Gold Canyon - Giddy-upGold Canyon* (GCU : TSX-V)
Giddy-up. Shares of Gold Canyon Resources were rewarded after the company released another set of impressive drill results from their Springpole Gold property in Northern Ontario. Highlights from this set of results include diamond drill hole SP12- 122, which intersected 330 m of 1.58 g/t gold, including 48 m at 4.15 g/t gold. This hole tested mid and deep parts of the Portage Zone. The company noted that these results not only demonstrate the overall robust grade of the Portage Zone, but also indicate the presence of a higher grade core in this area similar to that seen approximately 400 m to the northwest (188.3 m at 1.93 g/t gold including 71 m at 3.80 g/t gold intersected in hole SP12-118 announced in a news release dated April 24, 2012). Given that the Portage Zone dips at about 78 degrees northeast, this intercept represents a true width of approximately 275 m. It also indicates the zone extends to depths of at least 370 m on this section. Gold Canyon also noted that drilling from the first of four barges began on April 30, with three drill rigs remaining on land. As these drill rigs complete their respective holes, they will be mounted onto barges where they will continue drilling throughout the summer. The first barge drill holes will include a series of 500 m vertical holes testing an area on the 0-250 m section where hole SP12-120 (202 m at 0.51 g/t gold announced in a news release dated April 24, 2012), drilled from ice last winter, appears to have intersected the upper portions of the Portage Zone and ended in mineralization. To date, approximately 15,500 m of drilling have been completed at Springpole in 2012. The company expects a steady stream of drill results coming in over the remainder of 2012 and will be able to issue a new gold resource by early 2013.
A division of Canaccord Genuity (5/3/2012)
https://www.goldcanyon.ca/s/Stock_Quote.asp