Canuc Announces Final Payment on El Tule 1 Claim
Toronto, Ontario--(Newsfile Corp. - October 8, 2019) - Canuc Resources Corporation (TSXV: CDA) ("Canuc" or the "Company") is pleased to announce that it has completed its final payment to Minerales y Carbones de México SA de CV for the El Tule 1 claim. The agreement to purchase the claim was made in October 2017, and the claim purchase has expanded the Company's San Javier project area by 151.14 ha. (373.47 acres).
Canuc now holds 17 contiguous claims along the San Javier mineralized corridor extending to 3 km from the historical Santa Rosa mine workings. Earlier exploration has determined that silver-gold mineralization strengthens to the northeast and in the direction of the El Tule 1 claim. Silver bearing breccia and stockwork zones have previously been confirmed in this area (May 22nd, 2018 press release). The confirmation of silver-gold bearing breccia zones, uncovered on surface to date, greatly enhances prospects for a significant mineral discovery at San Javier.
With completion of the final payment, the Company has secured a 3 km strike length along the San Javier mineralized corridor. The contiguous claim position covers both highly prospective breccia zones and down dip vein extents of the high-grade stacked vein system.
San Javier Silver-Gold Project (17 Contiguous Claims)
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Canuc is a junior resources 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, USA where Canuc has an interest in eight producing gas wells and has rights for further in field developments.
For further information please contact Canuc Resources Corporation:
(416) 548 - 9748
Disclaimer and Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws relating to the Transaction, including statements regarding the terms and conditions of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that the parties will not proceed with the Transaction, that the ultimate terms of the Transaction will differ from those currently contemplated, and that the Transaction will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities, including the Exchange). If the Transaction is not completed, and the Company continues as an independent entity, there is the risk that the announcement of the Transaction and the dedication of substantial resources of the Company to the completion of the Transaction could have an adverse impact on the Company's existing business and strategic relationships, operating results and business generally. 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 statements in this news release are made as of the date of this release. Additional information identifying risks and uncertainties is contained in Canuc's filings with the Canadian securities regulators, which are available at www.sedar.com.
Completion of the Transaction is subject to Exchange acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48582