GCU: Positive Drill Results from Springpole

OVAIS HABIB, Stonecap Securities (11/15/2010)
"Gold Canyon Resources released positive drilling results at Springpole that intersected 307m grading 1.44 g/t Au, including 100m grading 2.70 g/t Au, and increased the potential strike length by ~50m (SE) to ~900m. Assay results from the remaining nine holes (step-out, infill, exploration) from the summer 10,300m 2010 drill program are expected to be released by early December 2010.

In early January 2011, the company plans to initiate an aggressive drill program (10,000m; three rigs) to further evaluate the size of the Portage Zone. Gold Canyon plans to release a preliminary NI 43-101 resource estimate by the end of Q211 and is targeting 2–2.5 Moz. Au at ~1.5 g/t."

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