MAG Silver Reports High-Grade Silver-Copper-Zinc Intercepts and Mobilizes Second Drill Rig at Canasil's Salamandra project in...
17 Marzo 2014 - 6:41PM
Marketwired Canada
Canasil Resources Inc. (TSX VENTURE:CLZ)(FRANKFURT:3CC) ("Canasil" or the
Company) announces that MAG Silver Corp. (TSX:MAG)(NYSE MKT:MVG) ("MAG") has
released assay results from MAG's five hole, 3,500 metre Phase 1 drill program
on Canasil's Salamandra Silver-Copper-Zinc-Lead Project in Durango State,
Mexico. Drilling began in November, 2013 and in February, 2014, an additional
500 metres of drilling was added; this release covers the entire 3,500 metre
initial program.
MAG's exploration program consisted of five widely separated drill holes (see
map below) and all five hit high-grade to strongly anomalous silver-copper or
zinc mineralization over significant widths (see Table 1). True thickness cannot
yet be determined for any of the intercepts. The system remains open in all
directions and the drilling program is currently operating with two diamond
drill rigs.
Hole SM14-15 hit high-grade silver-copper mineralization over 7.89 metres, which
reported 166 grams/tonne ("g/t") (4.9 ounces per ton ("opt")) silver ("Ag") and
1.2% copper ("Cu"), including: 2.3 metres grading 393 g/t (11.5 opt) Ag and 3.6%
Cu with appreciable lead ("Pb") and zinc ("Zn"). In contrast, Hole SM13-13 cut
31.72 metres grading 3.5% Zn including 17.72 metres grading 5.0% Zn with no
other appreciable metals. Notably, SM13-13 contained zinc mineralization for
almost its entire length, with 810 metres averaging 0.6% Zn including several
thick zones grading over 1.5% Zn. The remaining three holes cut significant or
strongly anomalous amounts of Ag, Cu, Zn and Pb.
Bahman Yamini, President and CEO of Canasil, commented: "We are very pleased to
see that MAG's initial drilling continues to confirm high-grade
silver-copper-zinc mineralization at Salamandra in a metals-rich, multi-stage
system with significant size potential. We are also encouraged by MAG mobilizing
a second drill rig to increase the pace of the exploration program at Salamandra
and look forward to further results."
Canasil-MAG Salamandra agreement:
Under the agreement, MAG has a first option to earn 55% interest in Salamandra
by incurring C$5,500,000 exploration expenditures and C$750,000 cash payments to
Canasil over four years. The first year expenditures of C$1,000,000, which must
include at least 3,000 metres of diamond drilling, will be a firm commitment. On
completion of the first option, MAG will have a second option to earn an
additional 15% interest, for a cumulative 70% interest, by either preparing and
delivering a NI43-101 compliant feasibility study within four years, or by
incurring an additional C$20,000,000 in exploration expenditures over four
years, with a minimum annual expenditure of C$2,500,000.
Table 1: MAG Salamandra Phase 1 Drill Program Assay Results
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Hole From To Interval Au Ag Ag Cu Zn Pb
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Number (metres) (metres) (metres) (g/t) (g/t) (opt) (%) (%) (%)
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SA13-13 20.65 830.81 810.16 0.01 2 0.05 0 0.6 0
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SA13-13 288.63 351.87 63.24 0.00 2 0.05 0 1.6 0
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SA13-13 455.89 465.67 9.78 0.05 0 0.01 0 2.6 0
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SA13-13 483.45 491.85 8.40 0.01 0 0.01 0 1.7 0
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SA13-13 637.50 669.22 31.72 0.00 1 0.04 0.1 3.6 0
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SA13-13 641.08 658.80 17.72 0.00 2 0.05 0.1 5.0 0
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SA13-13 681.48 691.57 10.09 0.03 1 0.04 0.1 1.8 0
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SA14-14 146.30 152.18 5.88 0.00 3 0.08 0 1.7 0
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SA14-14 165.99 182.88 16.89 0.01 29 0.84 0 1.8 0.2
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SA14-14 182.40 182.88 0.48 0.04 197 5.75 0.4 1.1 0.6
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SA14-14 184.78 185.28 0.50 0.01 53 1.55 0.1 0.5 0.9
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SA14-14 186.38 186.80 0.42 0.07 108 3.15 0.5 0.6 1.4
----------------------------------------------------------------------------
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SA14-15 605.74 613.63 7.89 0.08 166 4.86 1.2 1.2 0.6
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SA14-15 607.50 609.80 2.30 0.25 393 11.45 3.6 2.8 0.4
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SA14-16 6.52 58.11 51.59 0.00 3 0.09 0 0.4 0
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SA14-16 89.10 102.61 13.51 0.00 12 0.36 0 0.4 0
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SA14-17 171.45 176.58 5.13 0.00 10 0.30 0 1.2 0.3
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About Salamandra:
The Salamandra project covers 14,719 hectares (36,371.44 acres) and is located
35 kilometres northeast of the city of Durango. Access is excellent from the
city of Durango via paved and gravel roads. Exploration results to date at the
Salamandra project indicate the potential for a large intrusive-related,
carbonate-hosted massive sulphide skarn/manto replacement system (CRD).
Salamandra lies 80 kilometres northwest of Mexico's largest known
silver-lead-zinc CRD-skarn deposit, the Sabinas-San Martin District. Both
Salamandra and Sabinas-San Martin are favorably positioned at the intersection
of the Mexican CRD Belt (that also hosts MAG's Cinco de Mayo CRD project) and
the Fresnillo Trend (that hosts MAG's Juanicipio Project). Prior drilling by
Canasil cut high-grade zinc and silver mineralization within hornfels which is
believed to overlie the same thick limestone host rock section that hosts the
nearby San Martin-Sabinas, La Parilla and La Colorada CRD mines. MAG's
exploration program was designed to probe and develop a better understanding of
the scope and size of the system and development of exploration vectors, so
drilling focused on targets 200 to 2000 metres from previous drilling. Targets
included mineralized intrusive breccias, dike swarms and mineralized structures
revealed by MAG's detailed geologic mapping, geochemical sampling, and
reinterpretation of Canasil geophysics.
Qualified Person, Quality Assurance and Control: These results have been
compiled and provided by MAG; for details regarding the Qualified Person and
Quality Assurance and Control procedures, please refer to the MAG news release
dated March 17, 2014, covering these results.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of
100% owned silver-gold-copper-lead-zinc projects in Durango, Sinaloa 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.
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.
To view the map accompanying this press release please click on the following
link: http://media3.marketwire.com/docs/ProgramMap317.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
(604) 709-0109
www.canasil.com
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