Gold Canyon Resources Inc.
TSX VENTURE : GCU
PINK SHEETS : GDCRF

Gold Canyon Resources Inc.

April 27, 2010 09:01 ET

Gold Canyon Announces Silver Assays From the Springpole Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2010) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce it has received additional assays from its recently completed drill program at its 100% controlled Springpole gold project in the Red Lake Mining District in Ontario, Canada. Included in these results are the first ever publicly reported silver assays from the project. Assays for two remaining holes, SP10-005 and -006, are expected back shortly.

  • The 64.0 meters (209.9 feet) at 3.30 grams per tonne gold (0.096 oz per ton) from hole SP10-002 reported in a news release dated April 6, 2010 has also assayed 14.5 grams per tonne silver (0.424 oz per ton). These represent the first systematic silver assays reported from the project and indicate silver may be of economic importance at Springpole.
  • Tellurium analyses from this same interval are highly anomalous, 16.6 parts per million. Although these tellurium analyses are preliminary, the observation of grains of gold and silver telluride minerals under the microscope corroborate the presence of elevated tellurium in this system.
  • A newly reinterpreted cross section of the Portage Zone with hole SP10-002 and two historic holes is available at: http://www.goldcanyon.ca/i/gallery/springpole/maps/XS-0+600-SP10-002-25-Apr-10.jpg
  • Hole SP10-004 encountered 41.0 meters (134.5 feet) at 1.08 grams per tonne gold (0.032 oz per ton) near surface in an area with limited historic drilling.
  • The Company is awaiting assays for holes SP10-005 and -006, both drilled in the same zone as hole SP10-002, but 50 and 200 meters to the SE, respectively.

"These silver assays are very encouraging and suggest silver may have economic potential at Springpole," states Dr. Quinton Hennigh, technical advisor to Gold Canyon. "We see silver to gold ratios of individual samples ranging from about 1:1 to 20:1 which is very uncharacteristic of other deposits of the Canadian Shield. The presence of elevated tellurium supports the reinterpretation that Springpole belongs to the alkaline genre of gold deposits. These types of systems are often large, and we intend to demonstrate that Springpole has just such potential with our carefully laid out drill campaign over the coming year."

Table Summarizing Assay Results from Holes SP10-001 through SP10-004:

Portage Zone:                  
Hole From (m) To (m) Length (m) Previously
Announced
Gold (gpt)
Silver (gpt) Tellurium (ppm)   Length (ft) Previously
Announced
Gold (opt)
Silver (opt)
SP10-002 113.0 115.0 2.0 1.18 1.50 3.79   6.6 0.034 0.044
  140.0 141.0 1.0 1.60 12.40 10.70   3.3 0.047 0.362
  164.0 168.0 4.0 1.70 10.38 8.40   13.1 0.050 0.303
  180.0 181.0 1.0 1.38 24.70 12.80   3.3 0.040 0.721
  217.0 218.0 1.0 5.00 10.10 20.60   3.3 0.146 0.295
  247.0 311.0 64.0 3.30 14.51 16.59   209.9 0.096 0.424
includes 254.0 263.0 9.0 5.86 18.12 21.56   29.5 0.171 0.529
includes 277.0 284.0 7.0 7.23 27.26 27.86   23.0 0.211 0.796
                     
SP10-005 Awaiting results                
                     
SP10-006 Awaiting results                
                     
Camp Zone:                  
Hole From (m) To (m) Length (m) Previously
Announced
Gold (gpt)
Silver (gpt) Tellurium (ppm)   Length (ft) Previously
Announced
Gold (opt)
Silver (opt)
SP10-001 12.5 34.0 21.5 1.31 * *   70.5 0.038 *
  50.0 58.0 8.0 1.90 * *   26.2 0.055 *
includes 54.0 58.0 4.0 3.44 * *   13.1 0.100 *
  89.0 91.0 2.0 1.74 * *   6.6 0.051 *
  118.0 127.0 9.0 1.84 * *   29.5 0.054 *
                     
Camp Zone:                  
Hole From (m) To (m) Length (m) Gold (gpt) Silver (gpt) Tellurium (ppm)   Length (ft) Gold (opt) Silver (opt)
SP10-003 70.0 71.0 1.0 1.29 * *   3.3 0.038 *
  77.0 78.0 1.0 1.20 * *   3.3 0.035 *
  109.0 110.0 1.0 1.82 * *   3.3 0.053 *
  130.0 131.0 1.0 2.09 * *   3.3 0.061 *
  143.0 147.0 4.0 1.00 * *   13.1 0.029 *
  217.0 219.0 2.0 3.56 * *   6.6 0.104 *
                     
SP10-004 31.0 72.0 41.0 1.08 * *   134.5 0.032 *
includes 31.0 49.0 18.0 1.40 * *   59.0 0.041 *
includes 36.0 38.0 2.0 2.21 * *   6.6 0.065 *
  83.0 87.0 4.0 3.02 * *   13.1 0.088 *
  94.0 95.0 1.0 1.04 * *   3.3 0.030 *
  101.0 103.0 2.0 1.08 * *   6.6 0.032 *
  107.0 109.0 2.0 1.61 * *   6.6 0.047 *
  116.0 121.0 5.0 1.05 * *   16.4 0.031 *
  140.0 143.0 3.0 1.22 * *   9.8 0.036 *
  147.0 148.0 1.0 1.20 * *   3.3 0.035 *
  152.0 154.0 2.0 1.08 * *   6.6 0.032 *
  159.0 160.0 1.0 1.36 * *   3.3 0.040 *
  216.0 217.0 1.0 1.06 * *   3.3 0.031 *
  247.0 248.0 1.0 1.03 * *   3.3 0.030 *
                     
m = meter, gpt = grams per tonne, ppm = parts per million, ft = feet, opt = oz per ton        
* = awaiting assays and analyses              

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 and tellurium analyses 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 gpt Au, a gravimetric finish is utilized. Multi-element geochemical analyses including tellurium were performed by ICP-MS following a three acid digestion.

Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person 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 advisor to 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 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

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.

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