Gold Canyon Intercepts 308 Meters at 1.29 Grams Per Tonne Gold Including 216 Meters at 1.71 Grams Per Tonne Gold At Springpole Gold Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/15/11 -- Gold Canyon Resources Inc. (TSX VENTURE: GCU)(PINK SHEETS: GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that hole SP11-070 intersected 308 meters at 1.29 grams per tonne gold (1010 feet at 0.038 oz per ton gold) including 216 meters at 1.71 grams per tonne gold (708 feet at 0.050 oz per ton) at its 100% controlled Springpole Gold Project, located 110 kilometers northeast of the Red Lake Mining Camp, Ontario, Canada. The intercept encountered in this hole affirms that the Portage Zone dips northeast at approximately -70 degrees and remains open at depth.
To view Map 1 - Drillholes please visit the following link:
To view Map 2 - Cross-section please visit the following link:
"We are extremely happy with these results," states Dr. Quinton Hennigh, technical advisor and Director of Gold Canyon. "Not only does drill hole SP11-070 confirm that the Portage Zone dips northeast; this intercept also fills an important gap in drilling where the Portage Zone is believed to be plunging underneath the Main Zone. The grade of the included intercepts are very encouraging, especially the higher grade core that returned assay values in excess of 7 grams per tonne gold. This drill hole also makes it very clear that the Portage Zone remains open at depth along its entire length."
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 6,000 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, somewhat 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 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 Company's website:
Akiko Levinson,
President & Director
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.
Contacts:
Gold Canyon Resources Inc.
(604) 682-3234 or Toll free: 1 (888) 242-3234
(604) 682-0537 (FAX)
Investor Relations:
Leo Karabelas
(416) 543-3120
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.09.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 66271
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 193 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Gold Canyon Intercepts 308 Meters at 1.29 Grams Per Tonne Gold Including 216 Meters at 1.71 Grams Per Tonne Gold At Springpole Gold Project"
steht unter der journalistisch-redaktionellen Verantwortung von
Gold Canyon Resources Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
