Surface and Underground Sampling Program underway at the Tres Marias and Cebollas Gold/Silver Properties
April 6, 2004
VANCOUVER, April 6, 2004 – Canasil Resources Inc. (Canasil, TSXV: CLZ) is pleased to announce that the planned surface and underground sampling program has commenced at the Tres Marias and Cebollas Gold / Silver properties located in Durango State, Mexico. The surface sampling program will focus on five exposed vein systems on the properties, where previous sampling has indicated occurrence of ore-grade silver / gold mineralization. The underground sampling will investigate three of these vein systems where access may be possible through tunnels from past mining activity.
The Company has received the interpreted results of a regional satellite survey over an area of 2,500 square kilometres (50km x 50km) covering the project area and including Wheaton River and Luismin’s San Dimas/Tayoltita (Tayoltita) Gold / Silver Mine. The Company has also received the results of a high-resolution (1m resolution) satellite survey of the project area covering 100 square kilometres (10km x 10km).
It is expected that the data from the satellite surveys and from the sampling program will identify drill targets for the next phase of exploration, which will include diamond drilling to investigate the mineralized zones outlined and their extensions.
The Company entered into an option agreement with Wheaton River Minerals Ltd. (Wheaton River, TSX: WRM) and its wholly owned subsidiary Minas Luismin S.A. de C.V. (Luismin) to earn up to a 75% interest in the Tres Marias and Cebollas properties (announced on October 21, 2003). The properties cover 1,860 hectares, and are located 150 km west of the city of Durango and 14 km southeast of Wheaton River/Luismin’s Tayoltita mine. They are situated on the prospective northwest to southeast structural trend from the Tayoltita mine. The regional and property geologic setting provide a favourable environment for the occurrence of economic high-grade gold / silver epithermal vein type deposits.
The vein systems on the Tres Marias and Cebollas properties are emplaced in the lower part of the Upper Volcanics sequence, near the top of the mineralized ore horizon observed at Tayoltita. Multiple intrusives are present in the vein area in a similar context as that found at the Tayoltita mine. Past production from the San Dimas/Tayoltita deposits has been 19 million tonnes of ore with 9.1 million ounces of gold and 654 million ounces of silver for a total gold equivalent of 19.2 million ounces (Wheaton River/Luismin data). The Tres Marias and Cebollas properties have been sporadically worked by family miners and have never been systematically explored or drill tested.
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 State, Mexico. The Company is reviewing a number of other gold and silver properties in Mexico with outstanding potential. 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