MAG Silver Initial Drilling Intersects La Esperanza Vein - Assays Pending
January 25, 2012
Vancouver, January 25, 2012 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces that MAG Silver Corp. has completed three drill holes to date at the La Esperanza silver project in Durango and Zacatecas States, Mexico, and all three holes have intersected quartz vein and quartz vein breccia. Visible base metal sulphides have been noted. A fourth hole is in progress as part of a planned 4,000 metre drill plan for 2012. Assay results for these intercepts have not been received and will be announced when available.
About La Esperanza:
The La Esperanza project covers 18,954 hectares, located within the Mexican Silver Belt in northern Zacatecas and southern Durango States. This recognized world class silver belt hosts a number of active mines such as Pan American Silver’s La Colorada and First Majestic Silver’s La Parrilla mines. The project covers multiple vein occurrences and alteration zones over a 20 kilometre strike length along a prospective SE-NW trend. The project is under an option agreement whereby MAG can earn 60% interest by completing CAD$5,000,000 in cumulative exploration expenditures and a further CAD$350,000 cash payments to Canasil, both by 2014.
About MAG Silver and Canasil:
MAG is a leading silver exploration and emerging development company in Mexico, with considerable experience and a very successful track record of high-grade silver discoveries in epithermal vein systems of the Fresnillo Silver Trend, as well as a number of other large development stage and exploration projects in Mexico.
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.