Revised Final Environmental Study Report (24 MB) - Gold Canyon ...

Gold Canyon Resources Inc.
Springpole Gold Access Corridor Project
Final Environmental Study Report
1.0 INTRODUCTION
GCU is a growing mineral exploration company that is focused on the Springpole Property
(“Property”) area. The Property has a long exploration history and has been explored intermittently
for gold since the 1920s. This historic exploration activity has resulted in the presence of exploration
trenches (overburden stripped to bedrock) and a network of mineral exploration trails within the
Property to provide access for linecutting, trenching, limited surface stripping and diamond drilling.
GCU obtained the Property in 1998 and has explored the Property and expanded its land position
since that time. Historic exploration activities are summarized in Photograph 1-1.
Photograph 1-1: Summary of Historical Exploration Activity
The identified zones at the Property are currently GCU’s primary asset. GCU released a resource
estimate on the Property in February 2012, in accordance with National Instrument 43101
guidelines, which outlined just under four (4) million ounces of gold and 16.5 million ounces of silver
in the inferred category (includes 1.2 million ounces of gold and 4.8 million ounces of silver in the
indicated category). Following the publication of the Draft ESR, GCU released an updated resource
estimate in October 2012 in accordance with National Instrument 43101 guidelines. This updated
resource outlined a 4.41 million ounces of gold and 23.8 million ounces of silver in the indicated
category and an additional 0.69 million ounces of gold and 2.7 ounces of silver in the inferred
category. The press release is available at http://goldcanyon.mwnewsroom.com/pressreleases/gold-canyon-updates-springpole-resource-tsx-venture-gcu-201210170826823001.
As
evidenced by this resource estimate, the 2012 drilling program was very successful at increasing the
confidence in the Deposit by converting inferred ounces to indicated ounces and also increasing the
overall size of the Deposit. Having defined a multi-million ounce resource that is expected to be
expanded with further diamond drilling, the Springpole Gold Project is regarded as a highly
prospective resource definition project rather than a preliminary, grassroots exploration project. A
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