February 6, 2020
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) is pleased to provide results of a sampling program that was focused along the Company’s San Javier mineral trend at it’s 100% owned San Javier Silver-Gold Project.
A program was undertaken to sample artisanal workings at various locations within the property to confirm the hypothesis of vein continuity along the extent of the Company’s 3 km contiguous claim holding.
Between 2010 and 2019 the Company acquired a total of 17 claims covering 3 km of strike and down dip extensions of silver and gold veins that had been the subject of small-scale historical mining. Results from an exploration program conducted by Canuc in 2017 and 2018 established a geological model consisting of stacked, subparallel veins. A small drilling program defined multiple, independent veins containing high to bonanza grades of silver and gold. Also reported with exploration results (see News Release May 22, 2018) were two distinct breccia zones found on surface which yielded robust grades of silver and gold over widths that were much wider than simple vein deposits.
The most recent sampling program has been designed to confirm the hypothesis of vein system continuity along the 3 km mineral trend. This was done with a view to preparing the Company for an upcoming drill program on the 17 contiguous claims of the San Javier Silver-Gold Project.
“We are pleased with these results and believe that these high-grade silver and gold samples, taken from several locations along the 3 km of strike extent of the San Javier Silver-Gold Project, confirm our hypothesis of vein continuity along the trend of the Company’s claims.
Our most recent results confirm that high grade silver and gold veins are evidenced along the full 3 km extent of the San Javier Silver-Gold Project. This validates our strategy of acquiring and combining claims along the strike length of the San Javier Mineralized Corridor.
The Company has 17 contiguous claims, covering 3 km of strike length and the down dip projections of surface veins, and has now been able to confirm silver-gold mineralization along the extent of the Mineralized Corridor.” stated Chris Berlet, President & CEO.
The samples were collected and delivered to Bureau Veritas Mineral Laboratories in Hermosillo, Mexico, a certified, internationally recognized assay laboratory. Gold analyses were completed using a Fire Assay AAS Finish on a 30-gram sample at the Hermosillo Laboratory. All samples were also analysed for a multi element suite (ICP) from pulps sent to their Vancouver laboratory.
Fifteen of the sixteen samples exceeded the ICP upper detection limit for silver (>100 ppm) and were subsequently analysed by Fire Assay – gravity finish in the Hermosillo laboratory. All samples were chip samples, which are reasonably representative of the bedrock exposures and suitable for the purposes described herein.
Table 1 Sample assays from the San Javier Mineralized Corridor
|WIDTH (M)||Au g/t||Ag g/t||DESCRIPTION|
|1||0.6||1.8||11||Southwest extent of the claims up-dip|
|2||0.6||0.33||114||Southwest extent of the claims up-dip|
|3||0.8||17.9||111||1,200 meters along strike Northeast|
|4||1.1||11.6||99||1,200 meters along strike Northeast|
|5||0.4||3.1||138||1,200 meters along strike Northeast|
|6||1.1||4.13||197||1,200 meters along strike Northeast|
|7||0.6||0.65||170||1,500 meters along strike Northeast|
|8||0.9||0.06||44.9||1,500 meters along strike Northeast|
|9||0.4||0.28||262||1,650 meters along strike Northeast|
|10||0.3||0.24||243||2,000 meters along strike Northeast|
|11||0.5||0.02||182||2,700 meters along strike Northeast|
|12||0.9||0.02||195||2,700 meters along strike Northeast|
|13||0.3||0.19||399||2,700 meters along strike Northeast|
|14||1.5||0.13||239||2,700 meters along strike Northeast|
|15||1.4||0.02||705||2,400 meters along strike Northeast|
|16||1.6||0.02||578||2,400 meters along strike Northeast|
Figure 1 Sample locations from the San Javier Mineralized Corridor
Canuc is a junior resource company holding the San Javier Silver-Gold Project in Sonora State, Mexico. The Company generates cash flow from natural gas production at its MidTex Energy Project in Central West Texas, USA where Canuc has an interest in eight producing gas wells and has rights for further in field developments. Canuc also has exclusive rights, through a Partnership Agreement with Ioticiti Networks Inc., to sell Industrial IoT applications and infrastructure in the Provinces of Alberta and Saskatchewan, Canada and in the State of Texas, USA.
Seymour M. Sears, B.A., B.Sc., P.Geo is the Qualified Person for the Company, as defined by NI 43-101, and has reviewed and approved the contents of this press release.
For further information please contact:
Chief Executive Officer and Director
(416) 525 – 6869
Disclaimer and Forward-Looking Statements
Neither the 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 of this release.
This news release contains forward-looking statements within the meaning of applicable securities laws relating to the Transaction, including statements regarding the terms and conditions of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that the parties will not proceed with the Transaction, that the ultimate terms of the Transaction will differ from those currently contemplated, and that the Transaction will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities, including the Exchange). If the Transaction is not completed, and the Company continues as an independent entity, there is the risk that the announcement of the Transaction and the dedication of substantial resources of the Company to the completion of the Transaction could have an adverse impact on the Company’s existing business and strategic relationships, operating results and business generally. When used in this news release, the words “estimate”. “project”, “anticipate”, “expect”, “intend” “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The statements in this news release are made as of the date of this release. Additional information identifying risks and uncertainties is contained in Canuc's filings with the Canadian securities regulators, which are available at www.sedar.com.
Completion of the Transaction is subject to Exchange acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.