SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Yeshim Deniz, Nikita Ivanov, Sean Houghton

News Feed Item

MAG Silver Reports Additional Silver-Copper and Pervasive Zinc Mineralization at Canasil's Salamandra Project in Durango State, Mexico

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- Canasil Resources Inc. (TSX VENTURE: CLZ) (FRANKFURT: 3CC) ("Canasil" or the Company) announces that MAG Silver Corp. (TSX: MAG) (NYSE MKT: MVG) ("MAG") has released assay results from MAG's twelve hole, 6,500 metre Phase 2 drill program on Canasil's Salamandra Silver-Copper-Zinc-Lead Project in Durango State, Mexico. Drilling began in late February of 2014 and concluded in May 2014. The Phase 1 drill program results were released on March 17, 2014, and combined with the Phase 2 program MAG has now drilled 10,112 metres in 17 drill holes on the Salamandra project, complementing the initial 12 drill holes previously drilled by Canasil.

George Paspalas, MAG President and CEO, commented: "Salamandra continues to show structurally-controlled and broad pervasive multi-stage mineralization almost everywhere we drill. We are beginning to understand the geometry of the mineralization controls in some areas and hope that combining the drill results with the existing geophysics will help us zero in on areas with high-grade polymetallic skarn and CRD mineralization."

MAG's Phase 2 drill program consisted of five follow-up holes (SA 14-19, 20, 22, 24, 29) designed to determine the geometry of the best holes drilled in Phase 1 (SA13-13, and SA14-15), plus seven exploration holes testing geological, geochemical and geophysical anomalies around the previously undrilled half of the circumference of the district's central intrusive complex. To date, 15 of MAG's 17 total holes have cut appreciable widths of strongly anomalous zinc mineralization, leaving the entire system prospective for further drilling. The drill results will now be used to refine earlier interpretation of extensive Canasil airborne and ground geophysical data prior to Phase 3 drilling.

The best follow-up hole is SA-20, which cut 0.63 metres grading 258 grams per tonne ("gpt") (7.5 ounces per ton ("opt")) silver with 0.27% copper lying immediately above 9.9 metres grading 2.3% zinc (see Table 1). These values and relative position are very similar to that seen 380 metres deeper in SA14-15 and appear to reflect the same mineralized zone. Hole SA-22, also drilled to off-set Hole 15, cut several zinc-rich zones but appears to have been drilled above and parallel to the mineralized zone cut in Holes 15 and 20. Similarly, the first two of the three follow-up holes (SA14-19, 24 and 29) drilled to offset the broad zinc-zone cut in Hole SA13-13 each cut significant widths of zinc mineralization but the intercept geometries prevent correlation.

The seven exploration holes tested the remaining previously undrilled half of the circumference of the intrusive center. Hole SA14-28 was the best of these exploration holes, cutting 173.46 metres of 1.0% zinc mineralization starting 20 metres below the surface. Holes SA14-19, 20, 21, 22, 24 and 25 also hit notable widths of zinc mineralization. Drill holes SA14-25 and SA14-18, were drilled away from the intrusive centre to test under the recent basalt flows that flank the entire project area; both cut major faults interpreted to be the reactivated western margin of the Central Mexico Basin, the principal regional structural control on several major CRD-skarn systems.


               Table 1: Assay Results - Phase 2 Drill Program

----------------------------------------------------------------------------
Hole-ID         From       To  Interval     Au     Ag     Ag    Cu   Zn   Pb
            ----------------------------------------------------------------
            (metres) (metres)  (metres)  (g/t)  (g/t)  (opt) (ppm)  (%)  (%)
----------------------------------------------------------------------------
SA14-18       214.53   214.83      0.30   0.01      2    0.1   139  1.6  0.0
----------------------------------------------------------------------------
SA14-19       128.87   130.22      1.35   0.00     59    1.7    31  0.9  1.1
----------------------------------------------------------------------------
and           349.87   388.36     37.99   0.01      1    0.0   219  1.6  0.0
----------------------------------------------------------------------------
SA14-20         8.14    28.35     20.21   0.00     12    0.4   309  1.0  0.4
----------------------------------------------------------------------------
and           305.45   306.08      0.63   0.04    258    7.5  2736  0.4  3.7
----------------------------------------------------------------------------
and           307.32   318.11     10.79   0.01      8    0.2   156  2.3  0.3
----------------------------------------------------------------------------
SA14-21       208.00   221.95     13.95   0.02      4    0.1   437  2.0  0.0
----------------------------------------------------------------------------
and           262.30   299.00     36.70   0.00     12    0.4  3239  0.4  0.0
----------------------------------------------------------------------------
SA14-22        12.66    22.36      9.70   0.00     16    0.5   148  0.8  0.3
----------------------------------------------------------------------------
and           110.65   173.04     62.39   0.01      2    0.1    88  0.8  0.0
----------------------------------------------------------------------------
including     110.65   114.38      3.73   0.00      4    0.1   185  3.2  0.0
----------------------------------------------------------------------------
and           163.12   173.04      9.92   0.03      2    0.1   154  2.0  0.0
----------------------------------------------------------------------------
SA14-23                           No Significant Values
----------------------------------------------------------------------------
SA14-24       231.30   300.20     68.90   0.00      1    0.0   210  0.8  0.0
----------------------------------------------------------------------------
including     281.54   299.09     17.55   0.00      1    0.0   188  1.5  0.0
----------------------------------------------------------------------------
including     293.76   299.09      5.33   0.00      1    0.0   261  3.0  0.0
----------------------------------------------------------------------------
and           300.20   304.90      4.70   0.00     39    1.1  2712  0.1  0.0
----------------------------------------------------------------------------
SA14-25       113.00   143.51     30.51   0.00     25    0.7   164  0.8  0.4
----------------------------------------------------------------------------
including     121.36   126.73      5.37   0.00     41    1.2   225  1.7  0.7
----------------------------------------------------------------------------
including     138.58   143.51      4.93   0.00     77    2.3   286  1.9  1.3
----------------------------------------------------------------------------
SA14-26                           No Significant Values
----------------------------------------------------------------------------
SA14-27       358.40   366.00      7.60   0.01      2    0.1   278  2.2  0.2
----------------------------------------------------------------------------
including     358.40   360.68      2.28   0.01      5    0.1   444  3.5  0.2
----------------------------------------------------------------------------
including     364.12   366.00      1.88   0.02      2    0.1   462  4.4  0.4
----------------------------------------------------------------------------
SA14-28        19.90   193.36    173.46   0.00      4    0.1    80  1.0  0.1
----------------------------------------------------------------------------
including     161.54   185.96     24.42   0.01     10    0.3   204  2.2  0.2
----------------------------------------------------------------------------
SA14-29       108.77   109.07      0.30   0.00     53    1.5   237  3.3  1.5
----------------------------------------------------------------------------

About Salamandra;

Salamandra appears to be a typical Mexican Carbonate Replacement/Skarn Deposit ("CRD") and is very similar to MAG's Cinco de Mayo Project; the same exploration model that drove successful exploration there is being applied to Salamandra. Salamandra lies 80 kilometres northwest of Mexico's largest known silver-lead-zinc CRD-skarn deposit, the Sabinas-San Martin District. Both Salamandra and Sabinas-San Martin are favorably positioned at the intersection of the Mexican CRD Belt (that also hosts MAG's Cinco de Mayo CRD project) and the Fresnillo Trend (that hosts MAG's Juanicipio Project). Previous drilling at Salamandra by Canasil (Holes SA1-12) was undertaken in a limited area characterized by medium to high-grade zinc mineralization. MAG's exploration program was designed to probe and develop a better understanding of the scope and size of the system and development of exploration vectors, so drilling focused on targets 200 to 2000 metres from previous drilling. Targets included mineralized intrusive breccias, dike swarms and mineralized structures revealed by MAG's detailed geologic mapping, geochemical sampling, and reinterpretation of Canasil geophysics. The Canasil geophysics will be reinterpreted again in the light of MAG's Stage 1 and 2 drilling results before Phase 3 drilling is undertaken.

MAG Silver-Canasil Option Agreement:

In May 2013, MAG entered into an option agreement with Canasil whereby MAG can earn up to a 70% interest in Canasil's 14,719 hectare Salamandra property (News Release dated May 28, 2013). For the initial earn-in of a 55% interest, MAG must complete C$5.5 million in exploration expenditures on the property (C$2,677,519 incurred to March 31, 2014) and make total cash payments to Canasil of C$750,000 (C$300,000 paid to date) during the first option term to May 28, 2017. MAG can earn an additional 15% by producing either a feasibility study or spending an additional C$20 million over an additional four year period.

Qualified Person, Quality Assurance and Control: These results have been compiled and provided by MAG; for details regarding the Qualified Person and Quality Assurance and Control procedures, please refer to the MAG news release dated July 21, 2014, covering these results.

About Canasil:

Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc 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 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.

A map is available at the following address: http://media3.marketwire.com/docs/958528a.pdf.

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.