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TORONTO, June 7 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") is pleased to report that it has now completed seven diamond drill holes for a total of 1,431 meters at its Nambija gold prospect located in South Eastern Ecuador. All holes encountered skarn which is the principal host rock for gold and other mineralization, in Nambija. Holes number one and two have been logged and split and sent to Acme Labs in Vancouver for assay. An initial ICP test conducted on this core returned several elevated gold values including a one meter section in hole number two which returned 14 grams of gold to the ton. In hole number one a three meter section from 22.86 to 25.90 meters averaged 8.6 grams to the ton. This was part of a mineralized section from 0 to 25.90 meters which averaged slightly over 3.1 grams to the ton. It is important to note that an ICP test does not have the accuracy of a fire assay. An additional 200 samples have been split and sent to the preparation lab in Cuenca and from there will be shipped to the Acme Labs in Vancouver for assay. Hole number six which was completed earlier this week encountered 80 meters of skarn (from 20 to 100 meters) and considered to be the most interesting hole drilled to date is currently being logged and split and will be forwarded for assay immediately. This hole had all of the important indicator minerals which are common to gold mineralization. An initial examination of the core by our geologist suggested that it contained some very fine gold grains.
Hole number eight which is being drilled in the centre of the property and is slated to go to a depth of 400 meters unexpectedly encountered skarn alteration. Earlier mapping in this area indicated that the rocks in this part of the property were mainly sedimentary in origin. Should this hole contain any meaningful values it would add an entirely new dimension to the Nambija gold prospect. As of this writing the hole is currently at a depth of 200 meters.
The Company also wishes to report that it has entered into a one year consulting agreement with two individuals to provide Canuc with assistance in its future capital requirements. This group has extensive experience in helping junior companies in raising capital and increasing investor awareness in their activities.
Subject to approval of the TSX Venture Exchange, the Company has completed a private place of 400,000 units consisting of one common share and one warrant entitling the holder to purchase one additional share at $0.25 for one year. The units were priced at $0.20 each.
The exploration program at Nambija is being carried out under the supervision of Gary Lohman, P. Geo., a Qualified Person as defined under the terms of National Instrument 43-101, and he has reviewed and approved the contents of this press release.
Canuc is a junior mining exploration company with its principal properties located in Ecuador. Canuc's main holding today is an approximate 85% interest in the Nambija Gold Mine located in southeastern 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 from the Nambija area using the most primitive of mining and milling recovery processes.
This news release includes forward-looking statements. All statements in this release, other than statements of historical facts, including the likelihood of exchange listing, property acquisition and future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mineral exploration is an inherently risky business. Accordingly the actual events may differ materially from those described in the forward-looking statements.
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.
SOURCE Canuc Resources Corporation
For further information: For further information: Ken Murton, Chairman, (416) 920-2748, email@example.com; Hub Mockler, President & CEO, (416) 867-1300, firstname.lastname@example.org