Mr. Dave Derby of Canasia reports
ALL 7 HOLES OF 2006 PROGRAM CUT GOLD MINERALIZATION AT CLONE PROPERTY, INCLUDING 35.5 FEET OF 0.178 0Z/TON GOLD
Canasia Industries Ltd., Silver Grail Resources Ltd. and Teuton Resources Corp. have received final drilling results from a recently completed program on the Clone gold property, located southeast of Stewart, B.C. The Clone property is jointly owned by Silver Grail and Teuton and is currently under option to Canasia which can earn a 50-per-cent interest in the property by spending $1.8-million in exploration over a five-year term. To date, Canasia has spent in excess of $400,000 on airborne geophysical surveys and diamond drilling.
Significantly, all seven holes of the 3,240-foot 2006 drill program cut gold-bearing intercepts, varying in length from three to 35.5 feet, as follows:
Hole From To Interval Gold
No. (ft) (ft) (ft) (opt)
CL06-1 392.5 409.0 16.5 0.125
including 402.0 405.0 3.0 0.303
CL06-2 233.0 236.0 3.0 0.153
CL06-3 32.0 52.0 20.0 0.178
including 42.0 48.5 6.5 0.390
CL06-4 33.5 49.5 16.0 0.114
including 39.5 42.5 3.0 0.300
CL06-5 40.5 76.0 35.5 0.178
including 50.0 73.0 23.0 0.232
and 107.0 110.5 3.5 0.579
CL06-6 113.0 116.0 3.0 0.629
157.0 162.0 5.0 0.448
CL06-7 113.0 116.0 3.0 0.332
151.0 156.5 5.5 0.824
The 2006 drill program was designed to shed further light on the attitude of the gold-bearing H (hematite) and S (sulphide) structures/horizons identified within the 1,600-foot-long Main zone by trenching and drilling in 1996 to 1998 and 2003.
Three holes were drilled from the first collar to test the principal H-1 structure. The first two of these holes did not intersect the H-1 zone where expected, possibly due to faulting. However, after adjusting the azimuth, H-1-type gold mineralization was successfully intercepted at shallow depth in the third hole. Deeper, gold-bearing intersections obtained in the first two holes are interpreted to be from parallel shears.
Holes CL06-4 and CL06-5, collared above trench No. 10, successfully tested the S-1 horizon. The final two holes drilled from the third collar tested the H-1 zone at moderate depth, each encountering two separate gold-bearing zones. True widths of the intervals are not known at this time.
A lingering snowpack at higher elevations precluded a thorough investigation of the many EM conductors discovered throughout the Clone property by Aeroquest earlier in the year. These targets, along with several induced polarization anomalies detected by ground surveys in 1997, remain to be tested by diamond drilling. Canasia geological personnel intend, during the winter months, to study the large database established by previous and recent work on the Clone property. Priority targets identified during this review will be followed up by a diamond drilling program in 2007. The scope of this program will be announced at a later date.
Dave Derby, president of Canasia, stated: "I am very encouraged that all seven holes drilled in the 2006 program intersected gold-bearing mineralization in the Main zone. It appears we are one step closer to fully understanding the structural controls for this intriguing high-grade gold system." Mr. Derby added, "It should also be emphasized that we have nearly doubled the size of this outstanding property by way of additional staking in preparation for renewed exploration in the 2007 field season."
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