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Properties

– Mexico Properties

– La Esperanza, Zacatecas State, Mexico

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La Esperanza, Zacatecas State, Mexico – Project Summary (May 2017):

2016-17 Drill program, Dec. 2016 to May 2017:

This program included eight diamond drill holes for a total of 2,452 m, targeted to test step-outs along strike and to depth from prior known intercepts on the La Esperanza vein. All drill holes successfully intersected the La Esperanza vein confirming a mineralized envelope of approximately 400 m along strike and to a depth of 425 m. The relatively wide mineralized structures and high grade silver-zinc-lead intervals observed in this program suggest a strong mineralized system which remains open in both directions to the southeast and northwest along strike and to depth. Of particular note is also the high gold grades observed together with high silver grades in drill hole ES-17-19. The results of this program are included in the table below and drill hole locations indicated on the plan map and long section below:

La Esperanza 2016-17 Drill Program – December 2016 to May 2017
Hole ES-16-12
  Interval - Metres Width – Metres Gold Silver Zinc Lead Copper Silver Eq*
  From To Interval True Au g/t Ag g/t Zn % Pb % Cu % Ag Eq g/t
  347.36 348.94 1.58 1.36 0.08 23.0 1.98 1.31 0.04 192
Including 347.36 347.83 0.47 0.41 0.08 16.5 4.81 2.89 0.02 398
And 348.47 348.94 0.47 0.41 0.16 57.9 1.74 1.45 0.11 251
  368.40 370.07 1.67 1.44 0.11 5.0 3.60 0.75 0.03 309
Including 369.45 370.07 0.62 0.54 0.27 8.9 9.64 2.00 0.00 584
  387.16 390.73 3.57 3.08 0.14 21.0 2.63 0.82 0.08 211
Including 387.16 389.87 2.71 2.34 0.17 26.0 2.17 1.07 0.09 206
Including 387.71 388.71 1.00 0.86 0.10 35.0 2.63 0.78 0.14 227
Including 387.71 388.01 0.30 0.26 0.12 38.2 3.57 1.43 0.14 308
And 388.01 388.35 0.34 0.29 0.08 51.5 3.31 0.66 0.20 278
And 389.36 389.87 0.51 0.44 0.54 33.2 4.38 3.64 0.13 469
Bit fused unable to complete hole, may not have intersected entire vein structure
Hole ES-17-13
  421.38 422.20 0.82 0.71 0.30 131 0.64 0.23 0.84 281
Hole lost in cavity, may not have intersected or recovered entire vein structure
Hole ES-17-14
HW Vein 176.30 179.50 3.20 2.13 0.01 38 0.50 0.14 0.02 70
La Esp 187.40 190.40 3.00 2.51 0.01 63 0.50 0.15 0.03 98
 Vein intercept close to fault, broken and soft material, low recoveries
Hole ES-17-15
  202.90 208.32 5.42 4.14 0.10 33 1.06 0.63 0.02 122
Including 202.90 204.95 2.05 1.56 0.05 51 1.90 1.38 0.03 215
Vein intercept close to fault, broken and soft material, low recoveries
Hole ES-17-16
  139.41 145.35 5.94 4.92 0.01 257 0.64 0.63 0.03 321
Including 143.00 145.35 2.35 1.95 0.03 628 0.90 1.52 0.08 750
Including 144.20 145.35 1.15 0.95 0.06 1,133 1.56 2.98 0.16 1,362
Hole ES-17-17
HW 1 Vn 240.15 242.48 2.33 2.02 0.00 89 1.82 1.00 0.01 228
HW 2 Vn 248.33 248.60 0.27 0.23 0.04 236 0.28 8.43 0.06 618
HW 3 Vn 250.02 252.00 1.98 1.71 0.03 225 1.30 0.59 0.12 332
Including 250.02 251.21 1.19 1.03 0.03 277 2.01 0.81 0.19 438
Main Vn 258.70 265.41 6.71 5.81 0.10 204 1.83 1.46 0.07 376
Including 259.25 260.60 1.35 1.17 0.03 233 0.98 1.03 0.08 338
And 261.84 262.75 0.91 0.79 0.11 347 2.98 2.20 0.02 606
And 264.51 265.41 0.90 0.78 0.10 244 3.00 2.04 0.03 498
FW Vein 272.60 272.72 0.12 0.10 0.12 30 3.61 1.84 0.04 310
Holes ES-17-18
  257.49 265.31 7.82 6.77 0.04 79 0.68 0.53 0.03 141
Including 257.49 259.65 2.16 1.87 0.03 231 1.19 1.38 0.03 357
Including 258.98 259.65 0.67 0.58 0.04 358 0.70 1.85 0.03 479
Hole ES-17-19
  296.44 309.41 12.97 11.23 0.74 219 0.90 0.43 0.05 382
HW Vein 296.44 298.83 2.39 2.07 0.04 261 2.09 0.92 0.15 406
Main Vn 298.33 302.01 3.18 2.75 2.76 552 1.16 0.63 0.08 850
Including 300.73 302.01 1.28 1.11 6.39 1,281 2.23 1.25 0.18 1,938
FW Vein 306.88 308.62 1.74 1.51 0.39 256 1.68 0.74 0.02 406
*Silver equivalents calculated assuming 100% recoveries (for Ag Eq calculation only – may not reflect actual recoveries) and Ag US$17/oz, Au US$1,250/oz,Cu US$2.50/lb, Zn US$1.30/lb, and Pb US$1.00/lb


Reported in Canasil news releases dated Feb. 9, Mar. 23, Apr. 5, and May 2, 2017

La Esperanza Project, Durango & Zacatecas, Mexico: La Esperanza Vein Drill Plan and Long Section

Location, access and infrastructure:
The La Esperanza Silver-Zinc-Lead project covers 14,916 hectares, located 100 km SSE of the city of Durango on the border between Durango and Zacatecas States. The project site is easily accessible from Canasil’s operating base in Durango. The area is well served with power lines, water access and services, such as banks, medical services and labour, which are available in local municipalities. The project location in southern Durango and northern Zacatecas States is in one of Mexico’s premier silver mining centres, hosting a number of prominent silver mines – San Martin-Sabinas mines of Grupo Mexico and Penoles, the La Colorada mine of Pan American Silver and La Parrilla and Del Toro mines of First Majestic Silver Corp., approximately 80 km northwest of fresnillo PLC’s Fresnillo silver mine. The climate and topography are moderate and typical of the Eastern edge of the Sierra Madre Occidental volcanic province, with the rainy season between June and September, and colder temperatures in December and January.

Geology and exploration history:
The outcropping rocks observed at La Esperanza belong to the Lower Volcanic group of Tertiary age, mainly composed of rhyolites and andesites. A series of silver-lead-zinc epithermal veins are observed over a northwest-southeast striking zone extending over approximately 15 kilometres hosted in the Lower Volcanic Group. Mineralization occurs in low to intermediate sulphidation veins, primarily striking northwest and dipping southwest. The main La Esperanza vein is a banded and cockade white to grey quartz breccia epithermal vein with silver, gold, lead and zinc mineralization associated with argentiferours galena, silver sulfasalts and sphalerite. There has been a history of past mining activity at La Esperanza with direct shipments of reportedly high-grade ore to local smelters. There are a number of surface pits and dumps with ore left over from past mining operations around the vein and mine area. The mine was last active in 1970, and was reportedly mined on three levels, using a main access shaft down to a depth of approximately 90 m.

Prior Exploration Programs:

Initial Surface sampling and geological mapping:
An initial geologic mapping and sampling program, undertaken in November 2005, included thirty-eight samples taken from dumps close to the vein and from surface pits over the vein and analyzed for gold plus 41 elements by ICP-MS by ALS Chemex Laboratories, Vancouver. The highest grades observed in these samples were 1,820 g/t silver, 10.05% lead and 8.66% zinc. 31 samples returned assays with over 100 g/t silver, with an average grade of 413 g/t silver, 2.17% lead and 3.08% zinc, as detailed in the table below:

La Esperanza Project - Surface Sampling November 2005
Sample
No.
Width
M
UTM Coordinates
East North
Elev.
(m)
Silver
g/t
Lead
%
Zinc
%
603 1.50 600591 2583576 2464 332 0.46 0.38
605 Dump 600553 2583623 2476 1,820 0.36 0.17
606 1.20 600547 2583650 2476 307 0.13 0.10
608 0.80 600541 2583660 2476 322 0.30 0.15
609 Dump 600527 2583697 2488 779 0.18 1.32
610 Dump 600510 2583720 2492 688 0.13 0.33
614 Dump 600652 2583515 2449 1,460 6.35 0.68
615 Dump 600638 2583499 2449 771 2.31 0.82
616 Dump 600634 2583503 2449 198 2.80 7.61
617 Dump 600630 2583506 2449 690 2.59 1.78
618 Dump 600626 2583490 2449 252 1.69 3.59
619 Dump 600625 2583496 2449 123 2.42 8.66
620 Dump 600623 2583501 2449 260 3.47 2.56
621 Dump 600620 2583495 2449 157 1.14 1.26
622 Dump 600616 2583503 2449 302 3.03 4.67
623 Dump 600551 2583534 2438 177 1.44 1.98
624 Dump 600535 2583540 2438 305 1.82 1.33
625 Dump 600516 2583546 2438 268 0.46 0.54
626 Dump 600504 2583543 2438 673 10.25 5.77
627 Dump 600492 2583545 2438 117 1.46 3.29
628 Dump 600493 2583534 2438 390 2.20 1.78
629 Dump 600486 2583542 2438 304 3.36 8.25
630 Dump 600480 2583536 2438 385 2.41 5.02
634 Dump 600459 2583538 2438 206 2.09 2.51
635 Dump 600446 2583535 2438 185 0.84 2.23
636 Dump 600431 2583533 2438 131 0.78 1.30
637 Dump 600418 2583510 2438 167 1.75 3.41
638 Dump 600405 2583512 2438 192 2.09 4.21
639 Dump 600391 2583514 2438 263 2.56 4.76
640 Dump 600371 2583506 2438 350 3.61 8.38
641 Dump 600355 2583506 2438 249 2.66 6.52
Average grade of 31 samples 413 2.17 3.08


Diamond Drill Program (2006 – 2007):
The Phase 1 diamond drill Program included 9 diamond drill holes for a total of 1,432 m. This program outlined a mineralized panel with a strike length of over 150 m and depth of 100 m, which is open in all directions, with vein widths of up to 10.30 m carrying high-grade silver mineralization. Seven drill holes intersected the main La Esperanza vein (LE) and a hanging wall vein (HW) over significant widths The weighted average grade of mineralization intersected in the La Esperanza vein was 330 g/t (9.62 oz/ton) silver, 0.93% (18.60 lbs/ton) zinc and 1.57% (31.40 lbs/ton) lead over an average width of 4.21 m. This vein includes several intercepts with very high silver grades of up to 2,144 g/t (62.53 oz/ton) silver over 0.75 m. Average assay results are detailed below:

La Esperanza Project 2006 – 7 Drill Program
Vein or Structure Interval – Metres
From To
True
Width
Metres
Grades
Silver
g/t
Silver
oz/ton*
Zinc
%
Zinc
lbs/ton**
Lead
%
Lead
lbs/ton**
Diamond Drill Hole ES-06-02
Avg. LE 100.22 107.74 5.14 210 6.13 1.25 25.00 1.03 20.60
Incl. 101.68 107.74 3.46 249 7.25 1.48 29.60 1.22 24.20
And 101.68 104.17 1.42 458 13.36 2.20 44.00 2.31 46.20
And 102.60 103.75 0.66 615 17.94 3.37 67.40 2.12 42.40
Diamond Drill Hole ES-06-03
Avg. HW 78.90 80.66 1.44 274 7.99 0.20 4.00 0.10 2.00
Incl. 78.90 79.74 0.69 449 13.10 0.20 4.00 0.09 1.80
Avg. LE 102.80 104.30 1.23 287 8.37 0.38 7.60 2.12 42.40
Diamond Drill Hole ES-06-04
Avg. HW 88.45 90.80 1.79 142 4.14 2.32 46.40 1.07 21.40
Avg. LE 116.83 127.25 7.52 388 11.32 1.36 27.20 1.35 27.00
Incl. 118.92 121.58 2.09 634 18.49 1.56 29.00 1.45 29.00
And 124.47 127.25 2.12 593 17.30 0.35 7.00 1.09 21.80
Diamond Drill Hole ES-06-05
Avg. HW 118.46 119.88 1.12 471 13.74 3.11 62.20 6.04 120.80
Avg. LE 147.82 160.92 10.30 396 11.55 0.71 14.20 1.96 39.20
Incl. 147.82 152.03 3.31 746 21.76 0.57 11.40 2.20 44.00
And 148.22 150.15 1.52 1,360 39.67 0.38 7.60 3.40 68.00
And 148.22 149.17 0.75 2,144 62.53 0.29 5.80 3.20 64.00
Incl. 154.35 159.10 2.73 389 11.35 0.97 19.40 3.30 66.00
Diamond Drill Hole ES-06-06
Avg. HW 116.23 118.15 1.35 160 4.67 1.18 23.60 1.40 28.00
Avg. LE 130.35 130.76 0.29 192 5.60 0.60 12.00 0.51 10.20
Diamond Drill Hole ES-06-07
Avg. HW 152.68 154.65 1.65 551 16.07 0.42 8.40 1.47 29.40
Includes 152.68 153.60 0.77 945 27.56 0.35 7.00 1.95 39.00
Avg. LE 160.02 162.40 1.99 272 7.93 0.34 6.80 0.24 4.80
Diamond Drill Hole ES-06-08
Avg. LE 183.85 196.40 4.69 115 3.35 1.02 20.40 1.30 26.00
Includes 183.85 189.30 2.04 122 3.56 0.96 19.20 1.66 33.20
And 192.63 196.40 1.41 168 4.90 1.04 20.80 1.57 31.40
Average width and grades HW 1.53 324 9.45 1.37 27.40 1.80 36.00
Average width and grades LE 4.21 330 9.62 0.93 18.60 1.57 31.40

 
 * g/t (grams per metric tonne) is converted to oz/ton (ounces per short ton) by a conversion factor of 34.2856
** % zinc and % lead is converted to lbs/ton (pounds per short ton) using a conversion factor of 20 lbs per 1%

Expansion of Claim Area and District scale exploration potential:
From 2007 to 2010 reconnaissance work carried out indicated potential for further mineralized veins over a large area surrounding the original La Esperanza claims. As a result the claims were gradually expanded to the current area of 14,916 hectares, all 100% owned by Canasil.  The La Esperanza Vein was traced by mapping of the historical mine workings over a strike length of 260 m. Significant alteration zones are observed along strike extensions of the La Esperanza vein for over 4 km on a NW-SE trend. Additional vein outcrops and mineralized structures are also observed to the NW of the extended claim area approximately 15 km NW of the La Esperanza vein, indicating the potential for a large district scale epithermal system. High grade silver-lead-zinc drill intercepts over significant widths reported by Pan American Silver since 2008/9 at the La Colorada mine, located 35 km to the SE, and expansion of reserves and production at La Colorada confirm the potential in this district.

Exploration program August 2010 to May 2013 :
From August 2010, to May 2013 the project was advanced under an option agreement with MAG Silver Corp. (MAG). ASTER satellite imaging and a 1,330 line-kilometre ZTEM (Z-Axis Tipper Electromagnetic System) helicopter-borne aerial geophysical survey were completed in October 2010. The ZTEM survey was used to highlight geological structures in the project area. Geological mapping and surface rock and stream sediment sampling was also conducted focused on four known vein systems in the project area to define drill targets. This was followed by two phases of diamond drilling for a total of 6,296 m in 23 drill holes on the La Esperanza vein and the Fatima and San Pascual veins. 

Drill program, Dec. 2011 to Feb. 2012:
Three holes were drilled on a section 100 metres northwest along strike from previous drilling carried out by Canasil on the main La Esperanza vein. All three holes intersected the vein returning increasing widths and silver-zinc-lead grades with depth:

Hole ID From
(metres)
To
(metres)
Interval
(metres)
Gold
(g/t)
Silver
(g/t)
Silver
(opt)
Lead
(%)
Zinc
(%)
Copper
   (%)
True Width
(Metres)
ES11-01 144.00 144.86 0.86 0.04 74 2.2 0.2 1.1 0.01 0.86
And 161.14 162.00 0.86 0.03 43 1.3 0.4 1.0 0.03 0.86
And 162.53 163.38 0.85 0.18 61 1.8 0.6 1.9 0.11 0.85
ES11-02 168.05 180.58 12.53 0.00 26 0.8 0.7 0.3 0.03 10.02
Including 185.33 189.34 4.01 0.02 87 2.5 0.8 2.4 0.04 3.21
Including 185.33 186.82 1.49 0.05 192 5.6 1.8 5.7 0.11 1.19
ES12-03 266.66 276.94 10.28 0.19 97 2.8 1.1 2.3 0.32 8.22
Including 266.66 273.20 6.54 0.23 139 4.1 1.5 3.3 0.43 5.23
Including 266.66 270.67 4.01 0.14 189 5.5 2.2 5.2 0.33 3.20
Including 266.66 269.02 2.42 0.17 278 8.1 2.8 5.8 0.09 1.94


(Ref: Canasil news Release dated 22.02.2012)

Eight additional drill holes were completed on the Esperanza Vein in 2012. These holes were blind step-outs on projection of the vein located 400 m northwest, 350 m southeast and 1,000 m southeast of the previously drilled high-grade ore shoot, which had returned very encouraging silver, zinc and lead intercepts.  These holes did not intercept the vein; some holes were lost in faults and not completed, and others may not have reached the vein possibly due changes in the strike and dip angles of the vein over the large step-outs from the known zone. The large aeromagnetic anomaly observed in the Esperanza vein zone, measuring approximately 5 km by 3 km, was interpreted as the possible signature of a significant mineralized system which is a target for further exploration.

Drill program, Nov. 2012 to Jan. 2013:
This program consisted of 12 diamond drill holes for a total of 3,049.50 m on two veins in the northwest of the project area – 9 drill holes on 5 sections along a total strike length of 835 metres to test the Fatima vein and 3 drill holes on 2 sections 350 m apart to test the San Pascual vein with results included in the table below.


Hole ID
From
(metres)
To
(metres)
Interval
(metres)
True Width
(metres)
Gold
(g/t)
Silver
(g/t)
Lead
(%)
Zinc
(%)
Fatima Vein
FA12-01 144.41 147.31 2.90 2.53 0.00 1.0 0.06 0.38
and 149.73 150.03 0.30 0.26 0.93 4.5 0.05 0.26
FA12-02 245.86 247.39 1.53 1.33 0.36 57.7 3.23 3.89
FA12-03 157.30 157.95 0.65 0.52 0.02 21.7 0.52 0.62
and 163.69 164.30 0.61 0.49 0.58 9.1 0.07 0.61
FA12-04 268.71 269.19 0.48 0.23 0.12 1.7 0.03 0.11
and 280.42 284.25 3.83 1.90 0.32 10.9 0.21 0.21
including 281.11 282.17 1.06 0.53 0.54 15.5 0.51 0.24
FA12-05 155.55 159.70 4.15 2.76 0.07 92.4 0.98 0.11
including 155,55 158.26 2.76 1.84 0.07 111.5 1.04 0.14
including 157.65 158.26 0.61 0.41 0.27 135.0 4.57 0.18
and 175.57 180.04 4.47 3.15 0.07 1.8 0.03 0.07
and 192.47 192.72 0.25 0.17 0.00 5.3 0.01 1.25
FA12-06 65.26 65.96 0.70 0.30 0.01 14.7 0.01 0.04
and 282.66 286.21 3.55 1.50 0.12 17.7 0.08 0.09
Including 284.14 285.35 1.21 0.51 0.28 35.3 0.16 0.12
Including 286.81 287.91 1.10 0.46 0.00 16.7 0.00 0.14
FA12-07 279.13 280.48 1.35 1.26 0.02 11.3 0.17 0.26
FA12-08 202.39 205.51 3.12 2.87 0.15 51.8 2.45 0.04
including 202.39 204.26 1.87 1.72 0.23 89.2 3.88 0.05
and 235.14 236.03 0.89 0.82 1.67 37.7 11.45 0.11
FA12-09 259.13 262.13 3.00 1.89 0.08 1.1 0.02 0.05
San Pascual Vein
SP12-01 79.00 83.93 4.93 2.19 0.19 104.2 2.57 7.88
including 79.00 81.77 2.77 1.23 0.23 162.2 3.91 13.39
including 79.00 79.80 0.80 0.44 0.07 270.0 7.98 23.00
including 81.00 81.77 0.77 0.34 0.71 286.0 5.62 24.00


(Ref: Canasil News Release dated 23.01.2013)