TSX-V: CLZ
www.canasil.com
VANCOUVER, Sept. 10, 2020 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces results from the initial two drill holes,
NRC-20-01 and NRC-20-02, testing the Candy vein at the Nora
silver-gold project in north-central Durango State, Mexico. NRC-20-01 intersected a narrow
vein structure of 29 cm true width (TW) carrying 1.60 g/t gold,
440 g/t silver, 2.51% copper, 2.11% lead and 0.61% zinc at a
vertical depth of 75 metres below surface. A 21.70-metre zone
carrying anomalous silver grades between 5 g/t and 35 g/t silver
was intersected immediately above the vein intercept.
NRC-20-02, collared 100 metres SSW of NRC-20-01,
intersected a wide vein structure of 4.80 metres TW carrying 0.72
g/t Au, 21 g/t Ag, 0.10% Cu, 0.22% Pb and 0.49% Zn, including an
interval of 38 cm TW carrying 1.81 g/t Au, 62 g/t Ag, 0.08% Cu,
0.12% Pb and 0.61% Zn. An upper zone of 13.65 metres carrying
disseminated mineralization with 5 g/t to 19 g/t silver was
intersected 45 metres above the Candy vein, and a footwall section
of 3.35 metres TW immediately below the vein returned 0.07 g/t Au,
8 g/t Ag, 0.04% Cu, 0.03% Pb, and 0.39% Zn. Details of the
above intercepts are listed in the table below.
Drill hole NRC-20-03, targeted below NRC-20-02 has been
completed to a depth of 302 metres, and NRC-20-04 is in progress,
targeted below NRC-20-01 as planned. Drilling to date within a
relatively small segment of the Candy vein has revealed details on
the host rock stratigraphy, faulting and vein morphology.
Canasil President and CEO, Bahman
Yamini, commented: "Cutting the Candy vein as well as
zones of disseminated silver mineralization below the historical
workings in the first two drill holes at the Nora project is an
encouraging start to the drill program. The high gold, silver,
copper, lead and zinc grades in the vein intercept in NRC-20-01 are
consistent with the grades from the surface samples, and the wider
vein intercept in NRC-20-02 and broader zones of disseminated
silver mineralization in both drill holes suggest the possibility
of a strong mineralizing environment. We are looking forward to
continued drill results from Nora and to starting the planned drill
program at La Esperanza once the
Nora program is completed."
Nora Silver-Gold
Project, Durango State, Mexico – Candy Vein Initial Drill Results
NRC-20-01 & NRC-20-02
|
Vein/Structure
|
From
|
To
|
Intercept Width
|
True
Width
|
Gold
|
Silver
|
Copper
|
Lead
|
Zinc
|
Silver Equiv.*
|
|
Metres
|
Metres
|
Metres
|
Metres
|
g/t
|
g/t
|
%
|
%
|
%
|
g/t
|
NRC-20-01
|
HW CANDY
VEIN
|
67.00
|
88.70
|
21.70
|
N/A
|
0.01
|
11
|
0.02
|
0.11
|
0.21
|
|
Includes
|
75.00
|
83.00
|
8.00
|
N/A
|
0.01
|
16
|
0.05
|
0.11
|
0.22
|
|
CANDY
VEIN
|
88.70
|
88.99
|
0.29
|
0.29
|
1.60
|
440
|
2.51
|
2.11
|
0.61
|
797
|
NRC-20-02
|
UPPER
ZONE
|
61.95
|
75.60
|
13.65
|
N/A
|
0.01
|
10
|
0.01
|
0.20
|
0.49
|
|
CANDY
VEIN
|
120.86
|
125.68
|
4.82
|
4.80
|
0.72
|
21
|
0.10
|
0.22
|
0.49
|
|
Including
|
123.5
|
124.70
|
1.20
|
1.19
|
1.14
|
26
|
0.08
|
0.14
|
0.50
|
|
And
|
123.95
|
124.35
|
0.40
|
0.38
|
1.81
|
62
|
0.08
|
0.12
|
0.61
|
219
|
FOOTWALL
|
125.68
|
129.05
|
3.37
|
3.35
|
0.07
|
8
|
0.04
|
0.03
|
0.39
|
|
*Silver Equivalent
calculated based on metal prices below and assuming 100% recoveries
for all metals
|
2020-09-08: Au US$
1,935/Oz, Ag US$ 28/Oz, Cu US$2.95/lb, Pb US$ 0.86/lb, Zn US$
1.09/lb
|
About Nora Silver-Gold-Copper-Zinc-Lead Project, 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 some historical mining activity on the Candy vein,
which is exposed in discontinuous outcrops for over 900 metres. The
fault structure hosting the Candy vein has been traced 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 second vein, Nora, 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 associated with 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. Other major deposits in the region include SSR Mining's La
Pitarrilla deposit located 50 km east of the Nora project.
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.