News Feed Item

MAG Silver Reports Additional Silver-Copper and Pervasive Zinc Mineralization at Canasil's Salamandra Project in Durango State, Mexico

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- 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.

Canasil Resources Inc.
Bahman Yamini
President and C.E.O.
(604) 709-0109

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue an...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...