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
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium 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. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
SYS-CON Events announced today that Cemware 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. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
SYS-CON Events announced today that MathFreeOn 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. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.