sumisu
11 years ago
Canasil and MAG Sign Binding Letter Agreement for MAG to Earn Up to 70% Interest in Canasil's Salamandra Project in Durango State, Mexico
May 28, 2013 - DJNF
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - Canasil Resources Inc. (TSX VENTURE:CLZ) (FRANKFURT:3CC) ("Canasil" or the "Company") announces that the Company and MAG Silver Corp. (TSX:MAG) (NYSE MKT:MVG) have signed a binding Letter Agreement providing for MAG to earn up to a 70% interest in Canasil's Salamandra silver-copper-zinc-lead project in Durango State, Mexico. The project is located close to the city of Durango and 80 kilometres on trend northwest of the San Martin-Sabinas mining district, the largest underground silver-copper-zinc deposit in Mexico, owned by Grupo Mexico and Penoles.
Under the agreed terms, MAG will have a first option to earn 55% interest in the Salamandra project by incurring C$5,500,000 in exploration expenditures and making C$750,000 cash payments to Canasil over four years, including payment of C$150,000 upon signature of the Letter Agreement. The first year exploration expenditures of $1,000,000, which must include at least 3,000 metres of diamond drilling, will be a firm commitment. Upon completion of the first option, MAG will have a second option to earn an additional 15% interest, for a cumulative 70% interest in the Salamandra project, by either preparing and delivering to Canasil a NI43-101 compliant feasibility study within four years, or by incurring an additional C$20,000,000 in exploration expenditures over four years, with a minimum annual expenditure of C$2,500,000.
MAG has also informed Canasil of its intention to withdraw from the current La Esperanza option agreement and concentrate on advancing the exploration program on the Salamandra project.
Bahman Yamini, President and CEO of Canasil, commented: "We are very pleased to have reached agreement with MAG on the terms of an earn-in option on the Salamandra project. We regard MAG as an excellent partner for this project which has the potential for hosting a large carbonate hosted replacement system with silver, copper, zinc and lead mineralization, and look forward to the start of the exploration program under this agreement as soon as possible. The project, which is located 35 kilometres northeast of the City of Durango with excellent access and infrastructure, has returned highly promising results from exploration work to date. We would also like to thank MAG for their work in advancing the La Esperanza project with significant exploration expenditures including over 6,000 metres of drilling. We believe there will be a number of other companies interested in cooperation to advance the La Esperanza project."
Salamandra silver-copper-zinc-lead project, Durango, Mexico:
The Salamandra project is located 35 km to the northeast of the City of Durango and covers 14,719 hectares (over 140 square kilometres), and benefits from excellent access and infrastructure for mineral exploration and development. This large claim area is strategically located within the major silver-gold trend running through Durango and Zacatecas States, and is directly on trend with a number of important operating mines and recent discoveries. The project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of, and within a similar geologic environment, to the San Martin mine of Grupo Mexico. The San Martin mine is the largest underground silver-copper-zinc mining operation in Mexico, producing at approximately 6,000 tonnes per day.
The exploration programs to date at the Salamandra project indicate the potential for a large buried intrusive and carbonate hosted massive sulphide skarn/manto replacement system. Initial ground geophysics and diamond drilling identified significant silver-zinc mineralization at Salamandra, including 7.45 metres of 50 g/t silver and 12% zinc and 10 metres of 71 g/t silver, 3.48% zinc and 1.26% lead. This mineralization is associated with skarn, hydrothermal breccias, sulphide rich veins and quartz porphyry dykes. Preliminary metallurgical tests indicate high zinc and silver recoveries to clean concentrates.
A subsequent ZTEM airborne geophysical survey completed in 2011 outlined a much larger complex response area covering 2.5 km by 3.5 km. Detailed surface sampling in this area led to the discovery of a high grade vein outcrop, carrying 2,150 g/t silver, 5.39% copper, and 1.89% zinc over 0.90 metres. In addition, sampling has outlined extensive areas of anomalous silver-copper-arsenic-antimony with peripheral lead and zinc anomalies, which is similar to the surface signature of the San Martin mine. The significant silver-zinc drill intercepts from prior drilling, plus results of both airborne and surface geophysical surveys, and the discovery of a high grade silver-copper-zinc vein outcrop within an area of widespread silver-copper-zinc-lead-arsenic-antimony geochemical anomalies indicate the potential for a large silver-copper-zinc-lead mineralized system.
About MAG:
MAG is focused on district scale projects located within the Mexican Silver Belt. MAG's mission is to become one of the premier companies in the silver mining industry. MAG is conducting ongoing exploration of its portfolio of 100% owned properties in Mexico including a silver, lead and zinc discovery and a moly-gold discovery at its 100% owned Cinco de Mayo property in Chihuahua State. MAG and Fresnillo plc are jointly developing the Valdecañas Vein and delineating the Desprendido and Juanicipio discoveries on the Juanicipio Joint Venture in Zacatecas State. MAG is based in Vancouver, British Columbia.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
Canasil Resources Inc.
Bahman Yamini
President and C.E.O.
(604) 708-3788
http://www.canasil.com
(MORE TO FOLLOW) Dow Jones Newswires
May 28, 2013 10:51 ET (14:51 GMT
sumisu
11 years ago
Canasil and MAG Sign Binding Letter Agreement for MAG to Earn Up to 70% Interest in Canasil's Salamandra Project in Durango State, Mexico
May 28, 2013 - DJNF
Canasil and MAG Sign Binding Letter Agreement for MAG to Earn Up to 70% Interest in Canasil's Salamandra Project in Durango State, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - Canasil Resources Inc. (TSX VENTURE:CLZ) (FRANKFURT:3CC) ("Canasil" or the "Company") announces that the Company and MAG Silver Corp. (TSX:MAG) (NYSE MKT:MVG) have signed a binding Letter Agreement providing for MAG to earn up to a 70% interest in Canasil's Salamandra silver-copper-zinc-lead project in Durango State, Mexico. The project is located close to the city of Durango and 80 kilometres on trend northwest of the San Martin-Sabinas mining district, the largest underground silver-copper-zinc deposit in Mexico, owned by Grupo Mexico and Penoles.
Under the agreed terms, MAG will have a first option to earn 55% interest in the Salamandra project by incurring C$5,500,000 in exploration expenditures and making C$750,000 cash payments to Canasil over four years, including payment of C$150,000 upon signature of the Letter Agreement. The first year exploration expenditures of $1,000,000, which must include at least 3,000 metres of diamond drilling, will be a firm commitment. Upon completion of the first option, MAG will have a second option to earn an additional 15% interest, for a cumulative 70% interest in the Salamandra project, by either preparing and delivering to Canasil a NI43-101 compliant feasibility study within four years, or by incurring an additional C$20,000,000 in exploration expenditures over four years, with a minimum annual expenditure of C$2,500,000.
MAG has also informed Canasil of its intention to withdraw from the current La Esperanza option agreement and concentrate on advancing the exploration program on the Salamandra project.
Bahman Yamini, President and CEO of Canasil, commented: "We are very pleased to have reached agreement with MAG on the terms of an earn-in option on the Salamandra project. We regard MAG as an excellent partner for this project which has the potential for hosting a large carbonate hosted replacement system with silver, copper, zinc and lead mineralization, and look forward to the start of the exploration program under this agreement as soon as possible. The project, which is located 35 kilometres northeast of the City of Durango with excellent access and infrastructure, has returned highly promising results from exploration work to date. We would also like to thank MAG for their work in advancing the La Esperanza project with significant exploration expenditures including over 6,000 metres of drilling. We believe there will be a number of other companies interested in cooperation to advance the La Esperanza project."
Salamandra silver-copper-zinc-lead project, Durango, Mexico:
The Salamandra project is located 35 km to the northeast of the City of Durango and covers 14,719 hectares (over 140 square kilometres), and benefits from excellent access and infrastructure for mineral exploration and development. This large claim area is strategically located within the major silver-gold trend running through Durango and Zacatecas States, and is directly on trend with a number of important operating mines and recent discoveries. The project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of, and within a similar geologic environment, to the San Martin mine of Grupo Mexico. The San Martin mine is the largest underground silver-copper-zinc mining operation in Mexico, producing at approximately 6,000 tonnes per day.
The exploration programs to date at the Salamandra project indicate the potential for a large buried intrusive and carbonate hosted massive sulphide skarn/manto replacement system. Initial ground geophysics and diamond drilling identified significant silver-zinc mineralization at Salamandra, including 7.45 metres of 50 g/t silver and 12% zinc and 10 metres of 71 g/t silver, 3.48% zinc and 1.26% lead. This mineralization is associated with skarn, hydrothermal breccias, sulphide rich veins and quartz porphyry dykes. Preliminary metallurgical tests indicate high zinc and silver recoveries to clean concentrates.
A subsequent ZTEM airborne geophysical survey completed in 2011 outlined a much larger complex response area covering 2.5 km by 3.5 km. Detailed surface sampling in this area led to the discovery of a high grade vein outcrop, carrying 2,150 g/t silver, 5.39% copper, and 1.89% zinc over 0.90 metres. In addition, sampling has outlined extensive areas of anomalous silver-copper-arsenic-antimony with peripheral lead and zinc anomalies, which is similar to the surface signature of the San Martin mine. The significant silver-zinc drill intercepts from prior drilling, plus results of both airborne and surface geophysical surveys, and the discovery of a high grade silver-copper-zinc vein outcrop within an area of widespread silver-copper-zinc-lead-arsenic-antimony geochemical anomalies indicate the potential for a large silver-copper-zinc-lead mineralized system.
About MAG:
MAG is focused on district scale projects located within the Mexican Silver Belt. MAG's mission is to become one of the premier companies in the silver mining industry. MAG is conducting ongoing exploration of its portfolio of 100% owned properties in Mexico including a silver, lead and zinc discovery and a moly-gold discovery at its 100% owned Cinco de Mayo property in Chihuahua State. MAG and Fresnillo plc are jointly developing the Valdecañas Vein and delineating the Desprendido and Juanicipio discoveries on the Juanicipio Joint Venture in Zacatecas State. MAG is based in Vancouver, British Columbia.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
Canasil Resources Inc.
Bahman Yamini
President and C.E.O.
(604) 708-3788
http://www.canasil.com
(MORE TO FOLLOW) Dow Jones Newswires
May 28, 2013 10:51 ET (14:51 GMT
sumisu
11 years ago
Canasil Completes Remote Sensing Survey Data Acquisition for Vega, Lil and Granite Projects in British Columbia, Canada
Vancouver, February 26, 2013 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil”) announces completion of remote sensing survey data acquisition for the Vega copper-gold, Lil silver, and Granite gold projects in north-central British Columbia, Canada. The survey is being conducted by Auracle Geospatial Science Ltd. The data set includes three separate sets of satellite image data including Worldview 2 multispectral high spatial resolution image data, Radarsat 1F fine Synthetic Aperture Radar (SAR) data, Short Wave Infra-red (SWIR) and Long Wave Thermal Infra-red (TIR) data, together with available archived geoscience data for the project areas.
These data sets are currently being processed and analyzed to generate three spectral mineral classification data sets covering target minerals, alteration minerals and lithological information, which will then be integrated with property related geoscience data. The combined data sets will be used to produce mineral, alteration and lithological models and maps of the project areas enabling identification of potential target zones and important structural features for further exploration and evaluation. The data analysis and technical report is expected to be completed within March 15, 2013. This survey will provide a systematic basis for guiding planned field exploration programs to define drill targets on these projects.
Vega copper-gold project:
The 100% owned Vega copper-gold project covers 11,104 hectares located in the Omineca Mining Division, 300 km northwest of Prince George, with access via the Omineca Mines Access Road and logging roads. The project has the potential for hosting both porphyry copper-gold mineralization as well as lenses of volcanogenic massive sulphide mineralization.
Lil silver project:
The 100% owned Lil silver project covers 6,145 hectares, located in the Omineca Mining Division, 350 kilometres northwest of Prince George, with access via the Omineca Mines Access Road and logging roads. Mineralization on the property consists of narrow high grade, silver bearing quartz veins and breccia zones, with extremely high grade silver values ranging from 4.3 ounces/ton silver to 325.4 ounces/ton silver, over widths ranging from 0.20 to 0.90 metres. Larger silver bearing floats, indicating greater widths, are found downstream in Lil creek. The mineralization show similarities to the Keno Hill-Galena Hill mining camp in the Yukon. Some local dolomitized carbonate rock outcrops indicate possibilities of a carbonate replacement system, particularly as limited sampling has shown elevated lead and zinc values at these showings.
Granite gold project:
The 100% owned Granite gold project covers 1,626 hectares in the Johansson Lake area of the Omineca Mining Division, located 360 km northwest of Prince George, with access via the Omineca Mines Access Road and auxiliary roads. Historical prospecting, trenching, and sampling of old underground workings returned high gold values of up to 10.30 g/t gold across 10 metres. Three mineralized shear zones with gold/silver mineralization have been identified to date on the property, with values from rock sampling returning gold and silver grades ranging from 1.99 g/t to 43.88 g/t gold and 9.94 g/t to 546.77 g/t silver, as well as a broad 300 metres by 2.0 kilometre gold soil anomaly.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
For further information please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 708-3788
http://www.canasil.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
sumisu
12 years ago
Canasil Identifies New Zone With Gold, Silver and Copper Mineralization in Surface Samples at Sandra-Escobar Project in Durango State, Mexico
2 hours 38 minutes ago - Marketwire via Comtex
MarketwireCanasil Resources Inc. (Canasil) (TSX VENTURE: CLZ)(FRANKFURT: 3CC) announces that initial reconnaissance samples from the central zone of an area measuring 2.0 km by 1.5 km highlighted by an airborne ZTEM geophysical survey has returned high gold values, as well as silver and copper in surface samples taken from old pits and dumps of mineralized material. From a total of 15 initial samples collected to investigate this zone, 8 samples returned values ranging from 1.72 g/t to 19.95 g/t gold, 1.5 g/t to 32.6 g/t silver, and trace to 3.75% copper, with other samples returning high silver, lead and zinc values as detailed in the table below. This area is located between two separate vein systems which have returned silver, gold and copper intercepts in recent drilling. Previous soil and stream sediment sampling in this zone has returned anomalous gold and copper values. This area is on the southeast flank of a rhyolitic domal complex which may be covering a buried intrusive, and must be investigated with more detailed surface sampling to identify the possible source of mineralization observed.
The combination of the project geology, results of the airborne ZTEM geophysical survey, and significant silver, gold, copper, lead and zinc mineralized intercepts together with these surface sample results are encouraging indicators of mineralization over a very large area at the Sandra-Escobar project.
Sandra-Escobar 2011 Initial Reconnaissance Surface Samples
Elev. Width Au Ag Cu Pb Zn
Sample No. East North M M g/t g/t % % %
----------------------------------------------------------------------
10501 429407 2835426 2256 1.00 0.133 2.2 0.0028 0.0344 0.0253
----------------------------------------------------------------------
10502 429525 2835340 2230 0.50 3.42 8.6 0.0029 0.0308 0.0042
----------------------------------------------------------------------
10503 429560 2835320 2235 0.30 19.95 11.0 0.0020 0.0752 0.0124
----------------------------------------------------------------------
10504 429551 2835319 2236 Dump 7.26 17.1 0.0036 0.1435 0.0236
----------------------------------------------------------------------
10505 429506 2835263 2227 0.30 2.85 28.9 0.3300 0.3370 0.0221
----------------------------------------------------------------------
10506 429511 2835259 2227 0.70 0.054 22.6 0.3320 0.0544 0.0144
----------------------------------------------------------------------
10507 429510 2835261 2227 Dump 1.72 19.3 0.2860 0.1935 0.0504
----------------------------------------------------------------------
10508 429517 2835264 2228 Dump 1.89 32.6 3.7500 0.0462 0.0141
----------------------------------------------------------------------
10509 429548 2835486 2258 Dump 4.18 1.7 0.0074 0.0561 0.0083
----------------------------------------------------------------------
10510 428944 2835486 2245 Dump 7.02 1.5 0.2320 0.0454 0.1110
----------------------------------------------------------------------
10511 431816 2835369 2130 Dump 0.022 210 0.0085 0.1260 0.2330
----------------------------------------------------------------------
10512 431483 2835591 2131 Chip 0.022 1.0 0.0053 0.0026 0.0116
----------------------------------------------------------------------
10513 431437 2835797 2138 0.50 0.005 2.0 0.0030 0.0260 0.0150
----------------------------------------------------------------------
10514 429325 2838776 2098 0.30 0.005 3.3 0.0016 0.2030 0.0764
----------------------------------------------------------------------
10515 429317 2838760 2099 0.50 0.037 61.9 0.0028 2.9500 1.6350
----------------------------------------------------------------------
----------------------------------------------------------------------
The collection of the surface samples was supervised and carried out by the Company's wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V., under the direction of Erme Enriquez CPG, Director of Exploration and Development. Samples were sent to ALS Chemex Laboratories in Zacatecas, Mexico, for preparation and on to ALS Chemex in North Vancouver, B.C. Canada, for assay analysis for gold and silver by fire assay with an atomic absorption finish ("FA-AA") on a 30 gram split, and for copper, lead and zinc by digestion of 1.00 gram sample in aqua regia and analysis by AA. Gary Nordin, P. Geo. British Columbia and Director of Canasil, is the designated Qualified Person in accordance with National Instrument 43-101.
The Sandra-Escobar project is located in northern Durango State, Mexico, 200 kilometres northwest of the city of Durango with excellent access and infrastructure, on an important mineral trend with many past and presently producing silver-gold mines and deposits. The project area hosts a mineralized system centered on a large altered rhyolite dome complex, with surrounding geological formations, alteration patterns, and extensive evidence of gold, silver and base metal mineralization. These features indicate the potential for hosting a large disseminated gold-silver-base metal mineralized system. A number of high-grade silver-gold veins surround the dome area.
Canasil holds 100% interest in the 7,451 hectares Sandra project claims, and has entered into an option agreement with Pan American Silver to earn 51% interest in Pan American's 634 hectares adjoining Escobar project claims. Canasil's exploration expenditures will go towards completing the initial $1,000,000 work commitment to earn 51% interest in the Escobar claims. Pan American will then have a back-in right to acquire a 51% interest in the combined claims by paying three times exploration expenditures incurred. Canasil has recorded over $750,000 expenditures to date under the agreement.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
To view the map associated with this press release, please click on the following link: http://canasil.com/_resources/news/nr_2011_11_01.jpg
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Canasil Resources Inc.
Bahman Yamini
(604) 709-0109
www.canasil.com
SOURCE: Canasil Resources Inc.
http://www.canasil.com
sumisu
12 years ago
Canasil Corporate Information
http://canasil.com/company_info/
Canasil Resources Inc. Corporate objective:
Canasil’s corporate objective is to create and enhance shareholder value through acquisition and development of exceptional mineral properties. The Company’s current focus is on gold, silver, copper and zinc projects in Mexico and British Columbia, Canada.
Investment highlights:
10 Projects in Durango, Zacatecas and Sinaloa States, Mexico
4 Projects in British Columbia, Canada
7 drill ready projects – 5 in Mexico and 2 in B.C.
Cooperation Agreements with MAG Silver Corp. and Pan American Silver Corp.
Industry leading partners provide both funding and expertise for advancing projects
Operating in stable, mineral-rich environments with excellent infrastructure
Active exploration programs in progress
Significant committed expenditures by our partners and by Canasil in 2011
Upside potential for share value based on discovery
Multiple projects and targets, multiple chances for discovery and success reduce risk, increase potential
Recognized management team, with strong shareholder focus
Strong share structure, low dilution
Corporate strategy:
Active drill programs on the Company’s drill ready projects.
Active programs to evaluate and define further targets for drilling on the Company’s portfolio of precious and base metal projects in Mexico and in British Columbia, Canada.
Multiple projects in focused geographic locations to maximize potential for success.
Targeted and cost effective exploration and development based on management’s proven exploration expertise and using the most advanced exploration techniques.
Joint venture and cooperation agreements with major partners to share the costs and risks of mineral exploration and development.
Particular attention devoted to maintaining efficient operations with minimum overheads to ensure that a major share of disposable funds are allocated to cost effective exploration and project development and minimize shareholder dilution.
Focus on gold, silver, copper and zinc projects benefiting from the historically high prices of these metals.
Key success factors:
Multiple exploration projects in Mexico and British Columbia, Canada with discovery potential for gold, silver, copper and zinc.
Experienced management team with extensive technical experience and proven track record in the mineral exploration and development field, and in taking mineral projects through to production.
Potential for taking projects through to production and/or joint ventures to advance projects.
Low dilution and strong capital structure allowing significant upside potential in share value.
Location of main exploration projects close to major producing mines in politically stable jurisdictions, with excellent access and infrastructure.
Current historically high precious and base metal prices.
sumisu
12 years ago
Canasil Discovers More Silver Mineralization at Sandra-Escobar Project in Durango State, Mexico
http://www.irw-press.com/en/news_13875.html
Vancouver, October 17, 2011 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC) announces that assay results from drill hole SE-11-11, drilled to a depth of 175.6 metres to test the San Francisco vein area at the Sandra-Escobar silver-gold project in Durango State, Mexico, confirm disseminated silver mineralization with 19.09 g/t silver, 0.12% lead and 0.22% zinc over 52.5 metres, starting at 7.50 metres below surface to a depth of 60 metres. In addition drill hole SE-11-10, drilled on the fringe of a porphyry breccia zone outlined by surface sampling and geophysical signature from a ZTEM airborne survey, returned two narrow intercepts of gold-silver-copper mineralization at a depth of 92 metres with 0.368 g/t gold, 41.7 g/t silver and 0.431% copper over 2.0 metres, and at a depth of 190 metres with 0.575 g/t gold, 33.2 g/t silver and 0.765% copper over 1.7 metres, as shown in the table below.
These results provide further confirmation of disseminated silver-lead-zinc mineralization and indications of gold-silver-copper mineralization at Sandra-Escobar. The limited initial drill program of 1,850 metres in 11 drill holes has returned silver and silver-gold intercepts from three separate veins, as previously reported from drill holes SE-11-01 to SE-11-06, as well as a broad zone of disseminated silver mineralization from a fourth vein area in drill hole SE-11-11. There are also indicators of possible gold-silver-copper mineralization in drill hole SE-11-10. This provides the basis for further drilling to investigate the mineralized veins along strike and at depth, as well as further drilling to explore for possible zones of disseminated silver-lead-zinc and gold-silver-copper mineralization in the project area as shown on the attached map.
Details of the assay results from drill holes SE-11-10 and SE-11-11 are included in the table below.
To view the entire news please follow the link:
http://www.canasil.com/news_releases/index.php?&content_id=214
The San Francisco vein is located parallel to and approximately 400 metres southeast of the Candelaria vein. The occurrence of these two closely spaced parallel veins further indicates the potential for a larger mineralized system in this area, which needs to be investigated with further drilling. The relatively low lead and zinc assays indicate that these intercepts may be in the upper levels of the mineralized system with potential for higher lead, zinc and silver grades at depth. There is currently small scale artisanal mining for silver ore in the San Francisco vein area by third parties with shipments of selected high grade silver ore to local smelters.
The drill program was supervised and carried out by the Company's wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V., under the direction of Erme Enriquez CPG, Director of Exploration and Development. Samples were sent to ALS Chemex Laboratories in Zacatecas, Mexico, for preparation and on to ALS Chemex in North Vancouver, B.C. Canada, for assay analysis for gold and silver by fire assay with an atomic absorption finish (“FA-AA”) on a 30 gram split, and for copper, lead and zinc by digestion of 1.00 gram sample in aqua regia and analysis by AA. Gary Nordin, P. Geo. British Columbia and Director of Canasil, is the designated Qualified Person in accordance with National Instrument 43-101.
The Sandra-Escobar project is located in northern Durango State, Mexico, 200 kilometres northwest of the city of Durango with excellent access and infrastructure, on an important mineral trend with many past and presently producing silver-gold mines and deposits. The project area hosts a mineralized system centered on a large altered rhyolite dome complex, with surrounding geological formations, alteration patterns, and extensive evidence of gold, silver and base metal mineralization. These features indicate the potential for hosting a large disseminated gold-silver-base metal mineralized system. A number of high-grade silver-gold veins surround the dome area.
Canasil holds 100% interest in the 7,451 hectares Sandra project claims, and has entered into an option agreement with Pan American Silver to earn 51% interest in Pan American’s 634 hectares adjoining Escobar project claims. Canasil’s exploration expenditures will go towards completing the initial $1,000,000 work commitment to earn 51% interest in the Escobar claims. Pan American will then have a back-in right to acquire a 51% interest in the combined claims by paying three times exploration expenditures incurred. Canasil has recorded over $750,000 expenditures to date under the agreement.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
To view the entire news please follow the link:
http://www.canasil.com/news_releases/index.php?&content_id=214
For further information please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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sumisu
12 years ago
Canasil Reports on MAG Silver Update on La Esperanza Silver Project
ZTEM Airborne Geophysics and Surface Work Define High Priority Drill Targets
http://finance.yahoo.com/news/Canasil-Reports-MAG-Silver-iw-49553330.html?x=0&.v=1
Press Release Source: Canasil Resources Inc. On Wednesday August 10, 2011, 9:00 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/10/11)- Canasil Resources Inc. (Canasil) (TSX-V: CLZ.V - News)(DB Frankfurt: 3CC) is pleased to report on an update recently received from MAG Silver Corp. (MAG) (TSX: MAG.TO - News)(AMEX: MVG - News) on exploration work completed on the La Esperanza silver-lead-zinc project in Durango and Zacatecas States, Mexico. MAG is earning a 60% interest in the property from Canasil under an option agreement dated August 19, 2010. Expenditures on the project reported by MAG up to March 31, 2011, were $500,646.
In October 2010 a 1,330 line-kilometre ZTEM Airborne Geophysical survey was completed on behalf of MAG covering over 250 square kilometers over the La Esperanza area which was successful in highlighting several geophysical anomalies associated with known mineralization and significant geological features.
MAG also conducted geological mapping and surface rock and stream sediment sampling focused on four known vein systems that have been traced over variable strike lengths ranging from 300 metres to over 1.9 kilometres. In anticipation of the 2011 diamond drill program MAG has also completed upgrades to over 30 kilometres of access roads within the project area.
Correlation of the structural features highlighted by the ZTEM survey and the aero-magnetic signature, coupled with the mineralized veins and structural lineaments outlined by the mapping and sampling and previous drilling by Canasil, has defined a number of high priority drill targets. MAG is currently evaluating the logistics for starting a drill program to test these targets within the next 4 - 6 weeks.
Details from MAG's Report:
A 277 square kilometre block was flown in late 2010 using the Geotech Ltd. ZTEM Airborne Survey System consisting of a helicopter borne AFMAG Z-Axis Tipper Electromagnetic (ZTEM) system and aeromagnetics. A total of 1,330 line kilometres of geophysical data were acquired during the survey. The block was flown at an Azimuth of N50E with a flight lines spacing of 200 metres. Final results were received in late February 2011 and were integrated with previous and ongoing field results. Reconnaissance mapping to trace connections between the known vein segments is progressing, as is drill permitting for the targets identified through the field work and the airborne geophysical survey.
The geological mapping and surface sampling program was carried out by MAG's exploration team based in Zacatecas, Mexico, and included collection of 325 rock samples and 134 stream sediment samples. Four anomalous areas of silver, lead and zinc were identified including the La Esperanza vein zone and its extensions. All four zones are coincident with significant magnetic and or ZTEM anomalies. Other similar ZTEM anomalies will be prospected, mapped and sampled as the field work continues.
Interpretation of the ZTEM data and compilation with the geological mapping and results from the surface samples was undertaken by Ken Robertson, P. Geo., Manager of Geotechnical Services for MAG.
About La Esperanza:
The La Esperanza project covers 18,954 hectares, located within the Mexican Silver Belt in northern Zacatecas and southern Durango States. This recognized world class silver belt hosts a number of active mines such as Pan American Silver's La Colorada and First Majestic Silver's La Parrilla mines. The La Esperanza project covers poorly explored multiple vein occurrences and alteration zones over a 20 kilometre strike length along a prospective SE-NW trend.
The property hosts quartz breccia epithermal veins with silver, lead and zinc mineralization associated with argentiferous galena, silver sulfosalts and sphalerite. The La Esperanza Vein has been traced by mapping of the collapsed workings over a strike length of 260 metres. Significant alteration zones are observed along strike extensions of this vein for over five kilometres on a northwest-southeast trend. Additional vein outcrops and mineralized structures are also observed to the northwest of the extended claim area at the "Fatima" vein zone, approximately 15 kilometres northwest of the La Esperanza vein, indicating the potential for a large district scale epithermal system.
Canasil previously drilled nine diamond drill holes on the La Esperanza vein outcrop for a total of 1,432 metres. This program has outlined a mineralized panel with a strike length of over 150 metres and depth of 100 metres, which is open in all directions, with vein widths of up to 10.30 metres carrying high grade silver mineralization. Seven drill holes intersected the main vein and a hanging wall vein over significant widths The weighted average grade of mineralization intersected in the La Esperanza vein is 330 g/t (9.62 opt) silver, 0.93% zinc and 1.57% lead over an average width of 4.21 metres.
Under the option agreement, MAG can earn 60% interest in the La Esperanza project by completing CAD$5,000,000 exploration expenditures and CAD$500,000 cash payments to Canasil over a period of four years, including a first year expenditure commitment of CAD$750,000 with a minimum of 1,500 metres of drilling.
About MAG Silver and Canasil:
MAG is a leading silver exploration and emerging development company in Mexico, with considerable experience and a very successful track record of high-grade silver discoveries in epithermal vein systems of the Fresnillo Silver Trend, as well as a number of other large development stage and exploration projects in Mexico.
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
To view the map associated with this press release, please click on the following ink: http://canasil.com/_resources/nr_pix/nr_2011_08_10.jpg
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact:
Contacts:Canasil Resources Inc.Bahman YaminiPresident and C.E.O.(604) 709-0109admin@canasil.comwww.canasil.com
sumisu
13 years ago
Canasil Starts 1,700 Line-Km ZTEM Airborne Geophysical Surveys on Three Silver and Silver/Gold Projects in Durango State, Mexico
Press Release Source: Canasil Resources Inc. On Thursday February 10, 2011, 9:25 am EST
http://finance.yahoo.com/news/Canasil-Starts-1700-LineKm-iw-1572449062.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/10/11) - Canasil Resources Inc. (Canasil) (TSX-V:CLZ - News) announces that the Company has started a program of airborne geophysical surveys on three large silver and silver/gold projects in Durango State, Mexico. The ZTEM (Z-Axis Tipper Electromagnetic System) helicopter borne survey is designed to provide unparalleled depth of investigation in precision electromagnetic measurements, and provides data on geologic structures at depth over large areas to assist in identifying the potential for large mineralized systems. The Company has contracted Geotech Ltd. to undertake three surveys on the Sandra-Escobar, Salamandra and Victoria projects. The contract provides for a total of 1,700 line-km of surveys with a budget of approximately US $330,000, with the combined surveys covering an area of over 330 square kilometres, as detailed below.
Together with geological mapping and surface sampling programs at these projects, the surveys will provide additional geophysical and magnetic data in order to evaluate and identify the potential at depth. The surveys should be completed by the end of February 2011, with the results from initial analysis of data expected by the end of March to mid-April 2011. Together with the recently completed ZTEM survey by MAG Silver on the Company's La Esperanza project, these surveys will assist in advancing four of the Company's large silver and silver/gold exploration projects in Mexico.
The survey at the Sandra-Escobar silver/gold project is planned for 420 line-km, covering an area of over 80 square kilometres. The Company is also planning to start a 2,000 metre diamond drill program at this project in the second half of February 2011. The drill program will test high grade silver/gold veins and the possibility for disseminated silver/gold mineralization in the project area. Under the Option and Joint Venture agreement signed with Pan American Silver (Pan American) in August 2008, Canasil's expenditures will go towards completing the initial $1,000,000 work commitment to earn 51% interest in Pan American's Escobar claims. Pan American will then have a back-in right to acquire a 51% interest in the combined claims by paying three times exploration expenditures incurred.
The Salamandra project survey is planned for 617 line-km, covering an area of over 120 square kilometres. Past drilling at Salamandra has identified significant silver and zinc mineralization. Recent reconnaissance of the project area has also identified indications of copper mineralization in an area approximately 4 kilometres north of the previously drilled area. The ZTEM survey covering a very large area is aimed at providing structural information beneath the surface cover of basalt flows, which masks signs of potential mineralization in the project area.
At the Victoria project, the ZTEM survey is planned for 680 line-km, covering an area of over 130 square kilometres in the northwest of the very large 60,000 hectare project claim area. Previous reconnaissance, surface sampling and mapping has identified a northwest to southeast trend of geochemical anomalies over an area of 5km by 10km, which will be tested by the survey.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact:
Contacts:Canasil Resources Inc.Bahman YaminiPresident and CEO(604) 709-0109admin@canasil.com
http://www.canasil.com
sumisu
13 years ago
Orko has Retained the Services of AMEC for a Review of La Preciosa
02 09 11
VANCOUVER, British Columbia - Orko Silver Corp. (TSX.V: - OK) has retained the services of the engineering consultancy firm AMEC Americas Limited to provide a technical review of Orko’s La Preciosa Silver-Gold Deposit in Durango, Mexico.
Orko has a joint-venture with Pan American Silver Corp. (TSX: – PAA) for the design and mine development of La Preciosa, a major epithermal, silver-rich deposit, located 45 kilometres northeast of the city of Durango. Pan American has been conducting diamond drilling, engineering and community relations work since June 2009 and can earn a 55% interest in the JV by bringing La Preciosa into production. Orko retains a 45% interest carried to production.
AMEC will be working in conjunction with the consulting firm Snowden, which has been retained by Pan American for evaluating the resource estimates and mine designs.
Gary Cope, President of Orko, states; “AMEC has worldwide experience in project evaluations of this type and we value their advice.”
A Preliminary Assessment (PA) for La Preciosa has been scheduled for the second quarter of 2011. This will give Pan American and its technical consultants sufficient time to examine various alternate mining methods and extraction scenarios. The three main approaches are to examine the mining as i) an underground operation, ii) a combined underground / open-pit operation, or iii) a large open-pit operation.
Adjacent to La Preciosa is the low-sulphidation silver-gold “Carina Project” of Canasil Resources Inc. (TSX.V: CLZ). Canasil announced on November 19, 2010, that Pan American has optioned the Carina Project. As the 12,147 hectares of mineral concessions on the Carina Project are contiguous with La Preciosa, within the area-of-interest, Pan American has assigned Carina to the La Preciosa Joint Venture.
Terms of the Carina joint venture can be found on the following website:
http://www.canasil.com/news_releases/index.php?&content_id=182
About Orko Silver Corp.
Orko Silver Corp. is developing one of the world’s largest primary silver deposits, La Preciosa, located near the city of Durango, in the State of Durango, Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
For further information, contact Orko Silver Corp. at (604) 687-6310 or via our website on line at www.orkosilver.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orko relies upon litigation protection for forward-looking statements.
sumisu
13 years ago
Canasil Signs Option Agreement With La Cuesta International to Acquire 100% Interest in Candelaria Silver-Gold-Copper Claims
Press Release Source: Canasil Resources Inc. On Friday January 21, 2011, 9:25 am EST
http://finance.yahoo.com/news/Canasil-Signs-Option-iw-2611762040.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/21/11) - Canasil Resources Inc. (Canasil) (TSX-V:CLZ - News) announces that the Company has finalized an option agreement with La Cuesta International Inc. (LCI) providing for Canasil to acquire 100% interest in LCI's Candelaria Silver-Gold-Copper claims in northern Durango State, Mexico. Canasil will pay LCI $30,000 and issue 200,000 stock options at $0.35, followed by semi-annual lease/option payments starting on November 27, 2011, at $5,000 and increasing by November 27, 2014, to a maximum of $20,000. These payments will be credited towards a 1% Net Smelter Return production royalty on the Candelaria claims, which is capped at a total of $3,000,000 for buy-out of 100% interest in the claims.
LCI's Candelaria claims cover 7,192 hectares, surrounding Canasil's 608 hectare Nora project claims in the El Oro district of the Guanacevi and Inde municipalities, which is a highly productive silver-gold mining district. The project hosts the historic Candelaria mine with two vein outcrops over a strike length of 750 metres. The veins can be traced at surface over a distance of 3 kilometres. Twenty test samples from the veins and shallow underground workings have returned encouraging silver, gold, copper, lead and zinc grades. The sample with the highest precious metal content from the Candelaria vein (No. 2503) assayed 1.98 g/t gold, 514 g/t silver, 1.03% copper, 4.45% lead and 3.28% zinc over 1.0 metre. The geologic environment and structures observed in the project area indicate the potential for a large mineralized system.
This agreement adds another major strategically located project to Canasil's strong silver-gold project portfolio on the highly prospective silver-gold belt in Durango State, Mexico. Bahman Yamini, President of Canasil commented: "Following the option and joint venture agreements with MAG Silver and Pan American Silver on three of our key projects in Durango and Zacatecas States, Mexico, Canasil is actively pursuing opportunities to acquire other high potential projects. We are very pleased with this agreement with LCI, which expands the area covered by our Nora project to 7,800 hectares, with the potential for discovery of a large silver-gold-copper mineralized system."
The principals of LCI are Perry Durning and Bud Hillemeyer, who were awarded the 2010 Thayer Lindsley Award for International Discoveries at the Prospectors and Developers Association of Canada convention, in Toronto. They have been responsible for a number of major discoveries in the Durango-Zacatecas silver-gold belt, including the La Pitarrilla and St. Agustin deposits of Silver Standard Resources, and the Camino Rojo deposit of Canplats Resources, which was bought by Goldcorp in February 2010 in a transaction valued at over $300 million. They have been recognized for their prospecting and geological modeling skills and experience, successfully identifying projects with potential for hosting large silver and gold mineralized systems.
Preliminary geological mapping and systematic surface sampling data provided by LCI indicates a favourable geologic setting with geochemical signatures over an area of six square kilometres. In LCI's opinion, the project has the potential to host large-scale disseminated mineralization as well as the high-grade silver-gold-copper mineralization observed in the epithermal veins.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact:
Contacts:Canasil Resources Inc.Bahman YaminiPresident and C.E.O.(604) 709-0109
http://www.canasil.com
sumisu
13 years ago
Canasil Meets 2010 Objectives, Plans Active 2011 Silver/Gold Exploration Program
Press Release Source: Canasil Resources Inc. On Wednesday January 5, 2011, 12:50 pm EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/05/11) - Canasil Resources Inc. (Canasil, the Company) (TSX-V:CLZ - News) announces that the Company has met its key 2010 objectives. These included completion of earn-in option and joint venture agreements with industry leading partners on the Company's silver and silver/gold projects in Durango and Zacatecas States, Mexico, and significantly strengthening the Company's working capital. As previously announced Canasil entered into option and joint venture agreements with MAG Silver Corp. (MAG) on the La Esperanza silver project in August 2010, and with Pan American Silver Corp. (Pan American) on the Carina silver/gold project in November 2010. During 2010, the Company also completed over $2.8 million in funding through private placements and the exercise of warrants, while maintaining a strong capital structure with 57.8 million shares issued.
These developments will lead to a very active exploration program in 2011 on multiple projects. Our partners will be working on the La Esperanza and Carina projects, and Canasil will be advancing the Sandra-Escobar silver/gold project, which is subject to a separate cooperation agreement with Pan American, with drilling planned during the first quarter of 2011. As a result, Canasil now has three large silver and silver/gold projects advancing in Mexico with currently committed and planned expenditures of at least $1,450,000, of which $950,000 will be funded by MAG and Pan American as detailed below:
http://finance.yahoo.com/news/Canasil-Meets-2010-Objectives-iw-3326082027.html?x=0&.v=1
sumisu
13 years ago
Pan American Silver Options Canasil's Carina Silver Project in Durango State, Mexico
Press Release Source: Canasil Resources Inc. On Monday November 22, 2010, 9:25 am EST
http://finance.yahoo.com/news/Pan-American-Silver-Options-iw-1732409534.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/22/10) - Canasil Resources Inc. (Canasil) (TSX-V:CLZ - News), announces that the Company and Pan American Silver Corp. (Pan American, the Optionee) (TSX:PAA - News), have signed a letter agreement covering an earn-in option on Canasil's Carina project in Durango State, Mexico. The letter agreement is binding until replaced by a definitive agreement. It is understood that Pan American is required and wishes to offer the assignment of the agreement to the La Preciosa joint venture with Orko Silver Corp. (Orko) (TSX:OK - News), which is advancing the adjacent La Preciosa Silver project.
Canasil President Bahman Yamini commented "This is another positive development and opportunity for Canasil to advance its silver/gold exploration projects in Mexico in cooperation with leading industry partners. Pan American and its La Preciosa joint venture partner, Orko Silver, are ideal partners for advancing Canasil's large Carina property. They are actively working on advancing the neighbouring La Preciosa silver project and have considerable technical and operating experience and capabilities in the area. We are very pleased with this opportunity to advance the Carina property and look forward to the start of the first year exploration program."
The option terms provide for the Optionee to earn an initial 55% interest in Canasil's Carina property for total exploration expenditures of US$3,650,000 and total cash payments of US$365,000 to Canasil over a period of four years. Following the initial earn-in, a 55%-45% joint venture (JV) will be established with the Optionee as Operator. The Optionee may increase its interest in the JV to 70% by funding a full feasibility study within three years, and to 80% by financing the project through to production. In the latter case, the optionee would be entitled to recover the Canasil portion of the capital costs financed by the Optionee from 85% of Canasil's portion of the project cash flow.
The Carina property covers 12,147 hectares and is located 45 km northeast of the city of Durango. The claims are adjacent to the southern border of the Pan American-Orko Silver joint venture's La Preciosa silver project. Canasil's mapping and sampling has defined an area of 500 metres by 800 metres hosting multiple quartz vein structures with anomalous silver, gold and base metal values in surface samples. The large claim area requires further evaluation to explore for and identify other potential mineralized zones.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. Canasil's directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects. Canasil is actively engaged in the exploration of its mineral properties.
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 release.
Contact:
Contacts:Canasil Resources Inc.Bahman YaminiPresident and C.E.O.(604) 709-0109www.canasil.com
sumisu
13 years ago
Canasil and MAG Silver Sign Option and Joint Venture Agreement on La Esperanza Project in Zacatecas/Durango States, Mexico
Press Release Source: Canasil Resources Inc. On Thursday August 19, 2010, 9:25 am EDT
http://finance.yahoo.com/news/Canasil-and-MAG-Silver-Sign-iw-2783542150.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 08/19/10) - Canasil Resources Inc. (Canasil) (TSX-V:CLZ - News) and MAG Silver Corp. (MAG) (TSX:MAG - News) announce the signing of a binding letter agreement providing for MAG to earn a 60% interest in Canasil's 18,954 hectare La Esperanza Silver project in Zacatecas and Durango States, Mexico. MAG is a leading silver exploration and emerging development company in Mexico, with considerable experience and a very successful track record of high-grade silver discoveries in epithermal vein systems of the Fresnillo Silver Trend. Canasil's La Esperanza project is located on the northern extension of the Fresnillo Silver Trend and has the potential for hosting a district scale epithermal high-grade silver mineralized system.
To complete the earn-in of 60% interest in the La Esperanza project, MAG must complete CAD$5,000,000 exploration expenditures and CAD$500,000 cash payments to Canasil over a period of four years. The initial payment of CAD$50,000 upon signature and first year expenditure of CAD$750,000 are firm commitments, and will include a minimum of 1,500 metres of drilling.
Canasil President Bahman Yamini commented, "MAG is an ideal partner for advancing the large La Esperanza project with considerable exploration experience and a very successful record of discovery in Mexico and particularly in the Fresnillo Silver Trend. MAG is very well funded and has committed to an aggressive exploration program for advancing exploration work at La Esperanza. We are extremely pleased with this opportunity to cooperate with MAG and look forward to the start of the exploration program."
MAG has also agreed to a private placement of 1,500,000 units of Canasil at $0.10 per unit for gross proceeds of $150,000. Each unit will consist of one common share and one-half of one share purchase warrant (a "Warrant"); each full Warrant will entitle MAG to purchase one common share at a price of $0.15 within one year of closing. If, beginning six months following the closing, the price of Canasil's shares equals or exceeds $0.30 per share for a period of ten consecutive trading days, Canasil will have the right to accelerate the expiry date of the Warrants with at least 30 days' written notice. The terms of the placement are subject to acceptance by the TSX Venture Exchange. The proceeds of the private placement will be used for continuing exploration programs on Canasil's mineral exploration projects and for working capital.
MAG can subscribe to a further CAD$200,000 private placement within 12 months, and is required to do so should the option extend into year two.
The La Esperanza project is located within the Mexican Silver Belt in northern Zacatecas and southern Durango States. This recognized silver district hosts a number of active mines such as Pan American Silver's La Colorada. The project claims cover multiple vein occurrences and alteration zones over a 5 kilometre strike length on a prospective SE-NW trend. The main La Esperanza vein outcrops over a strike length of 300 metres and has been drill tested with 9 diamond drill holes to a shallow depth (200m). One of the better intersections by Canasil was 396 g/t silver (11.5 ounces per ton), 1.96% lead and 0.71% zinc over a true width of 10.30 metres. The extensive alteration zones observed around the La Esperanza vein and surrounding structures together with the vein systems to the northwest indicate the possibility of a district scale epithermal silver vein system.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. Canasil's directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects. Canasil is actively engaged in the exploration of its mineral properties.
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 release.
Contact:
Contacts:Canasil Resources Inc.Bahman YaminiPresident and C.E.O.(604) 709-0109www.canasil.com
NYBob
17 years ago
Canasil Resources Inc. -
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2007) -
("Canasil") (TSX VENTURE:CLZ) is pleased to announce that
the 2007 diamond drill program at the Brenda project,
in the Kemess-Toodoggone Mining district of north-central
British Columbia, has been successfully completed with a
total of 1,708 metres in five drill holes.
Two of the drill holes, BR-07-04 and BR-07-05, returned several long mineralized intercepts, which are characteristic of gold-copper mineralization observed in previous drilling. These intercepts contain strong quartz magnetite stockwork with minor chalcopyrite within potassic-chlorite-magnetite altered volcanics, cut by irregular zones of overprinted sericite-pyrite alteration. Drill hole BR-07-04, drilled to a depth of 562 metres, intersected 412 metres of quartz magnetite stockwork, cut by two barren quartz monzonite dykes over 55 metres. The stockwork zone appears to strengthen and is open at a depth of 562 metres. Drill hole BR-07-05, drilled to a depth of 530 metres, intersected 280 metres of quartz magnetite stockwork, cut by a number of barren quartz monzonite dykes with total intercept width of 120 metres.
Drill holes BR-07-04 and BR-07-05 were drilled to test the vertical extent of a mineralized porphyry system, identified by past drilling, at the White Pass Zone. These holes, drilled in the central part of a potassic alteration zone, extend beyond previous holes BR-03-07 and BR-97-01 and intersected strong quartz-magnetite stockwork at depth as noted above, indicating the potential for a vertically zoned gold porphyry system. This central potassic altered zone with quartz-magnetite stockwork is estimated to be 300 metres to 400 metres wide, and has been traced for 400 metres along strike. It is open to both the north and the south, where geological mapping has demonstrated the presence of strongly altered rocks with advanced argillic alteration over a strike distance of 2.4 kilometres.
Canasil is highly encouraged by the presence of strong quartz magnetite stockwork zones, associated with potassic-chlorite-magnetite alteration, intersected in drill holes BR-07-04 and BR-07-05 over intervals of 412 metres and 280 metres. These zones appear similar to the mineralized alteration documented in a number of large porphyry gold deposits. Assay results are expected over the next 6 to 8 weeks. Photographs of the drill core and project area are available on the Company's website at: http://canasil.com/properties/bc_properties/brenda/.
The diamond drill program was implemented under the direction of Gary Nordin, P. Geo. British Columbia and Director of Canasil. Drill core from the program was processed and is stored at the project site. Core samples from half of the drill core were cut by diamond saw in 2-metre intervals and sent to ALS Chemex Laboratories in North Vancouver, B.C., for preparation and assay analysis for gold and silver by fire assay with an atomic absorption finish ("FA-AA") on a 30 gram split, and for a 28 element package of major and trace elements by ICP Analysis. Gary Nordin, P. Geo. British Columbia, is the designated Qualified Person for this project in accordance with National Instrument 43-101.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. The Company's directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are 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 may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canasil Resources Inc.
Bahman Yamini
President and C.E.O.
(604) 709-0109
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