Canasia Industries Corporation is implementing a program on its two properties in the Reed Lake area of Manitoba tied on to the discovery property of VMS Ventures Inc. A proposed VTEM survey identical to the VMS survey would consist of 3,000 line kilometers at 100 meter spacing. Work is expected to commence this week.
The claims are known as mineral exploration license 331A "MEL 331A", which comprise in excess of 26,653 hectares (approximately 65,860 acres), and the Ross-1,2,3,4 and 5 claims comprising of 890 hectares (approximately 2,199 acres). The Company has a 50% interest in these claims.
The MEL 331A property is contiguous to the south of VMS Ventures Inc.'s property which on October 4, 2007, announced assays of 2.50 metres (8.2 feet) of 15.30% copper, within 10.50 metres (34.4 feet) of 11.19% copper, within 22.25 metres (72.9 feet) of 7.75% copper, within 43.05 metres (141.2 feet) of 4.38% copper. The Ross claims are located north of VMS Ventures Inc.'s property.
The Reed Lake volcanogenic massive sulphide (VMS) mineralized zone is overlain by distinctive layers of magnetite and chert. The rocks that underlie and contain the sulphide are moderately to intensely altered felsic volcanic rocks. The Reed Lake mineralization is typical of other VMS deposits including those in the prolific Snow Lake camp and the nearby Spruce Point mine, formerly operated by HudBay Minerals.
Graeme Sewell, a director of the Company stated, "Clearly we want to establish the highest priority drill targets on this exciting prospect. Management anticipates that Canasia could be drilling in as soon as eight weeks. Canasia has one of the largest land packages bordering the recently announced VMS Ventures Inc.'s new discovery in Reed Lake, Manitoba. Taking into account the proximity to VMS's exciting discovery and the historically high commodity prices, management wants to potentially capitalize on these factors as we move forward in the development of Canasia's mineral prospects." -- www.cnxmarketlink.com
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