Canuc Resources Corp. (TSX.V: CDA)

Released preliminary results from a continuing work program on the San Javier silver-gold project. The San Javier project is located 125 kilometres southeast of Hermosillo in the prolific Sierra Madre silver belt of northwest Mexico.

Rock samples up to 2,859 g/t Ag at San Javier were collected.

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2020-09-22 10:11 ET – News Release

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CANUC PROVIDES SAN JAVIER EXPLORATION UPDATE

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Canuc Resources Corp. has released preliminary results from a continuing work program on the San Javier silver-gold project. The San Javier project is located 125 kilometres southeast of Hermosillo in the prolific Sierra Madre silver belt of northwest Mexico. Mexico is the world’s second largest silver producer and most of Mexico’s silver production comes from the Sierra Madre belt.

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The current work program has been focused on the eastern and northeast part of the project covering an area that was previously unexplored by the company. The area of coverage includes the recently acquired, and previously underexplored, El Tule claim. The work program encompassed reconnaissance geological mapping and rock sampling. Geological mapping has determined that the eastern part of the San Javier project is underlain mainly by Triassic aged Barranca group sandstones and siltstones that are cut by abundant zones of hydrothermal breccia.

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The matrix to these breccias consists mainly of iron oxide (magnetite, hematite) and related hydroxides (limonite, goethite) with local quartz, carbonate and barite. The mineralogy suggests that the breccia zones may represent the lower part of a large, magmatic hydrothermal system. The breccia zones locally contain relatively narrow (up to 1.5 metres) lenses consisting of massive magnetite matrix material with bonanza grade Ag and elevated Cu.

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The work program has identified these swarms of iron-matrix breccia over a large area measuring 900 by 1,200 m which remains open laterally in an unmapped area of the company’s claims. One of the individual breccia zones in this area measures from 30 to 70 m in width and has been traced for approximately 800 m along strike. It occurs adjacent to two fault structures.

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To date 267 rock samples have been collected from bedrock exposures, old trenches and small underground mine workings found within the iron-matrix breccia area. Assay results are available for the first 157 of these samples. Values range from trace to 2,859 grams per tonne Ag (80 ounces) and from 74 parts per million to 0.59 per cent Cu. Of the first 157 samples analysed by ICP methods, 35 exceeded the maximum detection limit for Ag (more than 100 g/t Ag) and were re-assayed by fire assay methods. The bonanza grade Ag values and the higher Cu values are from several of the high magnetite (greater than 40 per cent Fe) bearing cross structures. Several of these mineralizsed zones have been exploited by small scale artisanal miners.

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Approximately 110 of the samples were collected from the 800-metre-long breccia zone described above. The bulk of this breccia zone contains approximately 5 per cent iron matrix (mainly hematite) and contains values ranging from 0.4 to 20 g/t Ag and from 13 to 473 ppm Cu (80 samples). Two structures with massive magnetite matrix within this zone contained from 27.9 to 2,859 g/t Ag (average of 434 g/t Ag (13.9 oz)) and from 74 to 2,978 ppm Cu (average of 0.10 per cent Cu). Additional work is now planned on this breccia zone.

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The work program will continue mapping and sampling on the company’s center to eastern claim area where the property appears to be underlain by the iron-matrixed breccia zones. There is approximately 800 m of unmapped ground between the current mapping grid and the company’s property boundary. This property boundary is contiguous with a claim group containing two previously identified Cu deposits — Mesa Grande and La Trinidad — explored in 2007 by Constellation Copper Corp. These deposits were considered to be the upper levels of an iron oxide-copper-gold (IOCG) deposit type.

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All samples were channel samples ranging in width from 0.1 to 3.0 m in thickness. Sample locations are spray painted and marked by aluminum tags in the field and the samples are placed in plastic bags with the appropriate sample tag; sample numbers are also written on the outside of the bags; locations are acquired by GPS and recorded at the site along with sample descriptions. They are then stored at a secure site until delivered directly to the certified laboratory of Bureau Veritas in Hermosillo, Mexico. All samples were assayed for Au by fire assay, AA finish in Hermosillo and all overlimit samples assayed for Au and Ag by fire assay, gravimetric finish. All samples were analyzed by Aqua Regia digestion, ICP methods for 33 elements in the Bureau Veritas laboratory in Vancouver, B.C., Canada.

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Seymour M. Sears, BA, BSc, PGeo is the qualified person for the company, as defined by NI 43-101, and has reviewed and approved the contents of this press release.

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About Canuc Resources Corp.

Canuc is a junior resource company holding the San Javier silver-gold project in Sonora State, Mexico. The company generates cash flow from natural gas production at its MidTex energy project in Central West Texas, United States, where Canuc has an interest in eight producing gas wells and has rights for further in field developments.

We seek Safe Harbour.

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