Canasil Drilling Intersects 3.49% Copper, 98 g/t Silver and 1.96% Zinc over 3.70 Metres at Colibri Project in Durango, Mexico
March 19, 2007
Vancouver, March 19, 2007 – Canasil Resources Inc. (“Canasil” TSX-V: CLZ) is pleased to announce that the Phase 1 diamond drill Program at the Colibri project in Durango State, Mexico, has returned a high-grade mineralized intercept from the Linda vein containing copper, silver and zinc, and a second intercept containing gold, silver and cobalt. Two holes have been drilled to date on this vein zone. Drill hole CO-07-09 cut the vein with a width of 6.50 metres (true width 4.97 metres) with an average grade of 2.04% copper, 65 g/t silver and 1.40% zinc. The intercept included 3.70 metres (true width 2.83 metres) with an average grade of 3.49% copper, 98 g/t silver and 1.96% zinc. A higher-grade segment of the vein returned 7.46% copper, 177 g/t silver and 0.30% zinc over 1.00 metre (true width 0.76 metres).
Drill hole CO-07-08 intercepted the Linda vein 100 metres to the southeast along strike from CO-07-09 at approximately 50 metres higher elevation, and returned 1.24 g/t gold, 46 g/t silver and 0.077% cobalt over 4.35 metres (true width 3.33 metres), including 1.50 metres (true width 1.15 metres) carrying 1.53 g/t gold, 79 g/t silver and 0.083% cobalt. A summary of the assay results form these drill holes is presented in the table below, and a table with detailed sample intervals and assay results is attached below for reference.
|
Colibri Project – Phase 1 Diamond Drill Program |
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|
Vein |
Interval - Metres |
Intercept Width |
True Width Metres |
Grades |
|||||
|
Silver |
Gold |
Copper |
Zinc |
Cobalt |
|||||
|
Linda Vein - Diamond Drill Hole CO-07-09 |
|||||||||
|
Linda |
74.65 |
81.15 |
6.50 |
4.97 |
65 |
0.18 |
2.04 |
1.40 |
0.013 |
|
Incl. |
74.65 |
78.35 |
3.70 |
2.83 |
98 |
0.17 |
3.49 |
1.96 |
0.009 |
|
And |
77.35 |
78.35 |
1.00 |
0.76 |
177 |
0.16 |
7.46 |
0.30 |
0.011 |
|
Linda Vein - Diamond Drill Hole CO-07-08 |
|||||||||
|
Linda |
76.75 |
81.10 |
4.35 |
3.33 |
46 |
1.24 |
0.12 |
0.15 |
0.077 |
|
Incl. |
78.30 |
79.80 |
1.50 |
1.15 |
79 |
1.53 |
0.04 |
0.23 |
0.083 |
|
And |
78.30 |
78.65 |
0.35 |
0.27 |
176 |
1.19 |
0.04 |
0.41 |
0.055 |
The Linda vein has a very prominent surface expression with dense concentration of pyrite and arseno-pyrite, which has been traced over 2,000 metres along strike. Mineralization observed in the drill intercepts consists of pyrite, arseno-pyrite, chalcopyrite, galena and sphalerite. The Company is planning further drilling to investigate the Linda vein along strike and at depth.
Gary Nordin, Director of Canasil, commented: “The mineralized intercepts observed in the two drill holes at the Linda vein carrying high-grade copper as well as silver, zinc, gold and cobalt are very encouraging. The Linda vein has significant width and strike length and presents an important target for further drilling at the Colibri project to explore for potential high-grade zones within this structure.”
The 100% owned Colibri project covers an area of 6,574 hectares (16,245 acres), located 70 km south-southeast of the City of Durango. There are numerous veins and mineralized structures within the project area, which require further investigation. The Company is currently carrying out further geological mapping and surface sampling over the project area to define further drill targets. The project has excellent road access and good local infrastructure for supporting exploration and mining operations, and is located within 75 km of the San Martin mine of Grupo Mexico, the La Colorada mine of Pan American Silver Corp., and the La Parrilla mine of First Majestic Resource Corp.
The diamond dill program was supervised and carried out by the Company's wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V., under the direction of Erme Enriquez, Director of Exploration and Development. Drill core was sent to the Company’s core processing and storage facility in Durango, for processing and preparation of assay samples. Samples are cut by diamond saw, and half is sent for assay and half secured for reference. Samples are sent to the SGS Laboratories in Durango for processing and assay analysis for gold and silver by fire assay with an atomic absorption finish (“FA-AA”) on a 30 gram split, and for copper, lead and zinc by digestion of 1.00 gram sample in aqua regia and analysis by AA. A duplicate set of pulp samples are also sent to ALS Chemex Laboratories in Vancouver for check assays. Reference samples are routinely included in the sample stream. Gary Nordin, P. Geo. British Columbia and Director of Canasil, is the designated Qualified Person for this project in accordance with National Instrument 43-101.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base 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 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 |
Doug Kerr Corporate Communications 604-718 5454 Email: [email protected] |
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.
Drill hole CO-07-09 Sample Intervals and Assays:
(ALS Chemex, Vancouver)
|
HOLE CO-07-09
|
|
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|
|
Sample |
Interval |
Width |
GRADES |
|
|||||
|
No. |
No |
Form |
To |
m |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
Co% |
|
6 |
5522 |
74.65 |
75.30 |
0.65 |
0.376 |
49.8 |
0.76 |
0.15 |
10.15 |
0.011 |
|
7 |
5523 |
75.30 |
75.70 |
0.40 |
0.201 |
124.0 |
2.07 |
0.07 |
0.47 |
0.013 |
|
8 |
5524 |
75.70 |
76.20 |
0.50 |
0.159 |
169.0 |
6.97 |
0.02 |
0.12 |
0.011 |
|
9 |
5525 |
76.20 |
77.00 |
0.80 |
0.027 |
12.0 |
0.33 |
0.01 |
0.09 |
0.002 |
|
10 |
5526 |
77.00 |
77.35 |
0.35 |
0.085 |
30.6 |
1.11 |
0.00 |
0.13 |
0.004 |
|
11 |
5527 |
77.35 |
78.35 |
1.00 |
0.163 |
177.0 |
7.46 |
0.00 |
0.30 |
0.011 |
|
12 |
5528 |
78.35 |
78.80 |
0.45 |
0.021 |
5.3 |
0.12 |
0.00 |
0.09 |
0.003 |
|
13 |
5529 |
78.80 |
79.30 |
0.50 |
0.402 |
25.5 |
0.04 |
0.01 |
0.11 |
0.041 |
|
14 |
5530 |
79.30 |
79.70 |
0.40 |
0.142 |
32.9 |
0.10 |
0.02 |
0.48 |
0.014 |
|
15 |
5531 |
79.70 |
80.35 |
0.65 |
0.047 |
18.9 |
0.25 |
0.02 |
0.80 |
0.008 |
|
16 |
5532 |
80.35 |
81.15 |
0.80 |
0.317 |
26.1 |
0.10 |
0.03 |
1.25 |
0.026 |
|
AVERAGE GRADE |
|
|
6.50 |
0.18 |
65 |
2.04 |
0.03 |
1.40 |
0.0130 |
|
Drill hole CO-07-08 Sample Intervals and Assays:
(ALS Chemex, Vancouver)
|
HOLE CO-07-08 |
|
|||||||||
|
|
Sample |
Interval |
Width |
GRADES |
|
|||||
|
No. |
No |
Form |
To |
m |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
Co% |
|
4 |
5495 |
76.75 |
77.17 |
0.42 |
1.415 |
34.3 |
0.81 |
0.01 |
0.10 |
0.118 |
|
5 |
5496 |
77.17 |
77.50 |
0.33 |
1.435 |
12.4 |
0.06 |
0.00 |
0.01 |
0.119 |
|
6 |
5497 |
77.50 |
77.85 |
0.35 |
1.405 |
29.7 |
0.08 |
0.00 |
0.02 |
0.132 |
|
7 |
5498 |
77.85 |
78.30 |
0.45 |
1.220 |
48.5 |
0.03 |
0.00 |
0.08 |
0.103 |
|
8 |
5499 |
78.30 |
78.65 |
0.35 |
1.190 |
176.0 |
0.04 |
0.00 |
0.41 |
0.055 |
|
9 |
5500 |
78.65 |
78.94 |
0.29 |
1.435 |
89.9 |
0.11 |
0.00 |
0.20 |
0.092 |
|
10 |
5501 |
78.94 |
79.30 |
0.36 |
1.930 |
37.1 |
0.01 |
0.00 |
0.07 |
0.115 |
|
11 |
5502 |
79.30 |
79.80 |
0.50 |
1.550 |
34.0 |
0.02 |
0.02 |
0.22 |
0.075 |
|
12 |
5503 |
79.80 |
80.40 |
0.60 |
0.841 |
24.1 |
0.10 |
0.01 |
0.18 |
0.028 |
|
13 |
5504 |
80.40 |
81.10 |
0.70 |
0.661 |
26.9 |
0.04 |
0.01 |
0.15 |
0.019 |
|
AVERAGE GRADE |
|
|
4.35 |
1.24 |
46 |
0.12 |
0.01 |
0.15 |
0.077 |
|