Gold Canyon Resources Inc.
TSX VENTURE : GCU

Gold Canyon Resources Inc.

May 24, 2005 10:59 ET

Gold Canyon Reports 7.5 Feet of 1.668 opt Gold and 4.2 Feet of 1.151 Feet opt Gold in East Extension Zone at Springpole

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2005) - Gold Canyon Resources Inc. (GCU: TSX-V) ("Gold Canyon" or "the Company") is pleased to announce that two offset holes from BL04-319 which contained 19.6 feet with an average grade of 3.172 ounces of gold per ton ("opt Au") have also returned Bonanza grade gold mineralization over potentially mineable widths. Hole BL05-340 assayed 1.668 opt Au over 7.5 feet from 115.9 feet to 121.4 feet and hole BL05-344 returned 1.151 opt Au over 4.2 feet from 60.7 feet to 64.9 feet. Both of these holes were drilled in the East Extension Zone of the Company's Springpole Lake Gold Project which is located near Red Lake, Ontario.



The following Table 1 summarizes holes BL05-340 and BL05-344.
Table 1

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Grade Depth
Depth From To Length Ounces Au Of Hole Area
Hole (feet) (feet) (feet) (feet) per Ton (feet) Tested
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BL 340 502.0 115.9 121.4 7.5 1.668 502.0 East
Extension
Zone
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BL 344 98.4 60.7 64.9 4.2 1.151 98.4 East
Extension
Zone
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Discussion

Holes BL05-340 and BL05-344 are drilled on a fence located more than 100 feet west of, and importantly, on trend with projections of mineralization encountered in holes BL 319 and others. Management is very pleased with these results, which together with historical results previously announced, indicate the presence of a high grade chute of gold mineralization. The geometry of this chute is consistent with the geometry developed by the Company in its recent remodelling efforts. This highly mineralized chute appears to have a strike length of at least 400 feet and is completely open on strike to the east and west, as well as to depth. Within the main chute, high grade gold mineralization is found over widths up to 19.6 feet. At depth, high grade mineralization appears to narrow to structurally controlled gold in zones from 3 to 5 feet in width. The High Grade Chute is localized at the intersection of two east-west striking, gold bearing structures.

Sampling, assaying and quality control

Core from both holes was split using diamond saws, with one half sent to SGS Laboratories in Red Lake for preparation. The remaining split core is stored at the site. The pulps from hole BL05-340 were analysed by fire assay with gravimetric finish in the SGS Red Lake Laboratory. The pulps from BL05-344 were shipped to the SGS Toronto Laboratory for analyses. Assaying procedure follows fire assay with atomic absorption finish. Samples assaying greater than 2000 ppb Au receive fire assay with gravimetric finish. Quality control programs include the use of duplicates, standards and internal and external check assaying.

Certified sample standards provided by Ore Research & Exploration Pty Ltd., were submitted with the normal sample stream sent to the laboratory and ten percent of the samples are being sent to Chemex Laboratories for external check assay.

Robert G. Carrington, Registered Professional Geologist, of Carrington Consultants is the Company's qualified person on the Springpole project as defined by National Instrument 43-101. The drilling program was conducted under Mr. Carrington's supervision. The results reported herein were reviewed and verified by Mr. Carrington.

Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties and currently owns and operates the Springpole Gold Project in the Red Lake Mining District of Ontario, Canada and its Cordero Gallium Project in Humboldt County, Nevada, U.S.A. Additional information can be found on the Company's website: http://www.goldcanyon.ca.

Robert Carrington, Chief Executive Officer & Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gold Canyon Resources Inc.
    Ron Schmitz
    Director
    (604) 682-3234
    (604) 682-0537 (FAX)
    or
    Gold Canyon Resources Inc.
    Ken Faulkner
    Investor Communications, Corporate Development
    (250) 862-0724