Canuc Resources Corporation (TSX-V: CDA) is a junior resource company based in Toronto, Canada. The Company is focused on exploring its San Javier Silver/Gold Project (San Javier) in Sonora State, Mexico held through 100% owned subsidiary Santa Rosa Silver Mining Corporation (SRSMC). The San Javier Project hosts a high grade silver and gold system located approximately 130 km south east of the State capital of Hermosillo.
San Javier represents the principal value proposition for Company shareholders. Canuc completed a successful RTO of Santa Rosa (SRSMC) in late February 2017, and is now moving forward quickly with exploration initiatives, including drilling. The San Javier Project hosts multiple levels of historical underground workings, and a comprehensive sampling program has yielded consistently high silver grades with gold credits.
Exploration efforts will include extending surface control grids for soil sampling, mapping and possible geophysics along the entire strike length of the known mineralized system on the property; diamond drilling, starting at the Santa Rosa workings, testing for vertical and horizontal continuity beyond the underground workings and testing for multiple, parallel vein systems and bulk tonnage potential, as indicated along surface exposures. Company management are excited about prospects for defining value through exploration on San Javier, and expect to provide regular updates as work progresses on the Project.
In 2011 the Company acquired MidTex Oil & Gas Corporation , a private Ontario corporation with producing gas wells in Stephens County, Texas. At present, the Company is participating in six producing gas wells on three leases. All of these wells are currently producing from a gas horizon and have at least two more zones at higher levels behind pipe. One of these horizons is a known oil producer and will be brought on stream when the presently producing gas zones are depleted.
The Stephens County leases can also support further wells within the existing acreage. Further wells can be drilled and produced to enhance cash flow at a future date when market conditions merit expansion and in-field developments.
Cash flow from hydrocarbon production is a component of the Company’s strategy to prevent shareholder dilution, and to create shareholder value while minimizing treasury share issuance.
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