Canasil Resources Inc.
TSX VENTURE : CLZ

Canasil Resources Inc.

January 15, 2008 09:15 ET

Canasil Diamond Drilling Expands Mineralized Zone at the Salamandra Zinc-Silver Project in Durango, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Canasil Resources Inc. ("Canasil") (TSX VENTURE:CLZ) is pleased to report the assay results from a further 4 drill holes (SA-07-09 to SA-07-12) at the Salamandra zinc-silver project in Durango, Mexico. These drill holes continue to intersect significant higher-grade zinc and silver intercepts within broader zones of lower grade mineralization. They have also extended the area over which the zinc-silver mineralized system is observed at the Salamandra project from 500 metres to 700 metres along strike. The mineralized zones identified to date appear to be part of a potentially large mineralized system, which is open along strike and to depth, and only a small part of which has been explored to date.

The higher grade zinc intercepts range from 3.22% zinc and 4 g/t (grams per tonne) silver over 2.50 metres in SA-07-09, to 5.51% zinc and 5 g/t silver over 4.35 metres in SA-07-10. A higher grade silver-zinc-lead intercept was observed in SA-07-11 carrying 40 g/t silver, 1.30% zinc and 1.16% lead over 3.80 metres. The following table highlights selected higher grade intercepts:



---------------------------------------------------------------------------
Salamandra Project - Diamond Drill Holes SA-07-09 to SA-07-12
Higher Grade Intervals
---------------------------------------------------------------------------
Grades
Sample Interval - metres -------------------------
------------------------ Width Silver Zinc Lead
Zone/Interval From To Metres g/t % %
---------------------------------------------------------------------------
SA-07-09
---------------------------------------------------------------------------
Zone 3 281.65 284.15 2.50 4 3.22 0.01
---------------------------------------------------------------------------
Zone 4 326.00 329.00 3.00 12 1.86 0.04
---------------------------------------------------------------------------
Zone 5 355.10 363.30 8.20 4 2.09 0.01
---------------------------------------------------------------------------
Including 355.10 357.50 2.40 4 3.00 0.01
---------------------------------------------------------------------------
And 360.50 363.30 2.80 6 2.59 0.01
---------------------------------------------------------------------------
SA-07-10
---------------------------------------------------------------------------
Zone 4 222.70 238.00 15.30 3 1.93 0.02
---------------------------------------------------------------------------
Includes 230.00 234.35 4.35 5 5.51 0.05
---------------------------------------------------------------------------
SA-07-11
---------------------------------------------------------------------------
Zone 1 58.40 62.20 3.80 40 1.30 1.16
---------------------------------------------------------------------------
SA-07-12
---------------------------------------------------------------------------
Zone 2 228.50 230.90 2.40 10 2.87 0.09
---------------------------------------------------------------------------


All drill holes intersected broad lower grade zinc-silver intercepts: SA-07-09 with 0.81% zinc and 13 g/t silver over 26 metres, SA-07-10 with 0.78% zinc and 4 g/t silver over 57.82 metres, SA-07-11 with 0.50% zinc and 8 g/t silver over 34.90 metres, and SA-07-12 with 0.51% zinc and 6 g/t silver over 60.85 metres. A table showing all mineralized intercepts in SA-07-09 to SA-07-12, together with a map showing the drill-hole locations is attached below.

Preliminary results from metallurgical testing on separate blends of high-grade and low-grade samples indicate the potential for high silver and zinc recoveries to two separate clean concentrates. Detailed results will be announced after completion of the report on these tests, which provide another positive indicator for continued exploration at the Salamandra project.

The 2007 Phase 1 diamond drill program has included 12 drill holes for a total of 3,595 metres. Assay results for drill holes SA-07-02 were announced on April 30, 2007, for SA-07-03 on June 11, 2007, and for drill holes SA-07-04 to SA-07-08 on July 18, 2007. Eleven of the twelve drill holes have intersected zinc-silver mineralized zones with significant grades and widths.

The extensive zinc-silver mineralization intersected in the 2007 drill program, and the large areas of geophysical chargeability anomalies extending to a projected depth of 500 metres, are highly encouraging and indicate additional drill targets for further testing. Furthermore, the existing 20 line-kilometre 3-Dimensional Induced Polarisation Geophysical survey has only covered a relatively small part of the prospective exploration area. The Company's initial plans for 2008 include a further 30 line-kilometre geophysical survey, and further diamond drilling to test the deeper chargeability targets.

The Salamandra project covers 2,900 hectares (7,163 acres), located 35 kilometres NE of the city of Durango in Durango State, Mexico, with good access via paved and gravel roads. The access, infrastructure, climate and topography at the project provide favourable conditions for exploration and development. The Salamandra project is located on the mineral-rich Fresnillo geologic trend, approximately 80 kilometres northwest of the San Martin mine of Grupo Mexico, which is the largest underground zinc-copper-silver producer in Mexico operating at approximately 6,000 tonnes per day.

The diamond drill program was implemented by Canasil's wholly owned Mexican subsidiary, Minera Canasil S.A. de C.V., under the direction of Erme Enriquez, Director of Exploration and Development. Drill core is sent from the project to the Company's core processing and storage facility in Durango. Core samples from half of the drill core are cut by diamond saw and sent to ALS Chemex Laboratories in Hermosillo for processing and preparation, with sample pulps assayed by ALS Chemex Laboratories in Vancouver with assay analysis for gold and silver by fire assay with an atomic absorption finish ("FA-AA") on a 30 gram split, and for copper, lead and zinc by digestion of 1.00 gram sample in aqua regia and analysis by AA. Gary Nordin, P.Geo. British Columbia and Director of Canasil, is the designated Qualified Person for this project in accordance with National Instrument 43-101.

About Canasil:

Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company's directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.



Salamandra Zinc-Silver Project, Durango State, Mexico
Drill Holes SA-07-09 to SA-07-12, Significant Drill Intercepts

---------------------------------------------------------------------------
Salamandra Project - Phase 1 Diamond Drill Holes SA-07-09 to SA-07-12
---------------------------------------------------------------------------
Grades
Sample Interval - metres -------------------------
------------------------ Width Silver Zinc Lead
Zone/Interval From To Metres g/t % %
---------------------------------------------------------------------------
SA-07-09
---------------------------------------------------------------------------
Zone 1 48.00 56.00 8.00 22 0.48 0.08
---------------------------------------------------------------------------
Zone 2 249.00 275.00 26.00 13 0.81 0.18
---------------------------------------------------------------------------
Zone 3 281.65 284.15 2.50 4 3.22 0.01
---------------------------------------------------------------------------
Zone 4 326.00 329.00 3.00 12 1.86 0.04
---------------------------------------------------------------------------
Zone 5 355.10 363.30 8.20 4 2.09 0.01
---------------------------------------------------------------------------
Includes 355.10 357.50 2.40 4 3.00 0.01
---------------------------------------------------------------------------
And 360.50 363.30 2.80 6 2.59 0.01
---------------------------------------------------------------------------
SA-07-10
---------------------------------------------------------------------------
Zone 1 61.00 70.00 9.00 1 0.76 0.01
---------------------------------------------------------------------------
Zone 2 182.18 240.00 57.82 4 0.78 0.06
---------------------------------------------------------------------------
Zone 3 200.00 204.70 4.70 18 1.47 0.30
---------------------------------------------------------------------------
Zone 4 222.70 238.00 15.30 3 1.93 0.02
---------------------------------------------------------------------------
Includes 230.00 234.35 4.35 5 5.51 0.05
---------------------------------------------------------------------------
SA-07-11
---------------------------------------------------------------------------
Zone 1 58.40 93.30 34.90 8 0.50 0.17
---------------------------------------------------------------------------
Includes 58.40 62.20 3.80 40 1.30 1.16
---------------------------------------------------------------------------
SA-07-12
---------------------------------------------------------------------------
Zone 1 120.00 125.00 5.00 4 1.52 0.05
---------------------------------------------------------------------------
Zone 2 199.15 260.00 60.85 6 0.51 0.06
---------------------------------------------------------------------------
Includes 199.15 204.00 4.85 9 0.91 0.11
---------------------------------------------------------------------------
And 215.00 217.50 2.50 19 1.23 0.14
---------------------------------------------------------------------------
And 226.00 237.00 11.00 7 1.06 0.07
---------------------------------------------------------------------------
And 228.50 230.90 2.40 10 2.87 0.09
---------------------------------------------------------------------------


This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are 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 may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made.

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CLZ0115.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Canasil Resources Inc.
    Bahman Yamini
    President and C.E.O.
    (604) 709-0109
    or
    Canasil Resources Inc. - Vancouver
    Doug Kerr
    Corporate Communications
    (604) 718-5454
    Email: dkerr@canasil.com
    or
    Canasil Resources Inc. - Calgary
    Garth McTavish
    Corporate Communications
    (403) 618-7327
    Email: garthmctavish@shaw.ca
    Website: www.canasil.com
    or
    Pro-Edge Consultants Inc. - Toronto
    Tracy Weslosky
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: tracy@pro-edge.com
    or
    Pro-Edge Consultants Inc. - Toronto
    Fred Cowans
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: fred@pro-edge.com