of -45 degrees. This hole twinned an earlier hole,
SP10-007 (217 meters at 1.57 grams per tonne gold announced in a
press release dated August 16, 2010), that failed to drill across
the full width of the Portage Zone. In contrast, hole SP11-065
tested the full width of the Portage Zone intersecting 283 meters
at 1.83 grams per tonne gold (928 feet at 0.053 oz per ton gold)
including 99.6 meters at 3.57 grams per tonne gold (327 feet at
0.104 oz per ton gold). The latter higher grade interval is similar
to that intersected in hole SP11-106 (127.5 meters at 3.51 grams
per tonne gold announced in a press release dated January 26, 2012)
situated on the 0+500 m section line 200 meters further southeast.
Core from hole SP11-065 is presently undergoing metallurgical
testing.
•Diamond drill hole SP12-108, situated on the 0+550 m section line
and drilled at an azimuth of 220 degrees true north and an
inclination of -45 degrees, tested deeper parts of the mid section
of the Portage Zone. Hole SP12-108 intersected 121 meters at 2.03
grams per tonne gold (397 feet at 0.059 oz per ton gold) including
41 meters at 4.01 grams per tonne gold (134 feet at 0.117 oz per
ton gold). The latter higher grade interval is similar to that
intersected in hole SP11-106 situated on the 0+500 m section line
50 meters further southeast. Mineralization remains open at depth
on the 0+550 m section line.
•Diamond drill hole SP12-109, situated on the 0+450 m section line
and drilled at an azimuth of 220 degrees true north and an
inclination of -45 degrees, tested deep parts of the mid section of
the Portage Zone. Although this hole encountered several intervals
of gold mineralization, it ended in mineralization before testing
the full width of the target. Similarly, diamond drill hole
SP12-111, situated on the 0+200 m section line and drilled at an
azimuth of 220 degrees true north and an inclination of -45
degrees, attempted to test deep parts of the Portage Zone. This
hole ended short of testing the full width of the target due to
poor ground conditions. The bottom six meters of this hole
intersected highly altered porphyry grading 1.06 grams per tonne
gold.
•Diamond drill hole SP12-110 was a vertical hole drilled from ice
on the 0+850 m section line and infills an area where the Main Zone
is stacked on top of the Portage Zone. This hole intersected 51
meters at 0.80 grams per tonne gold (167 feet at 0.023 oz per ton
gold) in the Main Zone near surface and a deeper intercept of 50
meters at 0.98 grams per tonne gold (164 feet at 0.029 oz per ton
gold) in the Portage Zone. Diamond drill hole SP12-112 was a
vertical hole drilled from ice on the 0+550 m section line and
infills part of the Bridge Zone, a near-surface zone of
mineralization that extends from the Portage Zone to the East
Extension Zone. This hole encountered three significant intervals
of gold mineralization.
"We are pleased to see our initial results from 2012 further
demonstrate good continuity of mineralization at Springpole,"
comments Dr. Quinton Hennigh, technical advisor to, and director
of, Gold Canyon. "None of the holes in this news release were
included in our recently released 43-101 compliant resource
estimate but will be used in a revised estimate scheduled to be
released later in 2012. Assays from these holes are a good start to
our aggressive 2012 drill program already underway."
Summary of Results from Holes SP11-065 and SP12-108 through
SP12-112
Hole From
(meters) To
(meters) Length
(meters) Gold (grams
per tonne) Length
(feet) Gold (oz
per tonne)
SP11-065 34.0 317.0 283.0 1.83 928 0.053
includes 36.9 49.5 12.6 4.34 41 0.127
includes 136.4 236.0 99.6 3.57 327 0.104
includes 136.4 146.0 9.6 10.12 31 0.296
includes 173.0 186.0 13.0 5.17 43 0.151
SP12-108 44.0 54.0 10.0 1.08 33 0.032
66.0 72.0 6.0 0.57 20 0.017
80.0 85.0 5.0 0.44 16 0.013
339.0 460.0 121.0 2.03 397 0.059
includes 382.0 423.0 41.0 4.01 134 0.117
SP12-109 8.0 14.0 6.0 1.34 20 0.039
48.0 55.0 7.0 0.51 23 0.015
118.0 121.0 3.0 1.33 10 0.039
386.0 400.0 14.0 0.80 46 0.023
509.5 540.0 30.5 1.09 100 0.032
* 595.0 600.0 5.0 0.91 16 0.027
* Hole ends in mineralization
SP12-110 13.0 64.0 51.0 0.80 167 0.023
117.0 119.0 2.0 1.90 7 0.055
138.0 144.0 6.0 0.71 20 0.021
150.0 156.0 6.0 1.62 20 0.047
181.0 231.0 50.0 0.98 164 0.029
SP12-111 475.0 491.0 16.0 0.49 52 0.014
* 526.0 568.0 42.0 0.38 138 0.011
includes 562.0 568.0 6.0 1.06 20 0.031
* Hole ends in mineralization; last 42 meters includes several
intervals of no recovery
SP12-112 30.0 63.0 33.0 0.59 108 0.017
90.0 96.0 6.0 0.74 20 0.022
112.0 119.0 7.0 1.14 23 0.033
Weighted averages were used to calculate all reported intervals
Reported intervals apply a 0.2 gram per tonne gold (0.006 oz per
ton gold) lower cutoff
Internal dilution within reported intervals does not exceed core
lengths of 8 meters.
Intervals of no recovery were given a gold grade of 0 in the
weighted average calculations above
1 troy oz = 31.103 grams
Conversion factor - grams per tonne to troy oz per short ton; g/t
divided by 34.2857 or g/t multiplied by 0.0292
1 meter = 3.28 feet
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.
Update on 2012 Winter Diamond Drill Program
Three core rigs are currently operating from the ice at Springpole
and have completed approximately 5,400 meters of drilling. Due to
unseasonably warm conditions, the period from which holes could be
drilled from the ice has lasted only about five weeks. Expecting an
early break-up, the Company plans an aggressive drill program
utilizing its four barges on site. Gold Canyon has 50,000 meters of
infill and exploration diamond drilling planned at Springpole in
2012. Approximately 80% of this drilling will be directed at infill
and step-out holes in and around the Portage Zone with the goal of
continuing to build the resource.
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.
On February 27, 2012, Gold Canyon announced an updated NI 43-101
compliant resource estimate for Springpole, effective February 27,
2012, which included an indicated mineral resource of 1.22 million
ounces gold and 4.82 million ounces silver and an inferred mineral
resource of 2.45 million ounces gold and 11.58 million ounces
silver (cut-off grade of 0.4 grams per tonne gold). Tonnage and
grades were reported as 30.0 million metric tonnes at 1.26 grams
per tonne gold and 5.0 grams per tonne silver for the indicated
category, and 60.0 million metric tonnes at 1.27 grams per tonne
gold and 6.0 grams per tonne silver for the inferred category. A
copy of the news release and further details regarding the updated
mineral resource estimate is available through the Internet on the
Canadian System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com. The Company will be filing a technical
report for in connection with the updated mineral resource estimate
on SEDAR on or before April 12, 2012.
Quinton Hennigh, Ph.D., P.Geo. is the Qualified Persons 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 adviser to, and a director of,
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 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 REE 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
http://www.marketwire.com/press-release/gold-canyon-intersec…
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