TSX-V: CLZ
www.canasil.com
VANCOUVER, BC, June 30, 2020 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ) (DB Frankfurt: 3CC), "Canasil" or the "Company")
is pleased to announce that the Company expects to start an initial
core drill program to test silver-gold targets at the Nora project
in north-central Durango State, Mexico. Contractors from local communities
have been engaged for road upgrades, building of drill pads, and
for water supply. The drill is expected to mobilize to site during
the week of July 8, 2020. Both the
Company and the drill contractor have filed COVID-19 operating
protocols and received approvals from the Mexican authorities.
Particular care and attention will be paid during all operations to
ensure the safety of local communities and the Company's and
contractors' personnel working on site.
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 are planned on 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 workings. The
Candy vein has not been previously drilled. A second epithermal
vein outcrop, the Nora vein, occurs 600 metres northeast of the
Candy vein with a near parallel north-south strike and has not been
previously drill tested or mined. The two parallel vein structures
at the Nora project, coupled with the large areas of anomalous
silver and base metal values in soil samples surrounding the veins,
highlight the project's potential for hosting a large mineralized
system. Details of selected drill targets were outlined in a prior
news release dated April 29,
2020.
Canasil President and CEO, Bahman
Yamini, commented: "We look forward to starting field
operations in Mexico with the
drill program at the Nora project. The 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. Our local operating
team based in the city of Durango will be taking exceptional care
to ensure the safe operation of the program under the current
circumstances."
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.