Canasil Resources Inc .: MAG Silver plans to drill an 3.000 meter drilling program at Canasil's Salamandra project in Durango, Mexico
Vancouver, November 7, 2013 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that MAG Silver Corp. (MAG, TSX: MAG; NYSE-A: MVG) has defined a number of drill targets on the Salamandra silver-copper-zinc-lead project in the Mexican state of Durango and intends to implement an initial 3.000 meter diamond drill program. The necessary drilling licenses have been granted and the drilling program is expected to begin in the next three to four weeks after the access roads and drilling platforms required for the drilling have been established. MAG and Canasil signed a binding declaration of consent on May 27, 2013, with which MAG received the option to acquire 70% of the shares in the Salamandra project.
MAG recently sampled surface and performed geological mapping and reevaluated geological data and drill core material from Canasil's past exploration programs. Existing material comes from previous surface sampling and geological mapping, ground and air geophysical measurements and a 12-hole diamond drill program totaling 3.500 meters. With Salamandra, 12 of the 13 common indicators for so-called CRD deposits (CRD = deposit with carbonate displacement) could be identified - 5 indicators more than were determined in the MAG project Cinco di Mayo at the time of the takeover.
Common features of all major known CRD deposits * Salamandra *
1. Location - Main Train CRD Belt Yes
2. Ag (+ 400 g / t), Au, Zn, Pb, Cu, + Mn, As, W .... Yes
3. Multiple mineralization and alteration phases Yes
4. Division into large areas Yes
5. Location above the carbonate rock (expansion potential) Yes
6. Existence of rockfalls Yes
7. Existence of Skarnstone Yes
8. Discordant geometry (not syngenetic) Yes
9. Displacement mineralization Yes
10. Sphalerite with high iron content Yes
11. Pyrite (pseudo-morph) and pyrrhotite Yes
12. molybdenum mineralization
13. Granite Debris Contact Zone Skarn = Target Yes
* Data Source: Company Presentation MAG - November 2013
Agreement between Canasil and MAG for project Salamandra:
By convention, MAG initially has the option of acquiring 55% of the shares in the Salamandra project. To do so, MAG 5.500.000 C $ must invest in exploration and pay 750.000 C $ for cash over a four-year period. Mandatory 1.000.000 $ expenditures will be required in the first year, which will require diamond drilling of at least 3.000 meters. Upon completion of the first option, MAG may, in a second option, acquire an additional 15% of the shares and thus increase its stake to a total of 70%. For this purpose, either a NI43-101-compliant feasibility study has to be prepared and handed over within four years or an additional amount of 20.000.000 C $ must be invested in the exploration. The investment amounts must be at least 2.500.000 C $ per year.
Canasil Resources Inc.
Press release No. 10 - 2013: November 7, 2013 page 2/2
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Salamandra silver-copper-zinc-lead project in Durango, Mexico:
The Salamandra project is located 35 km northeast of the city of Durango, covers an area of 14.719 hectares (140 square kilometers) and has excellent transport links and infrastructure. The project site is strategically located along the major silver-gold trend that runs through the states of Durango and Zacatecas. The project is directly linked to a number of important facilities and new discoveries and is located around 80 km northwest of the Grupo Mexico-operated San Martin mine, which has similar geological conditions. The San Martin Mine is the largest underground silver-copper-zinc plant in Mexico, with a daily production of around 6.000 tonnes.
Exploration to date has revealed potential for an extensive subsurface mass sulfide-skarn / mantane displacement system buried in intrusive and carbonate rocks. Initial geophysical soil analyzes and diamond drilling identified significant silver-zinc mineralization including intersections of 7,45 meters with 50 g / t silver and 12% zinc and 10 meters with 71 g / t silver, 3,48% zinc and 1,26% lead are included. The mineralization is associated with skarn and hydrothermal breccia, sulfide veins and quartz porphyry veins. First metallurgical tests indicate high zinc and silver recovery rates and show that processing into clean concentrates is possible.
A 2011 geophysical ZTEM survey flight was able to image an 2,5 x 3,5 km complex reaction area. Incoming sampling in the area has resulted in the discovery of high-grade vein disintegration, with 0,90 meters of ore grading 2.150 g / t silver, 5,39% copper and 1,89% zinc. In addition, the samples were sampled to reveal extensive areas of anomalous silver-copper-arsenic-antimony concentrations and lead and zinc anomalies in the margins comparable to the surface signature of the San Martin Mine. The significant silver-zinc mineralization intersected in previous drilling, geophysical flight and ground measurements, and the high-grade silver-copper-zinc vein outcrop within an area with extensive geochemical anomalies leaves potential for a large silver-copper-zinc Detect lead-mineralization system.
About Canasil:
Canasil is a Canadian commodities exploration company with interests in precious and base metal projects in the states of Durango, Sinaloa and Zacatecas, Mexico and in British Columbia, Canada. The company's directors and management include industry professionals with extensive experience in finding and successfully developing resource exploration projects. The Company is actively exploring its mineral properties.
More information about:
Bahman Yamini
President and CEO
Canasil Resources Inc.
Tel: (604) 708-3788
www.canasil.com
The TSX Venture Exchange and its regulators (referred to in the Articles of Incorporation of TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this release.
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