Canuc Resources Corporation (“Canuc” or the “Company”) (TSXV:CDA) is pleased to announce that the Company has entered into a definitive agreement (the “Agreement“) to acquire title to a mining concession which has an area of 151.1443 hectares (the “Concession“) from Minerales y Carbones de México S.A. de C.V. (“Carbones“).
The Agreement calls for Carbones to transfer title to the Concession for total consideration of US$100,000 (the “Purchase Price“). The Purchase Price will be satisfied by delivery of 150,000 common shares of Canuc and USD$50,000 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-V filings.
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.
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 NE-SW trending San Javier Mineralized Corridor with recently recognized north-south faults.
“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.
Canuc is a junior resources company whose principal focus is exploration and development of the San Javier Silver-Gold Project located 146 km 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.
John Nebocat, BSc (Geological Engineering), P. Eng, Vice President Exploration for Canuc, is the Qualified Person for the Company, as defined by NI 43-101, and has reviewed and approved the contents of this press release.
Disclaimer and Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Company’s annual financial statements and MD&A.