TSX-V: CLZ
www.canasil.com
VANCOUVER, BC, July 10, 2020 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ), (DB Frankfurt: 3CC), "Canasil" or the
"Company" announces that the drill rig has been positioned on site
and the planned drill program is underway to test the Candy vein,
the initial silver-gold vein target at the Nora project in
north-central Durango State, Mexico. Access road upgrades and drill pads
have been completed ahead of schedule and the drill mobilized to
site on schedule.
Canasil President and CEO, Bahman
Yamini, commented: "We are pleased to report that
drilling has started as planned on the Candy vein at the Nora
project. We look forward to the results from this initial drill
program, which will test the first of multiple targets at the
project. The Nora project is exceptionally well located in a region
hosting large silver-gold mines and deposits, and presents the
opportunity for discovery of a high-grade silver-gold epithermal
vein system."
Gold-silver mineralization at Nora is hosted within
structurally-controlled epithermal veins. This initial drilling
program will test the Candy vein with six holes located along four
fences across the vein spaced over a strike length of 500 metres.
All holes will test below high-grade silver and gold samples
collected from vein outcrops and rock dumps from historical
underground workings on the vein as detailed in the table below
(and previously outlined in a news release dated April 29, 2020). The Candy vein has not been
previously drilled. A plan map and sections of the planned Candy
vein drill sections can be seen on the Company's website at
http://www.canasil.com/news_releases/ .
Nora Project,
Durango State, Mexico – Candy Vein Drill Sections as at July
2020
|
Sample
|
Easting
|
Northing
|
Elevation
|
Width
|
Sample
|
Gold
|
Silver
|
Copper
|
Lead
|
Zinc
|
Number
|
|
|
|
Metres
|
Type
|
g/t
|
g/t
|
%
|
%
|
%
|
14278
|
451609
|
2822331
|
2017.12
|
1
|
Vein
|
3.72
|
605
|
0.97
|
1.17
|
0.40
|
14281
|
451614
|
2822339
|
2018.70
|
1
|
Vein
|
2.98
|
540
|
0.85
|
4.00
|
3.55
|
Section 2300N:
Holes DDH20A and SDDH20B projected to intercept the vein at a
vertical depth of 135m and 175m and to test for possible deeper
footwall structure at a projected vertical depth of 185m and 250m
below surface
|
14287
|
451623
|
2822395
|
1972.83
|
0.6
|
Vein
|
2.18
|
316
|
0.57
|
2.44
|
0.17
|
14288
|
451629
|
2822403
|
1984.14
|
0.8
|
Vein
|
3.03
|
585
|
2.80
|
5.24
|
1.83
|
Section 2400N:
Holes DDH20C and DDH20D projected to intercept the vein at a
vertical depth of 110m and 160m and to test for possible
deeper footwall structure at a projected vertical depth of 160m and
235m below surface
|
14299
|
451626
|
2822578
|
2006.46
|
0.6
|
Vein
|
6.55
|
10.4
|
0.06
|
0.28
|
0.05
|
Section 2600N:
Hole DDH20E projected to intercept the vein at a vertical depth of
100m below surface
|
14311
|
451608
|
2822812
|
2009.71
|
0.4
|
Vein
|
12.55
|
12.2
|
1.02
|
2.67
|
0.68
|
Section 2800N:
Hole DDH20F projected to intercept the vein at a vertical depth of
100m below surface
|
Surface samples
collected in August 2019 and reported in News Release dated
September 26, 2019
|
Particular care and attention is being paid during all
operations to ensure the safety of local communities and the
Company's and contractors' personnel working on site.
About Nora Silver-Gold-Copper-Zinc-Lead Project, Durango
State, Mexico:
The Nora project is located approximately 200 km north-west of
the City of Durango, with good access and infrastructure. The
geological setting is a Tertiary-aged volcanic flow-dome complex.
Gold-silver mineralization is hosted within two
structurally-controlled epithermal veins, Candy and Nora.
Mineralization is typical of that found at many mines in the
region, with gold and silver associated with galena, sulfosalt
minerals and lesser pyrite, sphalerite and chalcopyrite. There is
evidence of some historical mining activity on the Candy vein,
which is exposed in discontinuous outcrops for over 900 metres. The
fault structure hosting the Candy vein has been traced for a
distance of over 3 km. Samples of vein outcrop and mineral dumps
from the Candy vein returned significant gold, silver, copper, zinc
and lead values. The second vein, Nora, is found 600 metres
northeast of the Candy vein and can be traced for 230 metres with
widths of over 9.0 metres. Surface samples from this vein returned
anomalous silver values associated with trace sulphides, with a
geochemical signature typical of the higher levels of epithermal
vein systems in the region.
Historical systematic grid soil sampling over an area of 3 km by
2 km covering the Candy and Nora veins and projected extensions,
showed elevated silver, base metal (copper, lead and zinc) and
pathfinder (antimony and arsenic) values. The combination of the
vein outcrops with large areas of anomalous silver and base metal
values in soil samples may indicate additional concealed mineral
systems. Other major deposits in the region include SSR Mining's La
Pitarrilla deposit located 50 km east of the Nora project.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong
portfolio of 100% owned silver-gold-copper-lead-zinc projects in
Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company's
directors and management include industry professionals with a
track record of identifying and advancing successful mineral
exploration projects through to discovery and further development.
The Company is actively engaged in the exploration of its mineral
properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and
support staff for its operations in Mexico.
The technical information herein has been reviewed and approved
by J. Blackwell (P. Geo.), a Qualified Person as defined by
National Instrument 43-101. Mr. Blackwell is a technical advisor to
Canasil.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This news release includes certain statements that may be
deemed to be "forward-looking statements". All statements in this
release, other than statements of historical facts are forward
looking statements, including statements that address future
mineral production, reserve potential, exploration drilling,
exploitation activities and events or developments. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include, but are not limited to, changes
in commodities prices, exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. The reader is referred to the
Company's filings with the Canadian securities regulators for
disclosure regarding these and other risk factors. There is no
certainty that any forward looking statement will come to pass and
investors should not place undue reliance upon forward-looking
statements.
SOURCE Canasil Resources Inc.