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Canuc Resources Corp CDA (CNUCF) is a junior resource company focusing on its San Javier Silver-Gold Project in Sonora State, Mexico. The company has recently acquired an additional claim at the San Javier project, expanding its total claim position to 1,052.9 hectares. Canuc is strategically positioned in the San Javier mining camp, with agreements for 100% ownership of 28 contiguous claims. The company is actively engaged in geological mapping, sampling programs, and planning for a drill program to target IOCG deposit potential. In addition to its Mexican project, Canuc generates cash flow from natural gas production in Central West Texas, USA. With a focus on value development and continuous exploration, Canuc aims to unlock the full potential of its mining assets.
Canuc Resources has signed a letter of intent (LOI) to acquire all issued and outstanding shares of Macdonald Mines Exploration. The acquisition involves issuing 72,000,000 common shares of Canuc to Macdonald Mines shareholders, with the LOI valid until April 30, 2025. The transaction aims to expand Canuc's portfolio of iron-oxide-copper-gold (IOCG) exploration assets. Macdonald Mines' flagship SPJ Project spans 19,710 hectares near the Sudbury Mining Camp and includes the historical Scadding Gold Mine. The deal requires shareholder and regulatory approvals, including TSX Venture Exchange clearance.
Canuc Resources (TSXV: CDA) (OTCQB: CNUCF) has successfully completed a repair and workover operation on the Coody-Morales Trac 3-3 natural gas well in Stephens County, West Texas. The well, producing from the Big Saline Formation since 2011, has generated $1.05M USD in gross revenue from an initial investment of $153K USD. After experiencing a production decline in early 2024, the workover has restored output to ~100 MCF/day for June and July 2024.
The company's subsidiary, MidTex Oil and Gas , owns 8 producing natural gas wells in the area with rights for further development. Two additional prospective zones, the Caddo Limestone (oil) and Strawn Sands (gas), have been identified for future production after the Big Saline Formation is depleted.
Canuc Resources (CNUCF) announced repair and workover operations on its natural gas wells in West Texas, managed by its subsidiary MidTex Oil and Gas. The Coody-Morales Trac 3-3 well, drilled in 2011 with a $153K USD cost, has generated $1.04M USD in revenue and produced 35,246 MCF of gas in 2023. Repairs aim to restore historical production rates. Future plans include testing two additional hydrocarbon zones, Caddo Limestone (oil) and Strawn Sands (gas), post-depletion of the Big Saline Formation. The operations target minimal shareholder dilution and project completion in 2-4 weeks.
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