Canasil Resources Inc.
TSX VENTURE : CLZ

Canasil Resources Inc.

April 16, 2007 14:01 ET

Canasil Identifies Additional Veins With High Grade Silver, Copper, Zinc and Lead Values at Colibri and Provides Update on Drilling at the Salamandra Project in Durango, Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - Canasil Resources Inc. ("Canasil") (TSX VENTURE:CLZ) is pleased to announce that further geological mapping and surface sampling at the Colibri project in Durango State, Mexico, has outlined significant extensions of existing veins and identified a number of new veins. Assay results from 50 surface samples with over 150g/t silver returned silver grades from 151g/t to 867g/t, gold grades from 0.01g/t to 3.07g/t, copper grades from 0.02% to 13.02%, zinc grades from 0.01% to 10.4%, and lead grades from 0.05% to 25.3%. A majority of the samples collected returned consistently high silver grades with varying levels of the other metals. A table with the assay results for the 50 samples and a map showing the location of the veins within the Colibri claim block are attached below and may also be viewed on the Company's website.

The Company has also expanded the Colibri claim area to 16,074 Hectares (39,700 Acres) by adding a further 9,500 Hectares (23,500 Acres) to the existing claims. As a result the Colibri project now covers a large district within a prominent region known for hosting silver, copper, zinc and lead mineralization. The identification of numerous vein structures, some with strike lengths of over 2 kilometres, indicates the potential for multiple mineralized targets at the Colibri project for future exploration.

In particular, the strike length of the Linda vein, where the Phase 1 drill program has already identified a high grade copper and silver mineralized intercept of 3.70 metres (true width 2.83 metres) with an average grade of 3.49% copper, 98 g/t silver and 1.96% zinc, as previously announced on March 19, 2007, has been extended from 300 metres to over 2.5 kilometres. The Linda vein has a very prominent surface expression with dense concentration of pyrite and arseno-pyrite. The Company is planning further drilling to investigate the Linda vein along strike and at depth.

Bahman Yamini, President & CEO of Canasil, commented: "The numerous veins observed over considerable strike distances with surface samples showing consistently high silver grades together with gold, copper, zinc and lead, is a very encouraging development at the Colibri project, where we have already seen a high grade copper drill intercept together with silver and zinc at the Linda vein."

The Company also notes that a Phase 1 diamond drill program comprising 5 - 6 drill holes for a total of 1,500 metres is currently in progress at the Salamandra zinc-silver project in Durango, Mexico. Two drill holes for a total of 491 metres have been completed to date and the third hole is in progress. Initial visual inspection of the drill core from SA-07-02 indicates zones of 5 to 8 metres in width with sulphide mineralization containing zinc and copper minerals. Further details will be announced following detailed inspection and analysis of the core samples.

The 100% owned Colibri project is located 70 km south-southeast of the City of Durango. 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 geological mapping and sampling 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. Samples were collected and sealed on site at the project and sent to ALS Chemex Laboratories in Hermosillo for processing and preparation, with sample pulps sent to ALS Chemex Laboratories in Vancouver for 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 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 Project - Mapping & Surface Sampling March & April 2007
Samples with over 150g/t Silver
------------------------------------------------------------------------
Grades
------------------------------------------------------------------------
Sample Width Gold Silver Copper Lead Zinc
Vein No. Metres g/t g/t % % %
------------------------------------------------------------------------
Linda 7508 1.00 0.401 496 0.94 0.43 0.07
------------------------------------------------------------------------
Linda 7510 1.00 0.90 190 0.27 0.11 0.00
------------------------------------------------------------------------
Linda 7513 1.30 0.721 181 0.31 0.09 0.01
------------------------------------------------------------------------
Linda 7544 2.00 0.28 161 0.08 1.83 0.10
------------------------------------------------------------------------
Linda 7546 3.00 0.27 395 13.02 0.05 0.01
------------------------------------------------------------------------
Linda 7711 2.00 0.015 151 0.05 0.89 0.28
------------------------------------------------------------------------
Linda 7713 Dump 0.385 221 0.11 7.42 10.40
------------------------------------------------------------------------
Linda 7718 4.00 0.022 161 0.02 1.16 0.97
------------------------------------------------------------------------
Linda 7779 1.00 0.032 747 0.11 0.68 0.05
------------------------------------------------------------------------
Linda 7781 1.00 0.046 193 0.03 0.13 0.02
------------------------------------------------------------------------
Linda 7601 Dump 2.12 473 0.13 0.15 0.00
------------------------------------------------------------------------
Elsa 7572 Dump 0.01 157 0.04 2.41 0.24
------------------------------------------------------------------------
Elsa 7573 Dump 0.011 224 0.05 3.22 0.47
------------------------------------------------------------------------
Elsa 7581 0.90 0.054 212 0.06 1.62 0.78
------------------------------------------------------------------------
Elsa 7584 Dump 0.032 272 0.19 1.33 0.49
------------------------------------------------------------------------
Elsa 7589 Dump 0.019 600 0.05 13.07 0.51
------------------------------------------------------------------------
Plateros 7723 2.00 0.007 238 0.02 0.86 0.15
------------------------------------------------------------------------
Plateros 7724 Dump 0.011 249 0.14 2.15 2.62
------------------------------------------------------------------------
Plateros 7734 0.50 0.05 262 0.08 1.52 0.08
------------------------------------------------------------------------
Rosario 7678 Dump 0.256 199 1.68 0.56 8.01
------------------------------------------------------------------------
Rosario 7679 1.00 0.093 213 0.39 0.83 0.27
------------------------------------------------------------------------
Rosario 7686 1.10 0.013 163 0.01 2.29 0.22
------------------------------------------------------------------------
less than
Sara 7785 Dump 0.005 182 0.02 7.43 0.24
------------------------------------------------------------------------
Sara 7787 1.00 0.025 320 0.09 1.45 0.08
------------------------------------------------------------------------
Sara 7789 1.50 0.03 767 0.05 4.41 0.13
------------------------------------------------------------------------
Sara 7794 1.00 0.023 323 0.05 3.37 0.04
------------------------------------------------------------------------
Sara 7796 Dump 2.13 354 0.59 2.43 0.47
------------------------------------------------------------------------
Sara 7797 Dump 3.07 516 1.34 3.02 0.95
------------------------------------------------------------------------
Sara 7798 Dump 0.01 632 0.07 3.19 0.18
------------------------------------------------------------------------
Sara 7799 1.00 0.111 201 0.21 0.22 0.06
------------------------------------------------------------------------
Sara 7800 0.50 0.757 156 0.19 0.35 0.13
------------------------------------------------------------------------
Sara 7802 1.50 0.042 386 0.77 2.05 0.06
------------------------------------------------------------------------
Sara 7803 1.30 0.054 867 0.37 11.70 0.09
------------------------------------------------------------------------
Sara 7804 1.00 0.007 356 0.06 1.83 0.05
------------------------------------------------------------------------
Sara 7805 1.30 0.101 397 0.05 8.21 0.42
------------------------------------------------------------------------
Sara 7806 Dump 0.006 158 0.02 5.44 0.82
------------------------------------------------------------------------
Sara 7807 1.00 0.033 384 0.05 4.94 0.77
------------------------------------------------------------------------
less than
Sara 7808 1.50 0.005 217 0.02 1.19 0.32
------------------------------------------------------------------------
Sara 7809 0.50 0.012 209 0.02 5.48 0.08
------------------------------------------------------------------------
less than
Sara 7811 0.50 0.005 221 0.01 0.78 0.06
------------------------------------------------------------------------
less than
Sara 7812 1.50 0.005 253 0.01 0.81 0.13
------------------------------------------------------------------------
less than
Sara 7816 1.00 0.005 428 0.01 6.91 0.07
------------------------------------------------------------------------
Sara 7818 0.30 0.007 174 0.04 1.67 0.07
------------------------------------------------------------------------
less than
Sara 7820 2.00 0.005 251 0.04 2.23 0.06
------------------------------------------------------------------------
Sara 7821 0.50 0.013 587 0.02 4.89 0.87
------------------------------------------------------------------------
Sara 7822 0.20 0.146 495 0.03 5.55 0.29
------------------------------------------------------------------------
less than
Sara 7823 2.00 0.005 346 0.03 2.59 0.63
------------------------------------------------------------------------
less than
Sara 7825 1.00 0.005 225 0.01 1.30 0.39
------------------------------------------------------------------------
less than
Sara 7826 1.00 0.005 395 0.06 6.64 0.42
------------------------------------------------------------------------
less than
Sara 7831 0.20 0.005 233 0.00 0.49 0.07
------------------------------------------------------------------------


NOTE: To view "Colibri Project Map Showing Vein Structures - March/April 2007", please click the following link: http://www.ccnmatthews.com/docs/clz0416.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.
    Doug Kerr
    Corporate Communications
    (604) 718-5454
    Email: dkerr@canasil.com
    Website: www.canasil.com