Underground sampling intersects 18.0 g/t gold at Nambija

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TORONTO, May 3 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") is pleased to announce additional results in connection with its current underground channel sampling program at the Company's 85% owned Nambija gold project in southeast Ecuador. Sampling is currently confined to accessible drifts in order to increase our geological knowledge and better define the boundaries of the known mineralization. To date, approximately 1,200 samples have been collected along the eastern El Tierrero structure which has been defined on the property for a length of 450 metres and a minimum width of 50 metres. Samples are being collected from accessible drifts at various elevations along the structure in order to better define the 3 dimensional characteristics of the mineralization. The samples are generally 1 meter in length and are collected from both walls and the back (ceiling). Higher grade gold values continue to be intersected in the upper portion of the El Tierrero structure.

Sample series UG0983 thru UG1040 were collected from one drift and associated crosscuts located in the central portion of El Tierrero. The main portal is located approximately 50 meters northwest of the Los Audaces pit and includes a series of workings extending approximately 100 meters east into the El Tierrero structure. These workings crudely sample an area of 100 by 40 meters and contain 3 open galleries where previous mining has occurred.

Of the 54 samples collected, 24 returned gold values of greater than 1.0 grams per tonne; the highest value obtained was 18.0 grams per tonne and was collected from the south wall of one of the large open galleries. The average gold value for the complete sample set was 2.2 grams per tonne gold. Both silver and copper values were of a background nature and are typical of the upper levels of this portion of El Tierrero where gold bearing skarns dominate the lithology. These results are similar to those returned in drill holes N10 - 002 and N10 - 004 as reported in news releases dated July 7th and August 4th, 2010 which intersected similar values in the upper 20 meters of their respective drill holes.

Gold results obtained in the channel sampling program are elevated and more widespread as compared to those returned from the drill program.  Specifically in the case of this sample series, these samples were taken from workings that are located vertically above a set of historical workings which had similar results.

Selected results from the channel sampling series are presented in Table 1 as follows:

Table 1

Sample # Width (m.) Gold grams / tonne
     
UG0994 1.0 5.40
UG0995 1.0 4.23
UG0996 1.0 9.40
UG0997 1.0 10.20
UG0998 1.0 6.35
UG0999 1.0 3.11
UG1000 1.0 3.49
UG1001 1.0 3.37
UG1002 1.0 2.61
UG1003 1.0 18.00
UG1004 1.0 3.36
UG1006 1.0 2.79
UG1007 1.0 3.54
UG1008 1.0 4.62
UG1009 1.0 3.24
UG1010 1.0 2.87
UG1011 1.0 1.68

Note: Sample UG1005 was a quality control pulp.

Significance:

The recent assay data confirms the continuance of the higher grade gold bearing skarn mineralization at El Tierrero.  As noted at both surface and in drill holes along El Tierrero, the gold bearing mineralization gradually dips to the north and contains only background copper and silver values. As one drops vertically through the system, the copper and silver becomes more widespread.

All samples are submitted to Acme Analytical Laboratories Limited ('Acme") in Cuenca Ecuador for preparation with final analysis being conducted at Acme's facilities in Vancouver British Columbia. Gold was analyzed by using a standard 30 gram fire assay with a gravimetric finish. Copper analysis was done by ICP- emission spectrometry. A sub sample was also analyzed by the 36 element ICP method to provide a broader range of geochemical information for analysis.

Mr. Gary Lohman, P. Geo. is the designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical and scientific disclosure contained herein.

About Canuc

Canuc is a junior mining exploration company with its principal properties located in Ecuador and Nova Scotia.  Canuc's main holding is an approximate 85% interest in the Nambija Gold deposit located in south-eastern Ecuador.  According to records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly 3 million ounces of gold have been produced using the most primitive of mining and milling recovery processes from the Nambija area.

Neither the 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 of this release.

Forward-Looking Statements
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Annual Reports.

SOURCE Canuc Resources Corporation

For further information:

Gary Lohman, President & CEO
416-867-1300
glohman@canucresources.ca   
Ken Murton, Chairman
416-920-2748
kmurton@canucresources.ca

 

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Canuc Resources Corporation

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