Toronto, Ontario--(Newsfile Corp. - April 14, 2021) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to provide an update on the drilling program currently in progress at the Company's San Javier Ag-Au Project in Sonora State, Mexico.
The first hole, of a planned 6,000 m (20 hole) drill program, experienced several mechanical issues and was terminated at a depth of 89.5 m in a fault zone. This hole (SJ21-01), which is being drilled on the Silver Mountain target, intersected brecciated sedimentary rocks containing stockwork veining, magnetite stringers and blebs of magnetite throughout, from surface to the terminated depth. Three intervals totaling 9.0 m of massive magnetite breccia were encountered. This material was visibly similar to the veins sampled on surface which contained highly elevated Ag values ranging from 27.9 to 2,859 g/t Ag (See news release dated Sept 22, 2020). Pyrite mineralization, either disseminated or in stronger patches, was also encountered. Samples from the concentrated magnetite breccia zones as well the zones containing pyrite mineralization and the rest of the zones containing stockwork veining, disseminated pyrite and magnetite stringers have been split and sent to the lab for assay. The drill has been repositioned 2 m from the original collar, and the hole is being re-drilled to complete the test of a magnetic high detected at depth proximal to this site.
The 20-hole program is designed to test at least 4 magnetic features that underlie areas where a 2020 mapping and rock sampling program identified silver, gold and copper mineralization. At surface, the host rocks for three of these features are found to be magnetite breccia. The magnetic features include a 600 m x 400 m target area (Silver Mountain and Wild Hog Zones) made up of a cluster of moderate magnetic highs and lows in the northeast part of the property. Hole (SJ21-01) was the first of at least 5 holes planned for this area.
The second target area derives from a strong, circular magnetic anomaly measuring 600 m in diameter. Referred to as the Millrock Target, this zone at surface displays abundant stockwork veining and contains elevated gold and copper mineralization. At least 2 holes are planned to test the Millrock Target.
The third target is a donut shaped magnetic feature located in the southeastern part of the property. The core of this feature is a magnetic low approximately 400 m in diameter, surrounded by a weak magnetic high. Elevated gold and copper and lesser silver occur in surface samples in this area. The host rocks are stockworked veined sediments and feldspar porphyry containing hematite, magnetite, pyrite and copper oxides.
The fourth target to be investigated results from a strong magnetic high anomaly measuring 600 x 500 m which is located in the northwest part of the property. Ten rock samples collected from magnetite breccia at surface and from old workings along a 300 m span within this anomaly contained high silver (65.7 to 718 g/t) and copper (474 ppm to 1.03%) and elevated gold (0.039 to 0.812 g/t). The rock types in this area include volcanic and granodioritic intrusive sequences.
"Drilling at San Javier is expected to continue throughout Q2 and Q3 and we will provide further updates as progress permits." Stated Chris 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.
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