Canuc Resources Begins Magnetic Survey
November 17, 2020
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) (OTCQB CNUCF) is pleased to announce the start of a drone supported, high frequency, magnetic survey over its newly acquired claims at the San Javier Silver-Gold Project. The magnetic survey will identify significant magnetic response targets for follow up drilling.
Geophysical Surveys S.A. de C.V., a professional geophysical survey company headquartered in Mexico City, has mobilized to San Javier. Geophysical Surveys S.A. de C.V. is now flying drone supported magnetic response equipment over the silver-bearing magnetite swarms that have been identified within, and proximal to, the large silver-bearing breccia structures uncovered in July and August of this year and first reported in a press release dated September 22nd.
One silver-bearing breccia structure has been reported to have a strike length in excess of 800 meters and a width of 80 meters. This breccia body hosts intense magnetite swarms and old mine workings with high to bonanza grades of silver found in veins. Background silver assays were also reported throughout the breccia structure. The magnetite swarms are prevalent over an area of 1 square kilometer of the Company’s ground.
The detection of intense magnetite swarms on the Company’s claims in the summer of 2020 was deemed to be of geological significance. Magnetite had been identified as a key indicator for IOCG deposit potential by Dr. Murray W. Hitzman in his San Javier site visit report of October 2006.
A copy of Dr. Hitzman’s site visit report can be found on the Company’s website at:
https://canucresources.ca/iocg-discovery-at-san-javier/
Magnetite concentrations below surface will provide a robust response to the magnetic survey which is currently in progress. The silver-bearing magnetite veins that have been identified on surface may lead to more massive concentrations below surface. This would be consistent with the IOCG deposit model first postulated for San Javier by Dr. Hitzman in 2006.
The drone supported high frequency magnetic survey currently in progress will be followed up by a ground based low frequency magnetic survey. The latter will identify the depth and orientation of metal bearing structures for drill testing. Drilling is expected to begin in early December 2020.
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.
About Canuc
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.
For further information please contact:
Canuc Resources Corporation
(416) 525 – 6869
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