Canasil ZTEM Airborne Surveys Outline Large Prominent Targets At Salamandra and Victoria Projects in Durango State, Mexico
June 3, 2011
Vancouver, June 3, 2011 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC) announces that results from the recently completed ZTEM airborne geophysical surveys have outlined encouraging targets at the Company’s 100% owned Salamandra and Victoria projects in Durango State, Mexico. The ZTEM geophysical surveys at both projects have highlighted well developed structures which are possible locations for structurally controlled mineralization. These areas exhibit complex electromagnetic and magnetic signatures, which have the characteristics associated with intrusive sources, and are coincident with prospective local geology and geochemical surface anomalies defined by prior surface mapping, sampling and drill programs. These combined features have defined large targets for further exploration. A summary of the results at each project is included below for reference.
Bahman Yamini, President of Canasil, commented: “We are very pleased to see clearly defined and prominent geophysical signatures from the ZTEM surveys at Salamandra and Victoria projects. These provide significant high potential targets for follow up at these two large projects, both strategically located close to the city of Durango in a highly prospective mineralized belt in Durango and Zacatecas States, Mexico, hosting major silver and base metal mines. We look forward to further exploration programs to advance these projects.”
The recently completed ZTEM geophysical survey on the Salamandra Silver-Zinc project in Durango State, Mexico, has outlined a large complex area, measuring 2.5 km by 3.0 km, with low resistivity and flat magnetic response, interpreted to be an intrusive source. This is located east of and flanking the previously drilled Salamandra mineralized zone. The interpreted intrusive source is bounded by a north trending large regional fault on the east, and crosscut by several east–west fault zones. According to Frank Fritz, Canasil’s consulting geophysicist: “these are favourable locations for structurally controlled mineralization”.
Previous drilling on the western flank of the interpreted intrusive source intersected wide zones of calc-silicate skarn with disseminated silver-zinc mineralization, averaging 0.5% - 1.0% zinc and 5 g/t - 20 g/t silver, and high-grade silver-zinc sulphide filled structurally controlled breccia zones grading up to 20% zinc and 300 g/t silver.
The interpreted intrusive source outlined by the ZTEM survey is alluvium covered and has not been drill tested. There is excellent potential in this area to outline disseminated mantle replacement or high-grade breccia associated silver, zinc and copper mineralization related to acid quartz porphyry intrusives, similar to the large San Martin mine of Grupo Mexico, located 80 km to the southeast. Follow up surface mapping, geochemical and ground geophysical surveys are planned to further explore this high potential target.
The deep penetrating ZTEM geophysical survey on the Victoria project, located 25 km northeast of the Salamandra project, has outlined a target similar to that seen at Salamandra. The ZTEM survey has outlined an area of complex low resistivity and low magnetic response measuring 2.0 km by 2.5 km, indicating a large intrusive source at depth. Numerous zones with small workings of oxidized sulphides with anomalous lead, zinc, gold, arsenic and antimony are observed at surface associated with silicified and skarn altered sediments and small intrusives located immediately north, east and west of the outlined geophysical target. Several strong northeast and east-west trending shear structures are present similar to the Salamandra project target. The geophysical target outlined at the Victoria project has the potential to be a large massive sulphide skarn mantle mineralized system similar to the San Martin base metal mine of Grupo Mexico located 80 km to the southeast. A follow up program of geological mapping, rock and silt sampling and ground geophysics is planned.
The ZTEM airborne geophysical surveys were conducted by Geotech Ltd. The data was processed and provided by Geotech Ltd. The interpretations of the geophysical data were carried out by Frank Fritz, consulting geophysicist, and Gary Nordin, P. Geo., Director of Canasil and a qualified person under NI43-101. The surveys were flown with 10 km line length with a spacing of 200 metres. The Salamandra survey covered 617 line-kilometres over an area of approximately 120 square kilometers. The Victoria survey covered 680 line-kilometres over an area of approximately 130 square kilometers.
The Salamandra project is located 35 kilometres to the northeast of the city of Durango and covers 14,719 hectares, over 140 square kilometres. This large claim area is strategically located within the major silver-gold trend running through Durango and Zacatecas States, and is directly on trend with a number of important operating mines and recent discoveries. The project benefits from excellent access and infrastructure for mineral exploration and development. Prior geophysics and diamond drilling completed by Canasil has identified significant zinc-silver mineralization at Salamandra, with preliminary metallurgical tests showing high zinc and silver recoveries to clean concentrates. The project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of the San Martin mine of Grupo Mexico, which is the largest underground zinc-copper-silver mining operation in Mexico, producing at approximately 6,000 tonnes per day.
The Victoria project covers a large prospective area of 60,000 hectares, 600 square kilometers, located 60 km northeast of the City of Durango and 25 km northeast of the Salamandra project. The project is centrally located on the same mineral rich trend, stretching from the northwest to the southeast through Durango and Zacatecas States, with excellent access and infrastructure. Initial reconnaissance, including geologic mapping and surface sampling by Canasil in the Victoria project area, has outlined prospective target zones, which were tested by the ZTEM survey. Located on a major mineralized trend, the very large project area is highly prospective for discovery of new mineralized systems.
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of its mineral properties.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.