Vancouver, November 09, 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”) reports that early surface work on the Sandra-Escobar Silver Project in Durango State, Mexico, has confirmed highly anomalous silver mineralization related to a rhyolite dome complex in the southeast sector of the project area. 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.
Orex has commenced an orientation sampling program at Sandra-Escobar, including check sampling of key showings, surface soil geochemistry and geological mapping. Of immediate interest to Orex is the southeast sector of the project. This target area is characterized by a series of mineralized showings, with historical, small-scale excavations, along an approximately 700-metre long trend on the northern flank of the dome. The workings appear to loosely follow the upper contact of a grey, altered rhyolitic tuff with an overlying porphyritic rhyolite unit.
In October 2015, Orex collected 11 representative rock chip samples and one composite dump sample from workings in the target area. All of these samples returned highly anomalous silver, up to and including 1,128 g/t Ag over 1.30 m from sample #13103 and 920 g/t Ag over 4.5 m from sample #13104. Detailed sample results are listed in the table below. Mineralization reported herein is related to epithermal, banded quartz veins emplaced within and cross cutting the rhyolitic tuff, breccias and flow-banded porphyritic rhyolites. Three specific areas were tested along the trend and results indicate wall-rock silver enrichment within the tuff unit. Samples were taken from within mineralized showings and are not indicative of true widths across the total apparent strike. Given the presence of silver mineralization within the wall-rock, Orex expects true widths to exceed those quoted herein. This suggests a significant potential for bulk-tonnage silver targets.
Orex’s President, Gary Cope commented, “We are very pleased with the silver results to date and we will be diamond drilling targets on Sandra-Escobar in the very near future.”
Surface Rock Chip and Dump Samples, Sandra-Escobar Project, |
Southeast Sector October 2015
Chip samples were obtained at each site using chisel and maul, with material collected on a clean tarpaulin prior to bagging. Care was taken to ensure a representative sample across the chosen interval and in the case of larger intervals where more than 2 kg of sample was obtained, rock chips were broken down to <3 cm size by hand, mixed manually on the tarpaulin then coned and quartered until a 2 kg sample was obtained. Samples were bagged and tagged and transported to SGS Mineral Services in Durango for analysis. In addition to multi-element ICP analysis, samples were submitted for high-grade 30g Gravimetric fire-assay analysis for silver.
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 compiled and provided to Canasil by Orex. Dale Brittliffe, P.Geo., and Ben Whiting, P.Geo., are Qualified Persons , as defined in NI 43-101, for Orex and take 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.