Clone Gold ProjectIn November 2005 Canasia Industries Corp. entered into an option agreement with Teuton Resources Corp and Silver Grail Resources Corp, the owners of the Clone Property. Terms of the option require Canasia to spend a total of $1,800,000 over five years to vest a 50% interest in the property. To date, Canasia has spent $400,000 on the Clone. Teuton-Silver Grail will act as operator during the term of the option.
The first half of Canasia' 2006 drilling program was completed mid-September and the drill cores sent in for assaying. Pending results, Canasia intends to complete the second half of the Clone 2006 drilling program in late October.
Significantly, all 7 holes of the 3,240 foot, 2006 drill program cut gold-bearing intercepts, varying in length from 3 to 35.5 feet, as follows:
Hole # From (feet) To (feet) Interval (feet) Gold (oz/ton)
CL06-1
...including 392.5
409.0 409.0
405.0 16.5
3.0 0.125
0.303
CL06-2 233.0 236.0 3.0 0.153
CL06-3
...including 32.0
42.0 52.0
48.5 20.0
6.5 0.178
0.390
CL06-4
...including 33.5
39.5 49.5
42.5 16.0
3.0 0.114
0.300
CL06-5
...including
and 40.5
50.0
107.0 76.0
73.0
110.5 35.5
23.0
3.5 0.178
0.232
0.579
CL06-6
113.0
157.0 116.0
162.0 3.0
5.0 0.629
0.448
CL06-7
113.0
151.0 116.0
156.5 3.0
5.5 0.332
0.824
© 2006 Canasia Industries Corporation All