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Canasil Mobilizes Drill and Starts 2021 Drill Program at the Nora Silver-Gold-Copper-Zinc-Lead Project in Durango State, Mexico


July 6, 2021

Vancouver, July 06, 2021 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces mobilization and start of the 2021 drill program at the Nora silver-gold project in north-central Durango State, Mexico. The drill rig and logistics equipment are on site and drilling is underway. The initial focus of the 2021 drill program will be to test below, between and on strike extensions from high-grade gold and silver values returned from the 2020 drill program, particularly drill holes NRC-20-04 and NRC-20-06. The results from the six drill holes along 500 metres of the 3-kilometre traced strike of the Candy vein represent an initial discovery at the Nora project and warrant a larger Phase 2 follow up drill program.

Drilling has started and will be initially testing 60 metres down dip from the 2020 intercepts in drill holes NRC-20-06 and NRC-20-04, which returned very high gold and silver values from the Candy vein, detailed below (reported on October 21 and December 09, 2020:

Nora Project, Durango State, Mexico – 2020 Candy Vein Drill Results NRC-20-04 & NRC-20-06
Vein/Structure From To Width TrueWidth Gold Silver Copper Lead Zinc Ag. Eq.*
  Metres Metres Metres Metres g/t g/t % % % g/t
NRC-20-06
CANDY HW 132.85 135.50 2.65 2.40 4.78 351 0.01 0.14 0.34 698
INCLUDES 132.85 134.00 1.15 1.04 7.90 528 0.02 0.16 0.29 1,101
INCLUDES 133.50 134.00 0.50 0.45 15.60 561 0.01 0.17 0.33 1,692
AND 135.00 135.50 0.50 0.45 7.13 639 0.03 0.19 0.51 1,156
 
CANDY VEIN 145.00 146.65 1.65 1.49 11.86 378 0.01 0.05 0.16 1,238
INCLUDES 145.00 146.00 1.00 0.91 19.49 620 0.01 0.05 0.15 2,033
AND 145.00 145.50 0.50 0.45 36.70 1,010 0.02 0.09 0.26 3,671
 
CANDY FW 149.21 149.50 0.29 0.26 26.10 284 0.01 0.017 0.03 2,176
NRC-20-04
CANDY VEIN 139.52 143.25 3.73 3.05 3.71 489 0.53 0.14 0.16 805
Includes 139.52 140.50 0.98 0.80 5.30 1,320 0.64 0.32 0.34 1,769
And 142.45 143.25 0.80 0.65 6.89 388 1.21 0.10 0.10 984
 
*Silver Equivalent calculated based on metal prices below and assuming 100% recoveries for all metals
 Au US$ 1,935/Oz, Ag US$ 28/Oz, (Au:Ag 72.5) Cu US$2.95/lb, Pb US$ 0.86/lb, Zn US$ 1.09/lb – Pb & Zn <1% Not Included

Multiple drill targets have been defined to follow up on the 2020 drill intercepts on the Candy vein. The Company will also evaluate additional drill targets within the extensive silver-gold geochemical anomalies observed over the project area, particularly extending to the southwest and south of the 2020 drill area. The high grade intercepts from the Candy vein and multiple widespread geochemical soil anomalies including silver, gold, copper, zinc, lead and pathfinder minerals highlight the potential of the Nora project for hosting high-grade gold, silver and base metal vein style mineralization, as well as wider mineralized zones with potential for disseminated mineralization. The geological setting and stratigraphy of the Nora project are very similar to major mines and deposits in the region.

About Nora Silver-Gold-Copper-Zinc-Lead Project, Durango State, Mexico:
The Nora project is located approximately 200 km north-west of the City of Durango, with good access and infrastructure. The geological setting is a Tertiary-aged volcanic flow-dome complex. Gold-silver mineralization is hosted within two structurally-controlled epithermal veins, Candy and Nora. Mineralization is typical of that found at many mines in the region, with gold and silver associated with galena, sulfosalt minerals and lesser pyrite, sphalerite and chalcopyrite. There is evidence of some historical mining activity on the Candy vein, which is exposed in discontinuous outcrops for over 900 metres. The fault structure hosting the Candy vein has been traced for a distance of over 3 km. Samples of vein outcrop and mineral dumps from the Candy vein returned significant gold, silver, copper, zinc and lead values. The second vein, Nora, is found 600 metres northeast of the Candy vein and can be traced for 230 metres with widths of over 9.0 metres. Surface samples from this vein returned anomalous silver values associated with trace sulphides, with a geochemical signature typical of the higher levels of epithermal vein systems in the region. The 2020 drill program was the first drilling at the Nora project and returned encouraging intercepts with high gold, silver and copper values from the Candy vein.

Systematic grid soil sampling over an area of 3 km by 2 km covering the Candy and Nora veins and projected extensions, showed elevated silver, base metal (copper, lead and zinc) and pathfinder (antimony and arsenic) values. The combination of the vein outcrops with large areas of anomalous silver and base metal values in soil samples may indicate additional concealed mineral systems. Other major deposits in the region include SSR Mining’s La Pitarrilla deposit located 50 km east of the Nora project.

The technical information herein has been reviewed and approved by Robert Brown (P. Eng.), a Qualified Person as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil.

About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects through to discovery and further development. The Company is actively engaged in the exploration of its mineral properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and support staff for its operations in Mexico.

For further information please contact:

Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.

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