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Canuc Provides San Javier Exploration Update

·7 min read

Toronto, Ontario--(Newsfile Corp. - May 5, 2022) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) ("Canuc" or the "Company") is pleased to provide an update on the exploration program currently in progress at the Company's San Javier Ag-Au Project in Sonora State, Mexico.

Silver Anomaly

A soil geochemical survey has been carried out over a magnetic high feature located in the north part of the San Javier Project area. The magnetic high was detected last year in an area that is covered with shallow overburden. The 63-sample grid covered the central part of the NE-SW trending magnetic target - a target area referred to as the Silver Mountain Zone. Bonanza grade silver values have been obtained previously from massive magnetite zones associated with the margins of the magnetic high.

Within the soil grid, samples ranging from 5,123 to 36,671 ppb Ag (5 to 36 g/t) define a 50 to 100 m wide trend that extends for approximately 300 m across the grid. This anomaly lies within a broad area of very anomalous silver in soils. Only 7 of the 63 samples collected contained less than 1.0 g/t Ag. The anomalous Ag trend is accompanied by a modest Au anomaly having values ranging from 38.6 to 87.5 ppb within a relatively high 2.0 to 32.5 background. Only 9 samples contained less than 5.0 ppb Au.

The target area appears, from the limited outcrop observations that are possible, to be underlain by an extensive hydrothermal breccia. This 'Silver Anomaly' target has not yet been drill-tested and will be the subject of follow up work as outlined below.

Gold Zone Exploration

The Gold Zone is a 3 km NW-SE trending zone of deformed volcanic and sedimentary rocks containing elevated gold mineralization that has been identified across the southern part of the Company's San Javier Project area. Geological mapping has determined that the Gold Zone ranges in width from 200 m to over 600 m across the structural trend.

The Company has completed 11 bulldozed cross-cut trenches at various intervals across the 3 km extent of this zone. The trenches range from 65 m to 638 m in width. A total of 3,295 m (3.3 km) has been excavated across the 11 trenches. From these trenches, 1,829 channel samples have been collected from exposed bedrock. An additional 46 samples have been collected from various locations within the trend. Individual rock samples typically have an in-situ length of 2.0 m.

Gold and copper results from the first three trenches have been reported in an earlier news release (See News Release December 14th, 2021). Elevated gold and copper results are evidenced in all three of the initial trenches. Samples from the remaining 8 in-fill trenches completed across the structure (1,283 samples) have recently been sent to the lab for assay, and results are expected by June-July 2022. Confirmation of gold and copper assays across the 8 remaining in-fill trenches will elevate the geological significance of this surficially extensive zone.

SJ 22-04

Hole SJ-21-04 was drilled near the center of the property and was originally designed to test a broad magnetic anomaly interpreted to be at a depth of 300 m. The hole intersected pyrite bearing stockwork quartz/calcite veining and hydrothermal breccia to a depth of 480 m and then passed through a zone of highly fractured and veined hornfels (contact metamorphic rock) with scattered andesitic dykes. From 1,033 m to 1,193 m the hole passed through porphyritic to fine grained tonalitic dykes and silicious hornfels with up to 10% sulphides (pyrrhotite, pyrite, chalcopyrite).

At 1,193 m the hole intersected a highly potassic altered, silicified intrusive rock containing from 2 to 15% sulphides including pyrrhotite, pyrite, marmatite and chalcopyrite. Assay results have been received for the upper part of the hole to a depth of 912 m (See News Release dated December 14th, 2021). Results have also been received for an 18 m interval commencing at the start of the altered intrusive at 1,193 m. This section contained elevated copper values (>0.04% Cu) suggesting a very fertile intrusive.

SJ 22-04 has confirmed the presence of at least one mineralized intrusive underlying zones of near surface mineralization at San Javier. The geological significance of this finding will be confirmed with the Company's ongoing exploration initiatives.

Copper-Gold Stockwork Zone

The Copper-Gold Stockwork Zone is a zone of stockwork veining located on the north flank of a donut shaped magnetic high in the north-central part of the property, first identified in 2021. The diameter of the donut is approximately 1,200 meters. Twenty-two (22) samples have been collected from 3 locations within a 200 m wide by 600 m long zone that lies on the north flank of the magnetic feature. These samples contained an average grade of 0.38 % Cu, 0.296 g/t Au and 3.9 g/t Ag (See Table 1).

TABLE 1

Metal

High

Low

Average

Au

2.731 g/t

<0.005

0.296 g/t

Ag

34.8 g/t

<0.03 g/t

3.9 g/t

Cu

1.16%

35 ppm

0.38%

Mo

23 ppm

0 ppm

3.28 ppm

Fe

16.67%

0.30%

7.48%

The Copper-Gold Stockwork Zone is now also a focus of follow up work as outlined below. A preliminary geological interpretation suggests that this zone may be underlain by an intrusive matrix that can be structurally related to the intrusive encountered in drill hole SJ 22-04. SJ 22-04 was collared some 1,000 m to the north-west of the center of the magnetic high which defines this anomaly.

Work Program 2022

An ongoing work program being executed in 2022 includes approximately 200 soil samples designed to cover the southwest extension of the strong Ag-in-soil anomaly identified in the northern part of the property (referred to above as the 'Silver Anomaly' target). Detailed geological mapping will be completed on at least 40 known mineralized zones within the property as well as along the 11 trenches excavated across the Gold Zone. Additional sampling and geological mapping will also be completed in the area of the Stockwork Copper-Gold Zone.

Further drilling will initially be focused in the area of the high-grade silver and magnetic high targets that have been identified in the northern part of the property. Results from the extensive Gold Zone sampling program, which are expected by June-July, will determine the future direction and priority of drilling on the this structure. Mapping and sampling of the Stockwork Copper-Gold Zone is also designed to provide necessary information in advance of drilling.

Quality Assurance - Quality Control

All drill core is sawn in half with one half being placed in properly labelled bags and the other half stored at the Company's secure logging and storage facility in the town of San Javier. Quality Control (QC) samples including blanks, duplicates and standard reference materials are inserted at regular intervals in the sample stream to monitor laboratory performance. For surface sampling, every 20 samples contain a duplicate taken from the last location. The samples are delivered by Canuc personnel to the Bureau Veritas preparation laboratory in Hermosillo. At the Hermosillo facility, each sample is crushed, and a 200-gram split is pulverized and then sent to the other analytical facility in North Vancouver, British Columbia for analysis. Both facilities are accredited to the ISO/IEC 17025 standard for gold and silver analysis.

All samples are assayed for gold by Fire Assay with an AAS finish. Silver content is determined as part of an Aqua Regia digestion, multi element ICP-ES analysis. Samples containing more than the upper detection limit by these methods (over-limits) are re-assayed by Fire Assay with a gravimetric finish.

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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122785