Canasil Resources Inc

Published : February 10th, 2011

Starts 1,700 Line-Km ZTEM Airborne Geophysical Surveys On Three Silver and Silver/Gold Projects in D

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Keywords :   Canada | Copper | Diamond | G Mexico | Gold | Mexico | Silver | Zinc |
Canasil Resources Inc.
NEWS RELEASE
# 04 - 2011: February 10, 2011
TSX-V: CLZ
www.canasil.com

Canasil Starts 1,700 Line-Km ZTEM Airborne Geophysical Surveys
On Three Silver and Silver/Gold Projects in Durango State, Mexico

Vancouver, February 10, 2011 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces that the Company has started a program of airborne geophysical surveys on three large silver and silver/gold projects in Durango State, Mexico. The ZTEM (Z-Axis Tipper Electromagnetic System) helicopter borne survey is designed to provide unparalleled depth of investigation in precision electromagnetic measurements, and provides data on geologic structures at depth over large areas to assist in identifying the potential for large mineralized systems. The Company has contracted Geotech Ltd. to undertake three surveys on the Sandra-Escobar, Salamandra and Victoria projects. The contract provides for a total of 1,700 line-km of surveys with a budget of approximately US $330,000, with the combined surveys covering an area of over 330 square kilometres, as detailed below.

Together with geological mapping and surface sampling programs at these projects, the surveys will provide additional geophysical and magnetic data in order to evaluate and identify the potential at depth. The surveys should be completed by the end of February 2011, with the results from initial analysis of data expected by the end of March to mid-April 2011. Together with the recently completed ZTEM survey by MAG Silver on the Company�s La Esperanza project, these surveys will assist in advancing four of the Company�s large silver and silver/gold exploration projects in Mexico.

The survey at the Sandra-Escobar silver/gold project is planned for 420 line-km, covering an area of over 80 square kilometres. The Company is also planning to start a 2,000 metre Diamond drill program at this project in the second half of February 2011. The drill program will test high grade silver/gold veins and the possibility for disseminated silver/gold mineralization in the project area. Under the Option and Joint Venture agreement signed with Pan American Silver (Pan American) in August 2008, Canasil�s expenditures will go towards completing the initial $1,000,000 work commitment to earn 51% interest in Pan American�s Escobar claims. Pan American will then have a back-in right to acquire a 51% interest in the combined claims by paying three times exploration expenditures incurred.

The Salamandra project survey is planned for 617 line-km, covering an area of over 120 square kilometres. Past drilling at Salamandra has identified significant silver and zinc mineralization. Recent reconnaissance of the project area has also identified indications of copper mineralization in an area approximately 4 kilometres north of the previously drilled area. The ZTEM survey covering a very large area is aimed at providing structural information beneath the surface cover of basalt flows, which masks signs of potential mineralization in the project area.

At the Victoria project, the ZTEM survey is planned for 680 line-km, covering an area of over 130 square kilometres in the northwest of the very large 60,000 hectare project claim area. Previous reconnaissance, surface sampling and mapping has identified a northwest to southeast trend of geochemical anomalies over an area of 5km by 10km, which will be tested by the survey.

About Canasil:

Canasil is a Canadian mineral exploration company with interests in precious and base metal 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. The Company is actively engaged in the exploration of its mineral properties.

For further information please contact:

Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Canasil Resources Inc

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CODE : CLZ.V
ISIN : CA13723D1006
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Canasil Res. is a gold and silver exploration company based in Canada.

Canasil Res. develops gold, silver, lead and zinc in Mexico, and holds various exploration projects in Canada and in Mexico.

Its main asset in development is MEZQUITAL in Mexico and its main exploration properties are BRENDA, GRANITE and LIL in Canada and SANDRA, LA ESPERANZA, COLIBRI DURANGO and CARINA in Mexico.

Canasil Res. is listed in Canada. Its market capitalisation is CA$ 1.5 millions as of today (US$ 1.2 millions, € 1.1 millions).

Its stock quote reached its highest recent level on May 11, 2007 at CA$ 0.85, and its lowest recent point on October 12, 2023 at CA$ 0.02.

Canasil Res. has 101 900 000 shares outstanding.

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Financings of Canasil Resources Inc
1/14/2013Closes $1,060,750 Non-brokered Private Placement
1/14/2013Closes $1,060,750 Non-brokered Private Placement
5/25/2010Closes $362,000 Non-brokered Private Placement
5/13/2010Non-brokered Private Placement Oversubscribed Grant of Incen...
8/11/2008Closes $200,000 Non-brokered Private Placement
6/20/2008$200,000 Non-brokered Private Placement
12/12/2007 Negotiates $450,000 Non-brokered Private Placement
6/21/2007Receives $1,156,050 from Fully Exercised Warrants
3/21/2007Closes Non-brokered Private Placement of $1,600,000
2/23/2007Non-brokered Private Placement Increased to $1,600,000
Option Grants of Canasil Resources Inc
7/14/2008Grant of Incentive Stock Options
Project news of Canasil Resources Inc
10/23/2013(Brenda)Receives Assays for 962 Metre Drill Program at the Brenda Go...
8/27/2013(Brenda)Mobilizes for Drill Program at the Brenda Gold-Copper Projec...
10/29/2012(La Esperanza)MAG Silver Confirms Start of Phase 2 Drill Program on Canasi...
10/22/2012(La Esperanza)Reviews La Esperanza and Other Mexico Projects on Korelin Ec...
10/4/2012(La Esperanza)MAG Silver Mobilizes to Start Phase 2 Drill Program on Canas...
3/22/2011(Sandra)to Start Initial Diamond Drill Program on Sandra-Escobar Sil...
2/10/2011Starts 1,700 Line-Km ZTEM Airborne Geophysical Surveys On Th...
8/19/2010(La Esperanza)and MAG Silver Sign Option and Joint Venture Agreement on La...
7/28/2010(La Esperanza)Defines New High-Grade Silver Veins at La Esperanza Project ...
5/4/2010(Sandra)Defines Gold-Silver Drill Targets at Sandra-Escobar Project ...
11/14/2007(Colibri Durango) Drilling Intersects More High-Grade Copper and Silver At th...
11/6/2007(Brenda)Drilling and Geophysics Identifies a Deep Porphyry Gold-Copp...
9/12/2007 Drilling Intersects Long Intervals of Porphyry Style Minera...
8/22/2007Currently Diamond Drilling on Three Silver/Gold/Copper/Zinc ...
6/11/2007Completes 2,300 Metre Phase 1 Drill Program and Intersects C...
3/21/2007Drilling Intersects 3.49% Copper, 98 g/t Silver and 1.96% Zi...
Corporate news of Canasil Resources Inc
7/12/2016Canasil Reports Start of 3,000-Metre Drill Program at the Sa...
7/5/2016Canasil Closes $2,072,000 Second and Final Tranche of Non-br...
6/27/2016Canasil Reports Awarding of Metallurgical Testing Contract a...
6/22/2016Canasil Closes $488,000 First Tranche of Non-brokered Privat...
6/20/2016Canasil $2,400,000 Non-brokered Private Placement Over-subsc...
6/7/2016Canasil Announces $2,400,000 Non-brokered Private Placement
5/31/2016Orex Intercepts 46 Metres of 156 g/t Silver 350 Metres West ...
5/24/2016Orex Drills More Silver Mineralization, Including 46 Metres ...
5/11/2016Orex Awards Contract for Initial Resource Estimate at Canasi...
5/9/2016Orex Intercepts 60 Metres of 205 g/t Silver at Canasil's San...
1/25/2016Orex Minerals Reports 359 g/t Silver over 61 Metres from Sur...
12/22/2015Canasil Grant of Stock Options
12/17/2015MAG Silver Reports New Gold and Additional Zinc Mineralizati...
9/16/2015Orex Minerals Options Canasil's Sandra-Escobar Silver-Gold P...
9/16/2015Canasil Director Gary Nordin resigns and will act as Advisor...
9/15/2015Orex Options the Sandra Escobar Silver-Gold Project in Duran...
9/9/2015Canasil Resources Inc. change of address notice:
8/10/2015Canasil Closes 600,000 Unit Second Tranche and Applies for F...
7/29/2015Canasil Closes 600,000 Shares First Tranche of Non-Brokered ...
7/27/2015Canasil Announces Non-Brokered Private Placement
7/16/2015Canasil Closes 2,400,000 Units First Tranche of Non-brokered...
7/10/2015Canasil Plans Non-brokered Private Placement of up to 6 mill...
7/6/2015MAG Silver Mobilizes Drill to Start Phase 3 Drill Program at...
4/16/2015Canasil Provides Update on Mexico Silver Exploration Project...
3/12/2015MAG Silver Plans Phase 3 Drill Program at Canasil's Salamand...
12/17/20141,872,000 Warrants Exercised at $0.08 for Gross Proceeds of ...
11/5/2014Reduction of Exercise Price of Warrants Expiring December 6 ...
7/21/2014MAG Silver Reports Additional Silver-Copper and Pervasive Zi...
5/27/2014MAG Silver Completes Phase 2 Drill Program and First Anniver...
5/28/2013and MAG Sign Binding Letter Agreement for MAG to Earn Up to ...
1/23/2013(La Esperanza)MAG Silver Reports Phase 2 Drill Results from La Esperanza S...
11/14/2012Provides Update on Corporate Objectives and Projects
11/5/2012Identifies Potential for Large Scale Silver, Zinc, Copper Mi...
10/17/2012Adopts Shareholder Rights Plan Agreement
6/2/2011(Sandra)ZTEM Airborne Survey Outlines Potential Porphyry Target at S...
3/15/2011Completes ZTEM Airborne Geophysical Surveys on Three Silver ...
2/24/2011featured in Growth Stocks Weekly Newsletter
6/1/2010invitation to World Investement Conference
5/19/2010Resource Opportunities May 2010-1 Canasil Update
1/5/2010Expands Mexico Gold-Silver Projects Claim Areas
1/27/2009will be exhibiting at The Mineral Exploration Roundup 2009
9/12/2008Extension of Warrant Term
8/18/2008Signs Agreement with Pan American Silver to Explore Pan Amer...
7/3/2008Resource Opportunities CANASIL Update June 26, 2008
6/12/2008Adds 3 New Projects to Mexican Project Portfolio
6/4/2008closes $125,000 Placement from Blackcomb Minerals
5/21/2008Completes Drilling and Receives Initial Results from Mineral...
3/25/2008 Options Salamandra and Victoria Projects in Durango State, ...
3/3/2008Extension of Warrant Term
10/11/2007Lawrence Roulston initiates coverage of Canasil Resources
7/20/2007Phase 1 Damond Drilling Discovers Significant Mineralized Sy...
5/16/2007Retains Pro-Edge Consultants to Provide Investor Relations
3/3/2007 Update
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