RE: better formatGold Canyon drills 367.4 m of 1.47 g/t Au at Springpole
Gold Canyon Resources Inc (C:GCU)
Shares Issued 130,597,052
Last Close 8/20/2012 $1.34
Tuesday August 21 2012 - News Release
Ms. Akiko Levinson reports
GOLD CANYON ENCOUNTERS 367.4 METERS AT 1.47 GRAMS PER TONNE GOLD AT ITS SPRINGPOLE GOLD PROJECT
Gold Canyon Resources Inc. has received all assay results from diamond drill holes that will be included in its upcoming resource update. The holes are part of the 2012 barge drilling program at its 100% controlled Springpole Gold Project located 110 kilometers northeast of the Red Lake Mining Camp, Ontario, Canada. Included in these results is an intercept of 367.4 meters at 1.47 grams per tonne gold (1,205 feet at 0.043 oz per ton gold) from hole SP12-162B and another of 330 meters at 1.40 grams per tonne gold (1,082 feet at 0.041 oz per ton gold) in hole SP12-173.
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"We are very pleased with the assays results from recent drill holes that will be used to update our National Instrument 43-101 ("NI 43-101") compliant resource," comments Dr. Quinton Hennigh, technical advisor to, and director of Gold Canyon. "The Portage Zone continues to produce exceptional grade thickness intervals, confirming one of its many attributes. Now that we have results in hand, we expect to receive an updated resource from our independent qualified person by early Q4 of this year."
Four drills mounted on barges continue to operate at Springpole. Year-to-date, nearly 36,500 meters of diamond core drilling have been completed. Results from recent infill holes that will be used to update Springpole's NI 43-101 compliant resource are listed in the table below. All holes were drilled from barges and are vertical.
-- The upcoming NI 43-101 compliant resource update will include approximately 30,000 meters of additional drilling completed in 2012 at Springpole. The last published resource included all drill holes completed through the end of 2011. Most recent drilling has been in the southeastern part of the deposit where recent exploration expanded the length of the Portage Zone to the 0-250 meter section line. -- Work on a preliminary economic assessment (PEA) of the Springpole deposit by SRK Consultants (Vancouver) will utilize the updated NI 43- 101 compliant resource as its basis. The anticipated completion date for the PEA is Q1, 2013. -- Continued drilling at Springpole will now focus on geotechnical aspects surrounding the deposit. -- Environmental baseline work by DST Engineering and other consultants will continue into the fall, and engagement with stakeholders is on- going with regular meetings scheduled for the remainder of 2012.
Summary of Drill Results from the Portage Zone ---------------------------------------------------------------------------- Gold Gold (grams (oz From To Length per Length perSection Hole (meters) (meters) (meters) tonne) (feet) ton)----------------------------------------------------------------------------0+050 meter; SP12-162 13.5 29.0 15.5 1.59 51 0.046 middle hole lost in broken ground at 29 meters 0+050 meter; SP12-162B 13.6 381.0 367.4 1.47 1205 0.043 middle includes 13.6 307.0 293.4 1.67 962 0.049 includes 84.0 92.0 8.0 4.71 26 0.138 includes 138.0 160.0 22.0 5.91 72 0.173 includes 269.0 277.0 8.0 6.64 26 0.194 includes 373.0 375.0 2.0 8.49 7 0.248 SP12-163 Announced in a previous news release 0-100 meter; SP12-164 17.0 23.0 6.0 0.87 20 0.025 middle 91.0 101.0 10.0 1.41 33 0.041 175.0 350.0 175.0 0.71 574 0.0210-200 meter; SW SP12-165 72.0 76.0 4.0 0.77 13 0.022 flank 144.0 148.0 4.0 0.76 13 0.022 168.0 210.0 42.0 0.79 138 0.023 244.0 257.0 13.0 0.66 43 0.019 283.0 305.0 22.0 0.46 72 0.0130-200 meter; SP12-166 104.0 112.0 8.0 0.59 26 0.017 middle 124.0 140.0 16.0 0.47 52 0.014 154.0 160.0 6.0 1.50 20 0.044 180.0 304.0 124.0 0.93 407 0.027 includes 279.0 283.4 4.4 5.10 14 0.1490-050 meter; SW SP12-167 153.0 349.0 196.0 0.75 643 0.022 flank 0-200 meter; NE SP12-168 88.0 102.0 14.0 0.87 46 0.025 flank includes 94.3 96.6 2.3 3.68 8 0.107 122.0 162.0 40.0 0.40 131 0.012 173.0 268.0 95.0 1.23 312 0.036 includes 208.0 245.0 37.0 2.25 121 0.066 includes 220.0 222.0 2.0 15.93 7 0.465 417.0 419.0 2.0 4.82 7 0.1410-200 meter; SW SP12-169 148.0 230.0 82.0 0.59 269 0.017 flank 251.0 301.0 50.0 0.83 164 0.024 includes 260.0 264.0 4.0 3.38 13 0.0990+150 meter; SW SP12-170 51.0 56.0 5.0 0.99 16 0.029 flank 212.0 255.0 43.0 0.58 141 0.017 hole lost in broken ground at 257 meters 0+150 meter; SW SP12-170A 209.0 215.0 6.0 0.54 20 0.016 flank twin of SP12-170 228.0 262.0 34.0 0.77 112 0.022 282.0 339.0 57.0 0.83 187 0.024 351.0 354.0 3.0 1.05 10 0.031 380.0 408.0 28.0 0.45 92 0.0130-050 meter; SP12-171 28.0 34.0 6.0 0.47 20 0.014 middle 92.1 104.0 11.9 0.53 39 0.015 159.0 173.0 14.0 0.69 46 0.020 195.0 366.0 171.0 0.92 561 0.0270-150 meter; SP12-172 71.0 83.0 12.0 0.72 39 0.021 middle 91.0 99.0 8.0 0.59 26 0.017 162.0 262.0 100.0 0.52 328 0.015 273.0 294.0 21.0 0.59 69 0.017 300.0 312.0 12.0 0.46 39 0.013 321.0 339.0 18.0 0.55 59 0.016 395.0 404.0 9.0 0.56 30 0.016000 meter; middle SP12-173 8.2 12.0 3.8 0.89 12 0.026 38.0 368.0 330.0 1.40 1082 0.041 includes 59.0 63.0 4.0 6.47 13 0.189 includes 123.0 368.0 245.0 1.63 804 0.048 includes 139.0 164.0 25.0 3.73 82 0.109 includes 224.0 257.0 33.0 3.97 108 0.1160+200 meter; far SP12-174 363.0 378.0 15.0 0.45 49 0.013 SW 390.0 416.0 26.0 0.43 85 0.013----------------------------------------------------------------------------
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 field and laboratory duplicates, standards, blanks, and internal and external check assaying. Certified sample standards were submitted with the normal sample stream. Gold and silver assays 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 grams per tonne Au, a gravimetric finish is utilized.
About Springpole
Springpole is an alkaline intrusion hosting a gold system that represents a potentially new style of Canadian Archean Shield gold deposit. The Portage Zone is hosted by a trachytic porphyry intrusion displaying polyphase autolithic breccias that host gold mineralization. Other zones, including the East Extension and Main, consist of high-grade veins and pods hosted in diatreme breccias composed of intrusive and country rock fragments. These breccias surround the northwest and northern margins of the Portage Zone. The known mineralized zones underlie a total known area of about 4 square kilometers representing only about 15 percent of the greater alkaline intrusive complex which remains yet to be explored.
On February 27, 2012, Gold Canyon announced an updated NI 43-101 compliant resource estimate for Springpole, effective February 27, 2012, which included an indicated mineral resource of 1.22 million ounces gold and 4.82 million ounces silver and an inferred mineral resource of 2.45 million ounces gold and 11.58 million ounces silver (cut-off grade of 0.4 grams per tonne gold). Tonnage and grades were reported as 30.0 million metric tonnes at 1.26 grams per tonne gold and 5.0 grams per tonne silver for the indicated category, and 60.0 million metric tonnes at 1.27 grams per tonne gold and 6.0 grams per tonne silver for the inferred category. A technical report detailing this resource was filed by the Company on April 10, 2012 and is available through the Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
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 adviser to, and a director of, Gold Canyon.
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