VANCOUVER, British Columbia, Dec. 13, 2006 (PRIME NEWSWIRE) -- Gold Canyon Resources Inc. (TSX-V:GCU) ("Gold Canyon" or "the Company") is pleased to announce drill results from the resource conversion and delineation drilling program at the Cordero Gallium Project located in Humboldt County, Nevada, USA. Cordero is recognized as the largest known primary gallium occurrence in North America.
Drilling in the C-15 zone has significantly expanded the known high grade gallium mineralization (greater than 100 g/t). The C-15 zone is named after drill hole C-15, completed in 2001, containing a 55 ft intercept, from 45 ft to 100 ft depth, with an average grade of 183 g/t gallium (Ga), that included a 25 ft intercept grading 266 g/t Ga. Recently completed drill holes C-99 and C-112 both contain intercepts greater than 200 g/t Ga (see Table 1.) and are located 310 ft NW and 380 ft N-NW of drill hole C-15, (Please refer to the map located on our website www.goldcanyon.ca under "Latest news"). The high grade gallium mineralization in the C-15 Zone shows excellent continuity and remains open in three directions. For reference, the indicated and inferred resource areas defined in an independent technical report titled "NI 43-101 Technical Report and Resource Estimation for the Cordero Gallium Project Humboldt County, Nevada, USA" dated April 16, 2006, prepared by reserva INTERNATIONAL LLC of Reno, Nevada. The C-15 Zone delineation drill target area is marked on the attached map. Analytical results for 13 drill holes completed have been received and are summarized in the table below.
Table 1
Intercept Gallium
DH From To (feet) (g/t)
------ --------- ---- --------- -------
C-98 60 135 75 77.9
Including
120 130 10 109.5
C-99 50 135 85 142.6
Including
50 65 15 231.7
105 120 15 174.0
C-101 60 115 55 71.5
C-102 0 200 200 37.8
C-103 40 135 95 52.2
C-104 30 65 35 110.6
Including
45 60 15 161.0
C-105 80 195 115 37.8
C-108 75 200 125 53.1
C-109 140 200 60 88.8
Including
155 185 30 100.3
C-110 120 200 80 40.9
C-111 85 170 85 42.6
C-112 65 75 10 141.0
75 105 30 No Return
105 165 60 134.9
Including
105 130 25 265.0
C-113 85 135 50 64.3
Including
90 105 15 100.3
The Company has recently concluded phase I of a reverse circulation delineation drilling program consisting of 72 drill holes for a total of 15,455 ft, with a nominal step-out spacing of 100 feet. In addition to the 13 drill holes announced in this news release, 17 drill holes were previously announced on November 6, 2006. Additional analytical results are pending for the C-15 Zone and for the NE Bradley Pits Area.
This program is being conducted under the supervision of consulting geologist Samuel Nunnemaker. Mr. Nunnemaker is a Registered Geologist and Qualified Person under the NI 43-101. All samples were analyzed by Inspectorate Laboratories of Reno, Nevada.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold Project, the Favourable Lake Poly-metallic Project and Bear Head Uranium Project in the Red Lake Mining District of Ontario, Canada. Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, USA.
Additional information can be found on the Company's website: http://www.goldcanyon.ca.
Akiko Levinson, President and Director
The Gold Canyon Resources Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=3047
Certain statements contained in this news release using the terms "may," "expects to," "projects," "estimates," "plans," and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplate and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
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