Gold Canyon Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 810 - 609 Granville Street P.O. Box 10356 Pacific Centre Vancouver, BC Canada V7Y 1G5 |
| Tel No.: | (604) 682-3234 |
| Fax No.: | (604) 682-0537 |
| Toll Free No.: | 1-888-242-3234 |
| Web Site: | www.goldcanyon.ca |
| Corporate Email: | info@goldcanyon.ca |
| Contact Person: | Judy Davidson |
| Position: | Office Manager |
| Traded Market: | TSX-V |
| Traded Symbol: | GCU |
| Outstanding Shares: | 53,723,127 |
| 52 Week High: | $ 0.37 |
| 52 Week Low: | $ 0.02 |
| Present Price: | Click Here |
INTRODUCTION
Gold Canyon Resources is a Canadian-based company engaged in the acquisition, exploration and development of rare and precious metal properties. The Company is currently exploring five projects ranging from early through advanced exploration stages.
PROJECT IN HAND
Projects in the Red Lake Mining District of Northwestern Ontario, Canada
(1) Springpole Gold Project
Gold Canyon's 100% controlled Springpole Gold Project is located in the prolific Red Lake Mining District of
northwestern Ontario, approximately 115 km (70 miles) northeast of the town of Red Lake and of approximately 20,000 acres.
The Company announced the NI 43-101 Resources Estimate in November 2006. The complete technical report is available on the Company's website (www.goldcanyon.ca) and SEDAR (www.sedar.com). Drilling by the Company has identified multiple zones of high grade mineralization, including Hole BL04-319 which averaged 3.046 oz/t Au over 19 feet. The Company has completed a consolidation of all known Springpole data of the past 25 years, and has also undertaken a re-modeling of the East Extension and Main Zones. Gold Canyon is aggressively pursuing the discovery of potentially large new resources in the rest of its land position at Springpole.
(2) Horseshoe Island Gold Project
The Company's 100% controlled Horseshoe Island Project covering 3,160 acres, located 8 km (5 miles) west of the Springpole Core Area. Additional staking by the Company linked the Horseshoe Island and Springpole properties, creating a total site area of 28,935 acres.
The property has received: a total of 145 diamond drill holes in 24,139 metres; as well as airborne and ground geophysics surveys, soil geochemistry sampling and; humus geochemical surveys, prospecting, mapping and trenching.
The Company received a new NI 43-101 Technical Report in February 2009. The complete technical report is available on the Company's website and SEDAR. The Company intends to fulfill the recommendation outlined in the technical report by further investigating private sources of historic drill data in the coming months.
(3) Favourable Lake Polymetallic Project
The Company acquired 100% interest in the Favourable Lake Project in August 2005. The property is located approximately 200 km (120 miles) north of Red Lake, Ontario and covers roughly 17,120 acres in the highly mineralized Favourable Lake Greenstone Belt. On December 22, 2005, the Company entered into a mineral property option agreement with Shoreham Resources Ltd. ("Shoreham") whereas Shoreham has the option to acquire up to an 80% undivided interest in the property. Shoreham continues to work on this property, reporting encouraging geophysical testing and sampling results, with the objective of defining targets of a follow-up drilling program.
Projects in the U.S.A.
(4) Cordero Gallium Project, Northern Nevada
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project in Humboldt County, northern Nevada. The project covers over 3,800 acres, is the largest known primary gallium resource in North America. Gallium is a critical element in our technology reliant daily lives.
On February 2008, the Company announced an updated NI 43-101 Technical Report and Resource Estimate for the Cordero Project: 713,930 kg gallium measured and indicated; 334,590 kg gallium inferred.
On October 10, 2008, the Company announced, due to the turmoil in the global financial markets, the uncertainty of near term gallium prices, and the recent sharp rise in the prices of the key chemicals needed to produce gallium, that it has elected to suspend, at this time, the preparation of a preliminary feasibility study at the Cordero Gallium Project. The Company will continue to monitor and carry out various options at Cordero in the interim.
(5) Kratz Spring Project, Southeastern Missouri
Kratz Spring is an identified Iron Oxide Copper Gold +/- Rare Earth Element (IOCG +/- REE) deposit located in the St. Francois Mountains of southeastern Missouri. This region hosts several iron-oxide +/- apatite +/- Cu-Au-REE deposits.
In January 2009, Gold Canyon entered into a Joint Exploration Agreement ("JEA") with Japan Oil, Gas and Metals National Corporation ("JOGMEC"). JOGMEC is a government organization established under the Japanese Ministry of Economy, Trade and Industry. Under the terms of the agreement, JOGMEC shall be granted the option to acquire an 80% interest in the Kratz Spring project by making an initial contribution of US$75,000 and additional funding of US$100,000 by March 31, 2009 (received). The Company and JOGMEC will contribute funds to the exploration program in accordance with their respective equity interest. For the purpose of the JEA, the Company incorporated a subsidiary in the state of Colorado, USA, Gold Canyon Kratz Spring, LLC., on January 9, 2009.
The objective of this JEA is to identify, analyze and perform metallurgical evaluations leading to production of REEs from Iron Oxide Copper Gold +/- Rare Earth Element (IOCG +/- REE) style deposits.
MANAGEMENT
Gold Canyon Resources Inc. has a professional management team with experience in different areas.
Akiko Levinson, President
- Over 20 years experience with mining finance and investment
- Previous management and directorships with other public mining companies
- Widow of Michael Levinson, former President and Chairman, and committed to success of company and building value for all shareholders
Ron Schmitz, Chief Financial Officer
- Primary administrator of Gold Canyon with over 20 years experience in financial management of resource companies
- Owner of ASI Accounting Services providing accounting and administration to public resource companies
Douglas Christopherson, Mining Engineer
- Active on mineral projects in the USA, Africa and Asia since 1970
- Founding registered member of the Society for Mining, Metallurgy and Exploration Inc. (SME)
- Graduate of Colorado Mountain College (AA) and Regis College (B.Sc.)
Bojan Zabev, Vice-President of Land Management
- Senior geological consultant
- Over 30 years Canadian and international experience in exploration and mining for gold and base metals
- Graduate of University of Zagreb (B.Sc.(Geo))
Sam Nunnemaker, Senior Geologist - Consultant
- Participated in exploration and development of Cordero Gallium Project since 2002
- Over 25 years experience in exploration and mining of industrial, non-ferrous and precious metals
- Graduate of University of Nevada, MacKay School of Mines (B.Sc.(Geo.))
Directors
Akiko Levinson
Ron Schmitz
Douglas Christopherson
Ivan Obolensky
Duncan Riesmeyer
Vincent Della Volpe
NEWS UPDATE
On October 5, 2009, Gold Canyon Resources Inc. announced that it has granted incentive stock options to buy an aggregate of 820,000 common shares to certain directors, senior officers and consultants at an exercise price of 31 cents per share. The options expire on Oct. 5, 2011.
On September 29, 2009, Gold Canyon Resources Inc. announced closing of its previously announced non-brokered private placement of common share units (the "Units") at a price per Unit of $0.25 for gross proceeds to the Company of $250,000. Each Unit is comprised of one common share in the capital of the Company and one non-transferable share purchase warrant of the Company, exercisable at any time up to 4:30 PM (Vancouver time) on the date which is twenty-four months from the date of issue of the Units for one common share at a price of $0.40 per share.
The anticipated proceeds of the offering would be used for additional work on Gold Canyon's Springpole Gold Project, rare earth element projects and general corporate purposes.
On September 18, 2009, Gold Canyon Resources Inc. announced that it is undertaking a non-brokered private placement of common share units (the "Units") at a price per Unit of $0.25 for gross proceeds to the Company of $250,000. Each Unit is comprised of one common share in the capital of the Company and one non-transferable share purchase warrant of the Company, exercisable at any time up to 4:30 PM (Vancouver time) on the date which is twenty-four months from the date of issue of the Units for one common share at a price of $0.40 per share.
The anticipated proceeds of the offering would be used for additional work on Gold Canyon's Springpole Gold Project, rare earth element projects and general corporate purposes.
On September 15, 2009, Gold Canyon Resources Inc. announced that its wholly owned subsidiary Gold Canyon Kratz Spring LLC has entered into a number of Non-disclosure Agreements to evaluate tailings and mine dumps originating from IOCG +/- REE deposits in the countries of Finland and Norway. Work on this evaluation will be conducted as part of the Joint Exploration Agreement between Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation.
On September 11, 2009, Gold Canyon Resources Inc. announced that its wholly owned subsidiary Gold Canyon Kratz Spring LLC has entered into a 12 month option agreement to evaluate and lease tailings and mine dumps originating from the Benson Mines IOCG +/- REE deposit in the State of New York. Work on this evaluation will be conducted as part of the Joint Exploration Agreement between Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation.
On August 11, 2009, Gold Canyon Resources Inc. announced a strategic investment in Gold Canyon by Jipangu Inc., the only gold mining company in Japan. In consideration of a payment by Jipangu to Gold Canyon in the amount of CDN$400,000, the Company has agreed to issue 2,500,000 common shares from treasury and has agreed to grant Jipangu certain rights of first refusal for a period of one year from the closing of the investment. Net proceeds of the transaction will be used for additional work on Gold Canyon's Springpole Gold Project.
On August 10, 2009, Gold Canyon Resources Inc. announced the commencement of a comprehensive review of its Springpole Lake Gold Project, located in the Red Lake Mining District of Ontario, Canada.
Jeff Chambers, formerly with Newmont Mining Corporation, is presently on site at Springpole camp leading an effort to re-evaluate the geology of this unusual gold system, as well as a technical review of past drilling and assaying. This program will last approximately six weeks, with the aim of enhancing the understanding of the geology of the deposit, in order to build a stronger resource model. Additional drill targets are also expected to be generated from this review.
On June 12, 2009, Gold Canyon Resources Inc. reported that it has granted incentive stock options to certain directors, senior officers and consultants to purchase an aggregate of 975,000 common shares at an exercise price of 10 cents per share. The options expire on June 12, 2011.
On May 20, 2009, Gold Canyon Resources Inc. announced the exercise of the option to acquire a 60% undivided interest in the Company's Favourable Lake property, by Shoreham Resources Ltd., pursuant to a mineral property option agreement between Gold Canyon and Shoreham dated December 22, 2005. Shoreham acquired its interest by paying Gold Canyon a total of $50,000 in cash, issuing an aggregate of 1,000,000 common shares in the capital of Shoreham to Gold Canyon and incurring expenditures in the aggregate of $1,000,000 on the Favourable Lake property over the last four years.
On May 19, 2009, Gold Canyon Resources Inc. announced that its wholly owned subsidiary Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation ("JOGMEC") have reached an agreement for the April 2009 - March 2010 fiscal year work program and budget on May 15, 2009. Under the terms of the Joint Exploration Agreement ("JEA"), JOGMEC holds an 80% option to all of the JEA projects and budget of US$460,000 was approved for this fiscal year.