GCU.... Canaccord comments.......
Gold Canyon Res.* (GCU : TSX-V : $2.25), Net Change: 0.12, % Change: 5.63%, Volume: 187,253
Standing out from the crowd. Shares of Gold Canyon have been bucking the trend of late. Late last week, the junior gold
explorer announced that hole SP11-066 intersected 24 m at 17.48 g/t gold (79 feet at 0.510 oz per tonne gold) including 6 m at
52.60 g/t gold at its 100%-controlled Springpole Gold Project, located 110 km northeast of the Red Lake Mining Camp,
Ontario. On Monday, shares of Gold Canyon were in the green again after a Bay Street analyst released a bullish report on the
company and stated, "These latest high-grade results could add a lot of ounces, very quickly, to the upcoming resource update
on the project," adding, "The resource is expected to be released in late Q4/11 or early Q1/12. Management's initial guidance for
the resource was in the 2.0- to 2.5-million-oz range. However, after analyzing recent drill results, and having further discussions
with management, we expect the upcoming resource to be in the 3.5- to 4.5-million-oz range." Commenting on the company's
most recent results, Gold Canyon's Technical Advisor and Director, Dr. Quinton Hennigh, stated, "We are very pleased to
confirm high grades at shallow depth in the East Extension Zone. Although East Extension is a smaller target than the Portage
Zone, it could potentially make a good starter pit. Holes SP11-066 and -067 demonstrate good continuity of high-grade
mineralization along the southwest margin of this deposit. These results coupled with the corridor of near-surface mineralization
that we discovered in drilling between the Portage Zone and East Extension last summer suggest we might ultimately be able to
connect these two deposits." |
