VANCOUVER, British Columbia, Jan. 8, 2007 (PRIME NEWSWIRE) -- Gold Canyon Resources Inc. (TSX-V:GCU) ("Gold Canyon" or "the Company") is pleased to announce additional drill results from the resource conversion and delineation drilling program at the Company's Cordero gallium project located in Humboldt County, Nevada, U.S.A. Cordero is recognized as the largest known primary gallium occurrence in North America.
Drill results received for 25 reverse circulation drill holes in the C-15 zone continue to expand the known high grade gallium mineralization (greater than 100 g/t). Drill holes C-115, C-128 and C-116, each containing gallium intercepts greater than 100 g/t (see Table) expand the known high grade mineralization some 500 feet to the N-NE from drill holes C-99 and C-112, reported in a previous news release dated December 13, 2006. (Please refer to the map located on our website www.goldcanyon.ca under "Latest news"). Lost circulation and caving in drill holes C-106, C-107, C-107A and C-129 caused them to be abandoned prior to reaching the target depth for mineralization. Regardless, the high grade gallium mineralization in the C-15 Zone continues to show excellent continuity and remains open in three directions. For reference, the indicated (337,360 Kg) and inferred (384,640 Kg) 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, U.S.A." dated April 16, 2006, prepared by reserva INTERNATIONAL LLC of Reno, Nevada. The C-15 Zone delineation drill target area are marked on the attached map. The C-15 zone is named after 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 Ga, that included a 25 ft intercept grading 266 g/t Ga. Gallium intercepts from the latest 25 drill holes from the C-15 Zone are summarized below.
Drill Hole From To Intercept Grade Total
(feet) (g/t) Depth
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C-100 40 135 95 60.3 280
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including
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55 70 15 104.7
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C-106 No Significant Abandoned,
Intercepts due to caving 145
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C-107 No Significant Abandoned,
Intercepts due to caving 55
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C-107A No Significant Abandoned,
Intercepts due to caving 90
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C114 140 200 60 51.3 200
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including
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145 165 20 80.5
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C115 120 170 50 63.0 200
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including
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155 170 15 104.7
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C116 140 190 50 72.2 200
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including
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140 150 10 112.0
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C117 130 155 25 41.4 200
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C118 80 140 60 39.5 200
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C119 70 135 65 72.4 200
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including
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70 80 10 141.5
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C119 180 200 20 53.5 200
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C120 80 200 120 43.1 200
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C121 30 175 145 40.3 200
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C122 5 110 105 38.3 200
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115 200 85 43.8
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C123 25 165 140 54.3 165
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C124 95 150 55 53.5 200
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C125 70 120 50 47.2 200
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C126 95 130 35 41.4 200
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C127 145 190 45 42.8 200
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C129 No Significant Abandoned,
Intercepts due to caving 110
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C128 140 190 50 94.6 200
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including
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150 175 25 138.0
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C-130 No Significant Abandoned,
Intercepts due to caving 110
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C130A 145 200 55 38.9 200
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C131 45 100 55 82.8
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C132 50 90 40 66.0 200
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including
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60 70 10 105.5
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C133 60 120 60 48.8 200
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including
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60 70 10 94.0
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C134 75 135 60 42.2 200
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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 25 drill holes announced in this news release, 30 drill holes were previously announced on November 6 and December 13, 2006. Additional results are pending from 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, U.S.A.
Additional information can be found on the Company's website: http://www.goldcanyon.ca.
Akiko Levinson, President & 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 contemplated 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.