Canuc Resources (TSXV: CDA) this morning announced preliminary results from its ongoing work program at its San Javier project in the Sierra Madre silver belt of Mexico. Highlights from the work program include 267 rock channel samples that were collected from bedrock exposures, with values ranging from trace mineralization to 2,859 grams per tonne silver and up to 0.59% copper.
The ongoing work program has been focused on the eastern and northeastern portions of the property in a previously unexplored area, which includes the recently acquired El Tule claim. Geological mapping of the area has determined that this area of the property largely consists of iron oxide containing breccia matrixes.
This breccia is said to be spread over a large area 900 metres by 1,200 metres in size, with one zone being 30 to 70 metres in size along a strike of 800 metres. Roughly 110 of the rock samples taken thus far during the ongoing work program were taken from this zone, with the bulk of the zone returning rock sample assays ranging from 0.20 to 20 g/t silver and 13 to 473 ppm copper.
Two structures however within this zone contained from 27.9 g/t silver to 2,859 g/t silver, averaging 434 g/t silver. These two structures also hosted 74 ppm to 2,978 ppm copper. Additional work is said to be planned for this zone.
Assay results are currently available for 157 samples out of the 267 rock channel samples that were taken. The samples were collected from old trenches, bedrock exposures, and small underground mine workings located within the iron-matrix breccia area. Certain grades from the samples, referred to as being bonanza grade by Canuc, were located within high magnetite bearing cross structures, where greater than 40% iron was reported.
The ongoing work program will now focus on the continuing to map and sample the center to eastern portion of the claim area, where the company believes the property is underlain by these iron matrix breccia zones. There is currently an 800 metre gap of unmapped property in this area, which extends to a property boundary contiguous with a claim group that has two previously identified copper deposits. These deposites, identified in 2007 by Constellation Copper Corp, were viewed as being the upper levels of an iron oxide-copper-gold deposit.
Canuc Resources Corp last traded at $0.24 on the TSX Venture.
FULL DISCLOSURE: Canuc Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Canuc Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
Mexico: The World’s Leading Silver Producer
There is a saying in the mining industry that miners go where the minerals are....