DB Frankfurt : 3CC    TSX-V : CLZ     Last: 0.14     Volume: 29900     Day High: 0.14     Day Low: 0.135
Spot Gold: Price $1285.83
Spot Silver: Price $17.07

News Releases

– 2011

Power Point Presentation Fact Sheet

Email Sign Up

print page
 
print page
 

Canasil Samples 2,150 g/t Silver, 5.39% Copper and 1.89% Zinc over 0.90 Metres in Old Workings at the Salamandra Project in Durango State, Mexico

Vancouver, October 18, 2011 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC) announces that during a surface mapping and sampling program conducted to investigate the area of high electromagnetic response from a ZTEM airborne geophysical survey completed earlier this year some historic workings have been found with high grade silver, copper and zinc. A 0.90 metre rock chip sample from a small previously mined vein outcrop returned 2,150 g/t silver, 5.39% copper, 1.89% zinc and 0.157 g/t gold. A sample from a nearby dump of mined material returned 99.7 g/t silver, 1.25% copper and 0.94% zinc.

These samples are located on the eastern side of the prominent intrusive formation at Salamandra, within an area outlined by the ZTEM geophysical survey and a zone returning anomalous copper values from earlier geochemical surveys as shown on the attached map. Canasil’s previous drilling on the western flank of the intrusive formation 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 over intercepts of 30 metres to 50 metres, and high-grade silver-zinc breccia intercepts grading up to 20% zinc and 300 g/t silver over 1 metre to 3 metres.

The combination of zinc-silver mineralization observed in past drilling, the strong ZTEM electromagnetic anomaly, widespread arsenic and antimony geochemical anomalies and indication of the potential for a high grade silver-copper-zinc vein structure points to the possibility of a large mineralized system with a combination of high grade vein and disseminated mineralization at the Salamandra project. 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, as the geological setting is showing similarities to the large San Martin mine of Grupo Mexico, located 80 km to the southeast. Follow up surface mapping, geochemical sampling and ground geophysical surveys are planned to define drill targets to further explore this high potential system.

Salamandra Project:

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 surface sampling and geological mapping 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 CPG, Director of Exploration and Development. Samples were sent to ALS Chemex Laboratories in Zacatecas, ZA Mexico, for preparation and on to ALS Chemex in North Vancouver, B.C. Canada for 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. 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 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:

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

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.

Salamandra Project, Durango, Mexico, High-grade Silver, Copper, Zinc Samples Location: