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Properties

– British Columbia Properties

– Vega Copper-Gold Project, BC, Canada

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Summary:

Jerry D. Blackwell, P. Geo. B.C., Advisor to the Board of Canasil, is the designated Qualified Person for the Company's technical information in accordance with National Instrument 43 101.

Location and Geology

The 100% owned Vega claims cover 9,102 hectares located between the Osilinka and Mesilinka river systems in the Omineca Mining Division of British Columbia, 300 km northwest of Prince George. Access to the property, which lies at an elevation of 1,100 – 1,600 metres, is via the Omineca Mines Access Road and logging roads. The property lies on a north-northwest trending fault structure in Takla Group Volcanic rocks of Upper Triassic to Jurassic age. This volcanic sequence has been intruded by syenite, monzonite and diorite dykes and sills related to the Hogem Batholith to the southwest. Intrusive volcano-sedimentary contacts typically parallel the regional northwest structural trend. Mineralization on the Vega property occurs in brecciated and altered andesite/basalt, altered syenite and altered brecciated syenite. Concentration of sulphides, consisting of pyrite, chalcopyrite, magnetite and minor bornite, occur along shear and fracture zones. Exploration to date has identified two areas of interest for further exploration within the overall project area, the Vega East and Vega West corridors. Correlation of surface copper-gold geochemical anomalies and showings with airborne magnetic response indicate the potential for multiple copper-gold porphyry targets.

Exploration History

In the Vega East area, early prospecting by Cominco in the 1930’s reported exposed mineralization with copper and gold mineralization on the south bank of Vega Creek. Cominco completed approximately 200 metres of underground workings to investigate the mineralization, identifying a 10.5 metre zone with average 1.46% copper and 4.82 g/t gold. In subsequent years various companies explored the area outlining copper anomalies and in the mid 1970’s BP Minerals undertook geochemical and geophysical surveys and over 2,000 metres of diamond drilling, however there is no data available from these programs. In the 1980’s, Canmine Development Corp., a predecessor of Canasil, acquired the claims over the original Cominco showings and carried out geochemical sampling, outlining several large zones with anomalous values in copper, gold and arsenic. This work resulted in an option agreement with Cyprus Gold (Canada). In 1988 Cyprus completed 1,088 metres of diamond drilling in 8 drill holes. The highest gold value intersected was 2.03 g/t (0.059 opt) over 1.45 metres (4.76 ft.) in V-88-01, and the best weighted average intercept was 0.51 g/t (0.015 opt) over 5.96 metres (19.55 ft.) in V-88-08. Canasil has maintained and expanded the claims area to cover potential copper-gold showings in the surrounding area.

Recent Exploration

In the Vega West area, reconnaissance work in 2011 and 2016 on the expanded Vega project claims identified and investigated the Pluto showings , where sulphide rich gossans are observed on the hanging wall of a steeply-dipping shear zone on the contact between deformed syenite porphyry and andesite tuffs. The volcanic pile is intruded by an un-altered k-feldspar porphyry. Results from rock samples from the limited 2011 sampling program showed up to 4,714 ppm copper and >10,000 ppm arsenic, as well as samples with anomalous copper and arsenic values taken downstream of the Pluto showing. Chlorite and sericite alteration is observed in a 12-metre wide exposure of the hanging wall, along with stringers and veinlets of quartz-pyrite-chacopyrite. Prospecting and sampling upstream and downstream from the main showing area investigated areas of gossanous soil and pyritic volcanic rocks that may in part define a large hydrothermal system that extends significantly beyond the Pluto showings.

In 2016 a detailed helicopter-borne magnetics survey was completed over most of the project area to develop a better understanding of the bedrock trends and structures. The airborne survey identified two principal northwest-southeast structural corridors over the Vega East and Vega west areas. A number of distinct features are observed within these corridors, including a feldspar porphyry shear zone, several possible intrusive bodies and other areas of faulting and possibly favourable geology. The north-striking feldspar porphyry shear zone in the Vega West area is identified as a distinct magnetic feature and has been traced for 2,000 metres south of the Pluto prospect to a second known copper-gold prospect that has not been sampled. The magnetic feature in this area is a minimum of four kilometres long and is covered by glacial till over most of its length. The airborne survey highlighted multiple targets for further exploration both in the Vega East and Vega West areas.     

Exploration Potential

The regional and geological setting of the VEGA property and numerous copper and gold geochemical anomalies, coincident with airborne magnetic anomalies, within the project area are strongly indicative of mineralized systems hosting large gold-copper porphyry deposits. The relatively shallow historical drilling in the original Vega East showings only tested a small zone at a very shallow depth. The occurrence of significant and relatively high grade gold and copper values from this area requires further prospecting, geological mapping and systematic exploration including airborne and ground geophysics and diamond drilling to investigate the source of the copper and gold mineralization. The recently discovered Pluto showings in the Vega West area within a prominent structural corridor highlighted by the aeromagnetic survey, provide a second target area with the potential for hosting a large mineralized system and which also requires further detailed exploration.