Canasil samples, maps Mexican projectsCanasil samples, maps Mexican projects
2010-03-17 20:26 ET - News Release
Mr. Bahman Yamini reports
CANASIL MEXICO GOLD-SILVER PROJECTS EXPLORATION UPDATE
Canasil Resources Inc. has released an update on exploration activities on the company's Sandra-Escobar gold-silver and La Esperanza silver-lead-zinc projects in Durango and Zacatecas states in Mexico. The company is completing comprehensive mapping and sampling programs to define drill targets for testing of these projects. The company has also received several expressions of interest for option and joint venture co-operation to advance the La Esperanza and other Mexican exploration projects, which are in the process of evaluation.
At the Sandra-Escobar gold-silver project a surface rock-chip and stream-sediment sampling program is nearing completion with over 300 surface samples collected and sent for assay to date. The program objective is to gather approximately 500 surface samples over an area of five square kilometres on a 100-metre-by-100-metre grid in the central area and 200-metre-by-200-metre grid in the surrounding area. The samples will test in detail the alteration zones and mineralized structures already identified by earlier sampling and historical surface sampling data in order to identify targets for drill testing. The company plans to undertake a phase 1 drill program after analyzing the results of the sampling program. The project is located in northern Durango state, Mexico, 200 kilometres northwest of the city of Durango with excellent access and infrastructure, on an important mineral trend with many pastproducing and presently producing silver-gold mines and deposits. Canasil holds a 100-per-cent interest in the 7,512-hectare Sandra project claims, and has entered into an option agreement with Pan American Silver to earn a 51-per-cent interest in Pan American's 634 hectares adjoining the Escobar project claims. The project area hosts a mineralized system centred on a large altered-rhyolite dome complex, with surrounding geological formations, alteration patterns and extensive evidence of gold, silver and base metal mineralization, indicating the potential for discovery of a large disseminated gold-silver-base metal deposit.
At the La Esperanza silver-lead-zinc project, the company has completed upgrading and building of 24 kilometres of access roads within the newly acquired extensive claims in the northwest of the project area. The company can now proceed with the evaluation of the new claim areas, where historical reports and data from previous exploration have outlined two vein systems and one stockwork vein system with silver, lead and zinc values, associated with a rhyolite dome with anomalous silver values. This area is approximately 10 kilometres northwest of the La Esperanza vein, which has already been tested with a phase 1 drill program with encouraging high-grade silver, lead and zinc values over wide intercepts. Planned exploration of the La Esperanza vein area will target extensions of the vein system, which is surrounded by a five-kilometre argillic altered zone, followed by further drill testing. The project area now covers 17,000 hectares (170 square kilometres), with the potential for hosting a district-scale mineralized system. The project is located in the Chalchihuites district in northern Zacatecas and southern Durango states, 100 kilometres south-southeast of the city of Durango with excellent access and infrastructure, in a recognized silver district hosting a number of active mines such as Pan American Silver's La Colorada and First Majestic's La Parrilla silver-lead-zinc mines. Recently announced results from drilling below the lowest working levels at Pan American Silver's La Colorada mine indicate encouraging potential for very high-grade silver-lead-zinc mineralization at depth in the epithermal veins found in the Chalchihuites district.
In addition to the above projects, the company has also defined drill targets on the Salamandra silver-zinc, Vizcaino gold-silver and Carina silver-gold projects, which are all strategically located on the highly prospective silver-gold trend running through Durango and Zacatecas states. These projects are ready for drill testing either through direct financing of the exploration programs or through option and joint venture co-operation.