Headquartered in Toronto, Canuc Resources Corporation is a junior mining exploration company focusing on exploring and developing its assets in the America’s.
In March of 2017, Canuc completed an RTO (Reverse Takeover) of Santa Rosa Silver Mining Corporation which owned the San Javier Silver-Gold Project in Sonora State, Mexico.
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.
In 2011 the company acquired MidTex Oil & Gas, a private Ontario corporation which owned a producing gas well in Stephens County Texas. Subsequent to this acquisition the company expanded it’s activities in the petroleum sector by entering into a management agreement with Marjac Oil & Gas a local operator in the Stephens County area. This arrangement has proven very beneficial in that it has exposed the company to several opportunities which would not have been available to Canuc without a presence in the area. This association also means that we do not have to maintain a corporate staff in Texas. As a result of the MidTex association the company was able to acquire a 20% working interest [16% net revenue] in two new leases. The first was a 2000 acre land package subsequently reduced to 700 acres and is collectively known as the Thompson leases Currently there are eight wells – in addition to the one well purchased on this lease with several in fill locations to be drilled in the future. In addition to the present productive horizon there are two more known productive zones further up the hole which will be developed once the present zone is depleted The second acquisition was a 15% working interest [12% net revenue} in a large tract of land in Shakelford County Two wells were drilled on this lease but are only marginally profitable. No further work is contemplated on this property.
Additional wells will be drilled on the Stephens County leases as means of enhancing cash flow which is a component of the company’s strategy to minimize shareholder dilution while creating value for our stakeholders.