Canasil Completes 2,300 Metre Phase 1 Drill Program and Intersects Consistent Zinc-Silver Mineralized Zones at the Salamandra Project in Durango, Mexico
June 11, 2007
Vancouver, June 11, 2007 – Canasil Resources Inc. (“Canasil” TSX-V: CLZ) is pleased to announce that the Phase 1 diamond drill program has been completed at the Salamandra project in Durango, Mexico. The program, planned for 1,500 metres, was expanded to include 8 drill holes for a total of 2,285 metres. Seven of the drill holes, SA-07-02 to SA-07-08, have consistently intersected mineralized zones carrying zinc, silver and lead mineralization. The Canasil has received assay results from drill holes SA-07-01 to SA-07-03, and expects to receive assay results from the remaining five drill holes over the next 4 to 6 weeks.
The results from significant intercepts in drill hole SA-07-02 were announced on April 30, 2007. Assay results from SA-07-03 indicate two zones carrying zinc, lead and silver mineralization, including a broad mineralized intercept of 78 metres (185 metres to 263 metres) with an average grade of 1.15% zinc, 16 grams per tonne (“g/t”) silver and 0.25% lead. The best grades are observed within a 20 metre intercept (195 metres to 215 metres) with an average grade of 2.62% zinc, 45 g/t silver and 0.77% lead. An 11 metre intercept (195 metres to 206 metres) within this zone returned an average grade of 3.48% zinc, 71 g/t silver and 1.26% lead, with a high-grade zinc-silver-lead intercept of 3 metres (196 metres to 199 metres) carrying 5.34% zinc, 178 g/t silver and 3.59% lead. Assay results from this zone are listed in the table below and a summary of the mineralized zones in drill hole SA-07-03 is attached for reference:
|
Salamandra Project – Diamond Drill Hole SA-07-03, May 2007 | |||||||
|
Ref. No. |
Sample No. |
Sample Interval - metres |
Width Metres |
Grades | |||
|
From |
To |
Silver g/t |
Zinc % |
Lead % | |||
|
1 |
5971 |
195.00 |
196.00 |
1.00 |
61.4 |
1.21 |
0.646 |
|
2 |
5972 |
196.00 |
197.00 |
1.00 |
324 |
8.08 |
6.45 |
|
3 |
5973 |
197.00 |
198.00 |
1.00 |
117 |
4.08 |
2.47 |
|
4 |
5974 |
198.00 |
199.00 |
1.00 |
92.8 |
3.87 |
1.84 |
|
5 |
5975 |
199.00 |
200.00 |
1.00 |
42.7 |
1.61 |
0.74 |
|
6 |
5976 |
200.00 |
201.00 |
1.00 |
36.4 |
4.09 |
0.55 |
|
7 |
5977 |
201.00 |
202.00 |
1.00 |
12 |
3.37 |
0.07 |
|
8 |
5978 |
202.00 |
203.00 |
1.00 |
13.7 |
1.52 |
0.14 |
|
9 |
5979 |
203.00 |
204.00 |
1.00 |
22.1 |
0.89 |
0.35 |
|
10 |
5980 |
204.00 |
205.00 |
1.00 |
30.7 |
3.63 |
0.36 |
|
11 |
5981 |
205.00 |
206.00 |
1.00 |
22.9 |
5.95 |
0.27 |
|
12 |
5982 |
206.00 |
207.00 |
1.00 |
6.7 |
1.42 |
0.08 |
|
13 |
5983 |
207.00 |
208.00 |
1.00 |
20.8 |
3.34 |
0.20 |
|
14 |
5984 |
208.00 |
209.00 |
1.00 |
20.8 |
1.59 |
0.30 |
|
15 |
5985 |
209.00 |
210.00 |
1.00 |
22.6 |
3.86 |
0.37 |
|
16 |
5986 |
210.00 |
211.00 |
1.00 |
8.9 |
2.04 |
0.07 |
|
17 |
5987 |
211.00 |
212.00 |
1.00 |
8.6 |
0.86 |
0.11 |
|
18 |
5988 |
212.00 |
213.00 |
1.00 |
15.6 |
0.46 |
0.11 |
|
19 |
5989 |
213.00 |
214.00 |
1.00 |
6.9 |
0.31 |
0.13 |
|
20 |
5990 |
214.00 |
215.00 |
1.00 |
15.1 |
0.26 |
0.07 |
|
Average Grade |
195.00 |
215.00 |
20.00 |
45 |
2.62 |
0.77 | |
|
Including |
195.00 |
205.00 |
11.00 |
71 |
3.48 |
1.26 | |
|
and |
196.00 |
199.00 |
3.00 |
178 |
5.34 |
3.59 | |
Bahman Yamini, President & CEO, commented: “We are pleased with the completion of the expanded Phase 1 drill program at the Salamandra project, and the assay results received from drill holes SA-07-02 and SA-07-03, which confirm the occurrence of Zinc-Silver-Lead mineralized zones with significant grades and widths.”
The Salamandra project covers 2,900 hectares (7,163 acres), located 35 kilometres NE of the city of Durango in Durango State, Mexico, with good access via paved and gravel roads. The access, infrastructure, climate and topography at the Salamandra project provide favourable conditions for exploration and development. The Salamandra project is located on the mineral-rich Fresnillo geologic trend, approximately 80 kilometres northwest of the San Martin mine of Grupo Mexico, which is the largest underground zinc-copper-silver producer in Mexico operating at approximately 6,000 tonnes per day.
The diamond drill program is being supervised and implemented by Canasil’s wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V., under the direction of Erme Enriquez, Director of Exploration and Development. Drill core is sent from the project site to the Company’s core processing and storage facility in Durango. Core samples from half of the drill core are cut by diamond saw and sent to SGS Laboratories in Durango and to ALS Chemex Laboratories in Hermosillo for processing and preparation, with sample pulps assayed by SGS Laboratories In Toronto and ALS Chemex Laboratories in Vancouver with 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 properties in British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. The Company’s directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.
For further information please contact:
| Bahman Yamini President and C.E.O. Canasil Resources Inc. (604) 709-0109 www.canasil.com |
Corporate Communications Calgary: Garth McTavish |
Toronto: |
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are 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 may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.
Salamandra Zinc-Silver Project, Durango, Mexico
Summary of Mineralized Drill Intervals in Diamond Drill Hole SA-07-03
|
Salamandra Project – Diamond Drill Hole SA-07-03, May 2007 | |||||||
|
Sample No. |
Sample Interval - metres |
Width Metres |
Grades | ||||
|
From |
To |
From |
To |
Silver g/t |
Zinc % |
Lead % | |
|
5892 |
5902 |
116.40 |
127.00 |
10.60 |
16 |
1.60 |
0.26 |
|
5961 |
6039 |
185.00 |
263.00 |
78.00 |
16 |
1.15 |
0.25 |
|
Including |
|
|
|
|
|
| |
|
5961 |
5990 |
185.00 |
215.00 |
30.00 |
33 |
1.84 |
0.55 |
|
5971 |
5990 |
195.00 |
215.00 |
20.00 |
45 |
2.62 |
0.77 |
|
5971 |
5981 |
195.00 |
205.00 |
11.00 |
71 |
3.48 |
1.26 |
|
And |
|
|
|
|
|
| |
|
5997 |
6002 |
220.75 |
226.00 |
5.25 |
9 |
1.70 |
0.11 |
|
And |
|
|
|
|
|
| |
|
6003 |
6039 |
226.00 |
263.00 |
37.00 |
6 |
0.69 |
0.06 |