TSX-V: CLZ
www.canasil.com
VANCOUVER, June 14, 2017 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil") has
completed an initial review of the results from the recently
completed 2016 - 17 drill program together with the results from
past drilling and surface sampling from the multiple
silver-zinc-lead mineralized veins at the La Esperanza project in Durango and Zacatecas
States, Mexico. The drill results
from the La Esperanza vein,
located in the southeast of the project area, together with high
silver-zinc-lead values from rock chip and dump samples from four
veins located in the northwest of the project area, suggest the
potential for an extensive silver mineralized system within the
La Esperanza project area. These
veins occur within a target area of approximately 75 square
kilometres with a northwest-southeast dimension of over 15
kilometres. A map showing the vein zones with details of past
drill and sampling results is attached below. Of particular note
are the higher grade intercepts from drilling to date and high
grade rock chip and dump samples from the four principal veins in
the northwest of the project area.
Bahman Yamini, President and CEO
of Canasil, commented: "We are very pleased with the results
from the recent drill program on the La
Esperanza vein returning several intercepts of high grade
silver mineralization, and particularly the last drill hole which
included high gold values as well. The La
Esperanza project covers a district scale land package
located in a highly recognized silver district known for high grade
silver deposits. It is close to several active mining operations,
35 km from Pan American Silver's La
Colorada mine and 80 km from the Fresnillo mine, both recognized for high
silver grades and low costs of silver production. We look forward
to further exploration and drilling to advance this highly
prospective project."
The results of the 2016 - 17 drilling on the La Esperanza vein are particularly encouraging
as all eight drill holes intercepted the vein. These results extend
the known mineralized envelope with intercepts over appreciable
widths and high silver-gold-zinc-lead grades over a strike distance
of 400 metres and to a depth of 350 metres, which is open in both
directions to the northwest and southeast along strike and to
depth.
Alteration of the volcanic host rocks extending along strike
from the La Esperanza vein
outcrop, the spatial association with a discrete broad magnetic
anomaly (possibly an igneous intrusion at depth), as well as local
drainage patterns has outlined a target extending for over 5
kilometres in this area. The Company is currently undertaking a
surface geochemical sampling and mapping program along this trend
aimed at identifying additional extensions of the vein itself. This
work is an important step in preparation for the next phase of
drilling, which would be aimed at extending the known mineralized
envelope. A plan map and cross section showing drilling to
date on the La Esperanza vein is
attached, as well as a table with complete results from the 2016 -
17 drill program, all of which have been previously announced.
There has been relatively little exploration and drilling on the
four veins located in the northwest of the project area,
Los Alamitos, San Pasqual,
San Felipe and Fatima. There
is evidence of past artisanal mining activity at the Los Alamitos, San Pasqual and San Felipe veins. Surface sampling along the
strike of these veins, and from mineral dumps from past mining
activity, has returned high silver-zinc-lead values indicating the
potential for high grade mineralization associated with these
veins. These veins will be the subject of further investigation and
provide multiple targets for future drilling.
The drill and sampling programs were implemented by the
Company's exploration team under the direction of Eng. Erme
Enriquez (CPG), Director of
Exploration and Development of Minera Canasil S.A. de C.V., the
Company's wholly owned Mexican subsidiary. Additional drilling and
sampling was carried out by Mag Silver Corp. (Mag) under an option
agreement from 2010 to 2013. All samples from the Canasil programs
were prepared and logged at the Company's core storage facility in
Durango, Mexico. Drill core
samples are cut by diamond saw, with half being sent for assay and
half secured for reference. Samples are sent to the ALS
Laboratories in Zacatecas, Mexico
for preparation and then on to ALS Global in Vancouver for gold and silver analyses by fire
assay with an atomic absorption finish ("FA-AA") on a 30 gram
split, and for silver, copper, lead, zinc and trace elements by ICP
analysis following digestion of 0.50 gram sample in aqua regia.
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 La Esperanza
The La Esperanza
silver-lead-zinc project covers 14,916 hectares, located 100 km SSE
of the city of Durango in southern Durango and northern Zacatecas
States. The project is 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, hosting a number of
prominent silver mines such as the San
Martin-Sabinas mines of
Grupo Mexico and Penoles, the
La Colorada mine of Pan American
Silver and La Parrilla and Del Toro
mines of First Majestic Silver and Fresnillo PLC's Fresnillo mine.
A series of silver-zinc-lead epithermal veins are observed over
a northwest-southeast striking zone extending over approximately 15
kilometres hosted in the Lower Volcanic Group. Mineralization
occurs in low to intermediate sulphidation veins, primarily
striking northwest and dipping southwest. The main La Esperanza vein is a banded and cockade
white to grey quartz breccia epithermal vein with silver, lead and
zinc mineralization associated with argentiferous galena, silver
sulfosalt minerals and sphalerite. Prior to the current 2016 - 17
drill program drilling on this vein was focused along an
approximate strike length of 250 metres and to a relatively shallow
depth of approximately 250 metres and returned consistent
high-grade silver-zinc-lead intercepts from the main La Esperanza vein and an associated Hanging
Wall vein at the upper levels. The average true width of intercepts
from 8 drill holes on the main La
Esperanza vein was 4.21 metres returning 330 g/t silver,
0.93% zinc and 1.57% lead. The average true width of drill
intercepts from 5 drill holes which intersected the Hanging Wall
vein was 1.53 metres returning 324 g/t silver, 1.37% zinc and 1.80%
lead (details listed under the La
Esperanza project profile on the Company's website
www.canasil.com, and previously reported in the news release dated
November 6, 2006).
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.
