TSX-V: CLZ
www.canasil.com
VANCOUVER, Sept. 19, 2019 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil") is pleased to announce
completion of 2019 field exploration work including
geological mapping, rock sampling and soil geochemical
sampling at the Company's 100% owned Vega copper-gold property located in
north-central British Columbia,
Canada. The field work included extensive coverage within
the project area to evaluate targets thought prospective for
copper-gold porphyry-style mineralization. This exploration work
builds upon past project data that includes airborne aeromagnetic
and LiDAR surveys. An important thrust during the 2019 field work
was to collect over 300 soil samples along 30 line-kilometres of
contour soil survey lines. The samples have been sent for analysis
and the results will be reviewed when available and then
reported.
The 2019 field work has already added significantly to the
geological understanding of the Vega project area. Areas of silicification,
sericite-pyrite and feldspar-hematite alteration were encountered
that are very encouraging signs of a mineralizing environment for
hosting porphyry style copper-gold mineralization. The
extensive soil sampling in areas identified by airborne magnetics
signatures will assist in defining targets for further exploration
and drill testing.
Exploration interest in the region of the Vega Project has
increased significantly in 2019. Several property option agreements
have been signed by other companies, staking has increased and
numerous exploration initiatives are underway in the area.
Bahman Yamini, President of
Canasil, commented: "The Vega
project covers a large highly prospective area located on a
well-recognized trend for hosting important copper-gold porphyry
deposits in north central British
Columbia. The 2019 field work is a major step forward in
understanding the geology of the project area and to refine the
targets outlined by previous exploration, including the airborne
magnetics and LiDAR surveys. The initial alteration signatures
observed are very encouraging and we look forward to the soil
sample results."
About the Vega copper-gold
project:
The 100% owned Vega claims
cover 9,125 hectares located between the Osilinka and Mesilinka
river systems in the Omineca Mining Division of British Columbia, 300 km northwest of
Prince George. The property
is located in a well-recognized copper-gold porphyry
district. Access to the property, which lies at an elevation
of 1,100 – 1,600 metres, is via the Omineca Mines Access Road and
local logging roads. The property lies on a north-northwest
trending fault structure in Takla Group Volcanic rocks of Upper
Triassic to Jurassic age. This volcanic sequence has been intruded
by syenite, monzonite and diorite stocks, dykes and sills possibly
related to the Hogem Batholith. Intrusive volcano-sedimentary
contacts typically parallel the regional northwest structural
trend. The Vega project is located
between the Mt. Milligan Mine (145 km southeast) and the Kemess
Project (145 km northwest) and is approximately 70 km north
north-west of the Kwanika deposit (65% Serengeti Resources Inc.,
35% Posco International Corp.), 65 km from Sun Metals Corp.
Stardust project, and 40 km from the Lorraine deposit (51% Teck
Resources Ltd, 49% Sun Metals Corp.).
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.
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.
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 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.