Gold Canyon Resources Inc TSXV:GCU announced that it has updated the NI 43-101 resource estimate for its Springpole gold project northeast of Red Lake, Ontario. Springpole now has indicated resources of 30 million tonnes grading 1.26 g/t gold and 5 g/t silver for contained ounces of 1.22 million gold and 4.82 million silver. The project has inferred resources of 60 million tonnes at 1.27 g/t gold and 6 g/t silver for 2.45 million ounces gold and 11.58 million ounces silver.
Director Quinton Hennigh commented, “The very positive news announced today is a testament to careful geological modelling, the hard work of project management and staff, and to the tenacity of Gold Canyon’s management. Although the large size of this resource is impressive, we feel that the gold and silver grades are an equally important reflection of the high quality of the Springpole Project. This resource gives us a solid foundation upon which we believe we can quickly build significant upside through ongoing drilling in near-surface areas proximal to this resource, along the strike of the Portage Zone to the southeast, and at depth where drilling has recently encountered higher-grade mineralization.”
or Leo Karabelas
by Ted Niles