Gold Canyon finds new partner for Springpole

In return for exploration expenditures of $2.5 million over four years, Wyoming-based Pasco Rico Resources can earn up to a 51% interest in Gold Canyon Resources‘ (GCU-V) Springpole Lake gold project in northern Ontario.

During the earn-in period, Pasco Rico will operate the project by managing a drill program designed by Wade Hodges, Gold Canyon’s geological consultant. The program is designed to test five separate target areas defined at Springpole Lake. A minumum of $400,000 will be spent in the forthcoming program.

The letter agreement is still subject to regulatory approval. The Springpole Lake project was previously explored by a major company. That agreement was terminated last year.