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 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.