TSX-V: CLZ
www.canasil.com
VANCOUVER, April 29, 2020 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or
the "Company") outlines plans for an initial core drill program to
test silver-gold-copper-zinc-lead targets along the Candy vein at
the Nora project in north-central Durango State, Mexico. Drilling should begin after the
lifting of the COVID-19 restriction in Mexico.
Gold-silver mineralization at Nora is hosted within
structurally-controlled epithermal veins. The drill sites have been
selected based on a geological review including surface samples
collected in August 2019 (reported
September 26, 2019), as well as
available historical information. Drill sites form four sections on
the Candy vein, spaced over a strike length of 500 metres, all
below high-grade silver and gold samples from vein outcrops and
rock dumps from earlier underground development. The Candy vein has
not been previously drilled, however there has been some historical
small-scale mining. While access to the underground workings is not
possible now, waste dumps from prior mining activity contain
well-mineralized high-grade material. Four of the planned holes,
located on two sections, are targeting the vein(s) immediately
below the historical workings. Maps of the underground workings at
a depth of approximately 50m to
75m below surface indicate a second,
steeper mineralized footwall structure. The planned drill holes
below the old workings will test this structure as well. The
four sections selected for drill testing are detailed below
together with the related surface samples. A plan map and sections
can be seen on the Company's website at
http://www.canasil.com/news_releases/ .
Canasil President and CEO, Bahman
Yamini, commented: "The Nora project presents the
opportunity for discovery of a high-grade silver-gold epithermal
vein system. The project is exceptionally well located in northern
Durango State, Mexico, in a region
recognized for hosting large silver-gold deposits."
Nora Project,
Durango State, Mexico – Candy Vein Drill Sections as at April
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
|
14280
|
451615
|
2822338
|
2018.52
|
1.4
|
Rock
|
0.892
|
392
|
0.06
|
0.19
|
0.05
|
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
|
14290
|
451639
|
2822398
|
1997.50
|
D
|
Dump
|
2.42
|
203
|
0.87
|
8.05
|
2.10
|
14293
|
451631
|
2822419
|
1998.43
|
D
|
Dump
|
1.72
|
215
|
0.38
|
2.94
|
0.71
|
14297
|
451634
|
2822444
|
2009.87
|
D
|
Dump
|
2.89
|
193
|
2.64
|
7.19
|
9.76
|
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
|
A second epithermal vein outcrop, the Nora vein, occurs 600
metres northeast of the Candy vein with a parallel north-south
strike. The two parallel vein structures at the Nora project and
the large areas of anomalous silver and base metal values in soil
samples surrounding the veins, enhance the project's continuing
potential.
The Company has arranged the drill contract and is standing by
for resumption of exploration activities in Mexico following the current suspension of all
non-essential operations by the Mexican government due to the
Covid-19 pandemic.
COVID-19 Update:
The Company is currently following
government guidelines both in Canada and Mexico to minimize the spread of the Covid-19
pandemic. The Company's staff in both locations is self-isolating
to minimize non-essential contacts. All required administrative and
technical functions are proceeding normally except for direct field
activities. The Mexican government issued an emergency decree on
March 31, 2020, limiting or stopping
all non-essential operations, including mining and mineral
exploration, until April 30, 2020.
This has now been extended until May 30,
2020. The directive provides for a possible exemption for
re-start of certain operations located in municipalities exhibiting
low, or no, cases of Covid-19 following May
18, 2020. The Company will continue to comply with the
directive, and will evaluate the opportunity to qualify for the
noted exemption, in order to resume field activities.
About Nora Silver-Gold-Copper-Zinc-Lead, 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 historical mining activity on the Candy vein, which can
be traced for over 900 metres on surface, while the host structure
is exposed in discontinuous outcrops 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 Nora vein 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 and
contained 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.
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.