Canasil Acquires Sandra and San Francisco Silver-Gold Properties in Durango State, Mexico
April 22, 2005
VANCOUVER, April 22, 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 Sandra and San Francisco silver-gold properties in Durango State Mexico. Both properties have been acquired through staking of claims and host prospects for epithermal vein type silver-gold mineralization. They are located in the Sierra Madre Occidental volcanic belt, known for major silver-gold deposits and mines such as Bacis, La Cienaga and Tayoltita, within convenient road access from Minera Canasil’s operating base in Durango. Both properties are close to local communities and infrastructure, such as electricity and water, required to support exploration and mineral development activities.
The Sandra property covers 500 hectares, located 183 km northwest of the city of Durango and 40 km north of the community of Tepehuanes, with good infrastructure provided by paved roads, power lines and water access in the district. The mineralisation consists of low sulphidation veins hosting silver and gold, possibly in a transition between epithermal and mesothermal formations. The host rocks are composed of andesites, rhyolites and intrusive bodies, possibly of andesitic composition. The Maria Fernanda vein on the property has been traced over a strike length of over 500 metres. Initial surface samples collected over the vein alteration zone to test the system returned gold and silver values listed in the table below with their respective positions along strike. Further geologic mapping and trench sampling is required to establish the strike length and width of the vein and for the selection of potential drill targets.
|
Sample No. |
UTM Coordinates East North |
Strike Length (m) |
Width (m) |
Silver g/t |
Gold g/t | |
|
248 |
428658 |
2834306 |
0 |
Float |
297 |
10.93 |
|
247 |
428781 |
2834322 |
123 |
Float |
180 |
1.50 |
|
246 |
428815 |
2834428 |
157 |
Float |
128 |
1.47 |
|
245 |
428836 |
2834331 |
178 |
2.10 |
77 |
2.04 |
|
244 |
428870 |
2834333 |
212 |
Float |
316 |
5.25 |
|
243 |
428921 |
2834327 |
263 |
Float |
139 |
0.05 |
|
1040 |
428945 |
2834300 |
287 |
Float |
115 |
0.06 |
|
1039 |
428961 |
2834327 |
303 |
Float |
170 |
0.325 |
|
242 |
428964 |
2834333 |
306 |
Float |
92 |
0.03 |
|
241 |
429018 |
2834311 |
360 |
0.15 |
39 |
1.42 |
|
1038 |
429018 |
2834327 |
360 |
0.40 |
686 |
1.02 |
|
1037 |
429181 |
2834281 |
523 |
Float |
228 |
0.195 |
The San Francisco property covers 500 hectares located approximately 104 km West of the city of Durango, and approximately 12 km south of the Company’s Tres Marias and Cebollas silver-gold projects, located 14 km southeast of the Tayoltita mine in the San Dimas mining district of Durango. The claims are within view of the community of San Francisco. The access road cuts through the centre of the property, as does the main power line supplying the Tayoltita mine.
Mineralisation observed on the San Francisco property consists of epithermal low sulphidation quartz veins hosted by volcanic rocks of the Upper Volcanic Group. Veins observed at surface over a strike length of over 400 metres range between 4 metres to 20 metres in width. Surface samples returned high values of Mercury (between 1,000 ppb to 7,000 ppb) indicating the higher levels of a potential mineralized system. The project will require a program of geologic mapping and surface sampling to identify and establish drill targets over the wide structure observed.
The Sandra property samples were collected from floats on the surface trace of the vein, or where outcropping from the vein, and analyzed at the Luismin Laboratories, Durango, Mexico, by fire assay (30 g sub sample) for silver and gold, and for multiple elements by ICP. On the San Francisco property 13 samples were collected from altered rocks and quartz floats at surface over the vein structure and analyzed at the ALS Chemex Laboratories in Mexico by fire assay for silver and gold, and for multiple elements by ICP. Gary Nordin, P.Geo., British Columbia, is the qualified person as defined by National Instrument 43-101.
These projects are early stage exploration targets offering a combination of high upside potential with low acquisition and maintenance costs. The Company will be conducting the initial phase of geologic evaluation and sampling to define drill targets and determine the potential for these projects. At the same time the Company is also actively continuing to pursue the acquisition of more advanced, drill ready silver-gold projects in Mexico.
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 for acquisition. 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