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

Gold Canyon Resources Inc.

November 05, 2009 09:01 ET

Gold Canyon Reports on Review of Springpole Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to provide an update of its comprehensive review of its 100% owned Springpole Gold Project located in the Red Lake Mining District of Ontario, Canada. An eight week field program in which numerous drill cores were re-logged, and in many cases re-sampled, was completed on September 30. This work was completed under the lead of Jefferson Chambers, formerly with Newmont Mining Corporation, and Alan Roberts with Alaska Earth Sciences.

The aim of this program was to re-evaluate the geology of this unusual gold system with a focus on developing a better understanding of ore controls and geometry for the purpose of remodelling the deposit and developing new targets. A summary of reinterpreted historic drill results is attached to this news release. Preliminary results of this review program include:

  • Confirmation that gold mineralization is associated with an alkaline igneous complex consisting of shallowly emplaced intrusions and associated diatreme breccias. This makes Springpole unique among deposits of the Canadian Shield which are commonly formed through metamorphic processes at deeper levels in the crust. Springpole has more in common with other alkaline gold deposits such as Cripple Creek, Colorado than it does with nearby neighbours such as deposits at Red Lake, Ontario.
  • Gold mineralization appears to conform to the margins of the alkaline complex rather than shear structures cutting across it, as previously believed. Several areas along the margins of the complex are now recognized as favourable for hosting mineralization, but have little or no drilling making them desirable future drill targets.
  • The Main, Camp and Portage zones are in all likelihood all part of the same 1,200 m long, 300 m wide NW-trending body of mineralization. This zone starts at surface at its NW end and plunges gently SE under Springpole Lake. Although mineralization under the lake was considered uneconomic in the past, present research is considering whether there might be a bulk underground target where wide-spaced historic drilling suggests the presence of a continuous, sub-vertical zone of mineralization with a true width of over 20 m and open at depth. Historic drill intercepts include 115.86 m at 1.53 grams per tonne (gpt) gold (380 ft at 0.045 ounces per ton (opt)) in hole BL-99, 35.64 m at 7.57 gpt gold (116.9 ft at 0.221 opt) in BL-121 and 106.89 m at 2.35 gpt gold (350.6 ft at 0.069 opt) in BL-308.
  • Near-surface, bonanza grade mineralization in the East Extension Zone is the most promising candidate for surface mining and needs further evaluation. Drill intercepts including 27.41 m at 14.96 gpt gold (89.9 ft at 0.437 opt) in hole BL-217, 24.55 m at 18.63 gpt gold (80.5 ft at 0.544 opt) in hole BL-228 and 16.40 m at 67.46 gpt gold (53.8 ft at 1.970 opt) in hole BL-319 all lie within a zone of high grade drill intercepts approximately 150 m long and 50 m wide. High grade assays start as shallow as 15 m down hole.

The Company anticipates concluding its Springpole review within four weeks, at which time recommendations will be made for a winter drill program to begin January, 2010. It is anticipated that this drill program will encompass infill drilling within known deposits and testing of new targets, particularly ones that could greatly enhance the overall size potential at Springpole.

In conjunction with the geologic review, the Company has begun studying the feasibility of constructing a road to the property from existing timber roads a few kilometers to the south. It is believed such a road would add value to the property and reduce exploration costs.

In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of 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.

East Extension Zone - Select Intercepts

Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(gpt)
From
(ft)
To
(ft)
Interval
(ft)
Gold
(opt)
BL-1225.9238.7212.801.8585.0127.042.00.054
 49.8852.132.2561.70163.6171.07.41.802
BL-353.5122.1318.621.8611.572.661.10.054
BL-4716.1618.912.7510.9553.062.09.00.320
BL-485.7923.4817.682.2819.077.058.00.066
BL-4965.5572.877.324.93215.0239.024.00.144
 162.50166.063.5612.02533.0544.711.70.351
BL-87311.43320.499.062.891021.51051.229.70.084
 397.86408.8410.982.431305.01341.036.00.071
 426.22434.157.935.231398.01424.026.00.153
BL-11599.38110.9811.592.73326.0364.038.00.080
BL-1637.1028.0520.954.7823.392.068.70.140
incl16.1628.0511.897.9253.092.039.00.231
 88.20102.4414.232.07289.3336.046.70.061
BL-1643.054.571.5214.0910.015.05.00.411
BL-1659.4539.9430.492.9231.0131.0100.00.085
incl17.9833.2315.244.3859.0109.050.00.128
BL-16872.2687.5015.241.60237.0287.050.00.047
BL-17218.1439.6321.4910.4459.5130.070.50.305
incl25.9229.273.3550.5085.096.011.01.475
BL-19935.9842.997.0142.80118.0141.023.01.250
BL-20142.3845.733.3524.28139.0150.011.00.709
BL-20240.2468.9728.731.73132.0226.294.20.050
BL-20444.8253.969.1420.53147.0177.030.00.600
incl45.7347.161.43136.58150.0154.74.73.988
BL-21714.6642.0727.4114.9648.1138.089.90.437
incl14.6615.240.5846.1848.150.01.91.349
incl19.5522.262.7139.0864.173.08.91.141
incl35.0642.077.0135.37115.0138.023.01.033
BL-22016.2554.5238.263.5453.3178.8125.50.103
incl16.2517.381.1254.1753.357.03.71.582
 45.7347.251.5215.22150.0155.05.00.445
BL-2212.1317.3415.212.927.056.949.90.085
 41.7748.606.833.80137.0159.422.40.111
BL-2223.6628.6625.005.8512.094.082.00.171
incl17.3818.761.3873.0357.061.54.52.132
BL-2253.0526.2223.162.6610.086.076.00.078
incl21.9526.224.2612.1372.086.014.00.354
BL-22787.9592.985.035.25288.5305.016.50.153
BL-22843.2967.8424.5518.63142.0222.580.50.544
incl65.2566.160.91120.99214.0217.03.03.533
BL-23128.6661.5932.931.0194.0202.0108.00.029
BL-23245.4357.6312.1910.46149.0189.040.00.306
BL-23738.1447.869.726.02125.1157.031.90.176
incl38.1442.073.9313.75125.1138.012.90.402
BL-2393.0519.5216.462.6110.064.054.00.076
BL-24625.0045.1220.132.2882.0148.066.00.067
BL-25169.2177.137.924.05227.0253.026.00.118
BL-25419.2037.2017.992.3763.0122.059.00.069
incl32.6237.204.589.31107.0122.015.00.272
BL-2556.7128.3621.651.6422.093.071.00.048
BL-25634.7653.9619.208.18114.0177.063.00.239
incl34.7637.352.5953.23114.0122.58.51.554
BL-29118.6323.484.8511.6661.177.015.90.340
incl19.5220.420.9158.5864.067.03.01.711
 31.9845.6713.694.55104.9149.844.90.133
BL-29220.6340.6720.0410.2867.7133.465.70.300
incl37.6239.241.6249.99123.4128.75.31.460
BL-293113.42114.941.5216.36372.0377.05.00.478
BL-29581.4084.663.269.34267.0277.710.70.273
 106.25109.763.5112.68348.5360.011.50.370
BL-29653.72103.5449.813.87176.2339.6163.40.113
incl59.4059.840.45102.00194.8196.31.52.978
incl63.9165.371.4647.85209.6214.44.81.397
incl85.9787.501.5332.16282.0287.05.00.939
BL-315103.05112.209.157.43338.0368.030.00.217
incl104.91105.090.18163.99344.1344.70.64.788
incl108.84112.203.369.27357.0368.011.00.271
BL-31918.4534.8516.4067.4660.5114.353.81.970
incl26.0732.045.97182.7785.5105.119.65.337
BL-32029.5836.286.704.4997.0119.022.00.131
BL-32619.2025.406.194.6863.083.320.30.137
BL-32719.9140.2720.376.0965.3132.166.80.178
incl38.0540.272.2237.66124.8132.17.31.100
BL-3288.9954.0245.033.2529.5177.2147.70.095
incl41.3449.698.358.61135.6163.027.40.251
BL-34025.4639.9714.5115.5483.5131.147.60.454
incl35.3439.974.6343.64115.9131.115.21.274
BL-34325.7056.1330.434.3384.3184.199.80.126
incl25.7029.643.9427.3884.397.212.90.800
BL-34418.0220.552.5318.2559.167.48.30.533
BL-34570.7979.799.005.00232.2261.729.50.146
BL-35210.3315.184.8511.7133.949.815.90.342

Main Zone - Select Intercepts

Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(gpt)
From
(ft)
To
(ft)
Interval
(ft)
Gold
(opt)
BL-1 43.90 53.96 10.06 4.57 144.0 177.0 33.0 0.134
BL-34.2755.4851.212.1414.0182.0168.00.063
incl45.1250.004.8814.87148.0164.016.00.434
BL-7 50.61 68.90 18.28 1.57 166.0 226.0 60.0 0.046
BL-8 10.06 10.67 0.61 45.26 33.0 35.0 2.0 1.322
  58.84 85.36 26.52 0.92 193.0 280.0 87.0 0.027
  179.88 185.06 5.18 8.45 590.0 607.0 17.0 0.247
BL-925.0037.2012.204.2382.0122.040.00.123
incl 28.87 34.76 5.89 7.18 94.7 114.0 19.3 0.210
 77.5981.103.5114.42254.5266.011.50.421
BL-11214.63224.099.456.53704.0735.031.00.191
  295.42 317.38 21.96 1.75 969.0 1041.0 72.0 0.051
BL-2377.6587.509.859.60254.7287.032.30.280
incl86.8987.500.61109.37285.0287.02.03.194
 114.63117.993.3617.70376.0387.011.00.517
  148.78 176.83 28.05 1.67 488.0 580.0 92.0 0.049
BL-25200.97233.5432.571.66659.2766.0106.80.048
BL-68150.15284.36134.211.41492.5932.7440.20.041
incl150.15181.1631.011.88492.5594.2101.70.055
incl217.98243.9025.922.30715.0800.085.00.067
BL-77 71.80 74.60 2.80 9.00 235.5 244.7 9.2 0.263
BL-9639.6358.7119.082.89130.0192.662.60.084
incl53.5658.725.158.49175.7192.616.90.248
BL-98 39.94 73.48 33.54 1.16 131.0 241.0 110.0 0.034
BL-10242.3849.086.7011.60139.0161.022.00.339
BL-15760.6862.201.52206.74199.0204.05.06.037
BL-158 23.16 26.22 3.05 8.20 76.0 86.0 10.0 0.239
BL-16016.4626.5310.0616.1954.087.033.00.473
BL-1614.4825.6121.133.6114.784.069.30.105
BL-189 48.17 56.09 7.92 5.12 158.0 184.0 26.0 0.150
  134.45 143.88 9.42 2.58 441.0 471.9 30.9 0.075
BL-190 110.06 111.28 1.22 15.70 361.0 365.0 4.0 0.459
BL-209455.48456.340.85182.061494.01496.82.85.316
BL-2645.1845.7340.554.5617.0150.0133.00.133
incl5.1813.728.547.0417.045.028.00.206
incl34.3942.568.178.96112.8139.626.80.262
BL-280 15.85 23.14 7.28 4.59 52.0 75.9 23.9 0.134
BL-282D 29.55 34.15 4.60 4.26 96.9 112.0 15.1 0.124
  95.70 97.41 1.70 17.84 313.9 319.5 5.6 0.521
BL-288 7.47 8.23 0.76 43.23 24.5 27.0 2.5 1.262
BL-290 63.57 64.88 1.31 11.27 208.5 212.8 4.3 0.329
BL-299100.24103.052.8021.57328.8338.09.20.630
BL-300 45.73 49.69 3.96 4.01 150.0 163.0 13.0 0.117
BL-302 27.44 31.53 4.09 3.73 90.0 103.4 13.4 0.109
BL-3037.7710.362.5916.7925.534.08.50.490
 44.8263.9419.125.00147.0209.762.70.146
incl59.1763.724.5422.26194.1209.014.90.650
BL-304D13.0128.4215.413.3342.793.250.50.097
  47.86 52.22 4.36 9.15 157.0 171.3 14.3 0.267
  102.14 104.58 2.44 5.52 335.0 343.0 8.0 0.161
incl 104.27 104.58 0.31 52.49 342.0 343.0 1.0 1.533
BL-305 67.56 68.90 1.34 23.87 221.6 226.0 4.4 0.697
BL-306 23.88 63.85 39.97 1.01 78.3 209.4 131.1 0.030
incl 33.84 38.29 4.45 4.76 111.0 125.6 14.6 0.139
BL-307 16.31 49.78 33.47 1.21 53.5 163.3 109.8 0.035
BL-354 27.87 32.53 4.66 3.72 91.4 106.7 15.3 0.109
  85.03 85.79 0.76 30.31 278.9 281.4 2.5 0.885
BL-35553.0560.377.3116.31174.0198.024.00.476
  113.32 123.02 9.70 2.18 371.7 403.5 31.8 0.064
BL-35636.8940.914.0231.67121.0134.213.20.925
incl39.9440.910.97127.13131.0134.23.23.712
  58.74 61.16 2.41 6.64 192.7 200.6 7.9 0.194
BL-38342.0147.275.269.79137.8155.117.30.286

Portage & Camp Zones - Select Intercepts

Drill
Hole
From
(m)
To
(m)
Interval
(m)
Gold
(gpt)
From
(ft)
To
(ft)
Interval
(ft)
Gold
(opt)
91-01100.43118.4418.013.72329.4388.559.10.109
91-03135.61141.305.693.43444.8463.518.70.100
91-04123.78125.301.529.99406.0411.05.00.292
 194.66204.8810.227.11638.5672.033.50.207
91-05114.63119.054.424.50376.0390.514.50.131
 178.05184.066.019.98584.0603.719.70.291
91-06175.45191.8016.345.58575.5629.153.60.163
BL-2633.8446.6412.801.10111.0153.042.00.032
 93.29154.2760.982.29306.0506.0200.00.067
BL-33258.94274.6915.751.22849.3901.051.70.036
 323.47325.612.14129.491061.01068.07.03.781
BL-41110.37134.6324.272.70362.0441.679.60.079
 164.63282.92118.291.64540.0928.0388.00.048
incl233.84263.1129.272.92767.0863.096.00.085
incl235.67242.997.325.15773.0797.024.00.150
BL-42101.52127.4425.921.05333.0418.085.00.031
BL-67196.95218.3021.342.11646.0716.070.00.061
BL-69216.77219.823.0521.07711.0721.010.00.615
BL-79248.78253.354.576.09816.0831.015.00.178
BL-80448.47460.6712.202.521471.01511.040.00.074
BL-85344.59380.8036.211.401130.31249.0118.80.041
BL-884.3630.7926.430.9714.3101.086.70.028
 297.52350.9153.381.97975.91151.0175.10.057
BL-9065.8676.0410.183.92216.0249.433.40.114
BL-93169.20178.669.452.25555.0586.031.00.066
 276.22303.6627.440.86906.0996.090.00.025
BL-94232.01236.584.576.17761.0776.015.00.180
 264.03271.657.622.09866.0891.025.00.061
BL-95396.04417.1121.071.661299.01368.169.10.048
 445.11464.1219.011.781460.01522.362.30.052
BL-993.056.403.356.0010.021.011.00.175
 198.47314.33115.861.53651.01031.0380.00.045
BL-100158.23178.6620.433.53519.0586.067.00.103
BL-121104.91140.5535.647.57344.1461.0116.90.221
BL-122163.41241.1677.751.57536.0791.0255.00.046
incl166.77177.1310.366.70547.0581.034.00.195
BL-125110.13117.537.402.41361.2385.524.30.070
 150.74158.748.005.68494.4520.726.20.166
 174.54180.055.503.65572.5590.618.10.106
BL-12689.0294.925.903.36292.0311.419.40.098
 104.33120.1315.802.60342.2394.051.80.076
BL-127123.53131.738.207.07405.2432.126.90.206
BL-12884.5292.327.801.23277.2302.825.60.036
 174.04211.6537.612.13570.9694.2123.40.062
BL-129139.04185.0546.011.57456.0607.0150.90.046
BL-130193.55197.654.104.24634.8648.313.40.124
 277.87286.879.002.83911.4940.929.50.083
BL-13191.32238.26146.941.09299.5781.5482.00.032
incl199.05214.0515.002.06652.9702.149.20.060
BL-132234.66258.9724.312.06769.7849.479.70.060
BL-30833.7838.935.153.45110.8127.716.90.101
 77.4779.632.164.21254.1261.27.10.123
 154.76179.2724.511.29507.6588.080.40.038
 214.45321.34106.892.35703.41054.0350.60.069
incl225.06241.4916.435.81738.2792.153.90.170
 398.78399.540.7618.511308.01310.52.50.541
BL-31029.0629.580.5225.7195.397.01.70.751
 98.08118.5420.461.77321.7388.867.10.052
 136.62151.5314.912.91448.1497.048.90.085
BL-311133.23145.4312.192.48437.0477.040.00.072
incl134.75137.492.746.91442.0451.09.00.202
 220.13236.8916.771.13722.0777.055.00.033
BL-31236.8966.1629.271.43121.0217.096.00.042

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.

Contact Information