Gold Canyon Fulfills Environmental Assessment for Access Corridor
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2014) - Gold
Canyon Resources Inc. (TSX-VENTURE:GCU)(PINKSHEETS:GDCRF) ("Gold
Canyon" or "the Company") is pleased to announce it has been
notified by the Ontario Ministry of Natural Resources (MNR) that
the Company has fulfilled the requirements of the Category C Class
Environmental Assessment for Resource Stewardship and Facility
Development Projects (Class EA RSFD) for Gold Canyon's Springpole
Access Corridor and the Statement of Completion has been filed with
the Minister of the Environment. This notice is a critical
milestone that allows Gold Canyon to seek permits for construction
of an exploration trail to the Company's 100% controlled Springpole
Gold Project situated approximately 110 km northeast of Red Lake,
Ontario.
Gold Canyon sees this exploration trail as necessary to improve
access to site as it continues to advance work on the Springpole
Project. Of particular note, the preferred corridor alternative
that emerged from the Environmental Assessment (EA) process meshes
well with future potential road developments in the region,
including access to the Cat Lake First Nation community and
forestry.
"We are very pleased to receive confirmation from the MNR that
the Statement of Completion for our access corridor EA has been
filed," commented Akiko Levinson, President, CEO and Director of
Gold Canyon. "This allows us to now focus on obtaining permits for
constructing an exploration trail to site, something that will make
further work safer, easier and more cost effective as we advance
the Springpole Gold Project."
About Springpole
Springpole is an alkaline intrusion hosting a gold system that
represents a potentially new style of Canadian Archean Shield gold
deposit. The Portage Zone is hosted by a trachytic porphyry
intrusion displaying polyphase autolithic breccias that host gold
mineralization. Other zones, including the East Extension and Main,
consist of high-grade veins and pods hosted in diatreme breccias
composed of intrusive and country rock fragments. These breccias
surround the northwest and northern margins of the Portage Zone.
The known mineralized zones underlie a total known area of about 4
square kilometers representing only about 15 percent of the greater
alkaline intrusive complex which remains yet to be explored.
Over the last five years, the Company has completed over 85,000
meters of drilling at the project. During that time, work has
advanced with the completion of a Preliminary Economic Assessment
(PEA) (announced in news release dated March 25, 2013, which
can be found on SEDAR at www.sedar.com and on the
Company's website: www.goldcanyon.ca). SRK Consulting (Canada)
Inc. of Vancouver, British Columbia completed the PEA. The PEA is
based on the project's most recent National Instrument 43-101 ("NI
43-101") compliant mineral resource estimate that includes an
Indicated Mineral Resource of 128.2 million tonnes grading 1.07 g/t
gold and 5.7 g/t silver and an Inferred Mineral Resource of 25.7
million tonnes grading 0.83 g/t gold and 3.2 g/t silver at a cutoff
grade of 0.4 g/t gold. This estimate is set out in an independent
technical report, entitled "Mineral Resource Update for the
Springpole Project, NW Ontario, Canada" (the "Technical Report"),
dated November 30, 2012 with an effective date of September 19,
2012, which was prepared for Gold Canyon by Dr. Gilles Arseneau
(P.Geo.), associate consultant with SRK Consulting (Canada) Inc.,
an independent Qualified Person as defined by NI 43-101. The
Technical Report is also on SEDAR at www.sedar.com and on the
Company's website.
Qualified Person
Dr. Quinton Hennigh, Ph.D., P.Geo., a Qualified Person pursuant
to NI 43-101 who is acting as a technical adviser to, and a
director of, Gold Canyon, is also responsible for approving the
technical information in this news release that is not related to
the PEA.
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 - Horseshoe Island Gold, Platinum,
Palladium Project and a minority interest in the Favourable Lake
Poly-metallic property currently under option to Guyana Frontier
Mining Corp. pursuant to an option and joint venture agreement
entered into in December 2005 - all in the Red Lake Mining District
of Ontario, Canada.
Gold Canyon entered into a Rare Earth Element (REE) Joint
Exploration Agreement with the Japan Oil, Gas and Metals National
Corporation (JOGMEC) in January 2009.
Additional information can be found on the Company's website:
www.goldcanyon.ca.
Akiko Levinson, President & Director
Cautionary Note Regarding Mineral Resources
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues. The quantity and grade of reported inferred resources in
any estimation are uncertain in nature and there has been
insufficient exploration to define these inferred resources as an
indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated
or measured mineral resource category.
Cautionary Note to U.S. Readers Regarding Estimates of
Measured, Indicated and Inferred Resources
This news release uses the term "inferred resources." We
advise U.S. investors that while this term is recognized and
required by Canadian regulations, it is not recognized by the SEC.
"Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. The term "contained gold ounces" used in this news
release is not permitted under the rules of the SEC. U.S. investors
are cautioned not to assume that any part or all of a measured,
indicated or inferred resource exists or is economically or legally
mineable.
Cautionary Note Regarding Forward Looking
Statements
This news release contains statements that constitute
"forward looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 or "forward
looking information" within the meaning of applicable Canadian
provincial securities legislation (collectively, "forward-looking
statements"). Forward-looking statements often, but not always, are
identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect", "targeting" and "intend"
and statements that an event or result "may", "will", "would",
"should", "could", or "might" occur or be achieved and other
similar expressions. Forward-looking statements in this news
release include statements regarding the timing and nature of
permitting studies, the timing and nature of infrastructure
developments and construction, projections of future optimization,
production timeline targets, the timing of negotiations with third
parties, and the timing and nature of future exploration programs
which are dependent on projections which may change as drilling
continues, or if unexpected ground conditions are encountered. In
addition, areas of exploration potential are identified which will
require substantial drilling to determine whether or not they
contain similar mineralization to areas which have been explored in
more detail. The description of the extent of mineralized zones is
not intended to imply that any economically mineable estimate of
reserves or resources exists on any of Gold Canyon's
projects.
The forward-looking statements that are contained in this
news release are based on various assumptions and estimates by Gold
Canyon and involve a number of risks and uncertainties. As a
consequence, actual results might differ materially from results
forecast or suggested in these forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, performance or achievements of Gold Canyon to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause the actual results to differ
include; risks relating to fluctuations in the price of gold; the
inherently hazardous nature of mining-related activities;
uncertainties concerning resource estimates; results of
exploration, availability of capital and financing on acceptable
terms, inability to obtain required regulatory approvals,
unanticipated difficulties or costs in any rehabilitation which may
be necessary, market conditions and general business, economic,
competitive, political and social conditions. These statements are
based on a number of assumptions, including assumptions regarding
general market conditions, timing and receipt of regulatory
approvals, the ability of Gold Canyon and other relevant parties to
satisfy regulatory requirements, the availability of financing for
proposed transactions and programs on reasonable terms and the
ability of third-party service providers to deliver services in a
timely manner. Although Gold Canyon has attempted to identify
important factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements, there may be other factors which cause actual results
to differ. Forward-looking statements contained herein are made as
of the date of this news release and Gold Canyon disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Gold Canyon Resources Inc.(604) 682-3234Toll free: 1 (888)
242-3234(604) 682-0537info@goldcanyon.cawww.goldcanyon.ca
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