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Canada : Review of Drilling and Sampling Results Demonstrate Extensive Silver Mineralized System at La Esperanza Project in Durango and Zacatecas States, Mexico.

Canasil Resources Inc., has completed an initial review of the results from the recently completed 2016 - 17 drill program together with the results from past drilling and surface sampling from the multiple silver-zinc-lead mineralized veins at the La Esperanza project in Durango and Zacatecas States, Mexico. The drill results from the La Esperanza vein, located in the southeast of the project area, together with high silver-zinc-lead values from rock chip and dump samples from four veins located in the northwest of the project area, suggest the potential for an extensive silver mineralized system within the La Esperanza project area. These veins occur within a target area of approximately 75 square kilometres with a northwest-southeast dimension of over 15 kilometres. A map showing the vein zones with details of past drill and sampling results is attached below. Of particular note are the higher grade intercepts from drilling to date and high grade rock chip and dump samples from the four principal veins in the northwest of the project area.

Bahman Yamini, President and CEO of Canasil, commented: We are very pleased with the results from the recent drill program on the La Esperanza vein returning several intercepts of high grade silver mineralization, and particularly the last drill hole which included high gold values as well. The La Esperanza project covers a district scale land package located in a highly recognized silver district known for high grade silver deposits. It is close to several active mining operations, 35 km from Pan American Silvers La Colorada mine and 80 km from the Fresnillo mine, both recognized for high silver grades and low costs of silver production. We look forward to further exploration and drilling to advance this highly prospective project.

The results of the 2016 - 17 drilling on the La Esperanza vein are particularly encouraging as all eight drill holes intercepted the vein. These results extend the known mineralized envelope with intercepts over appreciable widths and high silver-gold-zinc-lead grades over a strike distance of 400 metres and to a depth of 350 metres, which is open in both directions to the northwest and southeast along strike and to depth.

Alteration of the volcanic host rocks extending along strike from the La Esperanza vein outcrop, the spatial association with a discrete broad magnetic anomaly (possibly an igneous intrusion at depth), as well as local drainage patterns has outlined a target extending for over 5 kilometres in this area. The Company is currently undertaking a surface geochemical sampling and mapping program along this trend aimed at identifying additional extensions of the vein itself. This work is an important step in preparation for the next phase of drilling, which would be aimed at extending the known mineralized envelope. A plan map and cross section showing drilling to date on the La Esperanza vein is attached, as well as a table with complete results from the 2016 - 17 drill program, all of which have been previously announced.

There has been relatively little exploration and drilling on the four veins located in the northwest of the project area, Los Alamitos, San Pasqual, San Felipe and Fatima. There is evidence of past artisanal mining activity at the Los Alamitos, San Pasqual and San Felipe veins. Surface sampling along the strike of these veins, and from mineral dumps from past mining activity, has returned high silver-zinc-lead values indicating the potential for high grade mineralization associated with these veins. These veins will be the subject of further investigation and provide multiple targets for future drilling.

The drill and sampling programs were implemented by the Companys exploration team under the direction of Eng. Erme Enriquez (CPG), Director of Exploration and Development of Minera Canasil S.A. de C.V., the Companys wholly owned Mexican subsidiary. Additional drilling and sampling was carried out by Mag Silver Corp. (Mag) under an option agreement from 2010 to 2013. All samples from the Canasil programs were prepared and logged at the Companys core storage facility in Durango, Mexico. Drill core samples are cut by diamond saw, with half being sent for assay and half secured for reference. Samples are sent to the ALS Laboratories in Zacatecas, Mexico for preparation and then on to ALS Global in Vancouver for gold and silver analyses by fire assay with an atomic absorption finish (FA-AA) on a 30 gram split, and for silver, copper, lead, zinc and trace elements by ICP analysis following digestion of 0.50 gram sample in aqua regia.

The technical information herein has been reviewed and approved by J. Blackwell (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. Blackwell is a technical advisor to Canasil.

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Publication:Mena Report
Geographic Code:1MEX
Date:Jun 15, 2017
Words:786
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