Toronto, Ontario--(Newsfile Corp. - July 11, 2023) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to announce the signing of an agreement to acquire an additional claim at the San Javier Silver-Gold Project in Sonora State, Mexico. The newly acquired claim is contiguous with the Company's existing claims and covers a total of 96.5051 hectares of prospective ground.
The acquisition of this additional claim at San Javier brings the Company's total contiguous claim position to 1,052.9 hectares. Canuc now has agreements for 100% ownership of 28 contiguous claims in the heart of the San Javier Silver-Gold mining camp.
San Javier Area Interest
The San Javier area first came back into focus during September of 2020 when Barksdale Resources Corp. announced an earn in on several claims covering a combined 1,184 hectares of ground in the San Javier mining and exploration camp. These exploration claims (previously held by Constellation Copper Corp.) are contiguous with Canuc claims to the south, west and east.
Further interest in the San Javier area came during October 2020 when Osisko Development Corp. announced acquisition of the San Antonio claims group (previously held by Red Tiger Mining Inc.). The San Antonio claims acquired by Osisko Development Corp. are contiguous with Canuc claims to the north, south and east. The San Antonio claims cover an area of 11,338 hectares.
"The recently purchased claim is a strategic addition to the company's claim group at San Javier and provides Canuc with comprehensive coverage of an area surrounding the largest magnetic-high anomaly detected during the company's magnetic survey of 2021. This principal magnetic-high anomaly, measuring 800 meters by 400 meters, is manifest approximately 300 meters west of where magnetite silver veining comes to surface and where old artisanal mine workings were tunneled on magnetite veins which sampled high to bonanza grades of silver."
"The magnetic-high anomaly also has dimensions similar to, and is coincident with, an area previously reported where the company sampled elevated silver in soils extending for over 800 meters of strike length and detected over a width of approximately 400 meters. This area, and the associated magnetic-high anomaly, represents the company's primary target for the discovery of silver IOCG deposition at San Javier," stated Christopher Berlet, President and CEO of Canuc Resources Corp.
"The detection of massive magnetite and magnetite veining on company claims, which is found in combination with high to bonanza grades of silver that is manifest with a preponderance of silver halides, as well as the prevalence of copper and gold mineralization, have given us confidence in the IOCG thesis for ore genesis at San Javier."
Canuc has assembled 28 contiguous claims in the San Javier mining camp covering key geological features of the San Javier IOCG system. The progressive accumulation of claims in the San Javier area is in keeping with the Company's objectives for value development as a junior exploration and development company.
Seymour M. Sears, B.A., B.Sc., P.Geo. is the Qualified Person for the Company, as defined by NI 43-101, and has reviewed and approved the contents of this press release.
About Canuc
Canuc is a junior resource company focusing on its San Javier Silver-Gold Project in Sonora State, Mexico. The Company also generates cash flow from natural gas production at its MidTex Energy Project in Central West Texas, USA where Canuc has an interest in eight (8) producing natural gas wells and has rights for further in field developments.
For further information please contact:
Canuc Resources Corporation.
(416) 525 - 6869
cberlet@canucresources.ca
Forward-Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute "forward-looking statements" and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation's strategy, plans or future financial or operating performance.
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 information. The forward-looking information is based on current expectations and applies 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 information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation's annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
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