Canasia Receives Approval for Aluminous Clay/ RareCanasia Industries Corporation
TSX VENTURE : CAJ
PINK SHEETS : CANSF
FRANKFURT : 45C
January 25, 2012 03:01 ET
Canasia Receives Approval for Aluminous Clay/ Rare Earth Prospect in Gaspe Bay Region of Quebec
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2012) - Canasia Industries Corporation ("Canasia" and the "Company") (TSX VENTURE:CAJ)(PINKSHEETS:CANSF)(FRANKFURT:45C) is pleased to announce that it has received approval from the TSX Venture Exchange in respect to an option agreement to acquire approximately 5,500 contiguous acres prospective for aluminous clay and rare earths in the Gaspe Bay Region of Quebec, near Murdochville. A targeted work program to test for aluminous clay and rare earths over the extent of the prospect is now being planned.
Negar Adam, President of Canasia stated, "We are very excited to have two projects that we are focusing on in 2012 that may have a significant impact on the growth of Canasia. This new property borders Orbite Aluminae Inc.'s Grande-Vallée aluminous clay deposit. This new prospect will compliment our Clone Gold Prospect, which had significant gold values of 137.1 g/t gold over a 102 tonne bulk sample in the 2011 work program. Canasia plans a more aggressive work program on the Clone in light of these grades and looks forward to a very active 2012."
On October 25th, 2011, the Company announced that it had been informed by the operator that assays have been received for the 102 one-ton lots comprising the 2011 bulk sample from the Clone property, situated 12 miles southeast of Stewart, British Columbia. The average for the 102 tons was 4.0 oz/ton gold or 137.1 g/t gold. The 2011 bulk sample contains 408 ounces of gold, which when added to the 68 ounces collected in the 2010 bulk sample (34 tons at 68.65 g/t gold), amounts to 476 ounces in total. Previously, there were drill results on the Clone that returned drill intercepts of 44.75g/t over 12.8 meters (October 22, 2009). The Company anticipates generating revenue from the gold sales in 2012 collected from the bulk sample.
Canasia also announced (October 7, 2011) that it has increased its rare earth acreage in the vicinity of the Eldor Discovery in Quebec, which brought Canasia's total to 7,198 contiguous acres prospective for rare earth.
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