Gold Canyon Announces Remaining Silver Assays From 2010 Drilling
At Springpole Gold Project
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Gold Canyon Resources Inc. (GCU: TSX-V) ("Gold Canyon" or "the
Company") is pleased to announce the remaining silver assays from the
Summer 2010 Diamond Drill Program at its 100% controlled Springpole
Gold Project, 110 kilometres northeast of the Red Lake Mining Camp,
Ontario, Canada. Silver assays from holes SP10-019, -022, -024, -025,
-026, -028 and -029, all of which drilled across various parts of the
Portage Zone, continue to demonstrate that appreciable silver
accompanies gold in this large porphyry system.
- A summary of results includes:
SP10-019: 307 meters at 1.44 grams per tonne gold and 5.48 grams per
tonne silver
SP10-022: 223 meters at 1.45 grams per tonne gold and 5.03 grams per
tonne silver
SP10-024: 225 meters at 1.48 grams per tonne gold and 4.73 grams per
tonne silver
SP10-025: 38 meters at 1.53 grams per tonne gold and 2.55 grams per
tonne silver
SP10-026: 353 meters at 1.17 grams per tonne gold and 3.86 grams per
tonne silver
SP10-028: 108 meters at 1.75 grams per tonne gold and 9.30 grams per
tonne silver
SP10-029: 132 meters at 2.30 grams per tonne gold and 10.80 grams per
tonne silver
- All intercepts drilled across various parts of the Portage Zone
display appreciable silver with gold (see table below). Silver-to-gold
ratios range from 1.1 : 1 to 10.8 : 1 and average
about 4.4 : 1.
Consistent gold and silver values in the Portage Zone reflect the
disseminated and stockwork nature of mineralization in this large
porphyry body, and although gold and silver values vary somewhat from
place to place, no clear metal zonation has yet been recognized within
the porphyry.
- Interestingly, silver values appear to be much lower in veins that
are part of the Main Zone (note two intercepts from hole SP10-025 in
table below) and situated peripheral to the porphyry body. For example,
a one meter vein intercept that assayed 45 grams per tonne gold bears
less than 0.3 grams per tonne silver. It is believed that this
contrast, significant silver in the porphyry and little in adjacent
veins, reflects either 1) a primary zonation associated with the
original porphyry mineralizing event, or 2) that adjoining gold veins
formed through late remobilization and deposition of gold during
deformation and alteration but the fluids responsible did not carry
appreciable silver.
- The table below summarizes drill intercepts from the Portage Zone
from the 2010 Diamond Drill Program. Note that this table includes
newly reported intervals from some earlier reported holes using a lower
cut-off grade of 0.2 grams per tonne gold and internal dilution not
exceeding core lengths of 12 meters.
- Presently, the strike length of the northwesterly-striking Portage
Zone stands at approximately 950 meters. This zone remains open at
depths in excess of 300 meters along its entire length. True widths of
the zone generally range from 90 to 150 meters, but locally widen to as
much as 250 meters. The zone remains open at depth, to the southeast
and northwest where it appears to plunge underneath the Main Zone.
- The winter drill program is in progress. Two diamond core rigs are
operating and a third is expected to start within a few days. Two holes
testing shallow portions of the Portage Zone have been completed. Cold
weather has settled in making conditions favourable for building up ice
and making drill pads on the lake.
"In 2010, we drilled eighteen holes testing various parts along the
strike of the Portage Zone," comments Dr. Quinton Hennigh, technical
advisor to Gold Canyon. "We now feel more confident about our
understanding of this large gold-silver system. For example, we usually
see gold and silver values gradually rise, peak, then
gradually
diminish as we drill across this zone. Seldom do we see values above 10
grams per tonne gold within the porphyry, so the intervals we report
are not "carried" by a few high assays. The weighted average grade of
Portage Zone intercepts from the eighteen holes drilled in 2010 is 1.36
grams per tonne gold and 5.95 grams per tonne silver, a silver-to-gold
ratio of 4.4 : 1. The Portage Zone bifurcates in
places, perhaps
reflecting late structural displacement. Although we have a lot more
work to do, our picture of the Portage Zone is quickly becoming
clearer."
The Winter 2011 Diamond Drill Program, now underway,
is part on an
ongoing program of drilling and remodelling of the Springpole deposit
to move it towards prefeasibility. Drilling is planned through early
April 2011, at which time work will begin on revising the resource
estimate for the deposit.
Springpole is an alkaline intrusion hosting a gold system that
represents a potentially new style of Canadian Archean Shield gold
deposit. Springpole shares many similarities with deposits such as the
Cripple Creek Gold deposit in Colorado. The Portage Zone is hosted by a
trachytic porphyry intrusion displaying polyphase autolithic breccias
that contain gold mineralization of remarkably uniform grade. Other
zones including East Extension, Camp and Main consist of high grade
veins and pods hosted in diatreme breccias composed of intrusive and
country rocks. These diatreme 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.
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 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.
News Release has been truncated, table has been removed; to view
the table, please see:
http://www.goldcanyon.ca/i/pdf/table-2011Jan18.pdf
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:
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.