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Canasil Plans Drill Mobilization to Resume Drilling at the Nora Silver-Gold Project in Durango State, Mexico

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Vancouver, November 10, 2021 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces plans for mobilization and resumption of core drilling at the Nora silver-gold project in north-central Durango State, Mexico. The drill rig and logistics equipment are expected to be on site to start drilling during the week of November 15, 2021. The focus of this follow up 2021 drill program will be to test below and along strike extensions of the Candy vein high-grade gold and silver panel defined by the 2020 and 2021 drill programs to date.

All ten drill holes completed to date along 500 metres of the 3-kilometre traced strike of the Candy vein, and to a depth of 175 metres below surface, have intersected the vein and returned positive silver-gold results. These intercepts represent an initial discovery at the Nora project and warrant continued drilling to expand the high-grade silver and gold mineralized panel outlined by these drill holes. A long section showing all ten drill intercepts with widths and grades is included below, together with projected intercept points of planned drill holes for reference. Current weather and site conditions are very favourable for effective and efficient drilling and it is anticipated that several drill holes can be completed before the year-end holiday break on December 17, 2021.

Drilling will be focused below and on strike extension to the north of drill holes NRC-21-09 and NRC-21-12 which returned the widest intercepts and highest silver and gold grades to date from the Candy vein, as detailed in the table below:

Nora Project, Durango State, Mexico – 2021 Candy Vein Core Drill Hole Results NRC-21-09 & NRC-20-12
Vein/Structure From To Width TrueWidth Gold Silver Copper Lead Zinc Ag. Eq.*
  Metres Metres Metres Metres g/t g/t % % % g/t
NRC-21-09 (reported on Aug. 12, 2021)
CANDY HW 180.97 184.60 3.63 3.29 6.44 884 0.03 0.10 0.22 1,355
INCLUDES 180.97 183.00 2.03 1.84 8.45 1,021 0.04 0.12 0.29 1,634
INCLUDES 182.00 183.00 1.00 0.90 9.36 1,100 0.02 0.13 0.24 1,779
 
CANDY VEIN 190.00 191.00 1.00 0.90 1.65 431 0.00 0.03 0.14 550
 
CANDY VEIN 194.90 196.60 1.70 1.53 20.59 1,290 0.04 0.12 0.29 2,783
INCLUDES 195.90 196.60 0.70 0.63 43.70 1,290 0.05 0.18 0.38 4,458
 
CANDY VEIN 206.00 207.00 1.00 0.90 1.89 380 0.01 0.05 0.07 516
 
CANDY FW 210.00 213.00 3.00 2.71 2.76 250 0.01 0.05 0.11 450
INCLUDES 212.00 213.00 1.00 0.90 6.19 319 0.01 0.04 0.08 768
NRC-21-12 (reported Sept. 15, 2021)
CANDY STR. 209.50 222.00 12.50 11.29 5.31 336 0.02 0.06 0.17 721
 
CANDY HW 209.50 211.00 1.50 1.35 9.00 487 0.03 0.06 0.12 1,140
INCLUDES 210.00 211.00 1.00 0.90 11.20 396 0.02 0.04 0.11 1,208
 
CANDY CENTRAL 212.00 214.00 2.00 1.81 9.54 729 0.04 0.13 0.36 1,421
INCLUDES 213.00 214.00 1.00 0.90 9.93 745 0.04 0.16 0.33 1,465
 
CANDY FW 220.00 222.00 2.00 1.81 9.43 666 0.04 0.07 0.11 1,350
INCLUDES 221.00 222.00 1.00 0.90 13.55 828 0.04 0.06 0.11 1,810
 
*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

About Nora Silver-Gold-Copper 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 and 2021 drill programs were the first drilling programs at the Nora project and have both returned very encouraging intercepts with high gold, silver and copper values from the Candy vein, defining a high-grade central mineralized panel.

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.

Canasil Nora Silver-Gold Project, Durango, Mexico
Candy Vein Long Section - 2020 and 2021 Drill Intercepts and Planned Drill Holes

Candy Vein Long Section - 2020 and 2021 Drill Intercepts and Planned Drill Holes

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