Canuc Resources Provides San Javier Exploration Update
March 9th, 2021
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) (OTCQB: CNUCF) is pleased to announce results from additional rock sampling at the Company’s wholly owned San Javier Silver-Gold Project in Sonora State, Mexico. The latest samples were collected from three previously unsampled areas which were identified as magnetic anomalies in the Company’s recently completed airborne magnetic survey (press release January 7th, 2021). In this phase, 168 rock samples were collected from outcrop and small underground workings. The samples were channel chips ranging from 0.5 to 3.0 meters in length.
Highlights from samples taken over the ‘Northwest Anomaly’ include a silver value of 718 g/t Ag collected from an old pit overlying the magnetic anomaly found in the furthest northwest part of the Company’s property. The average Ag content of 52 samples collected over this anomaly was 70.5 g/t Ag. The host rocks in this area are brecciated diorite with iron content averaging 14.9% in the samples collected.
Seventy-five (75) samples were collected from a stockwork and breccia zone covering a strong magnetic high, the ‘Mill-rock Anomaly”, which was found extending onto the Company’s recently acquired claims on the southern part of the property. These rocks contained up to 1.185 g/t Au and 0.45% Cu. This anomaly represents a target with increased gold and copper assays which is distinct from the silver-dominant anomalies found on the northern portions of the property. The higher gold and copper numbers may represent upper levels of a larger mineralized system. The magnetic response for this area shows a feature structurally subparallel to the previously identified Restauradora and Wild Hog magnetic anomaly which accompanies higher grade silver sampled in magnetite workings near to surface. This ‘Northwest Anomaly’ could be evidence of a deeper subparallel feature located under cover.
A further nineteen (19) samples were collected from rocks overlying a strong magnetic high anomaly found in the extreme southwest part of the Company’s property. These samples averaged 22.8 g/t Ag and 0.558 g/t Au. This “Southwest Anomaly” is distinct from the magnetic anomalies referenced above and found elsewhere on the property.
22 additional samples consisted of duplicates for Quality Assurance and covered miscellaneous locations outside of the magnetic anomaly targets.
“These samples were collected over areas where magnetic anomalies first came to the attention of Company geologists upon reviewing results of the recently completed magnetic survey. The magnetic anomalies were found under cover and had not been previously recognized as representing exploration target potential. The detection of elevated silver, copper and gold values from surface samples taken over the areas of these buried magnetic highs is encouraging. The exploration team now feels that these results provide drill targets in addition to the higher-grade magnetite association anomalies on which we have started our exploration drilling.” Stated Chris Berlet, President & CEO of Canuc.
A diamond drill has been mobilized to the project and has recently commenced drilling on a breccia zone magnetic anomaly which accompanies high-grade silver values, as reported on previously.
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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Canuc is a junior resource company focusing on its 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 natural 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.
For further information please contact:
Canuc Resources Corporation
(416) 525 – 6869
Forward Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute “forward-looking statements” and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation’s strategy, plans or future financial or operating performance.
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 information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation’s annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.