Company update Thank you for yourinterest in Canasia Industries Corporation (CAJ:TSX-V). Several upcoming project milestones make this anexciting time period for Canasia’s growth.
Canasia’sClone Gold prospect in Stewart, BC has recently returned grades as high as 115.8g/t (Au) and drill intercepts of 44.75g/t over 12.8 meters, a bulk samplingeffort is now being planned for the Clone prospect to commenceshortly.
KinrossGold has now completed the first phase of drilling on Canasia’s 100% owned,Debut Gold prospect in NE Nevada. Canasiaanticipates the re-commencement of operations on the Reed Lake(Cu/Au) Prospect in Manitoba, shortly and has recently receivedfinal acceptance by the Alberta Government on 182,000 acres of land prospectivefor Lithium. Canasia intends to initiate the review of historic oil and gaswells, and geologic data in preparation for a proposed sampling and analysis offormation waters.
CurrentProjects
CloneGold
- Located in Eskay Creek/Stewart Region of British Columbia, 20km SE of the town of Stewart, BC
- 2003 Clone drilling intercepted 27.8 feet of 2.357 oz/t gold
- Recently completed 35 hole 2009 drill program
- Highlights of the second phase of this drill program include Hole 28 that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t)
- A bulk sampling program is now being established and will commence shortly
Reed Lake Copper
- Sizeable land package contiguous to and surrounding a recent major copper discovery
- Adjoining property returning grades as high 33.46m of 10.36% copper and up to 15% copper
- One of the largest land packages of any junior company in the area
- Prime location, has historically produced multiple discoveries
- V-TEM survey completed, uncovering 8 anomalies and providing over 20 potential drill targets
- Phase one of drilling is now complete and has greatly increased the geological understanding in the area
- Planning is now underway for phase two of drilling at Reed Lake
Alberta Lithium Brine
- Canasia has recently received final acceptance by the Alberta Government on 182,000 acres of land prospective for Lithium.
- Canasia intends to initiate the review of historic oil and gas wells, and geologic data in preparation for a proposed sampling and analysis of formation waters.
DebutGold
- Located within the Delker Mining District of NE Nevada, approx. 96 miles SE of the town of Elko
- Recently signed a Mineral Lease Agreement with Kinross Gold USA, covering Canasia’s 100% owned Debut Gold property
- Under the agreement Kinross Gold USA to spend a minimum of $3,00,000 US on exploration
- Canasia will retain a 2% net smelter royalty on all ores and minerals mined and produced
- Kinross has now completed the first phase of drilling and results are expected shortly
Mexico Gold
- Canasia’s Mexican gold interest consists of three mineral claims covering an area of approximately 44,522 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan Mexico
- A work program is expected to commence in the fourth quarter of 2009
Eyehill CreekPotash
- Over 450,000 acres of potash claims on the Saskatchewan/Alberta border (100% interest)
- Close in proximity to Canada’s first potash mine in Unity
- Potash permits received government approval
- A 43-101 Potash report has been completed and indicates a very high potential of economic-grade potash beds on the Eyehill Creek Potash prospect.
Saskatchewan Coal
- Multiple Coal permits obtained in close proximity to a recent coal discovery made by Goldsource Mines Inc. (GXS)
- Approved Coal permits to date, cover 98,914 hectares (approximately 244,417 acres) 100% interest
- A work plan is currently being developed for the Government approved coal prospects
- Multiple companies, including Goldsource, are scheduled to begin their spring drill programs in close proximity to Canasia