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Last C$0.04 CAD
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As of 12:03 PM 05/20/15 All times are local (Market data is delayed by at least 15 minutes).

canasil resources (CLZ) Snapshot

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05/29/14 - C$0.09
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04/1/15 - C$0.03
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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: 04/15/15

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. 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.

MAG Silver Corp. Plans Phase 3 Drill Program at Canasil's Salamandra Silver-Copper-Zinc-Lead Project in Durango State, Mexico

Canasil Resources Inc. announced that MAG Silver Corp. has informed the company that MAG is nearing completion of a comprehensive review of the data generated by past exploration programs at the Salamandra project to define drill targets for the planned Phase 3 drill program. The data includes airborne and ground geophysical surveys, extensive surface geochemical sampling, 3,600 metres of diamond drilling in 12 drill holes by Canasil and 10,100 metres of diamond drilling in 17 holes by MAG under the Canasil-MAG option agreement. 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: SA-13-13 cut 810 metres with 0.6% zinc (Zn) including 31.72 metres with 3.6% Zn and 17.72 metres with 5.0% Zn. SA-14-15 cut 7.89 metres returning 166 grams per tonne (g/t) silver (Ag) and 1.2 % copper (Cu), including 2.3 metres with 393 g/t Ag and 3.6% Cu with appreciable lead and zinc. SA-14-20 cut 0.63 metres grading 258 g/t Ag and 0.27% Cu lying immediately above 9.9 metres grading 2.4% zinc. Drill targets and drill contracts are being evaluated and finalized and drilling is expected to start as soon as drill targets have been defined aimed at identifying high-grade polymetallic skarn and CRD mineralization.


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