The vast majority of the GCU warrants expire Sept 23 so I am assuming most now exercised and overhang pressure finally relieved.
Goose , I don't think Springpole necessarily reflects a new district, although there could be more in the vicinity from the same process that created Springpole. They have been chasing this for 20 years because there was so much high grade vein stuff on the periphery of the porphyry. Because there are not supposed to be porphyries there it took forever to unlock the mystery.
One of course has to be concerned about the lake and the development implications of draining it. However it has been done before and when you see that the whole area is hundreds of lakes and Springpole is a shallow and minor one then it seems less daunting. The lake directly north of Springpole has commercial fishing lodge operations Springpole does not. I think it comes down to the stakeholder working group they put together some time ago. If that group including all native interests agree to a development scenario then I cannot see any impediment to the development. Until that time investors investors have to take their own view of the issue. I am hoping we get news on local development interests and concerns before the end of 2012. Meanwhile we have 36,000m to add to the 3.8 mil oz resource.
September 19, 2012
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Gold Canyon Encounters 311.2 Meters at 1.81 Grams per Tonne Gold at its Springpole Gold Project
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2012) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINKSHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce additional infill diamond drill results from 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 311.2 meters at 1.81 grams per tonne gold (1,021 feet at 0.053 oz per ton gold) including 107.1 meters at 2.79 grams per tonne gold (351 feet at 0.081 oz per ton gold) and 30.5 meters at 3.66 grams per tonne gold (100 feet at 0.107 oz per ton gold) from hole SP12-179.
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"Hole SP12-179 is an infill hole on the 0+700 meter section where we previously had a gap in drilling," commented Dr. Quinton Hennigh, technical advisor to and director of Gold Canyon. "This hole demonstrates continuity of mineralization to a depth of 360 meters here, nearly 60 meters beneath the potential pit pulled in the National Instrument 43-101 ("NI 43-101") compliant resource estimate announced on February 27, 2012. Because of the significance of this hole, we plan to include this and other recent holes in the upcoming NI 43-101 compliant resource update scheduled for Q4 of this year."
Two drills mounted on barges continue to operate at Springpole, drilling holes for geotechnical purposes. To date, nearly 39,600 meters of diamond core drilling have been completed. Results from recent infill holes are listed in the table below. All holes were drilled from barges and are vertical.
marketwire.com
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