| |
| | | |
|  | |
|  | |  | |
| |  | | Reed Lake Project Summary The Reed Lake mineral claims are located in the Snow Lake District in the province of Manitoba. Canasia Industries Corporation has acquired a 50% interest in a sizeable land position, contiguous to the north, south, and west of VMS Ventures Inc.'s copper discovery which on October 4, 2007, announced assays of 2.50 meters (8.2 feet) of 15.30% copper, within 10.50 meters (34.4 feet) of 11.19% copper, within 22.25 meters (72.9 feet) of 7.75% copper, within 43.05 meters (141.2 feet) of 4.38% copper. The property is strategically located bordering the VMS Ventures Inc. base metal discovery (10.36% Copper over 33.46 Metres, July 3, 2008) in the historic and very prolific Flin Flon mining camp, with more than 27 significant mineral deposits discovered over the past 75 years. The most recent discovery is HudBay's Lalor Lake property, with 20 million tones of 8.8% zinc.  Click to enlarge 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. This type of mineralization is typical of other VMS deposits including those in the prolific Snow Lake camp and the nearby Spruce Point mine, formerly operated by HUD Bay Minerals. Canasia Industries Corporation's mineral claims at Reed Lake constitute one of the largest contiguous land packages of any company that is exploring in the region. Making an acquisition of this significant acreage contiguous to a potential new discovery is extremely positive for Canasia's management and shareholders. The 2010 Spring/Summer work program is now underway including a recently completed VTEM survey and upcoming drilling.  Click to enlarge 2008 Work Program Canasia engaged Geotech Ltd. to undertake a VTEM survey on the highly prospective Reed Lake property which was completed on May 23rd 2008. The Geotech VTEM survey is considered one of the airborne survey industry's best deep-penetrating electromagnetic and magnetic systems. The VTEM airborne magnetic and electromagnetic components have been successful used in outlining structures, favorable geology, zones of conductivity, magnetic zones and zones of alteration, some of which are coincident with areas of known mineralization. This type of geophysical survey is useful in advancing the property to the drill-ready stage. Canasia has now received all results from Geotech Ltd. for the recently completed Reed Lake VTEM survey. Condor Consulting of Colorado, an industry specialist in interpreting VTEM data, has been retained to interpret the company's data. Condor's interpretation will aid in the selection of the highest-priority drill targets. Company representatives are currently on site in Reed Lake in preparation for the anticipated upcoming drill program. The recently completed interpretation of the Reed Lake, VTEM data from Condor Consulting has identified eight potential anomalies on the property. These eight anomalies have undergone a detailed interpretation in an effort to identify outlining structures, favorable geology, and zones of alteration. A ground geophysics program is now also complete. Due to the nature of the electromagnetic anomalies, the company increased the size of the ground grids to cover 31.2 line kilometers instead of 24 kilometers. By using this new data collected, and using Condor's data interpretation, this will enable the highest priority drill targets to be tested. The Government of Manitoba has granted a permit to drill 10 holes for a total depth of 2,000 metres on the Reed Lake prospect. A recent site visit by the operator indicates the two grids totaling 24 line kilometers of line cutting and geophysics is well underway. Drilling is expected to commence by the end of February 2009, now that the permits have been granted. Graeme Sewell, director of the company, stated: "We have methodically built a plan through a step-by-step process to determine the highest potential drill targets. This prospect is directly contiguous to a recent discovery announced by VMS Ventures (May 22, 2008), with intercepts including 18.99 meters (62.3 feet) of 7.10 per cent copper and 0.17 per cent zinc. The exciting aspect of VMS's announcement is that according to their news, the mineral zone appears to be continuing open to the west, which is trending to our property. " REED LAKE  Click to enlarge A Geological Survey of Canada open file report (Lucas 1993) illustrates that the prolific Flin Flon green stone belt extends south under the limestone directly on to the 199,000 acre Reed Lake property. Canasia has a 50% interest in the Reed Lake property, which is adjacent to the VMS Ventures discovery in the Flin Flon district of Manitoba. The Flin Flon Green Stone Belt has had twenty-seven significant mineral deposits discovered in the area over the past 75 years including the recent 777 Mine and the Lalor Lake deposit. | | |
| |  | © 2006 Canasia Industries Corporation All Rights Reserved. | | |
| | |