February 8th, 2012
Posted on 05. Feb, 2010 by PublicWire in Energy
2/5 (CANSF.BB) Canasia Industries Corporation Announces Line Cutting Over Primary Drill Targets
Canasia Industries Corporation (”Canasia”) (OTCBB:CANSF) wishes to announce that the line cutting over the primary drill targets has now commenced. The line cutting will be followed by a large Loop Time Domain EM geophysical survey on the targets areas on its Reed Lake Prospect. The survey will consist of 46 line kilometers of Time-Domain Electromagnetics at 25 meter spacing and a magnetometer survey at 25 meter spacing. The large Loop Time Domain EM developed by Crone Geophysics and Exploration Ltd. is the same system used in 2007 by HudBay Minerals Inc. (”HudBay”) to discover the Lalor Lake deposit at a depth of approximately 800 meters.
The Reed Lake Prospect consists of 55,300 contiguous acres at Reed Lake, Manitoba. The property is strategically located around the VMS Ventures Inc.’s base-metal discovery in the historic and very prolific Flin Flon mining camp, with more than 27 significant mineral deposits continuously discovered over the past 75 years. The most recent discovery is HudBay’s Lalor Lake property, with 20 million tonnes of 8.8 per cent zinc.
Negar Towfigh, President of Canasia stated, “Operations are progressing as expected on the Reed Lake Prospect. We are anticipating operations to be fully underway by the time of the PDAC trade show in early March. We will be moving forward on the Reed Lake Prospect, which is our primary Canadian winter drill program and we will be active on multiple other prospects concurrently.”