TSX-V: CLZ
VANCOUVER, Oct. 24, 2019 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or "the Company") is
pleased to announce that the Company has received analytical
results from the 2019 soil geochemical and rock sampling work done
at its 100%-owned Vega copper-gold
property located in north-central British
Columbia, Canada. The field work encompassed a detailed
"base-of-slope" sampling programme on 100m spacings within a core area that is
approximately 6.5 by 7.5 kilometres in size. The area selected is
within the western half of the Vega Property and was intended to
complete "first-pass" coverage of a prospective tract characterized
by several copper, gold and silver showings and intense rock
alteration that maybe related to magnetic anomalies and porphyritic
intrusive rocks. In recent years Canasil has undertaken a sequence
of surveys at Vega that include a
detailed airborne magnetic survey, airborne LiDAR and
satellite-based alteration studies.
The results from over 300 soil samples collected along 30
line-kilometres of contour soil survey lines are particularly
encouraging and identify anomalous and often high-contrast copper,
gold and molybdenum assays that may be associated with strong
magnetic anomalies. Three large cluster anomalies are evident,
outlined in the figures below:
- Anomaly 1 suggests that significant extensions to
the Pluto showing may exist up to 2,000 metres north from the
original showing. This extension has not been previously mapped or
prospected.
- Anomaly 2 is downslope from a new 2019
mapping/prospecting discovery of outcropping copper mineralization
associated within an area of magnetite-epidote (propylitic) veining
in quartz diorite intrusive. A grab sample from this area returned
2.26% copper and 0.145 g/t gold.
- Anomaly 3 occurs on both flanks of Thane Creek
close to the possible contact of Hogem Batholith units with
Triassic-aged volcanic rocks. This area is reported to have several
(poorly located) RGS Minfile showings recording anomalous copper
and gold values. Prospecting and mapping along Thane Creek
identified abundant quartz-sericite-pyrite and potassic
feldspar+biotite+hematite -altered quartz diorite float as well as
localized fracture-controlled quartz+pyrite+mica veinlets with
trace chalcopyrite.
- Additional anomalies are present within the survey area.
The 2019 field work has already added significantly to the
understanding of the mineral potential within the Vega project area. Areas of silicification,
sericite-pyrite and feldspar-hematite alteration were encountered
that are very encouraging signs of a hydrothermal environment for
hosting porphyry style copper-gold mineralization. The
extensive soil sampling in areas identified by airborne magnetics
signatures have identified excellent targets for further
exploration and ultimately drill testing.
Exploration interest in the region of the Vega Project has
increased significantly in 2019. Several property option agreements
have been signed by other companies, staking has increased, and
numerous exploration initiatives are underway in the area.
Bahman Yamini, President of
Canasil, commented: "The 2019 field work results at Vega are very positive and have identified
multiple high priority targets for future follow up, confirming
areas of interest outlined by the prior airborne magnetic and LiDAR
surveys. We are also particularly impressed by the quality of work
performed by our field geological consultants, Tripoint Geological
Services."
2019 Canasil Vega Project, Western
Area
Magnetic and Soil Anomalies Confirm High Priority
Copper-Gold Targets
About the Vega copper-gold
project:
The 100%-owned Vega claims
cover 9,125 hectares located between the Osilinka and Mesilinka
river systems in the Omineca Mining Division of British Columbia, 300 km northwest of
Prince George. The property
is in a well-recognized copper-gold porphyry
district. Access to the property, which lies at an elevation
of 1,100 – 1,600 metres, is via the Omineca Mines Access Road and
local logging roads. The property lies on a north-northwest
trending fault structure in Takla Group Volcanic rocks of Upper
Triassic to Jurassic age. This volcanic sequence has been intruded
by syenite, monzonite and diorite stocks, dykes and sills possibly
related to the Hogem Batholith. Intrusive volcano-sedimentary
contacts typically parallel the regional northwest structural
trend. The Vega project is located
between the Mt. Milligan Mine (145 km southeast) and the Kemess
Project (145 km northwest) and is approximately 70 km north
north-west of the Kwanika deposit (65% Serengeti Resources Inc.,
35% Posco International Corp.), 65 km from Sun Metals Corp.
Stardust project, and 40 km from the Lorraine deposit (51% Teck
Resources Ltd, 49% Sun Metals Corp.).
Geological mapping and sampling field work was carried out by
Tripoint Geological Services Ltd. under the direction of
Wade Barnes, P. Geo., President.
Soil and Rock samples were delivered directly to ALS Canada Ltd.
laboratories in North Vancouver,
BC. Soil samples were assayed by aqua regia digestion with
ICP finish (Au-TL43 and b ME-MS41) and rock samples were
assayed by four acid digestion with 33 elements with ICP-AES finish
(ME-ICP61) and gold with a 30g FA-AA finish (Au-AA23).
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.
