Canuc Provides San Javier Exploration Update and Reports on SJ-21-04

Canuc Provides San Javier Exploration Update and Reports on SJ-21-04

October 12th, 2021

Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) (OTCQB: CNUCF) is pleased to provide an update on the exploration program currently in progress at the Company’s San Javier Ag-Au Project in Sonora State, Mexico.

Three holes have been completed to date. The fourth drill hole (SJ-21-04) is in progress and is currently at a depth of 922 m and ongoing. Drill hole four (SJ-21-04) is continuing because chalcopyrite has been visibly identified first beginning at 302 m, becoming more persistent beyond a depth of 534 m and is still visible in core at a depth of 922 m. Company geologists believe that this drill hole has the potential to identify a mineralized intrusive body consistent with the discovery model that the Company has been pursuing.

This drill hole (SJ-21-04) was designed to test a kilometer long magnetic anomaly detected near historical workings referred to as the Chiripas Mine. Earlier surface and shallow underground sampling of magnetite veining at the Chiripas Mine encountered strong silver values ranging up to 644 g/t over 0.43 m. The drill hole has intersected a broad zone of variably stockworked and brecciated Barranca sediments with minor andesitic dykes. The Barranca sediments show contact metamorphism from about 461 m and downward, variable amounts of magnetite bearing veinlets, stringers and breccia matrix throughout. Local narrow magnetite veins accompany the important presence of sulfides from 34 m, including pyrite, pyrrhotite and possibly also bornite and cerargyrite at depth. The first 850 m of drill core has been split and sent for assay.

Below is a summary of the geology intersected in the first 3 holes drilled prior to SJ-21-04.

Hole SJ-21-01 was drilled to a total depth of 89.5 m (lost in a fault zone) and encountered brecciated Barranca sediments including siltstone, sandstone, conglomerate and variable amounts of magnetite bearing veinlets, stringers and a breccia matrix throughout. Local narrow magnetite veins included an assay of 126 g/t Ag over 2.35 m. Hole SJ-21-02 (twin of Hole SJ-21-01) was drilled to a total depth of 139.5 m. Brecciated Barranca sediments were encountered. A massive magnetite vein was intersected at 30.1 m grading 243 g/t Ag over 2.0 m.

Hole SJ-21-03 (Millrock Au target) was drilled near to the southern boundary of the Company’s claims to a total depth of 500.5 m (stopped because of drilling problems). Drilling encountered brecciated and stockworked Tarahumara volcanics including agglomerates, pyroclastic breccias, lapilli tuffs and flows of trachytic composition with variable amounts of magnetite-specularite bearing veinlets, stringers and a breccia matrix throughout. From 38 m the presence of chalcocite (copper sulphide) was reported, and from 170 m downward the presence of sulfides including the presence of chalcopyrite from 332 m downward. The hole intersected scattered gold values throughout, ranging from trace to 1.19 ppm (equivalent to 1.19 g/t). Intersections included: 0.426 ppm Au over 1.8 m; 0.465 ppm Au over 1.55 m; 0.528 ppm Au over 1.15 m; 0.592 ppm Au over 1.35 m; 1.069 ppm Au over 0.5 m and 1.19 ppm Au over 0.45 m. SJ-21-03 also intersected scattered copper mineralization including 0.41% Cu over 1.95 m and 0.34% Cu over 0.65 m.

More detailed information relating to the above drill holes will be provided in future news releases and on the company website.

New Gold Zone

The gold bearing breccia zone discovered while bulldozing a drill road earlier in the summer (press release August 4th, 2021) has been traced over a strike length of 3.3 km within the Company’s claim group. Gold values range from trace to 17.9 g/t over 0.8 m, and detailed mapping along with additional sampling is now in progress. One of the drill holes currently scheduled will be testing a very strong magnetic target centred within this zone.

“The fourth drill hole (SJ-21-04) is ongoing at a depth which is now in excess of 922 m. This drill hole is located towards the center of the company’s claim group. The detection of chalcopyrite, and some other copper minerals, in veinlets is encouraging as we move through a contact metamorphic environment towards the intrusive source. Also, we observe that the dimensions of the new gold zone first identified earlier this year continue to extend significantly within company claims.” Stated Christopher Berlet, President and CEO of Canuc.

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.

 

About Canuc

Canuc is a junior company focusing on 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 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

cberlet@canucresources.ca

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.

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.