VANCOUVER, BRITISH COLUMBIA -- 05/27/08 --
Gold Canyon Resources Inc. (TSX VENTURE: GCU)(PINK SHEETS: GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that it has completed the Winter Drill Program 2008 at the Company's Springpole Lake Gold Project located in the Red Lake Mining District of Ontario, Canada.
The 2,452 meter program of 7 drill holes was designed to focus on step-out drilling to test the strike and dip potential of the new sedimentary hosted semi-massive sulphide intersection that returned 0.25 opt gold over 14 feet (8.4 g/t over 4.26m) from last year's hole BL07-383.
The start of the drill program was delayed from January to March due to the difficult winter ice conditions in the target area. All drill hole locations originally planned for ice set-ups were subsequently moved to land, resulting in longer holes and deeper intersections of the target horizon. The first 1 kilometre of the sedimentary basin environment has now been tested. The key marker horizon is believed to continue for at least 7 additional kilometres.
Initial interpretation of the results suggest that the Springpole Deformation Zone intersected the new sediment horizon at a low angle and possibly re-mobilized some of the gold from the target horizon. As such, the target sedimentary gold horizon(s) remain highly prospective and untested along the 7 kilometre strike extension beyond the influence of the Springpole Deformation Zone.
Results of 2008 Winter Drill Program: (Gold; g equals grams per tonne,
opt equals ounces per ton)
BL08-385 targeted the BL08-383 intersection at depth to confirm the angle
of dip of the new zone.
74.00-75.56m 3.278g/1.56m (0.10 opt/5.1 ft.)
167.39-168.39m 2.370g/1.00m (0.07 opt/3.3 ft.)
BL08-386 was the first step-out hole to the NW along strike from BL08-383
99.28-100.25m 2.534g/0.97m (0.08 opt/3.2 ft.)
222.38-223.18m 10.534g/0.80m (0.38 opt/2.6 ft.)
BL08-387 second step-out to the NW
193.06-194.00m 1.586g/0.94m (0.05 opt/3.1 ft.)
292.71-296.67m 1.630g/3.96m (0.05 opt/13.0 ft.)
BL08-388 third step-out to NW
278.26-278.64m 1.046g/0.38m (0.08 opt/1.2 ft.)
BL08-389 fourth step-out to NW
167.00-168.23m 2.042g/1.23m (0.06 opt/4.0 ft.)
207.00-207.93m 1.778g/0.93m (0.06 opt/3.1 ft.)
305.92-307.59m 1.470g/1.67m (0.04 opt/5.5 ft.)
334.93-335.48m 0.978g/0.55m (0.05 opt/1.8 ft.)
345.50-346.52m 5.980g/1.02m (0.17 opt/3.3 ft.)
354.32-355.00m 0.936g/0.68m (0.04 opt/2.2 ft.)
BL08-390 fifth step-out to NW
333.03-334.43m 1.82g/1.40m (0.05 opt/4.6 ft.)
BL08-391 sixth step-out to NW
No significant gold values due to Springpole Deformation Zone
Mr. Garry K. Smith, P.Geo., is the Company's Vice President of Exploration and acts as the qualified person on the Springpole Project as defined by National Instrument 43-101. This news release has been reviewed by Mr. Smith.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and the Bear Head Uranium Project which is adjacent to their Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005.
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.
Additional information can be found on the Company's website: www.goldcanyon.ca.
Akiko Levinson, President & Director
Certain statements contained in this news release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Gold Canyon Resources Inc.
Vic Weckerle
Investor Relations
(604) 682-3234 or Toll Free: 1-888-242-3234
(604) 682-0537 (FAX)
Email: vic@goldcanyon.ca
Website: www.goldcanyon.ca
