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Last C$0.04 CAD
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canasil resources (CLZ) Snapshot

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canasil resources (CLZ) Details

Canasil Resources Inc. engages in the exploration of precious and base metal properties. The company primarily explores for gold, silver, copper, zinc, and lead. It has interests in various properties located in Durango, Zacatecas, and Sinaloa states in Mexico, as well as in British Columbia, Canada. The company is headquartered in Vancouver, Canada.

1 Employees
Last Reported Date: 05/29/15

canasil resources (CLZ) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$150.0K
Chief Financial Officer and Vice President of...
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

canasil resources (CLZ) Key Developments

Canasil Resources Inc. Announces MAG Silver Corp. Mobilizes Drill to Start Phase 3 Drill Program at Canasil's Salamandra Silver Copper Zinc Lead Project

Canasil Resources Inc. announced that MAG Silver Corp. (MAG) has mobilized a drill rig to the project site for the planned Phase 3 drill program on Canasil's Salamandra Silver-Copper-Zinc-Lead project in Durango State, Mexico. The drill contract is for a minimum of 3,500 metres of diamond drilling, and the drill program is expected to start as planned early in the third quarter of 2015. The program is aimed at identifying high-grade polymetallic Skarn and Carbonate Replacement Deposit style (CRD) mineralization. MAG reported exploration expenditures of approximately CAD 4.5 million under the option agreement as of March 31, 2015. It is expected that with the Phase 3 drill program MAG will complete the CAD 5.5 million in exploration expenditures required under the first option to earn a 55% interest in the project. Should MAG decide to exercise the first option, an accelerated cash payment of CAD 250,000 will be required to complete the total CAD 750,000 cash payments specified under the agreement. MAG Silver-Canasil Option Agreement: Under the terms of the agreement MAG can earn an initial 55% interest in Canasil's 14,719 hectare Salamandra property by incurring CAD 5.5 million in exploration expenditures and making total cash payments of CAD 750,000 over four years by May 27, 2017 (CAD 500,000 cash payments and approximately CAD 4.5 million in expenditures completed to date). Upon earning an initial 55% interest, MAG may elect to earn an additional 15% interest by producing either a feasibility study or spending an additional CAD 20 million over a further four year period. About Salamandra; Salamandra appears to be a typical Mexican Carbonate Replacement/Skarn Deposit and is very similar to MAG's Cinco de Mayo Project; the same exploration model that drove successful exploration there is being applied to Salamandra. Salamandra lies 80 kilometres northwest of Mexico's large known silver-lead-zinc CRD-Skarn deposit, the Sabinas-San Martin District. Both Salamandra and Sabinas-San Martin are favorably positioned at the intersection of the Mexican CRD Belt and the Fresnillo Trend. Previous drilling at Salamandra by Canasil (Holes SA-1 to 12) was undertaken in a limited area characterized by medium to high-grade zinc mineralization with significant silver values. MAG's exploration program was designed to probe and develop a better understanding of the scope and size of the system and development of exploration vectors, so drilling focused on targets 200 to 2,000 metres from previous drilling. The Phase 1 and Phase 2 drill programs, completed and reported by MAG in 2014, returned pervasive zinc mineralization as well as two higher grade silver-copper-zinc-lead intercepts. The exploration and drill results from these programs have been analyzed and reinterpreted to define drill targets for MAG's planned Phase 3 drill program. About Canasil: Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada.

Canasil Resources, Inc. Provides an Update on Mexico Silver Exploration Projects in Durango and Zacatecas States, Mexico

Canasil Resources, Inc. provided the following update on the Salamandra project and the company's other drill-ready silver exploration projects in Durango and Zacatecas States, Mexico: Salamandra silver-copper-zinc-lead project: The project is currently being advanced under an option agreement with MAG Silver Corp. ('MAG') whereby MAG can earn up to a 70% interest in the project For the initial earn-in of a 55% interest, MAG must complete CAD 5.5 million in exploration expenditures and make total cash payments to Canasil of CAD 750,000 by May 27, 2017. MAG can earn an additional 15% by producing either a feasibility study or spending an additional CAD 20 million over an additional four-year period. MAG completed extensive exploration programs in 2013 and 2014 including two phases of diamond drilling for a total of 10,112 metres in 17 drill holes, incurred approximately CAD 4.4 million in eligible exploration expenditures, and paid CAD 300,000 cash payments up to December 31, 2014. An additional CAD 200,000 cash payment is due on May 27, 2015. 'At Salamandra with Phase I and Phase II drilling completed in 2014, the geological system remains open in all directions. MAG has since reviewed all the drill holes to date, and completed a comprehensive core review and geological reinterpretation of the system. With this analysis and the Company's improved understanding of the system, an updated 3-D model has been assembled. Drill targets are currently being refined, and Phase III drilling is expected to commence midyear, which when completed would fulfill the exploration commitments required under the Company's 55% earn-in option.' La Esperanza silver-lead-zinc, Sandra-Escobar and Nora silver-gold-copper-lead-zinc and Vizcaino gold-silver projects: The above projects are all drill-ready with Canasil exploration work to date having defined drill targets. The La Esperanza and Sandra-Escobar projects are more advanced with extensive exploration expenditures to date including surface sampling and mapping, aerial and ground geophysics and drilling to test mineralized targets with positive results. Nora and Vizcaino are earlier stage projects where geological mapping and surface sampling have identified drill targets but these targets have not been drill tested. The Company is in discussions with a number of mining and exploration companies active in Durango and Zacatecas States interested in the possibility of cooperation agreements to advance these projects. The projects are currently under review with several site visits completed and further visits planned during April 2015.

Canasil Resources, Inc. Auditor Raises 'Going Concern' Doubt

Canasil Resources, Inc. filed its Annual on Apr 15, 2015 for the period ending Dec 31, 2014. In this report its auditor, Davidson & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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