17:01:58 EDT Sun 09 Aug 2020
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Canasil Resources Inc
Symbol CLZ
Shares Issued 109,294,122
Close 2020-07-09 C$ 0.14
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Canasil Resources begins drilling at Nora

2020-07-10 09:32 ET - News Release

Mr. Bahman Yamini reports

CANASIL ANNOUNCES START OF DRILL PROGRAM TO TEST INITIAL SILVER-GOLD VEIN TARGET AT THE NORA PROJECT IN DURANGO STATE, MEXICO

Canasil Resources Inc.'s drill rig has been positioned on site and the planned drill program is under way to test the Candy vein, the initial silver-gold vein target at the Nora project in north-central Durango state, Mexico. Access road upgrades and drill pads have been completed ahead of schedule and the drill mobilized to site on schedule.

Canasil president and chief executive officer Bahman Yamini commented: "We are pleased to report that drilling has started as planned on the Candy vein at the Nora project. We look forward to the results from this initial drill program, which will test the first of multiple targets at the project. The Nora project is exceptionally well located in a region hosting large silver-gold mines and deposits and presents the opportunity for discovery of a high-grade silver-gold epithermal vein system."

Gold-silver mineralization at Nora is hosted within structurally controlled epithermal veins. This initial drilling program will test the Candy vein with six holes located along four fences across the vein spaced over a strike length of 500 metres. All holes will test below high-grade silver and gold samples collected from vein outcrops and rock dumps from historical underground workings on the vein as detailed in the attached table. The Candy vein has not been previously drilled. A plan map and sections of the planned Candy vein drill sections can be seen on the company's website.

Particular care and attention is being paid during all operations to ensure the safety of local communities and the company's and contractors' staff working on site.

About Nora silver-gold-copper-zinc-lead project, Durango state, Mexico

The Nora project is located approximately 200 kilometres northwest 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, sulphosalt 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 three kilometres. 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 nine 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.

Historical systematic grid soil sampling over an area of three kilometres by two kilometres 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 kilometres east of the Nora project.

About Canasil Resources Inc.

Canasil is a Canadian mineral exploration company with a strong portfolio of 100-per-cent-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 record of identifying and advancing successful mineral exploration projects through to discovery and further development.

The technical information herein has been reviewed and approved by J. Blackwell (professional geoscientisti), a qualified person as defined by National Instrument 43-101. Mr. Blackwell is a technical adviser to Canasil.

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