Canasil Resources Inc.
TSX VENTURE : CLZ

Canasil Resources Inc.

November 14, 2007 09:00 ET

Canasil Drilling Intersects More High-Grade Copper and Silver at the Colibri Project in Durango State, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2007) - Canasil Resources Inc. ("Canasil") (TSX VENTURE:CLZ) is pleased to announce that further diamond drilling completed at the Colibri project in Durango State, Mexico, has returned more high-grade mineralized intercepts from the Linda vein containing copper, silver and zinc. Drill hole CO-07-12 cut the vein with a width of 3.30 metres (true width 2.70 metres) with an average grade of 2.48% copper, 63 g/t silver and 0.12% zinc. The intercept included 1.00 metre (true width 0.82 metres) with an average grade of 6.82% copper, 173 g/t silver and 0.16% zinc. A hanging wall veinlet was also intersected over a width of 0.60 metres (true width 0.49 metres), carrying 87 g/t silver, 1.1% copper and 0.98% zinc.

Drill hole CO-07-13 intersected the Linda vein over a width of 13.16 metres (true width 9.30 metres) containing 33 g/t silver, 1.17% copper and 0.10% zinc. This intercept included 3.18 metres (true width 2.25 metres) carrying 58 g/t silver, 1.76% copper and 0.25% zinc, and 5.92 metres (true width 4.18 metres) carrying 37 g/t silver and 1.43% copper. A separate narrow hanging wall vein intersected by CO-07-13 close to the surface carried extremely high-grade copper-silver mineralization over a width of 0.25 metres (true width 0.18 metres) with 568 g/t silver and 23.10% copper.

A summary of the assay results from these drill holes, as well as CO-07-09, announced on March 19, 2007, is presented in the table below, and a table with detailed sample intervals and assay results is attached below for reference.



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Colibri Project - Phase 1 Diamond Drill Program
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Intercept True Grades
Interval - Metres Width Width Silver Copper Zinc Silver Eq.
Vein From To Metres Metres g/t % % g/t(i)
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Linda Vein - Diamond Drill Hole C0-07-13
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HW Veinlet 37.50 37.75 0.25 0.18 568 23.10 0.29 3,855
Linda 144.84 158.00 13.16 9.30 33 1.17 0.10 204
Includes 144.84 148.02 3.18 2.25 58 1.76 0.25 321
and 150.08 156.00 5.92 4.18 37 1.43 0.05 242
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Linda Vein - Diamond Drill Hole C0-07-12
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HW Vein 158.60 159.20 0.60 0.49 87 1.1 0.98 248
Linda 167.00 170.30 3.30 2.70 63 2.48 0.12 420
Includes 168.30 169.30 1.00 0.82 173 6.82 0.16 1,148
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Linda Vein - Diamond Drill Hole CO-07-09 (announced March 19, 2007)
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Linda Vein 74.65 78.35 3.70 2.83 98 3.49 1.96 703
And 77.35 78.35 1.00 0.76 177 7.46 0.30 1,250
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Silver Equivalent based on $14.50/oz Silver, $3.00/lb Copper, $1.20/lb
Zinc, assuming 100% recoveries
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The Linda vein has a very prominent surface expression, which has now been traced for over 4,000 metres along strike. Mineralization observed in the drill intercepts consists of pyrite, chalcopyrite, galena and sphalerite. These drill holes confirm consistent copper-silver mineralization over a strike length of 150 metres in the central zone of the Linda vein.

The high grade copper-silver mineralization observed in the Linda vein at the Colibri project is similar to copper-silver mineralization being mined from deposits in the neighboring Zacatecas region. Drilling to date has investigated the vein close to the surface down to a depth of approximately 150 metres. There is considerable potential for further drilling to investigate this copper-silver structure along strike and at depth given the significant width and surface strike length of the Linda vein.

The 100% owned Colibri project covers an area of 16,074 hectares (39,700 acres), located 70 km south-southeast of the City of Durango. There are numerous veins and mineralized structures, which have been traced on surface over a cumulative strike distance of 14 kilometres, within highly altered zones observed throughout the project area. The project has excellent road access and good local infrastructure for supporting exploration and mining operations, and is located within 75 km of the San Martin mine of Grupo Mexico, the La Colorada mine of Pan American Silver Corp., and the La Parrilla mine of First Majestic Resource Corp.

The diamond dill program was supervised and carried out by the Company'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 was sent to the Company's core processing and storage facility in Durango, for processing and preparation of assay samples. Samples are cut by diamond saw, and half is sent for assay and half secured for reference. Samples are sent to the SGS Laboratories in Durango for processing and 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. A duplicate set of pulp samples are also sent to ALS Chemex Laboratories in Vancouver for check assays. Reference samples are routinely included in the sample stream. 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 British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. 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.

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.




COLIBRI Drill holes CO-07-09, 12 and 13 - Sample Intervals and Assays:
(ALS Chemex, Vancouver)

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COLIBRI Drill Hole CO-07-09
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Sample Interval Width Grades
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No Form To m Au g/t Ag g/t Cu% Zn%
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5522 74.65 75.30 0.65 0.376 49.8 0.76 10.15
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5523 75.30 75.70 0.40 0.201 124.0 2.07 0.47
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5524 75.70 76.20 0.50 0.159 169.0 6.97 0.12
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5525 76.20 77.00 0.80 0.027 12.0 0.33 0.09
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5526 77.00 77.35 0.35 0.085 30.6 1.11 0.13
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5527 77.35 78.35 1.00 0.163 177.0 7.46 0.30
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Average Grades 3.70 0.17 65 2.04 1.40
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COLIBRI Drill Hole CO-07-12
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Sample Interval Width Grades
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No Form To m Au g/t Ag g/t Cu% Zn%
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Hanging Wall Vein
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6886 158.60 159.20 0.60 0.181 87.2 1.1 0.98
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Linda Vein
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6893 167.00 168.30 1.30 0.028 19 0.81 0.10
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6894 168.30 169.30 1.00 0.084 173 6.82 0.16
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6895 169.30 170.30 1.00 0.074 9.1 0.31 0.11
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Average Grades 3.30 0.06 63 2.48 0.12
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COLIBRI Drill Hole CO-07-013
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Sample Interval Width Grades
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No Form To m Au g/t Ag g/t Cu% Zn%
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Hanging Wall Veinlet
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6932 37.50 37.75 0.25 0.40 568 23.10 0.29
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Linda Vein
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6904 144.84 145.40 0.56 0.096 69.9 2.81 0.13
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6905 145.40 146.10 0.70 0.213 49.5 1.49 0.65
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6906 146.10 146.55 0.45 0.008 8.4 0.22 0.06
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6907 146.55 147.00 0.45 0.225 62 2.15 0.11
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6908 147.00 148.02 1.02 0.149 76.8 1.88 0.20
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6909 148.02 149.00 0.98 0.053 4.3 0.14 0.04
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6910 149.00 150.08 1.08 0.03 4.8 0.19 0.09
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6911 150.08 151.00 0.92 0.09 39.4 1.51 0.11
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6912 151.00 152.00 1.00 0.124 54.8 2.23 0.07
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6913 152.00 153.00 1.00 0.168 28 1.25 0.04
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6914 153.00 154.00 1.00 0.092 40.6 1.4 0.03
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6915 154.00 155.00 1.00 0.099 12.5 0.58 0.02
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6916 155.00 156.00 1.00 0.071 46.2 1.64 0.03
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6917 156.00 157.00 1.00 0.057 3.8 0.13 0.02
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6918 157.00 158.00 1.00 0.097 17.3 0.80 0.04
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Average Grades 9.30 0.10 33 1.17 0.10
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To view a map of the Linda vein long section showing drill holes CO-07-09, 12 and 13 please click on the following link: http://www.ccnmatthews.com/docs/clz1114.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
    Corporate Communications
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: tracy@pro-edge.com
    or
    Pro-Edge Consultants Inc.
    Toronto: Fred Cowans
    Corporate Communications
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: fred@pro-edge.com