Canasil Acquires the Colibri Silver Lead Zinc Property Covering 6,000 Hectares in Durango State, Mexico
October 11, 2005
VANCOUVER, October 11, 2005 – Canasil Resources Inc. (Canasil, TSXV: CLZ) announces that the Company’s wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V. (Minera Canasil), has acquired the Colibri claims in Durango State, Mexico. The claims cover a total of 6,000 hectares, and have been acquired through direct staking of the claim blocks, giving the Company 100% title.
The Colibri district covered by the claims is on the eastern border of Sierra Madre Occidental volcanic province, and hosts a number of prospects with epithermal-mesothermal vein type mineralization carrying silver, lead, zinc and gold. The project site is located 70 km southeast of the city of Durango with a travel time of approximately 1:30 hours. The infrastructure at the property is excellent with access to power, water and all required services. The climate and topography are moderate and typical of the high plateau areas on the Eastern edge of the Sierra Madre Occidental volcanic province at an elevation of 1,700 m to 2,500 m.
The geology of the area consists of Lower Volcanic Group Eocene andesites and scarce intercalated rhyolites. These units are overlain by Upper Volcanic Group Oligocene rhyolitic tuffs and ignimbrites. The Lower Volcanic Group formations are intruded by grandiorites and diorites. A number of mineralized structures are observed in the project area, occurring in epithermal to mesothermal fault controlled veins with silver sulphides, and lead and zinc minerals. Historical records indicate samples from these structures carried significant silver, lead and zinc values with gold credits. Observations during the initial project evaluation visits also indicate the possibility for disseminated silver mineralization. There has been no recent systematic exploration in the project area and the Company plans to compile all available historical data, followed by a program of geological mapping and sampling to evaluate the numerous mineralized structures.
With the acquisition of the Colibri project and the recently announced option to acquire the La Esperanza silver lead zinc project, Canasil now controls a portfolio of seven exploration projects in Mexico covering over 19,000 hectares. These projects provide the Company with a significant land position with multiple exploration prospects carrying gold, silver, copper, lead and zinc mineralization. They are all located within convenient access from the Company’s operating base in Durango and offer the potential for cost-effective exploration and development. The Company is undertaking a systematic program to sample and map these projects to evaluate their potential and identify drill targets.
About Canasil:
Canasil is a Canadian-based mining and mineral exploration company with interests in base and precious metal properties in British Columbia, Canada, and Durango, Sinaloa and Zacatecas States, Mexico. The Company is actively engaged in the exploration of its mineral properties and in evaluating additional acquisition opportunities. The management team is focused on identifying and implementing strategies to increase the value of the Company’s mineral properties through cost effective and responsible development.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information please contact:
Mr. Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
604-709-0109
www.canasil.com
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