VANCOUVER, Nov. 15, 2017 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the "Company") announces that it has filed a Technical Report for the Company's 100% owned Brenda Gold-Copper Project, located in the Kemess-Toodoggone District, British Columbia, Canada. The Brenda project will be the "property of merit" for the planned spin-off of the Company's BC projects into a separate company, Canmine Minerals Inc. ("Canmine"). A Special Meeting of Shareholders is planned for December 12, 2017, to consider the spin-off transaction, which was previously announced on July 26 and October 24, 2017, and which is subject to approval by the TSX Venture Exchange.
The Brenda project covers 4,450 hectares (44.5 Sq. km.) located 15 km northwest of the AuRico Metals Inc. ("AuRico Metals", TSX:AMI) Kemess Underground and Kemess East deposits in a region recognized for hosting porphyry gold and copper deposits. The Company has undertaken systematic exploration programs on the Brenda project including satellite imaging, geological mapping and surface sampling, airborne and ground geophysical surveys and 12,000 metres of core drilling in 65 drill holes intersecting widespread gold-copper mineralization. These programs have identified additional unexplored targets for hosting gold-copper mineralization within the project area that are recommended for further exploration, including deeper sensing airborne and ground geophysics followed by drilling.
The report containing details of these programs titled "NI 43-101 Technical Report on the Brenda Gold-Copper Project" dated September 12, 2017 (the "Technical Report") is available on SEDAR (www.sedar.com), and on the Company's website (www.canasil.com). The Technical Report was prepared for Canasil by Robert A. (Bob) Lane, MSc, PGeo, of Plateau Minerals Corp. Mr. Lane is a Qualified Person as defined under National Instrument 43-101 of the Canadian Securities Administrators - Standards of Disclosure for Mineral Projects
There appears to be significant interest from larger mining companies in the Kemess-Toodoggone region. On November 7, 2017, Centerra Gold Inc. ("Centerra TSX:CG") announced the acquisition of AuRico Metals in a cash transaction for C$310 million (Centerra/AuRico Metals news release Nov. 7, 2017). Furthermore, Amarc Resources Ltd. ("Amarc" TSXV:AHR) has entered into a farm-in agreement with Hudbay Minerals Inc. ("Hudbay" TSX: HBM) on Amarc's Joy project, located immediately adjacent to the north and east of the Brenda project, providing for Hudbay to earn 50% interest through expenditures of $20 million before December 31, 2020 (Amarc news release August 22, 2017).
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango 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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such 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, but are not limited to, changes in commodities prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
SOURCE Canasil Resources Inc.
For further information: Bahman Yamini, President & CEO, Canasil Resources Inc., Tel: 604-709 0109