Canasia Commences Mexico Operations...
posted on Jan 20, 2010 04:58AM
Dedicated to the aggressive pursuit of world class mineral deposits
VANCOUVER, BRITISH COLUMBIA--(Marketwire – Jan. 20, 2010) - Canasia Industries Corporation (TSX VENTURE:CAJ) (OTCBB:CANSF) (FRANKFURT:45C) ("Canasia") wishes to announce that the geologists overseeing the recently announced Mexico gold prospect are now on the property. This phase of the exploration program consists of geological sampling and mapping on Canasia's 100% owned Buena Vista, Las Joyas, and Santo Nino Properties, located in central Mexico.
Graeme Sewell, a director of Canasia, stated: "Management is pleased to now be underway on this phase of work on the newly acquired, high priority Mexican Gold Prospect. This now gives Canasia multiple programs underway. Also, we are anticipating results back shortly from the bulk sample on the Clone Prospect, which returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22, 2009). This is clearly a time of increased corporate activity for Canasia."
Work conducted in 2007 on the Buena Vista Property by the previous operator described Tertiary volcanic rocks of acid to intermediate composition with strong hydrothermal alteration observed in many areas; which include areas of vuggy silica and opaline quartz and advanced argillic alteration. Quartz veins with fine disseminated pyrite and iron oxides such as hematite and limonite have been observed. Some outcrops exhibit zones of crackle type brecciation close to the vein structures. This geological environment has potential to host precious metal high sulphidation epithermal systems similar to the Yanacocha Mine, Pierina (Perú), and El Indio (Chile).
The Las Joyas Property is located in the historic mining districts of El Oro and Tlalpujahua. This gold belt is characterized by gold-silver quartz veins and disseminated mineralization. The property is comprised of 31,601.52 hectares and the central area of the property contains small active gold mining claims.
The Santo Nino Property hosts a large area of hydrothermal alteration as well as several small past producing mines. Access to the properties is via paved highway from either Mexico City or Guadalajara and all of the properties are well served by existing infrastructure.
The technical contents of this release have been approved by Greg Thomson, P. Geo., a Qualified Person as defined in NI 43-101.
If you would like to be added to Canasia's news distribution list, please send your email address to [email protected].
Canasia has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) The Clone Gold prospect in Stewart, BC, that has recently returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22, 2009); (b) The Debut Gold prospect in NE Nevada where Kinross Gold is now actively drilling; (c) 55,300 contiguous acres at Reed Lake, Manitoba; (d) 450,000 contiguous acres of Potash claims, bordering Alberta and Saskatchewan; (e) 130,500 acres prospective for Coal in SE Saskatchewan; (f) 180,000 acres prospective for Lithium in Alberta; (g) and three mineral claims covering an area of approximately 31,602 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.
Graeme Sewell, Director
Canasia Industries Corporation
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contactCanasia Industries Corporation