Darn, I wish I played a stock this week, like maybe GCU:
www.kitco.com FRONT PAGE...or with the US Presidents' SPEACH tonight on Fuel Cell Hydrogen Initiative, maybe my NUKE that I FC ( Fuel Cell ) STUDIED out of B.C. some years ago: Now a new company SEC Disclosure for new work :
investorshub.com
Latest Gold News Jan 28, 2003, 22:52 (NY Time)
UPDATE 4-COMEX gold tips up with bets in before Bush speech
Reuters, Jan 28, 2003 17:02 PM
Gold Canyon Resources Inc.: Update on Re-Evaluation of the Springpole Gold Project
>Business Wire, Jan 28, 2003 16:01 PM
Gold Canyon Resources Inc.: Update onRe-Evaluation of the Springpole Gold Project
BusinessWire, Jan 28, 2003 14:01 PM
Harmony Gold Mining Company Ltd Potential EquityPlacing
BusinessWire, Jan 28, 2003 13:32 PM
Kinross Gold shareholders approve three-way merger
Reuters, Jan 28, 2003 13:01 PM
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www.csw.com:
Gold Canyon Resources Inc (C-GCU) - News Release
Gold Canyon takes second look at Springpole database
Gold Canyon Resources Inc GCU
Shares issued 16,681,769 Jan 27 2003 close $ 1.33
Tuesday January 28 2003 News Release
Mr. Michael Levinson reports
UPDATE ON RE-EVALUATION OF THE SPRINGPOLE GOLD PROJECT
Gold Canyon Resources has updated its activities at its 100-per-cent-owned Springpole gold project, located in the Red Lake mining district of Ontario.
The company reported in Stockwatch on March 21, 2002, April 9, 2002, and April 24, 2002, that its new management group believed that the Springpole gold project should be examined and researched as possibly being a high-grade underground venture rather than a large, low-grade, open pit target. With that in mind, the company began a continuing program of detailed re-evaluation of the extensive Springpole database. This program is specifically designed to evaluate the potential for high-grade gold mineralization at Springpole. This evaluation has taken a multifocused approach to determine the potential of the "core area" as well as the remainder of the company's extensive property position. Upon completion of the current work program ($100,000), specific recommendations for further fieldwork, together with a budget, will be formulated.
Core area findings
The evaluation of the database for the core area is only partially completed, however, the data to date indicate important and predictable controls to the gold mineralization at Springpole.
Gold mineralization
Examination of logs, coupled with microscopic examination of the mineralization, indicate there are at least three distinct periods of gold mineralization.
The oldest is a period of coarse, often visible, gold found in certain quartz-carbonate veins. Multiounce gold assays are commonly associated with this structurally controlled period of mineralization.
The second phase of gold mineralization is associated with arsenic enriched pyrite found in certain diatreme breccias. Gold associated with this mineral event is very fine grained (five to 20 microns) and, where observed, is contained as minute inclusions or disseminations within regions of arsenic enrichment in crystals of iron pyrite.
Relatively coarse grains of gold again typify the third and youngest period of gold mineralization identified to date, generally 50 to 200 microns in size. This period of mineralization deposits gold as coarse grains and flakes in fractures within or close to pyrite grains, including those associated with the second phase of gold deposition. This mineralization appears to be related to the explosive emplacement of the pipe-like "diatreme breccias," and, based on field relations and microscopic studies, is the youngest gold mineral event.
Structural controls
The structural setting of the core area, which includes the Portage, Vein, Camp, Main and East extension zones, is dominated by a series of strong northwest trending bounding faults that exhibit a left oblique sense of movement. These bounding structures are spaced roughly 500 to 1,000 feet apart, and are semi-parallel in map view. Between these bounding structures are a series of "pull apart" or enechelon "horse tail" veins. These veins are composed of carbonate minerals, typically a light grey calcite, with subordinate amounts of quartz, and are similar to other gold-bearing vein systems of the Canadian Shield. High-grade gold mineralization is developed in both sets of structures. However, at this point, the enechelon veins appear be somewhat more receptive to mineralization.
The trachyte porphyries occur as irregular masses to tabular or sheet-like bodies. The diatreme breccia bodies tend to form irregular pipe-like bodies which have been likened to the fingers on an out-stretched hand.
"Non-core-area" findings
During the course of the present review, data from the "non-core" portion of the property are also being analyzed. To date this review has yielded valuable information, and has resulted in the identification of five additional target zones, all of which are situated on the company's existing property.
The target areas identified thus far are:
1) Southwest target
This target area lies roughly one mile south-southwest of the Portage zone. Limited drilling during 1999 encountered grades 0.219 ounce gold per ton over a five-foot core length between 85 and 90 feet. There was no follow-up work on this zone. Limited surface samples in this area have yielded values up to 0.043 ounce gold per ton from carbonate veins.
2) South Springpole target
This target lies roughly 3.5 miles southeast of the Portage zone, and is thought to be either a parallel zone or possibly an extension of that zone. Outcrop samples in this area range from 0.02 to 0.091 ounce of gold per ton, with highly anomalous humus samples ranging to 124 parts per billion. There are no records of any additional work or drilling in this area.
3) Sandy Point target
The Sandy Point target, located roughly 3.5 miles east of the Portage zone, consists of a broad area of carbonate alteration with surface outcrop samples up to 0.043 ounce of gold per ton, and humus sample values to 85 ppb. Historic drilling approximately one-half mile to the west yielded gold values to 0.84 ounce per ton over two feet.
4) East target
The East target area lies approximately 3.5 miles east southeast of the Portage zone and one mile south of the Sandy Point target area. Here, multiple outcrop samples have yielded highly anomalous values to 0.045 ounce of gold per ton.
5) Birch Lake prospect
This target area lies near the shore of Birch Lake, slightly more than one mile north-northeast of the Portage zone. Surface samples in this area have yielded values to 0.089 ounce of gold per ton.
Additional exploration opportunities
Under an agreement with Jilbey Enterprises Ltd., the company has the right to explore for gold on Jilbey's claims located within five kilometres of the company's property at Springpole. This agreement nearly doubles the total area on which Gold Canyon can conduct additional exploration activities. As Jilbey is targeting diatreme bodies in their exploration, and since there is a known association of high-grade gold mineralization with some diatremes on Gold Canyon's properties, the company is optimistic that other diatreme-related gold mineralization may be found as a result of Jilbey's exploration efforts.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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