MAG Silver Reports Additional Silver-Copper and Pervasive Zinc Mineralization at Canasil's Salamandra Project in Durango Stat...
21 Juillet 2014 - 5:00PM
Marketwired Canada
Canasil Resources Inc. (TSX VENTURE:CLZ) (FRANKFURT:3CC) ("Canasil" or the
Company) announces that MAG Silver Corp. (TSX:MAG) (NYSE MKT:MVG) ("MAG") has
released assay results from MAG's twelve hole, 6,500 metre Phase 2 drill program
on Canasil's Salamandra Silver-Copper-Zinc-Lead Project in Durango State,
Mexico. Drilling began in late February of 2014 and concluded in May 2014. The
Phase 1 drill program results were released on March 17, 2014, and combined with
the Phase 2 program MAG has now drilled 10,112 metres in 17 drill holes on the
Salamandra project, complementing the initial 12 drill holes previously drilled
by Canasil.
George Paspalas, MAG President and CEO, commented: "Salamandra continues to show
structurally-controlled and broad pervasive multi-stage mineralization almost
everywhere we drill. We are beginning to understand the geometry of the
mineralization controls in some areas and hope that combining the drill results
with the existing geophysics will help us zero in on areas with high-grade
polymetallic skarn and CRD mineralization."
MAG's Phase 2 drill program consisted of five follow-up holes (SA 14-19, 20, 22,
24, 29) designed to determine the geometry of the best holes drilled in Phase 1
(SA13-13, and SA14-15), plus seven exploration holes testing geological,
geochemical and geophysical anomalies around the previously undrilled half of
the circumference of the district's central intrusive complex. To date, 15 of
MAG's 17 total holes have cut appreciable widths of strongly anomalous zinc
mineralization, leaving the entire system prospective for further drilling. The
drill results will now be used to refine earlier interpretation of extensive
Canasil airborne and ground geophysical data prior to Phase 3 drilling.
The best follow-up hole is SA-20, which cut 0.63 metres grading 258 grams per
tonne ("gpt") (7.5 ounces per ton ("opt")) silver with 0.27% copper lying
immediately above 9.9 metres grading 2.3% zinc (see Table 1). These values and
relative position are very similar to that seen 380 metres deeper in SA14-15 and
appear to reflect the same mineralized zone. Hole SA-22, also drilled to off-set
Hole 15, cut several zinc-rich zones but appears to have been drilled above and
parallel to the mineralized zone cut in Holes 15 and 20. Similarly, the first
two of the three follow-up holes (SA14-19, 24 and 29) drilled to offset the
broad zinc-zone cut in Hole SA13-13 each cut significant widths of zinc
mineralization but the intercept geometries prevent correlation.
The seven exploration holes tested the remaining previously undrilled half of
the circumference of the intrusive center. Hole SA14-28 was the best of these
exploration holes, cutting 173.46 metres of 1.0% zinc mineralization starting 20
metres below the surface. Holes SA14-19, 20, 21, 22, 24 and 25 also hit notable
widths of zinc mineralization. Drill holes SA14-25 and SA14-18, were drilled
away from the intrusive centre to test under the recent basalt flows that flank
the entire project area; both cut major faults interpreted to be the reactivated
western margin of the Central Mexico Basin, the principal regional structural
control on several major CRD-skarn systems.
Table 1: Assay Results - Phase 2 Drill Program
----------------------------------------------------------------------------
Hole-ID From To Interval Au Ag Ag Cu Zn Pb
----------------------------------------------------------------
(metres) (metres) (metres) (g/t) (g/t) (opt) (ppm) (%) (%)
----------------------------------------------------------------------------
SA14-18 214.53 214.83 0.30 0.01 2 0.1 139 1.6 0.0
----------------------------------------------------------------------------
SA14-19 128.87 130.22 1.35 0.00 59 1.7 31 0.9 1.1
----------------------------------------------------------------------------
and 349.87 388.36 37.99 0.01 1 0.0 219 1.6 0.0
----------------------------------------------------------------------------
SA14-20 8.14 28.35 20.21 0.00 12 0.4 309 1.0 0.4
----------------------------------------------------------------------------
and 305.45 306.08 0.63 0.04 258 7.5 2736 0.4 3.7
----------------------------------------------------------------------------
and 307.32 318.11 10.79 0.01 8 0.2 156 2.3 0.3
----------------------------------------------------------------------------
SA14-21 208.00 221.95 13.95 0.02 4 0.1 437 2.0 0.0
----------------------------------------------------------------------------
and 262.30 299.00 36.70 0.00 12 0.4 3239 0.4 0.0
----------------------------------------------------------------------------
SA14-22 12.66 22.36 9.70 0.00 16 0.5 148 0.8 0.3
----------------------------------------------------------------------------
and 110.65 173.04 62.39 0.01 2 0.1 88 0.8 0.0
----------------------------------------------------------------------------
including 110.65 114.38 3.73 0.00 4 0.1 185 3.2 0.0
----------------------------------------------------------------------------
and 163.12 173.04 9.92 0.03 2 0.1 154 2.0 0.0
----------------------------------------------------------------------------
SA14-23 No Significant Values
----------------------------------------------------------------------------
SA14-24 231.30 300.20 68.90 0.00 1 0.0 210 0.8 0.0
----------------------------------------------------------------------------
including 281.54 299.09 17.55 0.00 1 0.0 188 1.5 0.0
----------------------------------------------------------------------------
including 293.76 299.09 5.33 0.00 1 0.0 261 3.0 0.0
----------------------------------------------------------------------------
and 300.20 304.90 4.70 0.00 39 1.1 2712 0.1 0.0
----------------------------------------------------------------------------
SA14-25 113.00 143.51 30.51 0.00 25 0.7 164 0.8 0.4
----------------------------------------------------------------------------
including 121.36 126.73 5.37 0.00 41 1.2 225 1.7 0.7
----------------------------------------------------------------------------
including 138.58 143.51 4.93 0.00 77 2.3 286 1.9 1.3
----------------------------------------------------------------------------
SA14-26 No Significant Values
----------------------------------------------------------------------------
SA14-27 358.40 366.00 7.60 0.01 2 0.1 278 2.2 0.2
----------------------------------------------------------------------------
including 358.40 360.68 2.28 0.01 5 0.1 444 3.5 0.2
----------------------------------------------------------------------------
including 364.12 366.00 1.88 0.02 2 0.1 462 4.4 0.4
----------------------------------------------------------------------------
SA14-28 19.90 193.36 173.46 0.00 4 0.1 80 1.0 0.1
----------------------------------------------------------------------------
including 161.54 185.96 24.42 0.01 10 0.3 204 2.2 0.2
----------------------------------------------------------------------------
SA14-29 108.77 109.07 0.30 0.00 53 1.5 237 3.3 1.5
----------------------------------------------------------------------------
About Salamandra;
Salamandra appears to be a typical Mexican Carbonate Replacement/Skarn Deposit
("CRD") and is very similar to MAG's Cinco de Mayo Project; the same exploration
model that drove successful exploration there is being applied to Salamandra.
Salamandra lies 80 kilometres northwest of Mexico's largest known
silver-lead-zinc CRD-skarn deposit, the Sabinas-San Martin District. Both
Salamandra and Sabinas-San Martin are favorably positioned at the intersection
of the Mexican CRD Belt (that also hosts MAG's Cinco de Mayo CRD project) and
the Fresnillo Trend (that hosts MAG's Juanicipio Project). Previous drilling at
Salamandra by Canasil (Holes SA1-12) was undertaken in a limited area
characterized by medium to high-grade zinc mineralization. MAG's exploration
program was designed to probe and develop a better understanding of the scope
and size of the system and development of exploration vectors, so drilling
focused on targets 200 to 2000 metres from previous drilling. Targets included
mineralized intrusive breccias, dike swarms and mineralized structures revealed
by MAG's detailed geologic mapping, geochemical sampling, and reinterpretation
of Canasil geophysics. The Canasil geophysics will be reinterpreted again in the
light of MAG's Stage 1 and 2 drilling results before Phase 3 drilling is
undertaken.
MAG Silver-Canasil Option Agreement:
In May 2013, MAG entered into an option agreement with Canasil whereby MAG can
earn up to a 70% interest in Canasil's 14,719 hectare Salamandra property (News
Release dated May 28, 2013). For the initial earn-in of a 55% interest, MAG must
complete C$5.5 million in exploration expenditures on the property (C$2,677,519
incurred to March 31, 2014) and make total cash payments to Canasil of C$750,000
(C$300,000 paid to date) during the first option term to May 28, 2017. MAG can
earn an additional 15% by producing either a feasibility study or spending an
additional C$20 million over an additional four year period.
Qualified Person, Quality Assurance and Control: These results have been
compiled and provided by MAG; for details regarding the Qualified Person and
Quality Assurance and Control procedures, please refer to the MAG news release
dated July 21, 2014, covering these results.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of
100% owned silver-gold-copper-lead-zinc projects in Durango, Sinaloa 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.
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.
A map is available at the following address:
http://media3.marketwire.com/docs/958528a.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canasil Resources Inc.
Bahman Yamini
President and C.E.O.
(604) 709-0109
www.canasil.com
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