New starter pit at Gold Canyon’s Springpole?

Gold Canyon Resources (GCU-V) has pulled in more stellar drill results at its Springpole gold project, situated 110 km northeast of northwestern Ontario’s Red Lake gold camp. And this time they come from a less-heralded part of the property.

While Springpole has grabbed much attention for the intercepts encountered in the Portage zone, the latest results were highlighted by two holes that were both drilled along the southwest margin of what is known as the East Extension zone.

The better of the two returned 24 metres grading 17.48 grams gold per tonne, including 6 metres grading 52.60 grams gold. The other hole returned 39 metres grading 2.93 grams gold, including 1 metre at 39.73 grams gold.

Both holes were collared at the same spot, but drilled at different degrees and directions to test whether historical drilling was accurate.

Gold Canyon says the two holes not only confirm the historic results but improved upon the older holes by showing better continuity.

“Although East Extension is a smaller target than the Portage zone, it could potentially make a good starter pit,” said Quinton Hennigh, a technical advisor and director of Gold Canyon.

Also bullish for the company is that, when combined with the corridor of near-surface mineralization discovered in drilling
between the Portage Zone and East Extension last summer, the two deposits may ultimately be connected.

The company also announced that recent holes drilled at Portage have led the company to believe that the zone dips moderately to steeply northeast as opposed to southwest, as previously believed.

On a less positive front, the company said its drilling campaign had been hampered by the forest fires that raged in mid-summer in northwestern Ontario, which greatly reduced available helicopters needed to lift drills on and off barges.

Gold Canyon shares traded for $2.72 at presstime and have fluctuated between 38¢ and $4.22 over the last 52 weeks.