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Canada : Canasil Reviews Drill-Ready Silver-Gold-Base Metal Projects in Durango and Zacatecas States, Mexico.

Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, Canasil or the Company) is reviewing plans for renewed exploration on four 100%-owned drill ready silver-gold-base metal projects located in the Mexican Silver Belt within Durango and Zacatecas States, Mexico. These projects are all located on this highly prospective mineral trend that hosts a number of major silver-gold mines and deposits. Two of the projects, La Esperanza and Salamandra have had extensive previous exploration, including drilling that returned intervals of high-grade silver-gold and base metal (detailed below), defining zones that are open for expansion. Two other projects, Nora and Vizcaino, are high-grade silver-gold epithermal vein targets where surface sampling has defined drill targets for testing. An overview of these projects is presented below for reference.

La Esperanza Silver-Gold-Zinc-Lead, Durango and Zacataecas, Mexico:

The La Esperanza silver-gold-zinc-lead project is located 100 km SSE of the city of Durango in southern Durango and northern Zacatecas States, easily accessible from Canasils operating base in Durango with excellent infrastructure. The project is located on the well-recognized world class Fresnillo silver belt, in a region hosting a number of prominent silver mines and deposits such as the San Martin-Sabinas mines of Grupo Mexico and Peoles, the La Colorada mine of Pan American Silver, La Parrilla and Del Toro mines of First Majestic Silver, Fresnillo PLCs Fresnillo mine and MAG Silver and Fresnillos Juanicipio deposit.

A series of silver-zinc-lead epithermal veins are found within a northwest striking corridor extending over at least 15 kilometres. The main La Esperanza vein, located in the southeast of the project area, is an epithermal vein with silver, gold, zinc and lead mineralization associated with argentiferous galena, silver sulfosalt minerals and sphalerite. Drilling to date on this vein has outlined a mineralized envelope over a strike distance of 425 metres and to a depth of 350 metres that is open to the northwest and the southeast along strike and to depth. Further drilling will be aimed at testing the extensions along strike to the northwest and southeast, and to depth. Drilling in the northwest extension will focus on step-outs and below ES-17-19 which returned 11.23 metres true width (TW) with 219 g/t silver, 0.74 g/t gold, 0.90% zinc and 0.43% lead, including 1.11 metres TW with 2,281 g/t silver, 6.39 g/t gold, 2.23% zinc and 1.25% lead. The southeast extension will focus on step-outs and below ES-17-16 which returned 4.92 metres TW with 257 g/t silver, 0.64% zinc and 0.63% lead, including 0.95 metres TW with 1,133 g/t silver, 1.56% zinc and 2.98% lead (overview of the La Esperanza project and details of above results are included in the Canasil news release dated June 14, 2017).

Salamandra Silver-Copper-Zinc-Lead, Durango, Mexico:

The Salamandra project is located 35 km NE of the city of Durango in Durango State, with excellent infrastructure and access via paved and gravel roads. The project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of and within a similar geologic environment to the San Martin-Sabinas mines, which were among the largest underground silver-copper-zinc mining operations in Mexico. Comprehensive exploration programs to date include satellite imaging, aerial and ground geophysics, geological mapping and extensive surface sampling, and 18,000 metres of diamond drilling in 35 drill holes.

The mineralized system is centered on a main rhyolite dome structure associated with an intrusive center in the project area. Evidence of silver-copper-antimony-arsenic surface anomalies with peripheral lead and zinc anomalies are widespread. Diamond drilling to the southwest of the dome returned significant silver and zinc-silver mineralization including drill hole SA-07-02 returning 9.85 meters of 102 g/t silver and 0.55% zinc, and 7.45 metres of 50 g/t silver and 12% zinc, and SA-07-03 with 10 metres of 71 g/t silver, 3.48% zinc and 1.26% lead, as well as wider zones of lower grade zinc-silver mineralization (Canasil news release dated 18 July 2007).

A ZTEM airborne geophysical survey outlined a large complex response area covering 2.5 km by 3.5 km, where detailed surface sampling led to the discovery of a high grade vein in outcrop, carrying 2,150 g/t silver, 5.39% copper, and 1.89% zinc over 0.90 metres (Canasil news release dated 18 October 2011).

Results indicate a large silver-copper-zinc-lead system is present, associated with skarn, hydrothermal breccias, sulphide rich veins and quartz porphyry dykes. Follow up drilling around the rhyolite dome returned further mineralized intercepts including SA-14-15 returning 7.89 metres of 166 g/t silver, 1.2% copper, 1.2% zinc and 0.60% lead including 2.30 metres with 393 g/t silver, 3.6% copper, 2.8% zinc and 0.40% lead (Canasil news release dated 17 March 2014). Further drilling would be aimed at investigating this potentially large mineralized system and zones adjacent to the above drill intercepts.

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Publication:Mena Report
Geographic Code:1MEX
Date:Aug 26, 2019
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