High grade Gold/Silver Mineralized Zones Confirmed at Tres Marias and Cebollas Project, Durango, Mexico
April 23, 2004
VANCOUVER, April 23, 2004 – Canasil Resources Inc. (Canasil, TSXV: CLZ) is pleased to announce assay results from 97 underground samples collected from three vein systems at the Tres Marias and Cebollas Gold/Silver properties, located in Durango State, Mexico. The results confirm consistent high-grade gold/silver mineralized zones in these veins with grades of up to 30.3 g/t Au and 291 g/t Ag over 0.60m.
Selected assay results for samples with combined Gold and Silver grades of over 10 g/t Au Equivalent* are shown below:
|
Sample No. |
Width m. |
Au g/t |
Ag g/t |
Au Equiv. g/t* |
|
104 |
1.30 |
4.61 |
1,105 |
24.00 |
|
105 |
1.30 |
8.03 |
847 |
22.89 |
|
106 |
2.00 |
5.90 |
1,270 |
28.18 |
|
107 |
2.00 |
6.41 |
916 |
22.48 |
|
108 |
1.15 |
8.40 |
542 |
17.91 |
|
109 |
0.60 |
10.15 |
2,300 |
50.50 |
|
110 |
1.05 |
2.75 |
450 |
10.64 |
|
127 |
1.40 |
9.38 |
1,740 |
39.91 |
|
128 |
1.80 |
3.55 |
880 |
18.99 |
|
129 |
1.40 |
2.40 |
519 |
11.51 |
|
146 |
2.60 |
5.25 |
425 |
12.59 |
|
222 |
1.20 |
16.45 |
963 |
33.34 |
|
223 |
0.80 |
7.56 |
1,035 |
25.72 |
|
305 |
0.60 |
30.30 |
291 |
35.41 |
|
306 |
1.20 |
8.35 |
96 |
10.03 |
|
307 |
1.20 |
8.66 |
232 |
12.73 |
|
311 |
1.30 |
6.78 |
211 |
10.48 |
|
314 |
1.60 |
13.20 |
333 |
19.04 |
|
318 |
1.70 |
7.13 |
363 |
13.50 |
*Gold Equivalents based on Gold at $400/oz. And Silver at $7/oz, 1:57 ratio
The distribution of assay results from the 97 underground samples collected and analyzed is as follows:
| Grade | No. of Samples |
| Over 10.0 g/t Au and/or 1,000 g/t Ag | 7 |
| Over 5.0 g/t Au and/or 500 g/t Ag | 20 |
| Over 2.5 g/t Au and/or 250 g/t Ag | 30 |
| Over 1.0 g/t Au and/or 100 g/t Ag | 53 |
The strong and consistent gold/silver mineralization observed in ore shoots in the vein systems, with consecutive high-grade gold and silver results over significant intervals, is particularly encouraging. The Company will be conducting a detailed review of these results together with the results expected from additional surface and underground samples collected during the sampling program to define the next stage of the exploration program, which will include diamond drilling.
The underground sampling program was carried out between March 27 and April 8, 2004, under the direct supervision of Jim Cuttle, P. Geo., Canasil’s Project Geologist. All samples were collected and shipped in sealed bags directly to ALS Chemex Laboratories in North Vancouver, B.C., for assay. The samples were assayed for Gold by ICP-21 and ME-GRA21, and for Silver by ME-ICP61 and ME-GRA2.
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) in October 2003 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. 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).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. 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