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 TSX.V; CAN
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Company Statement
Canaco is an emerging junior exploration company focused on acquiring and developing quality precious metal assets worldwide.
Built on a foundation of experienced management and focused on rapidly advancing exploration projects in Tanzania and Mexico, Canaco is well positioned to build shareholder value over the short term through discovery and resource development.
Exploration and Acquisition Strategy:
Canaco is well positioned to embark on a successful property acquisition program by drawing on the experience of its management team. Canaco’s management believes that the performance of the junior equity market has lagged behind rising commodity prices and that there is still significant leverage in this secular precious metal commodity cycle. As a result, there is tremendous opportunity for those companies with the capacity of acting quickly and aggressively over the short term.
Current Operations
El Oro Project
The 67 sq. km El Oro property hosts one of the most significant historic gold-silver producers in Mexico, with past production of over 20 million ounces of gold equivalent over a 400-year period. The property has excellent road access and is located 120 km northwest of Mexico City.
The El Oro claims host a large under explored area with excellent potential for the discovery of new (blind) veins. Most of the gold and silver production to date from the El Oro veins has been from a 4 kilometre wide structural corridor, which becomes buried under younger volcanic cover to the east-northeast of the San Rafael Mine. Recent geochemical data has indicated potential for the discovery of additional veins below these younger volcanic rocks. In addition many gold-silver bearing veins mined in the western part of the district remain open at depth and along strike. These targets will be the initial focus of Canaco-Candente’s upcoming exploration program.
The Handeni Gold Project
The Handeni Gold District consists of numerous gold discoveries in an area of eastern Tanzania, highlighted by the Magambazi prospect, which currently hosts an active artisanal gold mining operation. Recent gold discoveries in the Handeni region have occurred on a district scale and have defined an extent of mineralization with a strike length of over 100 km.
No documented exploration programs having been carried on the Handeni properties, however the Magambazi claims host an active mining operation by local miners. Ore extraction is done by hand and through the use of explosives.
Ore is sorted and hand-cobbed at the mine site then transported to the mill site. The mill site consists of 7 small mills operating independently.
Ore is milled, concentrated by hand and recovered through the use of a sluice box and mercury. Arsenical ore is problematic for the local miners and recoveries of this ore type is poor (approx. 40%) even when treated through roasting. As a result, the mining operation tends to focus parts of the occurrence containing ore types that are easily milled without roasting and particularly high-grade zones where mobilization has created vein style mineralization with visible free-gold.
Canaco has begun preliminary mapping and geochemical work in the area.
The Magembe Project
The Magembe Project is a diamond exploration target located in northern Tanzania. The property surrounds the Mwadui (Williamson) Diamond Mine, and represents a portion of a buffer zone once surrounding the mine where exploration was prohibited.
The currently known diamond mineralization at Magembe occurs as alluvial occurrences located in the southern part of the area. Illegal alluvial mining activity by local miners is evident on the Magembe property. This is an extension of the region-wide informal diamond mining from which the Shinyanga region is famous. Alluvial diamonds seem to be associated with the transported gravels that are believed to be derived from known diamondiferous kimberlites located within and/or around the Mwadui Mine. The primary source of diamonds is kimberlite intrusions. So far, no kimberlite has been identified in the area by surface geological mapping however most of the area lies under recent cover.
Geographical Spread
Mexico and Tanzania
Board of Directors and Key Management
| Mr. Andrew Lee Smith | Chairman & C.E.O |
| Mr. Randy V.J. Smallwood | Independent Director |
| Mr. David Parsons | Independent Director & Chairman of the Audit Committee |
| Mr. Brian Lock | Director |
Company Address500-602 West Hastings Street
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Additional Address/Key ContactToll Free: 866-488-0822 |
CapitalShares Issued/Outstanding as of May 1, 2009: 49,919,736
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Annual General MeetingVancouver, CANADA |
Related News
28/04/09 - Canaco Resources Takes In A New Chinese Friend And Hives Off Its Interest In Mexico, Though Not Because Of Swine ‘Flu05/02/09 - Canaco Is Firing On All Cylinders In Tanzania, As Its Gold And Diamond Projects Motor Along
Most Recent Statement
08/03/10 - Canaco Drills 16 Metres Grading 5.45 Grams Gold Per Tonne and 48 Metres Grading 2.71 Grams Gold Per Tonne, Extending the Strike of Magambazi Mineralization18/02/10 - Canaco Drills 30 Metres Grading 3.46 Grams Gold Per Tonne at Magambazi North 800 Metres North of Magambazi Main Zone
27/01/10 - Canaco Discovers New Gold Zone At Handeni - Drills 18 Metres Grading 3.3 Grams Gold Per Tonne At Magambazi North
21/01/10 - Canaco acquires Copper-Gold exploration assets in Ethiopia
16/12/09 - Canaco Drills 56.2 Metres of 6.34 Grams Gold Per Tonne at Magambazi
15/12/09 - Canaco Closes on Final Tranche of $5,367,320 Financing