RE: infoGreat news....looks like more to come and with an extensive winter program there
should be a steady dose of news.
--
Gold Canyon intersects high-grade gold at Springpole
Gold Canyon Resources Inc (TSX-V:GCU) Shares Issued 23,526,828Last Close 11/10/
2004 $0.64Wednesday November 10 2004 - News Release
Mr. Ron Schmitz reports
GOLD CANYON ENCOUNTERS BONANZA GRADE AT SPRINGPOLE FROM SUMMER
DRILLING
Gold Canyon Resources Inc. intersected high- (bonanza) grade mineralization during
its recently completed summer program on the Springpole gold project located near
Red Lake, Ont. With most assays pending, hole BL 319 in the East Extension zone was
observed to contain abundant visible gold in the interval from 85.5 to 91.25 feet.
After logging, this core was marked for detailed sampling and shipped to SGS
Laboratories in Toronto for analysis on a rush basis. The 5.75-foot interval from 85.5
to 91.25 feet averaged 8.648 ounces of gold per ton, and included a 2.45-foot
interval from 87.50 to 89.95 feet which contained an average of 18.474 ounces per
ton Au, and included one short, 0.25-foot sample within this zone that assayed
45.794 ounces per ton Au.
DRILL HOLE BL 319
Core
From To length Au
ft ft ft opt
85.50 86.50 1.00 2.379
86.50 87.50 1.00 0.664
87.50 88.35 0.85 5.332
88.35 88.60 0.25 45.794
88.60 89.35 0.75 30.762
89.35 89.95 0.60 10.348
89.95 90.70 0.75 1.791
90.70 91.25 0.55 0.138
Samples above and below this interval in hole BL319 are pending.
Below is listing of the drill holes from the summer 2004 drill program and the status
of the analysis for each hole to date.
Core
Depth From To length Au
Hole ft ft ft ft opt
BL 282D 200 313.9 319.50 5.6 0.617
BL 285D Pending
BL 304D 200 338.3 343.00 4.7 0.422
BL 305 377 221.6 224.90 3.3 1.056
BL 306 307 Partial
BL 307 267 Pending
BL 308 1,500 Pending
BL 309 747 Pending
BL 310 497 Pending
BL 311 817 Pending
BL 312 407 Pending
BL 313 627 Pending
BL 314 317 Pending
BL 315 605 Pending
BL 316 477 Pending
BL 317 367 Pending
BL 318 317 Pending
BL 319 157 85.5 91.25 5.75 8.648
Incl. 87.5 89.95 2.45 18.474
77.0-91.25' complete, remaining pending
BL 320 Pending
D: deepened
Hole BL 319 tests the up dip extension of mineralization encountered in hole BL292
completed during last winter's drilling campaign. Hole BL292, as previously
announced, intersected mineralization, which also contained visible free gold and
assayed 1.264 ounces per ton Au over the 10.1-foot interval from 118.6 to 128.7
feet.
The intercept in hole BL319 corresponds with the targeted mineralization and
exhibits similar associated alteration as was observed in hole BL292. This
mineralization also corresponds well with other high-grade intercepts in nearby holes
where hole BL199 averaged 1.368 ounces per ton Au over the 21 feet from 118 to
139 feet, and hole BL 204 where 7.7 feet from 147.0 to 154.7 feet averaged 2.470
ounces per ton Au.
Importantly the most recent intersection in these holes indicates continuity of
mineralization in what appears to be a compact high-grade chute. These holes
provide important confirmation of the high-grade model now being tested at
Springpole.
The BL319 intersection remains open down hole with all samples below 91.25 feet
pending. The mineralization encountered in BL 292 and BL 319 remains open down
dip.
Assay results have also been received for holes BL282D, BL304D, and BL305. BL282D
intersected mineralization which averaged 0.617 ounce per ton Au over the 5.6-foot
interval from 313.9 to 319.5 feet. Hole BL 304D contained a 4.7-foot interval, which
averaged 0.422 ounce per ton Au from 338.3 to 343.0 feet, and hole BL 305
encountered 3.3 feet of mineralization, which assayed 1.056 ounces per ton Au from
221.6 to 224.9 feet.
As predicted by the company's recent modelling, these data, together with previous
drilling results, are defining a subvertical, west- to northwest-trending structure, in
the vicinity of the "Main zone," where historic surface sampling has recorded a six-
foot-width of mineralization which grades up to 3.66 ounces per ton Au.
All samples for other holes completed during the summer drill program are pending.
MMI sampling
The company collected over 1,000 MMI soil samples over roughly 1,000 line
kilometres of grid. To date the company has received analysis for 302 of the samples.
These data to date indicate the presence of multiple highly prospective drill targets.
The MMI sampling, in what has been previously identified as the Southwest target,
corresponds with altered and deeply weathered rock outcrop which have yielded grab
samples, that assay up to 0.15 ounce per ton Au. These data will be interpreted and
modelled as it is received.
Mapping and rock sampling
Mapping and sampling, conducted during the summer, augmented with ground
magnetic surveys identified new and extended known banded iron formations (BIF) in
the Sandy Point area and the Dole Lake deformation zone. Exposures of BIF in the
Sandy Point zrea are seen to be heavily pyritized and veined with quartz. Grab
samples of BIF in the Sandy Point area returned values up to 0.55 ounce per ton Au.
Much of the BIF in the Dole Lake deformation zone was below water levels and could
not be sampled. As a result of rising water levels reported to approach 100-year
flood levels, much of the BIF including the zone which yielded samples assaying 0.55
ounce per ton Au were flooded before saw cut channel sampling could be conducted.
Mapping and outcrop clearing resulted in the identification of multiple parallel BIF
zones, with individual BIF units varying from nine to over 100 feet. Interestingly the
highest grade sample from the BIF zones originated from a quartz veined and
pyritzed folded zone in the largest of the BIF units.
Mapping also identified multiple generations of intrusive microfeldspar porphyries on
the eastern portion of the property in close proximity with a large and aerially
extensive rhyolite body. The feldspar porphyry appears to intrude both the rhyolite
and BIF. Elsewhere on the property and throughout the Red Lake district porphyry
intrusives have been shown to be spatially associated with gold mineralization.
Geophysics
Airborne geophysics, consisting of both magnetic and radiometric surveys, have
generated field data which appear to show multiple strong anomalies. These data are
presently being modelled and will be incorporated in the final modelling for the
upcoming winter drill program.
All analyses reported herein were performed by SGS Laboratories. Certified sample
standards prepared by Ore Research & Exploration Pty. Ltd. were submitted with the
normal sample stream sent to the laboratory and 10 per cent of the samples are
being sent to Chemex Laboratories for check assay. Pending analyses will be
announced when available.
Robert G. Carrington, registered professional geologist, of Carrington Consultants, is
the company's qualified person on the Springpole project and has overseen the
current exploration program.