ONTARIO – It looks as if there are well over 4 million oz of gold in the resources at the Springpole project 110 km northeast of the Red Lake Mining Camp. Owner Gold Canyon Resources of Vancouver says the updated 43-101 report has an indicated mineral resource of 128.2 million tonnes at an average grade of 1.07 g/t Au and 5.7 g/t Ag for 4.41 million oz of gold and 23.8 million oz of silver. The report goes on to detail an inferred mineral resource of 25.7 million tonnes at an average grade of 0.83 g/t Au and 3.2 g/t Ag per tonne for 690,000 oz of gold and 2.7 million oz of silver.
The Springpole project is situated within the Birch-Uchi Greenstone Belt and was explored from the 1920s to 1940s and again since 1985. Historic exploration was focused on small, high grade zones.
"One of the primary attributes of the Springpole deposit is it maintains a majority of its ounces with increasing cut-off grades and we believe this provides flexibility in developing the deposit,” Gold Canyon CEO Troy J. Fierro said in a news release.
A pre-feasibility study is to be readied for the second half of 2013. Please see GoldCanyon.ca.