December 07, 2011 08:30 ET
Gold Canyon Intersects 257 Meters at 1.48 Grams per Tonne Gold at the Springpole Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINKSHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce additional drill results from its Summer-Fall drill program including drill hole SP11-096 which intersected 257 meters at 1.48 grams per tonne gold (843 feet at 0.043 oz per ton gold) including 37 meters at 3.03 grams per tonne gold (121 feet at 0.088 oz per ton gold). Drill hole SP11-096 is located 100 meters southeast of hole SP11-091 (310 meters at 1.87 grams per tonne gold announced November 16, 2011) and continues to demonstrate excellent continuity of the higher grade core of the Portage Zone. Assays are awaited from drill holes SP11-097 through -104, all needed for completion of the new National Instrument (NI) 43-101 technical report including resource estimate. Due to delays in receiving these assays, it is now planned that the resource estimate will be announced in January rather than mid-December as originally intended.
To view a map of the Springpole Gold Project, please visit the following link: http://media3.marketwire.com/docs/gcu127i.pdf.
Gold Canyon is also pleased to announce it has contracted SRK Consulting (Canada) Inc. to undertake work on its NI 43-101 compliant Preliminary Economic Assessment (PEA) targeted for completion in the second half of 2012. SRK Consulting will work closely with Mr. William F. Tanaka, a Qualified Person independent of Gold Canyon as defined in NI 43-101, who is updating the resource estimate at Springpole.
In addition, SGS Lakefield Research Ltd. has been contracted to conduct metallurgical test work to support the upcoming PEA. Five core holes, drilled in various parts of the Springpole deposit, have been delivered to the lab in Lakefield, Ontario to facilitate test work in the next 3-4 months. Mr. Michael Fallat, a Qualified Person independent of Gold Canyon as defined in NI 43-101, has been contracted to assist Gold Canyon with coordinating all future metallurgical test work for Springpole.
Drilling will continue at Springpole until Christmas with two drills testing deeper parts of the mid-section of the Portage Zone. Since July, nearly 15,300 meters have been drilled, over 25% more meters than originally planned. Crews are currently flooding the lake ice over the target area to build up sufficient thickness to support an aggressive winter drill program beginning in January. Gold Canyon plans to drill at least 50,000 meters at Springpole in 2012 with approximately 80% of this directed at infill in the Portage Zone and 20% testing new exploration targets including the southeast strike projection of the Portage Zone.
"We are preparing to move Springpole forward aggressively in 2012," comments Dr. Quinton Hennigh, Technical Advisor to, and Director of, Gold Canyon. "The addition of SRK Consulting, SGS Lakefield and Mr. Fallat to our existing team puts us in an excellent position to complete our PEA during the second half of 2012. Meanwhile, we eagerly await final assays for the remaining holes required for our NI 43-101 compliant resource estimation."
Summary of Drill Results
Diamond drill hole SP11-096, a vertical infill hole drilled from a barge on the 0+500 m section line, intersected 257 meters at 1.48 grams per tonne gold (843 feet at 0.043 oz per ton gold) including 37 meters at 3.03 grams per tonne gold (121 feet at 0.088 oz per ton gold) and continues to demonstrate excellent continuity of the higher grade core of the Portage Zone. Due to soft ground conditions casing was set to a depth of 66 meters where the first core was recovered. This mineralized intercept is continuous along almost the entire length of the drill hole which ended at 327 meters, and clearly demonstrates the continuity of the higher-grade core of the Portage Zone to depth.
Diamond drill holes SP11-092 (situated on the 0+600 m section line) and SP11-095 (situated on the 0+550 m section line) were both drilled at an azimuth of 220 degrees true north with inclinations of -55 and -45 degrees, respectively. These holes both tested the "Bridge Zone," a recently identified, near-surface body of mineralization between the Portage and East Extension Zones. Both holes encountered multiple intervals of mineralization that appear to be part of a stacked, sub-horizontally oriented body between the upper portion of the Portage Zone and the near-surface East Extension Zone lying approximately 200 meters to the northeast. The Bridge Zone has now been intersected by multiple holes between the 0+500 m and 0+700 m section lines and represents a potentially significant addition to the Springpole mineralized system.
Diamond drill hole SP11-093, a vertical infill hole drilled from a barge on the 0+050 m section, tested the southwest shoulder of the Portage Zone. This hole encountered 194.5 meters at 0.85 grams per tonne gold (638 feet at 0.025 oz per ton gold) including several higher grade zones (see table below); the drill hole ended in mineralization at a depth of 316.5 meters down-hole.
Diamond drill hole SP11-094, situated on the 0+350 m section line and drilled at an azimuth of 220 degrees true north and inclination of -50 degrees, tested deeper parts of the Portage Zone in this area. This hole intersected 142.5 meters at 0.71 grams per tonne gold (467 feet at 0.021 oz per ton gold). Interestingly, several shorter intervals of mineralization were encountered further down-hole outside of the southwest margin of the Portage Zone.
Summary of Results from Holes SP11-092 through -096
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http://www.marketwire.com/press-release/gold-canyon-intersects-257-meters-148-grams-per-tonne-gold-springpole-gold-project-tsx-venture-gcu-1595708.htm
das hätte ich nicht gedacht, seit Meldung nochmal - 25% !
kommt mal auf WL..........
:D das iss a - muss erstmal alles "abarbeiten"........also ordentlich 
hoffe das kommt nächstes Jahr wieder in Schwung