VANCOUVER, BRITISH COLUMBIA, Sep. 14, 2009 (Marketwire) -- Canasia Industries Corporation (TSX VENTURE:CAJ)(FRANKFURT:45C)(OTCBB:CANSF) ("Canasia") is pleased to announce that it has been notified by Kinross Gold USA ("Kinross"), which has a mineral lease agreement with Canasia on the Debut prospect (announced on September 9, 2008), that drilling is now underway and as of last report 6 of a proposed 17 hole drill program has now been completed. Drilling is expected to take approximately six to eight weeks. The agreement between Kinross and Canasia requires Kinross to spend a minimum of $3-million (U.S.) in exploration.
Graeme Sewell, a director of Canasia stated, "Management is very pleased to now have a NYSE listed gold company drilling on one of our properties. To have a company of Kinross' stature working with Canasia is a significant milestone for us. Management is proud that Kinross approached us to work together on this prospect. Not only do we now have this gold prospect with a major underway, but our Clone Prospect, that displayed visible gold, is also moving forward with drill results expected shortly. With gold prices now over $1,000 USD per ounce, clearly this is an exciting time to be active on multiple gold prospects."
Canasia also reports that the second phase of drilling on the Clone Gold property (September 8, 2009), situated 18 km southeast of Stewart, BC, is now underway and nearing completion. This phase of drilling calls for 15 additional holes. The Clone property is host to at least four separate, parallel gold-bearing shear zones which contain both sulphide-gold-cobalt and iron oxide-gold mineralization.
The first phase of program (announced August 31, 2009) tested 20 holes that were drilled testing a variety of targets along these shear zones that have been traced for over a kilometer in strike length. In Holes #15 to #20 inclusive, sections from 15 to 30 feet long contain semi-massive to massive hematite, specularite, chlorite, malachite, chalcopyrite with visible gold. The mineralized zones tend to be associated with more silicified, fine-grained to aphanitic andesites intercalated with pyroclastics. The samples are at the lab and management expects to receive the assay results shortly.
E. .R. Kruchkowski, P. Geol., is the Qualified Person for the Clone project. Pioneer Laboratories of Richmond, B.C., an accredited facility, is performing the analyses. If you would like to be added to Canasia's news distribution list, please send your email address to email@example.com.
Graeme Sewell, Director
Canasia Industries Corporation
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