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Canasil Expands Mexico Gold-Silver Projects Claim Areas

Vancouver, January 05, 2010 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces increases in the mineral claim areas covering several core projects in Durango and Zacatecas States in Mexico. The Company has added a total of 17,222 hectares in mineral claims covering prospective alteration zones along trends surrounding the Sandra-Escobar and Vizcaino gold-silver projects in northern and central Durango State, and the La Esperanza silver-lead-zinc project in northern Zacatecas State, Mexico.

The Sandra-Escobar project is located in northern Durango State, Mexico, 200 kilometres northwest of the city of Durango. The project area has excellent access via paved highways, as well as the availability of electricity, water, telecommunications and services from local communities. The project is located on an important mineral trend with many past and presently producing silver-gold mines and deposits, such as Silver Standard’s La Pitarrilla deposit, Endeavour Silver’s Guanacevi mine, and Great Panther’s Topia mine. Canasil holds 100% interest in the 5,512 hectares Sandra project claims, and has entered into an option agreement with Pan American Silver to earn 51% interest in Pan American’s 634 hectares adjoining Escobar project claims. The project area hosts a mineralized system centered on a large altered rhyolite dome complex, with surrounding geological formations, alteration patterns and extensive evidence of gold, silver and base metal mineralization, indicating the potential for discovery of a large disseminated gold-silver-base metal deposit. Canasil has added a further 2,000 hectare claim covering the southwest extension of the alteration zones observed in the project area, increasing the total combined project area to 8,146 hectares.

The La Esperanza project is located in the Chalchihuites district in northern Zacatecas and southern Durango States. This recognized silver district hosts a number of active mines such as Pan American Silver’s La Colorada and First Majestic’s La Parrilla silver-lead-zinc mines. The Company has increased the claim area at the La Esperanza project from 4,787 hectares by 12,222 hectares to 17,009 hectares. The claims now cover the prospective SE-NW trend where significant alteration is observed along over 4 km strike extensions of the La Esperanza vein. The La Esperanza vein outcrops over a strike distance of 300 metres and has been drill tested in 2006 with 9 diamond drill holes for a total of 1,422 metres. As previously reported, the drilling intersected a high grade epithermal vein shoot with an average grade of 396 g/t silver, 0.71% zinc and 1.96% lead over a true width of 10.30 metres. The alteration zones observed indicate a possibility that the La Esperanza vein and surrounding structures may be part of a district scale epithermal silver vein system.

The Vizcaino gold-silver project is located in central Durango State in the high plateau area between the Western and Eastern Sierra Madre formations. This district hosts many active gold-silver-base metal mines and major deposits and the project area is 38 km southeast and 42 km northwest of Silver Standard Resources La Pitarrilla and San Agustin deposits respectively. The Vizcaino project, which previously covered 600 hectares, hosts prominent high level epithermal vein outcrops over a strike distance of 2 kilometres and widths of over 1 metre and up to 12 metres returning anomalous gold and silver values. The project has never been drill tested. The Company has added a claim covering 3,000 hectares to cover possible NW extensions of the Vizcaino vein system, increasing the overall project area to 3,600 hectares.

The Company has received active interest for Option and Joint Venture Agreements to advance its exploration projects in Mexico and will continue to pursue these opportunities. The increasing precious and base metal prices and improving economic conditions should provide possibilities for significantly more active exploration programs on the Company’s projects in 2010.

About Canasil:

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 engaged in the exploration of its mineral properties.

For further information please contact:

Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com

 

 

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 release.