Orex Announces 33.3 Million Ounces of Silver in an Inferred Resource Estimate for the Boleras Deposit at the Sandra-Escobar Project in Durango State, Mexico
October 31, 2016
Vancouver, November 24, 2015 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) is pleased to announce that Orex Minerals Inc. (TSX-V: REX, “Orex”) has awarded an initial 2,000 metres diamond drilling contract to Kluane Mexico S.A. de C.V., a subsidiary of Kluane Drilling Ltd., for the Sandra-Escobar Silver Project in northern Durango State, Mexico. The drill program is expected to start following approval of the necessary permits.
The Sandra-Escobar Project is being advanced by Orex under an option agreement announced by Canasil and Orex on September 15, 2015. The project is located 200 km northwest of the City of Durango with excellent access and infrastructure, within a prolific mining district hosting several past and present producing mines and significant silver-gold deposits.
The service provider, Kluane Drilling Ltd. (“KDL”), is an experienced diamond drilling company, with a service and supply office in Durango, Mexico. A KD-1000 man-portable drill rig will be used for HTW and NTW sized wireline core diamond drilling. This portable rig design minimizes the social and environmental impact of planned drill programs.
Sandra-Escobar Silver-Gold Project, Durango, Mexico:
The Sandra-Escobar project is located 200 km northwest of the City of Durango, Mexico, in the heart of the “Mexican Silver Trend”, with excellent access and infrastructure. This prolific trend hosts some of the world’s largest silver camps and deposits with many past and present producing mines and significant silver-gold deposits. The project area covers over 8,100 hectares of mineral concessions with multiple mineralized epithermal veins and breccia structures. These veins form a high level silver-gold-base metals system, hosted in andesitic and rhyolitic rocks, centered on a large rhyolite dome complex in the north and silver systems in smaller rhyolite dome complexes to the southeast. Intense alteration zones and fluid flooding in permeable formations may also indicate the presence of bulk tonnage targets.
The technical information contained in this News Release has been provided to Canasil by Orex. Ben Whiting, P.Geo., is a Qualified Person, as defined in NI 43-101, for Orex and takes responsibility for the technical disclosure contained within this news release.
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango 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 through to discovery and further development. The Company is actively engaged in the exploration of its mineral properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and support staff for its operations in Mexico.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.