Friday, 22nd June 2007 (2143 views)

Exploration company Gold Canyon Resources has acquired an option to acquire ten contiguous mineral claims comprising 79 units of the Horseshoe Island Gold Occurrence.

The Horseshoe Island Gold Occurrence is currently controlled by Vital Resources and is located eight kilometres west of Gold Canyon's Core Resource Area in the Red Lake Mining District, Ontario, Canada.

Recent estimates by Hemlo Gold Mines infer 892,872 tonnes grading 4.6 grammes per tonne (g/t) of gold.

"The main gold occurrence, containing disseminated pyrite and visible gold, has been traced for a strike of 450 metres in drilling to date with reported gold grades ranging from 4.6 to 6.7 [g/t of gold] over two metres," a Gold Canyon statement notes.

Gold mineralisation is located inside a curvilinear fault or deformation splay to the regional Swain Lake Deformation Zone, the statement continues.

Other Gold Canyon projects focused on the Red Lake Mining Camp in north-west Ontario include the Springpole gold project and the Favourable Lake and Bear Head projects.

 

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