Sprott Asset Management USA Inc.


Gold Canyon Resources - Springpole, NW Ontario, August 2013.

In late-August, while the thermometer was hovering around 30⁰ Celsius and even the flies were on vacation, Neil Adshead visited the bulk tonnage Springpole gold-silver project in the expansive lake country of NW Ontario.  Systematic step-out drilling on land and beneath Springpole Lake (on barges in the summer and through thick ice in the winter) in 2011 and 2012 delineated an Indicated resource of 128.2 Mt with 1.07 g/t gold (4.41 M oz) and 5.7 g/t silver (23.8 M oz), plus an Inferred resource of 25.7 Mt with 0.83 g/t gold (0.69 M oz) and 3.2 g/t silver (2.7 M oz).  Gold Canyon has completed a Preliminary Economic Assessment on producing precious metals from Springpole through the development of a modest-sized open pit mine and ore processing plant (20,000 tonnes per day).  Management and employees are currently focused on preparing submissions for the numerous permits required to construct, operate and close a mine in a ‘green-fields’ site in Ontario.  Six modes of transport were experienced during the day of the visit: light vehicle in Winnipeg, twin prop aircraft from Winnipeg to Red Lake (and back), float plane from Red Lake to Springpole Lake (and back), a small open aluminum boat on Springpole Lake, jet from Winnipeg to Vancouver and light rail home in Vancouver.

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