Vancouver, September 19, 2019 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil”) is pleased to announce completion of 2019 field exploration work including geological mapping, rock sampling and soil geochemical sampling at the Company’s 100% owned Vega copper-gold property located in north-central British Columbia, Canada. The field work included extensive coverage within the project area to evaluate targets thought prospective for copper-gold porphyry-style mineralization. This exploration work builds upon past project data that includes airborne aeromagnetic and LiDAR surveys. An important thrust during the 2019 field work was to collect over 300 soil samples along 30 line-kilometres of contour soil survey lines. The samples have been sent for analysis and the results will be reviewed when available and then reported.
The 2019 field work has already added significantly to the geological understanding of the Vega project area. Areas of silicification, sericite-pyrite and feldspar-hematite alteration were encountered that are very encouraging signs of a mineralizing environment for hosting porphyry style copper-gold mineralization. The extensive soil sampling in areas identified by airborne magnetics signatures will assist in defining targets for further exploration and drill testing.
Exploration interest in the region of the Vega Project has increased significantly in 2019. Several property option agreements have been signed by other companies, staking has increased and numerous exploration initiatives are underway in the area.
Bahman Yamini, President of Canasil, commented: “The Vega project covers a large highly prospective area located on a well-recognized trend for hosting important copper-gold porphyry deposits in north central British Columbia. The 2019 field work is a major step forward in understanding the geology of the project area and to refine the targets outlined by previous exploration, including the airborne magnetics and LiDAR surveys. The initial alteration signatures observed are very encouraging and we look forward to the soil sample results.”
About the Vega copper-gold project:
The 100% owned Vega claims cover 9,125 hectares located between the Osilinka and Mesilinka river systems in the Omineca Mining Division of British Columbia, 300 km northwest of Prince George. The property is located in a well-recognized copper-gold porphyry district. Access to the property, which lies at an elevation of 1,100 – 1,600 metres, is via the Omineca Mines Access Road and local 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 stocks, dykes and sills possibly related to the Hogem Batholith. Intrusive volcano-sedimentary contacts typically parallel the regional northwest structural trend. The Vega project is located between the Mt. Milligan Mine (145 km southeast) and the Kemess Project (145 km northwest) and is approximately 70 km north north-west of the Kwanika deposit (65% Serengeti Resources Inc., 35% Posco International Corp.), 65 km from Sun Metals Corp. Stardust project, and 40 km from the Lorraine deposit (51% Teck Resources Ltd, 49% Sun Metals Corp.).
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.
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects through to discovery and further development. The Company is actively engaged in the exploration of its mineral properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and support staff for its operations in Mexico.
For further information please contact:
President & CEO
Canasil Resources Inc.
Tel: 604-709 0109
Suite 1760 – 750 West Pender Street
Canada V6C 2T8
Tel: 604-708 3788
Fax: 604-708 3728
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
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