Canasil Drilling and
Geophysics Identifies a Deep Porphyry Gold-Copper System
at the Brenda Project in British
Columbia, Canada
Vancouver,
November 05, 2007 – Canasil Resources Inc. (“Canasil”
TSX-V: CLZ) is
pleased to announce the results from the 1,708 meter diamond
drill program in 5 diamond drill holes, as well as a 3-dimensional Induced
Polarization geophysical survey, completed at the Company’s Brenda
Gold-Copper Porphyry Project in the Kemess-Toodogoone Mining District in
north-central British Columbia. These programs have identified a deep
porphyry gold-copper system at the Brenda project.
Drill holes BR-07-04 and BR-07-05, drilled to a depth of 562 metres and 530 metres
respectively, both intersected broad gold-copper mineralized zones with
increasing grades at depth, and which are also open to depth. Drilling was
limited to a maximum depth of 550 metres based on the availability of drill
rods and appropriate drill bits required for deeper drilling. The average
grade of 5 intercepts from both holes above a depth of 450 metres (Nos. 1, 2,
3, 5 and 6 in
the table below) was 0.48 g/t gold and 0.079% copper over a combined
intercept width of 393.72
metres. The average grade of 3 intercepts below 450 metres (Nos. 4, 7
and 8 below) was 0.68 g/t gold and 0.116% copper over a combined intercept
width of 92.84 metres.
A significant number of samples returned assays of over 1.0 g/t gold and
0.15% copper.
The increasing gold and copper grades at depth and the strength of the
highly altered mineralized structure observed in the drill core, in
conjunction with the strong anomalies observed in the geophysical survey, are
highly encouraging and indicate the potential for a large deep-seated
gold-copper porphyry system at the Brenda project. The mineralized
environment observed at the Brenda project appears similar to that of the
deep-seated Cadia East underground gold-copper porphyry deposit of Newcrest
Mines in Eastern Australia (described below), which was discovered by
drilling below a depth of 600
metres.
Significant mineralized intercepts from drill holes BR-07-04 and
BR-07-05 are listed below:
Brenda Gold-Copper Project
– 2007 Diamond Drill Program
|
No.:
|
Intercept
|
Interval – Metres
From
To
|
Width
Metres
|
Gold
g/t
|
Copper
%
|
Gold Eqv.
g/t*
|
Diamond Drill Hole BR-07-04
|
1
|
Zone 1
|
90.12
|
260.00
|
169.88
|
0.466
|
0.088
|
0.697
|
|
Includes
|
200.00
|
260.00
|
60.00
|
0.592
|
0.111
|
0.884
|
2
|
Zone 2
|
312.00
|
378.00
|
66.00
|
0.310
|
0.038
|
0.410
|
3
|
Zone 3
|
420.08
|
460.00
|
39.92
|
0.418
|
0.080
|
0.628
|
4
|
Zone 4
|
504.00
|
561.96
|
57.96
|
0.707
|
0.119
|
1.020
|
|
Includes
|
508.00
|
546.00
|
38.00
|
0.867
|
0.141
|
1.238
|
Diamond Dril Hole BR-07-05
|
5
|
Zone 1
|
110.00
|
188.03
|
78.03
|
0.610
|
0.104
|
0.884
|
6
|
Zone 2
|
336.11
|
376.00
|
39.89
|
0.625
|
0.062
|
0.788
|
7
|
Zone 3
|
459.52
|
483.90
|
24.38
|
0.670
|
0.114
|
0.970
|
8
|
Zone 4
|
488.89
|
499.39
|
10.50
|
0.570
|
0.101
|
0.836
|
* Gold Equivalent based on
$650 per oz. Gold, $2.50/lb Copper, assuming 100% recoveries
|
The gold copper mineralization is associated with quartz magnetite
stockworks in highly altered volcanics with potassic alteration. The
mineralization increases in intensity and is open to depth below 450 metres, beneath a
series of thick branching barren quartz monzonite dykes. The barren dykes
have disrupted the upper levels of the porphyry system, and lowered the grade
in envelopes near the dyke contacts.
No intrusive rocks, which form the core of the mineralized system,
were observed within the zones drilled, except for the late stage intrusive
dykes. This indicates that there is potential for a large gold-copper
porphyry system, associated with a deeper buried intrusive, below a depth of 450 metres. In order
to investigate this system at depth and along strike, the above drill holes
should be deepened to a depth of over 1,000 metres, as
well as additional holes drilled along strike. The mineralized system
averages 300 to 400
metres in width, and has been traced along a strike
length of 400 meters
by drilling, with a potential strike length in excess of 1,000 metres
indicated by the chargeability anomalies observed in the 3-Dimensional
Induced Polarisation geophysical survey.
The geophysical survey covered approximately 30 line-kilometres over
an area of 1,600
metres by 2,500 metres. The survey and interpretation
models used provide chargeability and resistivity profiles down to a depth of
500 metres.
The results showed significant chargeability anomalies, highlighting the
pyritic and phyllic envelopes around the gold-copper mineralized zone. These
signatures extend down to the extent of the survey depth of 500 metres in the
sectional views. They also outline the potential gold-copper mineralized zone
in the plan views at depths of 300 metres to 500 metres, with
anomalies extending over a strike distance of approximately 1,000 metres. These
features are a further indication of a potentially large buried mineralized
structure. A deeper sensing geophysical survey, which can penetrate to 1,000 metres depth,
may be used in a future program for further definition of the structure at
depth.
Drill holes BR-07-01, 02 and 03 were drilled to test peripheral
targets and did not intersect significant gold-copper mineralization.
The Cadia East gold-copper porphyry underground deposit of Newcrest
Mines in Eastern Australia was discovered by deep drilling below a depth of 600 metres in potassic
altered volcanics with gold-copper mineralized quartz magnetite stockworks
above a deep intrusive complex. The Cadia East underground deposit has
indicated and inferred resources of 690 million tonnes with gold grades of
0.53 g/t to 0.93 g/t, and copper grades of 0.29% to 0.35%.The deep
underground deposit contains 16 million ounces of gold and 2.2 million tonnes
of copper.
The Brenda gold-copper property comprises 178 mineral claim units,
covering 44.5 square kilometres (4,450 hectares, 10.990 acres). The
project is situated approximately 450 km northwest of Prince George, B.C., and 25 km northwest of
Northgate Mineral Corporation’s 300,000 ounces
gold per year Kemess South Mine, in the core of the Kemess-Toodoggone
porphyry gold-copper / epithermal district. The property is 100% owned by
Canasil and all claims are valid to May 31, 2015, with cumulative exploration
expenditures of over $3,500,000 to date.
The diamond drill program was implemented under the direction of Gary
Nordin, P. Geo. British Columbia, and Director of Canasil. Drill core from
the program was processed and is stored at the project site. Core samples
from half of the drill core were cut by diamond saw in 2-metre intervals and
sent to ALS Chemex Laboratories in North Vancouver, B.C., for preparation and
assay analysis for gold and silver by fire assay with an atomic absorption
finish (“FA-AA”) on a 30 gram split, and for a 28 element package
of major and trace elements by ICP Analysis. Gary Nordin, P. Geo. British
Columbia, 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.
For further information please contact:
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content of this news release.
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,
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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.
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