The Gold Report Interview with Mike Starogiannis (6/6/11) "Gold Canyon Resources is one of our top picks in the exploration space. Its flagship asset is the Springpole Gold project, an alkaline gold deposit about 100 km. from Red Lake. The company's had quite a bit of success over the past 18 months delineating a zone of mineralization that's about 1,300 meters long, at an average of 75m wide by 300m-350m deep. The grade is particularly interesting. For a bulk deposit, the grade seems to be averaging 1.3-1.4 grams per ton (g/t). If you compare that to some of Canada's better-known bulk mineable deposits. . .the Springpole zone appears to have 30%-40% higher grades. . .Based on our in-house estimates, we think there's the potential to demonstrate 5-6 Moz. at Springpole. . .However, grade is a very telling factor in the potential economics of any deposit. There is also still some significant depth and strike potential.
. . .Gold Canyon put out its final few holes from the winter program on May 31, with some good infill results. The company showed grades and widths very consistent with our 5-6 Moz. estimate. There will be a bit of a news hiatus as we await results from its deep-drilling program, which is designed to show some depth potential. Gold Canyon won't start its summer program until mid-June. We wouldn't expect to see new step-out or infill drilling until early to mid-July." More >
Andrew Mikitchook, GMP Securities (6/2/11) "We maintain our BUY rating for Gold Canyon Resources and are raising our target to $4.75 from $3.90, based on an increase of our target mineralization to 5.5 Moz. from 4.4 Moz. at a valuation of $100/oz. The mineralization increase is based on our revision to the estimated strike of the mineralized zone, which increased to 1,200m from 950m, previously."
Vishal Gupta, Dundee Securities (5/31/11) "Gold Canyon Assays Continue Trend of Large Widths and Decent Grades: This morning, GCU reported assay results for the final four holes from this year's winter drilling program at its flagship Springpole gold project; highlight results included 292.5m intersection grading 1.13 g/t gold, including 198.5m intersection grading 1.42 g/t and 220.5m intersection grading 0.84 g/t gold, including 73.5m intersection grading 1.32 g/t. Gold Canyon Resources is on our Mineral Exploration Watch List. . .in our view, the mineralization encountered through drilling in 2010 and 2011 has shown remarkable consistency (typically averaging over 100m in intercepted widths and roughly 0.8-1.5 g/t gold in grades). . .if further drilling is able to establish continuity of the higher-grade mineralization, the company can expect to add a lot of ounces very quickly to its upcoming revised resource estimate."
Ovais Habib, Stonecap Securities (5/18/11) "On May 11, Gold Canyon Resources released assay results for six drill holes from its 2011 winter drilling program (in total, 8,500m of drilling was completed in 33 holes). Highlights from the winter drill program include: 110.6m grading 2.48 g/t gold and 4.56 g/t silver in vertical hole SP11-058 and 194.0m grading 1.11 g/t gold and 13.79 g/t silver in inclined hole SP11-048. . .silver grades are also noted to be higher in the mid section of the Portage zone with high silver:gold ratios, which commonly exceed 10:1."
Ovais Habib, Stonecap Securities (4/5/11) "Gold Canyon released [results for] six infill holes [at its Portage Zone on the Springpole property]; SP-11-41, -42 and -44 are inclined holes, SP-11-43, -45/45a were drilled as vertical holes. Most holes have higher-grade intervals within the large intervals, particularly SP-11-43 and SP-11-45."