Wednesday, 28th May 2008 (345 views)

Exploration and development company Gold Canyon has issued an update on its work at the Horseshoe Island project in Ontario, Canada.

The company said investigations at the site have encountered a number of gold samples that have built on the findings of previous exploration campaigns stretching back a number of years.

These include a non-National Instrument 43-101 compliant mineral estimate that put Horseshoe Islands resources at 892,872 tonnes with an average grade of 4.6 g/t gold, as well as historical drilling intercepts including gold values of 5.8 g/t over 1.5 metres.

During 2007, Gold Canyon said it conducted field work that identified a "broad series of parallel shears" within the Horseshoe Island property. Findings included a one-kilometre long MMI gold zone where previous work has returned gold rock samples of 1.2g, 5.0g, 4.5g and over 10g.

Further MMI gold zones measuring 300 metres and 400 metres in length were also identified in areas where "numerous and significant historic gold-in-rock assays" have been recorded.

Gold Canyon added that is now planning exploration drilling around previous drill holes and in the areas that yielded promising gold-in-rock samples.

Gold Canyon's other projects include the Cordero gold project in Nevada and the Springpole gold project in the Red Lake mining district of Ontario.

 

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