Canasil Outlines Active Mexico Exploration Program
July 24, 2006
Vancouver, July 24, 2006 – Canasil Resources Inc. (“Canasil” TSX-V: CLZ) is pleased to announce the Company is currently engaged in and planning an active exploration program, including diamond drilling, geologic mapping and sampling and geophysical surveys, on its silver, gold, zinc, copper and lead projects in Durango, Zacatecas and Sinaloa states in Mexico. A summary of the exploration programs and objectives for each project is outlined below.
La Esperanza silver-zinc-lead project, Zacatecas
A diamond drill program will commence this week at La Esperanza to investigate the mineralized vein observed at surface with an apparent width of 4.0 – 4.5 metres over a strike length of 260 metres. Samples taken from mineral-bearing dumps and pits over and around the vein returned assays up to 1,820 g/t silver, 8.65% zinc and 10.05% lead, as reported on December 16, 2005. The initial drill program will include 4 – 6 drill holes aimed at investigating the continuity of the vein structure, and the possibility for additional blind mineralized veins, at target depths of 100 – 150 metres below surface.
Sandra silver-gold-zinc-lead project, Durango
A diamond drill program at the Sandra project is planned to start by mid-August 2006. Surface sampling, geological mapping and trenching have identified multiple mineralized veins and zones carrying silver, gold, zinc and lead as announced on Nov. 2, 2005, and March 22, 2006. These mineralized structures cover an extensive area of 2 km by 750 metres. The three principal structures are the Maria Fernanda vein, where trench samples returned assays up to 406 g/t silver and 9.95 g/t gold over 0.7 and 0.5 metres, the Barite vein with assays up to 888 g/t silver over 0.7 metres, and the Encino vein, where surface samples assayed up to 113 g/t silver over 4.7 metres. The initial drill program will include 10 – 12 drill holes, with the objective of testing these veins and structures along strike and at depths of 50 – 125 metres.
Colibri silver-zinc project, Durango
An extensive surface sampling and mapping program has outlined a large mineralized structure carrying silver and zinc at the Colibri project, with a strike length of over 1,300 metres and widths of up to 50 metres, as reported on July 13, 2006. This structure hosts high grade silver and zinc veins, returning assays up to 343 g/t silver over 1.3 metres and 21.6% zinc over 0.8 metres, as well as lower grade disseminated silver and zinc mineralization over a wider zone adjacent to the veins. A drill program is planned for mid-September 2006 to test these structures to depths of 50 – 125 metres.
Salamandra zinc-silver project, Durango
Initial evaluation samples at the Salamandra project returned assays up to 6.59% zinc and 39.8 g/t silver over 3 metres, as announced on March 1, 2006. The principal mineralized target area at the Salamandra project is a flat covered area to the south of mineralized sediment outcrops covered by shallow gravel and basalt. The Company is preparing a geophysical survey to test an initial target area of 2 km by 500 metres. A 3-D induced polarization survey will be carried out over the next 4 – 6 weeks, depending on the availability of the survey equipment and crews. Furthermore, Canasil geologists will be conducting geological mapping and soil geochemical sampling as part of the program.
Los Azules gold-copper project, Sinaloa
A prospecting and sampling program is currently underway at the Los Azules project, which covers a large area in the coastal plain, located southeast of Mazatlan. A number of outcrops over the project area appear to host structures with gold and copper mineralization. The prospecting program is aimed at investigating, sampling and evaluating the various outcrops together with geological mapping to determine the potential for larger mineralized structures in the project area.
Implementation of the above exploration programs during the third and fourth quarters of 2006 will significantly advance the Company’s Mexico exploration projects. The program will test several drill targets identified by exploration work to date, and provide the information required for the next stage of exploration work on these projects. Maps showing the locations of the above projects and general information on the projects can be found on the Company’s website - www.canasil.com.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in base and precious metal properties in British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. The Company’s directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of its mineral properties and evaluating additional acquisition opportunities.
For further information please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
604-709-0109
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.
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