Here's the release we've been waiting for.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CANUC RESOURCESCORPORATION
CANADIAN DEALING NETWORK SYMBOL: CANC
MAY 29, 1997
Canuc Resources Corporation Reports On Sample Results Of
The Gold-Copper Zone In Nambija, Ecuador Property
TORONTO, ONTARIO--Canuc Resources Corporation (the "Company")
announced today the first results of its extensive sampling
program of the gold-copper zone located in the north-eastern
portion of its Nambija property in south-eastern Ecuador. The
samples numbering 296 in total were taken from the underground
workings in a block measuring 300 meters in length, 120 metres in
width and 80 metres in depth, averaged 2.58 grams of gold and 2.68
pounds of copper to the tonne. Assuming a density factor of 3
tons to the cubic metre, a block of these dimensions would contain
approximately 8.6 million tonnes. As far as can be determined the
mineralized area appears to have a minimum length of 650 metres
and a width of 300 metres and an average depth of over 200 metres.
Given these measurements, the block tested represents only about
8 percent of the gold-copper area. These grades which ran as high
as 25 grams of gold and 22 pounds of copper to the tonne are
generally considerably higher then those found in the gold-copper
deposits currently being mined in northern Chile.
The sampling program, as well as its supervision by Oscar Davila,
was recommended to us by our joint venture partner, Placer Dome
Inc. All samples were tagged and sealed immediately upon being
taken. From there they were shipped to Bondar Clegg's preparation
laboratory in Quito and then forwarded to that company's assay
facilities in Vancouver.
The principle purpose of this program was not to prove specific
reserves but was rather designed to test for the extent and grade
of the economic minerals. The results are very satisfactory and
prove that this is a significant structure on the property.
Moreover, an important feature of this mineral zone is the
relatively small amount of overburden present. This feature would
allow for easy, low cost development of an open pit mine.
In addition to more extensive sampling in the gold-copper zone, a
detailed underground sampling program was also carried out on
other parts of the property including the skarn zones located
along our west boundary. These results are currently being
evaluated and will be reported on at a later date. This sampling
also included the Gold Star mine previously reported on.
Canuc currently has 37,719,060 Common Shares issued and
outstanding.
The common shares of Canuc are traded on Canadian Dealing Network
("CDN") under the symbol "CANC"
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