TSX-V: CLZ
www.canasil.com
VANCOUVER, July 5, 2018 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil")
announces that while drilling progress has been slowed by adverse
weather conditions and mechanical problems, drill hole ES-18-21 has
been completed to a downhole depth of 347 metres. This hole
intersected the La Esperanza vein,
located in the SE of the project area, as projected at 315 metres
downhole, returning a vein intercept over a core length of 14
metres with strong epithermal vein signatures made up of banded
quartz textures with disseminated sulphide minerals. The true width
of the intercept is approximately 12.15 metres. The core is
currently being inspected and prepared for sampling in order to be
sent for assay.
This vein intercept is at a vertical depth of approximately 225
metres below surface, located 50 metres below and 25 metres
step-out to the SE from the higher intercept in drill hole ES-17-16
from the 2017 drill program. It is encouraging to intercept a wide
vein structure as planned 50 metres below the vein intercept from
the previous drill program. Due to the current weather conditions
and rainfall in the area the drill program has been suspended until
conditions improve.
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 Peñoles, 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, located in the southeast of
the project area, 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. Drilling to date on this vein has outlined a
mineralized envelope over a strike distance of 400 metres and to a
depth of 350 metres that is open in both directions to the
northwest and southeast along strike and to depth defined by
mineralized intercepts over appreciable widths and high
silver-gold-zinc-lead grades. 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. Further details are
listed under the La Esperanza
project profile on the Company's website www.canasil.com, and have
been previously reported in the company's news releases.
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.
