May that is the reason?Oct 08, 2008 10:35 ET
Canasia Industries Corporation: Results From the First Portion of the 2008 Drilling on the Clone Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2008) - CanasiaIndustries Corporation ("Canasia") (TSX VENTURE:CAJ) (OTCBB:CANSF)(FRANKFURT:45C) wishes to announce that it has received results from thefirst portion of the 2008 drilling on the Clone property. Holes CL08-1to 4 targeted the "H-1" (Hematite) zone but are interpreted as havingpassed through a faulted-off block. Hole CL08-5 targeted the "S-2A" zoneand encountered four separate gold-bearing zones. Assays are reportedbelow:
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From To Interval Gold
Hole # (feet) (feet) (feet) (oz/ton)
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CL08-5 64 77 13 0.124
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87 93 6 0.360
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103 104 1 0.696
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221 223 2 1.157
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In addition, the interval from 221 to 223 feet also ran 0.64% cobalt. Cobalt was recently quoted at $29.50US per lb.
The upper two intersections appear to be from the S2A and S2B zones,and the third intersection is likely from the S1 zone. The final,high-grade gold zone which ran 1.157 oz/ton and 0.64% cobalt appears tobe from an unknown structure, possibly related to similar gold-cobaltstructures found in trenching at lower elevations 200m to theeast-southeast. True width of the intersections is not certain at thistime.
"Finding four separate gold-bearing zones within the space of 225feet downhole is highly encouraging," stated D. Cremonese, P. Eng.. "Welook forward very much to assays from the other three holes testing the Sstructures."
Graeme Sewell, a director of Canasia stated, "We are encouraged bythe initial results from this property and look forward to theadditional results pending. Less than a week ago another company lessthan three miles away drilled a 73-metre downhole intercept (approximatetrue width of 52 metres) averaging 20.99 grams per tonne (g/t) gold(Au). The extensive intercept includes a downhole 7.65-metre interceptaveraging 181.58 g/t Au. Not only are we anticipating receiving theseadditional results, but we are also expecting to be receiving coalpermits and we are looking forward to the work program commencing atReed Lake. Despite market conditions, Canasia continues to move forwardon multiple projects."
Pioneer Laboratories of Richmond, British Columbia, an accreditedfacility, performed all of the analyses. A quality control/qualityassurance protocol was used in this program including blanks andreference standards. Dino Cremonese, P. Eng., is the qualified person inregard to technical information contained in this press release.
If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com.
Graeme Sewell, Director
Canasia Industries Corporation
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