TSX-V: CLZ
www.canasil.com
VANCOUVER, Aug. 22, 2019 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or
the "Company") is reviewing plans for renewed exploration on four
100%-owned drill ready silver-gold-base metal projects located in
the "Mexican Silver Belt" within Durango and Zacatecas States,
Mexico. These projects are all
located on this highly prospective mineral trend that hosts a
number of major silver-gold mines and deposits. Two of the
projects, La Esperanza and
Salamandra have had extensive previous exploration, including
drilling that returned intervals of high-grade silver-gold and base
metal (detailed below), defining zones that are open for expansion.
Two other projects, Nora and Vizcaino, are high-grade silver-gold
epithermal vein targets where surface sampling has defined drill
targets for testing. An overview of these projects is presented
below for reference.
La Esperanza Silver-Gold-Zinc-Lead, Durango and Zacataecas,
Mexico:
The La Esperanza
silver-gold-zinc-lead project is located 100 km SSE of the city of
Durango in southern Durango and northern Zacatecas States, easily
accessible from Canasil's operating base in Durango with excellent
infrastructure. The project is located on the well-recognized world
class Fresnillo silver belt, in a
region hosting a number of prominent silver mines and deposits such
as the San Martin-Sabinas mines of Grupo Mexico and Peñoles, the
La Colorada mine of Pan American
Silver, La Parrilla and Del Toro
mines of First Majestic Silver, Fresnillo PLC's Fresnillo mine and MAG Silver and Fresnillo's Juanicipio deposit.
A series of silver-zinc-lead epithermal veins are found within a
northwest striking corridor extending over at least 15 kilometres.
The main La Esperanza vein,
located in the southeast of the project area, is an epithermal vein
with silver, gold, zinc and lead mineralization associated with
argentiferous galena, silver sulfosalt minerals and sphalerite.
Drilling to date on this vein has outlined a mineralized envelope
over a strike distance of 425 metres and to a depth of 350 metres
that is open to the northwest and the southeast along strike and to
depth. Further drilling will be aimed at testing the extensions
along strike to the northwest and southeast, and to depth. Drilling
in the northwest extension will focus on step-outs and below
ES-17-19 which returned 11.23 metres true width ("TW") with 219
g/t silver, 0.74 g/t gold, 0.90% zinc and 0.43% lead, including
1.11 metres TW with 2,281 g/t silver, 6.39 g/t gold, 2.23% zinc and
1.25% lead. The southeast extension will focus on step-outs and
below ES-17-16 which returned 4.92 metres TW with 257 g/t
silver, 0.64% zinc and 0.63% lead, including 0.95 metres TW with
1,133 g/t silver, 1.56% zinc and 2.98% lead (overview
of the La Esperanza project and
details of above results are included in the Canasil news release
dated June 14, 2017).
Salamandra Silver-Copper-Zinc-Lead, Durango, Mexico:
The Salamandra project is located 35 km NE of the city of
Durango in Durango State, with excellent infrastructure and access
via paved and gravel roads. 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-Sabinas mines, which
were among the largest underground silver-copper-zinc mining
operations in Mexico.
Comprehensive exploration programs to date include satellite
imaging, aerial and ground geophysics, geological mapping and
extensive surface sampling, and 18,000 metres of diamond drilling
in 35 drill holes.
The mineralized system is centered on a main rhyolite dome
structure associated with an intrusive center in the project area.
Evidence of silver-copper-antimony-arsenic surface anomalies with
peripheral lead and zinc anomalies are widespread. Diamond drilling
to the southwest of the dome returned significant silver and
zinc-silver mineralization including drill hole SA-07-02
returning 9.85 meters of 102 g/t silver and 0.55% zinc,
and 7.45 metres of 50 g/t silver and 12% zinc, and
SA-07-03 with 10 metres of 71 g/t silver, 3.48% zinc and
1.26% lead, as well as wider zones of lower grade
zinc-silver mineralization (Canasil news release dated
18 July 2007). A ZTEM airborne
geophysical survey outlined a large complex response area covering
2.5 km by 3.5 km, where detailed surface sampling led to the
discovery of a high grade vein in outcrop, carrying 2,150 g/t
silver, 5.39% copper, and 1.89% zinc over 0.90 metres
(Canasil news release dated 18 October
2011). Results indicate a large silver-copper-zinc-lead
system is present, associated with skarn, hydrothermal breccias,
sulphide rich veins and quartz porphyry dykes. Follow up drilling
around the rhyolite dome returned further mineralized intercepts
including SA-14-15 returning 7.89 metres of 166 g/t silver, 1.2%
copper, 1.2% zinc and 0.60% lead including 2.30 metres with 393 g/t
silver, 3.6% copper, 2.8% zinc and 0.40% lead (Canasil news
release dated 17 March 2014).
Further drilling would be aimed at investigating this potentially
large mineralized system and zones adjacent to the above drill
intercepts.
Nora Silver-Gold-Copper-Zinc-Lead, Durango, Mexico:
The Nora project is located approximately 200 km north-west of
the City of Durango, with good access and infrastructure. There are
two principal epithermal vein outcrops at the Nora project, the
Candy and Nora veins. There is evidence of historical mining
activity on the Candy vein, which can be traced for approximately
750 metres on surface, with the structure visible with
discontinuous outcrops for over 3 km along strike. Samples of vein
outcrop and mineral dumps from the candy vein returned significant
gold, silver, copper, zinc and lead values. The highest grade
sample of outcropping vein returned 1.00 metre with 1.98 g/t
gold, 514 g/t silver, 1.03% copper, 3.28% zinc and 4.45% lead, and
the highest grab sample collected from "waste" piles returned 1.34
g/t gold, 293 g/t silver, 0.47% copper, 0.38% zinc and 9.27%
lead. The second Nora vein is found 600 metres northeast of the
Candy vein and can be traced for 230 metres along strike with
widths of over 9.0 metres. Surface samples from this vein contained
trace sulphides.
In a 2009 surface sampling program, 1,000 soil samples were
collected along a grid covering the area surrounding the Candy and
Nora veins and projected extensions over an area of 3 km by 2 km.
The results showed elevated silver, base metal (copper, lead and
zinc) and pathfinder (molybdenum and arsenic) values over a large
area. The combination of the vein outcrops with large areas
of anomalous silver and base metal values in soil samples may
indicate a larger buried mineral system at depth. Initial drilling
would be focused on testing the veins below high-grade vein
outcrops at a depth of 100 metres to 200 metres below surface.
Vizcaino Silver-Gold, Durango,
Mexico
The Vizcaino
project is located 130 km north of the City of Durango, 38 km
southeast of Silver Standard's La Pitarrilla silver deposit and 40
km north of the Argonaut Gold El Castillo and San Agustin gold-silver mines. The project
area has very good access and infrastructure. The Pamplona vein outcrops with a SE-NW strike
over a distance of over 2 km and varies in width from 1.1 m to 12.0 metres. The vein structure is
composed of fine grained chalcedonic quartz, hosted by rhyolites,
with typical textures observed in the higher levels of epithermal
systems.
Surface sampling and mapping of the vein outcrops and
surrounding area returned anomalous gold values between 32 ppb and
141 ppb in 20 samples taken from vein outcrops in hills at the
higher elevations (2,300 metres to 2,350 metres) on the SE end of
the Pamplona vein over a strike
distance of 1,000 m. Sampling at the
NW end, where the vein outcrops in fields at a lower elevation
(2,250 m), returned consistently
higher anomalous gold values between 161 ppb to 667 ppb in 9
samples over a strike distance of approximately 400 metres. These
results suggest increasing gold values with depth, consistent with
the textures observed in the vein outcrops characteristic of the
higher elevations of an epithermal system. The potential strike
length and thickness of the vein indicated by surface outcrops
suggests the possibility of a significant mineralized vein, which
could be tested with drill holes at a depth of 150 metres to 250
metres from surface to confirm the possibility of increasing grades
with depth.
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.