Canuc Resources Corp. {TSX.V: CDA} has entered into a definitive agreement to acquire title to a mining concession which has an area of 151.1443 hectares from Minerales y Carbones de Mexico SA de CV.
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CANUC ANNOUNCES STRATEGIC TITLE ACQUISITION AND BRECCIA TARGETS
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Canuc Resources Corp. {TSX.V: CDA} has entered into a definitive agreement to acquire title to a mining concession which has an area of 151.1443 hectares from Minerales y Carbones de Mexico SA de CV.
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The agreement calls for Carbones to transfer title to the concession for total consideration of $100,000 (U.S.). The purchase price will be satisfied by delivery of 150,000 common shares of Canuc and $50,000 (U.S.) in cash. Canuc has received conditional approval for the issuance of its shares and the expedited acquisition of title to the concession, subject to receipt of all required TSX Venture Exchange filings.
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The newly acquired mining concession envelops existing land holdings to the northeast. Early exploration has determined that silver-gold mineralization strengthens to the northeast. There is a distinct possibility that silver-bearing breccia and stockwork zones will be confirmed along this trend as exploration progresses. The confirmation of silver-gold-bearing breccia zones, uncovered on surface, would mark a change in prospects for a significant mineral discovery at San Javier.
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Two such silver-gold-bearing breccia bodies have already been documented, Cerro Colorado and Carranza. Three more breccia bodies have been discovered this month. All of these breccia bodies are exposed on surface and occur at the intersection of the known northeast-southwest-trending San Javier mineralized corridor with recently recognized north-south faults.
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“The discovery of mineralized breccia zones on surface would be of considerable importance. Confirmation of silver-gold-mineralized breccia zones would quickly shift our focus from the proven high-grade veins to these larger bulk-tonnage-type targets. This would have a major impact on the company’s future,” stated Hub Mockler, executive chairman.
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About Canuc Resources Corp.
Canuc is a junior resources company whose principal focus is exploration and development of the San Javier silver-gold project located 146 kilometres east of Hermosillo in Sonora state, Mexico. The company also generates cash flow from natural gas production in central West Texas, where Canuc has an interest in nine producing gas wells, and has rights for further in field developments.
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John Nebocat, BSc (geological engineering), PEng, vice-president of exploration for Canuc, is the qualified person for the company, as defined by National Instrument 43-101, and has reviewed and approved the contents of this press release.
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To read the news release, please click HERE
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