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Canasil Resources Inc. (CLZ.V)

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    • Canasil Files Updated NI 43-101 Technical Report Outlining Gold-Copper Porphyry Targets at The Brenda Project in the Kemess-Toodoggone District, British Columbia, Canada
      GlobeNewswire

      Canasil Files Updated NI 43-101 Technical Report Outlining Gold-Copper Porphyry Targets at The Brenda Project in the Kemess-Toodoggone District, British Columbia, Canada

      Canasil Brenda Gold-Copper Project, Kemess-Toodoggone District, BC, Canada – Feb. 10, 2021 Neighbouring Mines and Prospects, Access and Infrastructure Canasil Brenda Gold-Copper Project, Kemess-Toodoggone District, BC, Canada – Feb. 10, 2021 Clay Alteration Zone (Yellow), >0.1 g/t Gold Mineralized Zone (Red), Multiple Exploration Targets (Green) Canasil Brenda Gold-Copper Project, Kemess-Toodoggone District, BC, Canada – Feb. 10, 2021 Copper Soil Geochemistry - Multiple Exploration Targets (Yellow) VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces completion of an updated NI 43-101 Technical Report for the Company’s 100% owned Brenda Gold-Copper Project, located in the Kemess-Toodoggone District, British Columbia, Canada. The Technical Report highlights include: The Brenda project is a Cu-Au±Mo porphyry system with potentially elevated gold and copper grades due to reactive intermediate to mafic host rocks cut by high-K calc-alkalic intrusions similar to those at important porphyry deposits worldwide.Modelling of the central White Pass zone, tested by 41 drill holes (10,034 metres), outlines a Mineralized Zone (MZ) characterized by drill intercepts of >0.1 g/t Au with approximate dimensions of 1,000m by 400m and from 100-600m thick. A Higher Grade Zone (HGZ) of >0.4 g/t Au has estimated dimensions of 200m by 300m and 150m thick. Three-dimensional shapes for the MZ and HGZ were generated in similar fashion to that of grade shell interpolation using Leapfrog Geo.Multiple targets for additional copper-gold mineralization exist northeast, southeast, southwest and east of the Mineralized Zone. Multiple chargeability anomalies, just below the current shapes for the MZ and HGZ and to the northeast and southwest, as well as Au and Cu soil anomalies to the southeast and east have not been drill tested and are recommended for future exploration and drilling. Maps outlining the MZ and prospective target areas are included below for reference.The modelling also identified several gaps between mineralized intervals from past drilling. Targeted infill drilling may connect some of the existing higher-grade intervals thereby expanding the dimensions of the HGZ.The Project has excellent road access with a fully equipped exploration camp. Proximity to Centerra Gold Inc.’s (Centerra Gold) former Kemess South mine infrastructure, fully permitted proposed Kemess Underground mine, and Benchmark Metals Lawyers project are important advantages. Canasil President and CEO, Bahman Yamini, commented, “We are very pleased with the results of the comprehensive review of the Brenda project by Brock Riedell, building on the earlier 2016-17 reviews by Wade Barnes and Bob Lane. The updated Technical Report provides additional important insights into the past exploration work and results to date, and confirms the project’s potential for hosting a large porphyry gold-copper mineralized system. Significant further exploration is warranted to test the multiple targets identified, as well as to expand the mineralized zones already delineated by past exploration and drilling.” Detailed studies and review of exploration data completed by Wade Barnes, P. Geo., included three dimensional geological modelling of the central White Pass zone, and identification of prospective targets based on surface and downhole geochemical analysis using the porphyry elemental zoning model of Halley et al. (2015)1. From late 2019 to early 2021, K. Brock Riedell, consulting geologist, carried out a desktop evaluation that included re-logging of available skeleton core and refined targeting based on analysis of drilling and soil geochemical data, applying the MDRU Porphyry Index or MPIx (Bouzari et al., 2019)2, to vector towards higher grade Cu-Au mineralization. These studies confirmed the project’s potential for hosting a large gold-copper mineralized system and identified multiple targets with a recommended exploration program, including 7,000 metres of diamond drilling, for a total budget of $2.13 million. The Brenda project covers 4,450 hectares (44.5 sq. km.) located 25km northwest of Centerra Gold’s former Kemess South mine and 15km northwest of the proposed Kemess Underground mine and Kemess East deposit, in a region recognized for hosting porphyry gold and copper deposits. Systematic exploration programs on the Brenda project have included geological mapping and surface sampling, satellite imaging, airborne and ground geophysical surveys, 12,067 metres of diamond drilling in 65 drill holes, and petrographic studies of drill core samples. These programs have identified and intersected widespread gold-copper mineralization. The report containing details of these programs titled “NI 43-101 Technical Report on the Brenda Gold-Copper Project” dated February 03, 2021 (the “Technical Report”) will be available on SEDAR (www.sedar.com), and on the Company’s website (www.canasil.com). The Technical Report was prepared for Canasil by Robert A. (Bob) Lane, M.Sc., P. Geo., of Plateau Minerals Corp. Mr. Lane is a Qualified Person as defined under National Instrument 43-101 of the Canadian Securities Administrators - Standards of Disclosure for Mineral Projects. The technical information herein has been reviewed and approved by Robert Brown, P. Eng., a Qualified Person as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil. 1 Halley, S., Dilles, J.H., and Tosdal, R.M., 2015, Footprints: Hydrothermal alteration and geochemical dispersion around porphyry copper deposits: SEG Newsletter, no. 100, p. 1, 12-17. 2 Bouzari, F., Bissig, T., Hart, C.J.R., and Leal-Meija, H., 2019, An exploration framework for porphyry to epithermal transitions in the Toodoggone mineral district (94E): Geoscience BC Report 2019-18, 105 p. About 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: Bahman Yamini President & CEO Canasil Resources Inc. Tel: 604-709 0109 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. Maps accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/99179da4-f11a-448f-9b09-99ef2185c37f https://www.globenewswire.com/NewsRoom/AttachmentNg/890279ea-2d6f-433d-a408-bb1016a557ba https://www.globenewswire.com/NewsRoom/AttachmentNg/0dd72819-4968-4efe-b220-0a1460d8e9de

    • Canasil Outlines Potential for Significant High-Grade Mineralized System at the Nora Silver-Gold Project in Durango State, Mexico
      GlobeNewswire

      Canasil Outlines Potential for Significant High-Grade Mineralized System at the Nora Silver-Gold Project in Durango State, Mexico

      SILVER Soil Geochemical Anomalies Map Canasil Nora Silver-Gold Project, Durango. Mexico GOLD Soil Geochemical Anomalies Map Canasil Nora Silver-Gold Project, Durango. MexicoVANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces results from a review of the recently completed drill program and prior geochemical soil sampling at the Nora silver-gold project in north-central Durango State, Mexico. The high-grade gold and silver values returned from the drill program, particularly drill holes NRC-20-04 and NRC-20-06, are extremely encouraging and exceed expectations from a first drill program at the Nora project. The results from the six drill holes completed along 500 metres of the 3-kilometre traced strike of the Candy vein represent a significant discovery and warrant a larger Phase 2 follow up drill program. In addition the review of over 1,200 surface soil samples in the central zone of the project covering an area of 3 Km by 2Km highlight multiple coincident geochemical anomalies, both for silver, gold, copper, zinc and lead, as well as pathfinder minerals including arsenic, antimony, bismuth, cadmium, molybdenum and mercury. These results point to a strong mineralizing environment with multiple exploration targets and the potential for hosting a significant high-grade and disseminated silver-gold-copper-zinc-lead mineralized system.Drill hole NRC-20-06 returned the highest gold and silver values from the six drill holes on the Candy vein, and included the following three intercepts with consistently very high gold and silver values within a core interval of 16.65 metres separated by 9.50 m and 3.71 m respectively (reported on December 09, 2020): * 1.65 metres (m), true width (TW) 1.49 m, with 11.86 g/t Au and 378 g/t Ag for 1,238 g/t AgEq*, including 1.00 m (TW 0.91 m) with 2,033 g/t Ag Eq and 0.50 m (TW 0.45 m ) with 3,671 g/t Ag Eq – (Candy vein) * 2.65 m (TW 2.40 m) averaging 4.78 g/t Au and 351 g/t Ag for 698 g/t AgEq*, including 1.15 m (1.04 m TW) with 1,101 g/t AgEq* and 0.50 m (TW 0.45 m) with 1,692 g/t AgEq* - (Candy hanging wall vein) * 0.29 m (TW 0.26 m) carrying 26.1 g/t gold and 284 g/t silver for 2,176 g/t AgEq* \- (Candy footwall vein)Systematic grid soil sampling, including over 1,200 soil samples taken at 50-metre intervals along 2-Km east-west grid lines with 100-metre north-south spacing over a 3-Km extent covering the central zone of the project area, returned widespread silver, gold, copper, zinc and lead geochemical anomalies coincident with pathfinder mineral anomalies. Of particular note is the generally elevated gold geochemical signature over the entire project area, and the large areas of silver geochemical anomalies observed throughout the project area. The gold and silver anomalies are particularly strong over the 3-Km strike extent of the Candy vein on the western side of the project area, as well as surrounding and south of the Nora vein to the north-east of the project area. A particularly strong silver and gold anomaly extends for 1.5 Km southwest from the location of the above high grade drill intercepts on the Candy vein. The following targets are identified as high priority targets for future exploration, as shown on the silver and gold geochemical anomaly maps below and full set of geochemical maps posted on the Company’s website at Overview | Canasil Resources Inc. 1. Candy vein high-grade silver-gold zone, along strike to the north and south, and between and below drill holes NRC-20-01 to NRC-20-06. 2. 1.5 Km Candy vein southwest silver and gold anomaly with potential for high-grade vein style mineralization as well as disseminated bulk tonnage mineralization. 3. Candy vein north-south silver-gold anomaly with over 3 Km strike extent for high-grade vein style and disseminated silver-gold mineralization. 4. Large multiple silver-gold anomalies located to the east of the project area extending up to and surrounding the Nora vein over an area of 2 km by 1.5 Km. 5. Breccia targets such as Cerro Los Torunos located in the southwest of the project area for bulk tonnage disseminated silver-gold mineralization.The very high grade intercepts from the Candy vein and multiple widespread geochemical soil anomalies including silver, gold, copper, zinc, lead and pathfinder minerals highlight the potential of the Nora project for hosting both high-grade gold and silver vein style mineralization, as well as wider mineralized zones with potential for disseminated mineralization. These results warrant further systematic exploration and a larger Phase 2 drill program to follow up on the high-grade zones identified by the initial discovery drill program.Drill holes NRN-20-07 and NRN-20-08 on the Nora vein did not return significant silver-gold assay values and the structure is interpreted as a high level outcrop and remains a priority target.*Silver Equivalent calculated based on metal prices below and assuming equivalent recoveries for all metals Au US$ 1,935/Oz, Ag US$ 26.70/Oz, Cu US$2.95/lb, Pb US$ 0.86/lb, Zn US$ 1.09/lb; Pb & Zn less than 1% not includedAbout Nora Silver-Gold-Copper-Zinc-Lead Project, Durango State, Mexico:The Nora project is located approximately 200 km north-west of the City of Durango, with good access and infrastructure. The geological setting is a Tertiary-aged volcanic flow-dome complex. Gold-silver mineralization is hosted within two structurally-controlled epithermal veins, Candy and Nora. Mineralization is typical of that found at many mines in the region, with gold and silver associated with galena, sulfosalt minerals and lesser pyrite, sphalerite and chalcopyrite. There is evidence of some historical mining activity on the Candy vein, which is exposed in discontinuous outcrops for over 900 metres. The fault structure hosting the Candy vein has been traced for a distance of over 3 km. Samples of vein outcrop and mineral dumps from the Candy vein returned significant gold, silver, copper, zinc and lead values. The second vein, Nora, is found 600 metres northeast of the Candy vein and can be traced for 230 metres with widths of over 9.0 metres. Surface samples from this vein returned anomalous silver values associated with trace sulphides, with a geochemical signature typical of the higher levels of epithermal vein systems in the region.Historical systematic grid soil sampling over an area of 3 km by 2 km covering the Candy and Nora veins and projected extensions, showed elevated silver, base metal (copper, lead and zinc) and pathfinder (antimony and arsenic) values. The combination of the vein outcrops with large areas of anomalous silver and base metal values in soil samples may indicate additional concealed mineral systems. Other major deposits in the region include SSR Mining’s La Pitarrilla deposit located 50 km east of the Nora project.The technical information herein has been reviewed and approved by Robert Brown (P. Eng.), a Qualified Person as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil.About 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:Bahman Yamini President and C.E.O. Canasil Resources Inc. Tel: (604) 709-0109 www.canasil.com 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 news 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.Images accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/acf9fd80-5ae7-4a26-ad6d-f7363fa744a7https://www.globenewswire.com/NewsRoom/AttachmentNg/d50462f0-c335-40ff-a11a-49e34bc42fc8

    • Canasil Resumes Drilling at the La Esperanza Silver-Gold Project in Durango and Zacatecas States, Mexico
      GlobeNewswire

      Canasil Resumes Drilling at the La Esperanza Silver-Gold Project in Durango and Zacatecas States, Mexico

      VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that drilling has resumed after the year-end holidays at the La Esperanza silver-gold-zinc-lead project in southern Durango and northern Zacatecas States, Mexico. The first drill hole of the planned program, ES-20-22, was completed prior to the year-end on the SE strike extension of the La Esperanza vein to a depth of 171.60 metres and assay results are pending. The second drill hole, ES-21-23, is now in progress. Past drilling on the La Esperanza vein, located in the southeast of the project area, has returned excellent results, identifying high-grade mineralized zones open along strike in both directions to the NW and SE, and to depth. The current drill program is focused on testing extensions of these zones along strike and to depth, and is designed to expand the mineralized envelope delineated to date. The project is exceptionally well located in a region with world-class silver-gold mines and deposits and presents the opportunity for discovery of a significant high-grade silver-gold-zinc-lead epithermal vein deposit.The La Esperanza vein outcrops for 150 metres and has seen past artisanal mining to a depth of 100 metres below the vein outcrop. Airborne geophysics and the surface alteration signature indicate that the buried vein structure may extend up to five kilometres along a NW-SE strike. The vein textures and symmetry of the vein observed in past drill intercepts suggest a well-developed epithermal environment hosting high-grade gold, silver, zinc and lead mineralization. Drilling to date has delineated the La Esperanza vein mineralized envelope over a strike distance of 425 metres and to a depth of 350 metres. The planned drill program is designed to expand this envelope in both directions along strike from and below prior drill holes, with details previously announced in the Company’s news release dated December 15, 2020, and available on the Company’s website at www.canasil.com/properties/mexico_properties/la_esperanza .About La Esperanza Silver-Gold-Zinc-Lead Project, Durango and Zacatecas States, Mexico:The La Esperanza silver-gold-zinc-lead project covers 14,916 hectares, located 100 km SSE of the city of Durango in southern Durango and northern Zacatecas States, Mexico. The project is easily accessible from Canasil’s operating base in Durango with excellent infrastructure. The project is located on the well-recognized world class Fresnillo silver belt, hosting a number of prominent silver mines such as the San Martin-Sabinas mines of Grupo Mexico and Industrias Peñoles, the La Colorada mine of Pan American Silver Corp., Fresnillo PLC’s Fresnillo mine, and the Fresnillo-MAG Silver Corp. Juanicipio mine.A series of silver-zinc-lead epithermal veins are observed over a northwest-southeast striking zone extending over approximately 15 kilometres hosted in the Lower Volcanic Group. Mineralization occurs in low to intermediate sulphidation veins, primarily striking northwest and dipping southwest. There are five principal vein outcrops identified within the project area, several with evidence of past artisanal mine workings. The main La Esperanza vein, located in the southeast of the project area and the main focus of exploration to date, is a banded and cockade white to grey quartz breccia 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 in both directions to the northwest and southeast along strike and to depth defined by mineralized intercepts over appreciable widths and high silver-gold-zinc-lead grades. 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. Further details are listed under the La Esperanza project profile on the Company’s website www.canasil.com, and have been previously reported in the company’s news releases.About 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.Particular care and attention is being paid during all operations to ensure the safety of local communities and the Company’s and contractors’ personnel working on site.The technical information herein has been reviewed and approved by Robert Brown (P. Eng.), a Qualified Person as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil.For further information please contact:Bahman Yamini President and C.E.O. Canasil Resources Inc. Tel: (604) 709-0109 www.canasil.com 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 news 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.