Canasil Resources Inc.
TSX VENTURE : CLZ

Canasil Resources Inc.

April 30, 2007 12:50 ET

Canasil Intersects 12% Zinc and 50 g/t Silver Over 7.45 Metres Close to Surface at the Salamandra Zinc-Silver Project in Durango, Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 30, 2007) - Canasil Resources Inc. ("Canasil") (TSX VENTURE:CLZ) is pleased to announce that initial results from diamond drill hole SA-07-02 at the Salamandra project in Durango, Mexico, returned high-grade zinc as well as silver mineralization located close to the surface. 15 initial samples from two zones returned average grades of 12% zinc and 50 g/t silver over 7.45 metres from 27.65 metres to 35.10 metres, and 102 g/t silver and 0.55% zinc over 9.85 metres from 7.40 metres to 17.25 metres. There were several high-grade intercepts of up to 22.50% zinc and 90 g/t silver over 1.50 metres at a drill depth of 32.60 metres, and up to 210 g/t silver and 0.66% zinc over 1.80 metres at a drill depth of 11.70 metres. The discovery of disseminated zinc and silver mineralization close to the surface at the Salamandra project is very encouraging.

Average assay results and significant intercepts from the initial 15 samples from drill hole SA-07-02 are listed in the table below:



------------------------------------------------------------------------
Salamandra Project - Diamond Drill Hole SA-07-02, April 2007
Assay Results from 15 Initial Drill Core Samples
------------------------------------------------------------------------
Sample Interval
- metres Grades
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Width Silver Zinc Copper
Ref No. Sample No. From To Metres g/t % %
------------------------------------------------------------------------
1 5601 7.40 8.40 1.00 23.3 0.30 0.011
------------------------------------------------------------------------
2 5602 8.40 10.00 1.60 33.7 0.21 0.020
------------------------------------------------------------------------
3 5603 10.00 11.70 1.70 28.4 0.17 0.019
------------------------------------------------------------------------
4 5604 11.70 13.50 1.80 210.0 0.66 0.029
------------------------------------------------------------------------
5 5605 13.50 15.00 1.50 139.0 0.74 0.021
------------------------------------------------------------------------
6 5606 15.00 16.50 1.50 106.0 0.84 0.023
------------------------------------------------------------------------
7 5607 16.50 17.25 0.75 172.0 1.26 0.024
------------------------------------------------------------------------
Average Grade
Silver Zone 7.40 17.25 9.85 102 0.55 0.02
------------------------------------------------------------------------
8 5608 26.65 27.65 1.00 4.1 0.11 0.015
------------------------------------------------------------------------
9 5609 27.65 28.40 0.75 55.5 2.84 0.075
------------------------------------------------------------------------
10 5610 28.40 28.90 0.50 78.8 11.75 0.131
------------------------------------------------------------------------
11 5611 28.90 29.50 0.60 16.9 2.64 0.099
------------------------------------------------------------------------
12 5612 29.50 31.00 1.50 39.3 17.30 0.250
------------------------------------------------------------------------
13 5613 31.00 32.60 1.60 53.1 12.30 0.240
------------------------------------------------------------------------
14 5614 32.60 34.10 1.50 90.0 22.50 0.472
------------------------------------------------------------------------
15 5615 34.10 35.10 1.00 3.9 0.47 0.018
------------------------------------------------------------------------
Average Grade
Zinc-Silver Zone 27.65 35.10 7.45 50 12.0 0.22
------------------------------------------------------------------------


Alvin Jackson, Director of Canasil, commented: "We are very encouraged by the mineralized zones and zinc and silver grades observed from the initial drill results at Salamandra as they indicate potential for disseminated high-grade zinc as well as silver mineralization lying close to the surface. We are looking forward to additional assay results from drill hole SA-07-02 and the other drill holes completed to date."

Drill hole SA-07-02 was drilled to a depth of 198 metres. Assay results have been received from the initial 15 samples taken from two zones with a total width of 18.30 metres. 86 additional samples from the rest of drill hole SA-07-02 have been sent for assay and results are pending. The Company has now completed 4 drill holes for total of 1,077 metres. Drill core samples from the remaining holes are being prepared for assay and results will be announced in due course.

The Salamandra project covers 2,900 hectares (7,163 acres) located 35 km 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 Salamandra project provide favourable conditions for exploration and development. The Salamandra project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km 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 Company has recently acquired through staking a 100,000 hectare (247,000 acre) claim area surrounding the Salamandra project as announced on March 27, 2007.

The diamond drill program is being supervised and implemented 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 is sent from the project site 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 SGS Laboratories in Durango and to ALS Chemex Laboratories in Hermosillo for processing and preparation, with sample pulps assayed by SGS Laboratories In Toronto and 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 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.

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