http://www.theaureport.com/cs/user/pub/co/1115
DESCRIPTION: Gold Canyon Resources is engaged in the acquisition and exploration of mineral and precious metals properties. The company controls a 100% interest in the Springpole Gold and Horseshoe Island projects and the Favourable Lake property (currently under option to Shoreham Resource) in Ontario's Red Lake Mining District. Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the company also holds 100% interest in the Cordero Gallium Project in Humboldt County, Nevada, U.S.
Related Quotes
Andrew Mikitchook, GMP Securities (01/28/11)
"Potential Multimillion-Ounce Discovery: The wholly owned Springpole property has, in our opinion, the potential to graduate from its currently undefined mineral potential into a multimillion-ounce resource. Our conservative estimates put the potential at greater than 4 Moz.
Rapid Growth: Drilling on the Portage zone has increased the footprint of potential mineralization in the past year and continued success is expected.
Permitting: Gold Canyon's valuation should get support from progress by Osisko on the Hammond Reef permitting, and specifically the permitting and draining of Mitta Lake expected in the summer of 2011.
Valuation: Initiating coverage with a Buy rating and $3.90 target based on our target mineralization of 4.4 Moz. at a valuation of $100/oz. We expect visibility above this mineralization target by year-end 2011, as well as a potential to justify stronger dollar-per-ounce valuations as the PEA is delivered."
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