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Canasil Reviews Drill-Ready Silver-Gold-Base Metal Projects in Durango and Zacatecas States, Mexico

Vancouver, August 22, 2019 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) is reviewing plans for renewed exploration on four 100%-owned drill ready silver-gold-base metal projects located in the “Mexican Silver Belt” within Durango and Zacatecas States, Mexico. These projects are all located on this highly prospective mineral trend that hosts a number of major silver-gold mines and deposits. Two of the projects, La Esperanza and Salamandra have had extensive previous exploration, including drilling that returned intervals of high-grade silver-gold and base metal (detailed below), defining zones that are open for expansion. Two other projects, Nora and Vizcaino, are high-grade silver-gold epithermal vein targets where surface sampling has defined drill targets for testing. An overview of these projects is presented below for reference.

La Esperanza Silver-Gold-Zinc-Lead, Durango and Zacataecas, Mexico:

The La Esperanza silver-gold-zinc-lead project is located 100 km SSE of the city of Durango in southern Durango and northern Zacatecas States, easily accessible from Canasil’s operating base in Durango with excellent infrastructure. The project is located on the well-recognized world class Fresnillo silver belt, in a region hosting a number of prominent silver mines and deposits such as the San Martin-Sabinas mines of Grupo Mexico and Peñoles, the La Colorada mine of Pan American Silver, La Parrilla and Del Toro mines of First Majestic Silver, Fresnillo PLC’s Fresnillo mine and MAG Silver and Fresnillo’s Juanicipio deposit.

A series of silver-zinc-lead epithermal veins are found within a northwest striking corridor extending over at least 15 kilometres. The main La Esperanza vein, located in the southeast of the project area, is an epithermal vein with silver, gold, zinc and lead mineralization associated with argentiferous galena, silver sulfosalt minerals and sphalerite. Drilling to date on this vein has outlined a mineralized envelope over a strike distance of 425 metres and to a depth of 350 metres that is open to the northwest and the southeast along strike and to depth. Further drilling will be aimed at testing the extensions along strike to the northwest and southeast, and to depth. Drilling in the northwest extension will focus on step-outs and below ES-17-19 which returned 11.23 metres true width (“TW”) with 219 g/t silver, 0.74 g/t gold, 0.90% zinc and 0.43% lead, including 1.11 metres TW with 2,281 g/t silver, 6.39 g/t gold, 2.23% zinc and 1.25% lead. The southeast extension will focus on step-outs and below ES-17-16 which returned 4.92 metres TW with 257 g/t silver, 0.64% zinc and 0.63% lead, including 0.95 metres TW with 1,133 g/t silver, 1.56% zinc and 2.98% lead (overview of the La Esperanza project and details of above results are included in the Canasil news release dated June 14, 2017).

Salamandra Silver-Copper-Zinc-Lead, Durango, Mexico:

The Salamandra project is located 35 km NE of the city of Durango in Durango State, with excellent infrastructure and access via paved and gravel roads. The project is located on the mineral-rich Fresnillo geologic trend, approximately 80 km northwest of and within a similar geologic environment to the San Martin-Sabinas mines, which were among the largest underground silver-copper-zinc mining operations in Mexico. Comprehensive exploration programs to date include satellite imaging, aerial and ground geophysics, geological mapping and extensive surface sampling, and 18,000 metres of diamond drilling in 35 drill holes. 

The mineralized system is centered on a main rhyolite dome structure associated with an intrusive center in the project area. Evidence of silver-copper-antimony-arsenic surface anomalies with peripheral lead and zinc anomalies are widespread. Diamond drilling to the southwest of the dome returned significant silver and zinc-silver mineralization including drill hole SA-07-02 returning 9.85 meters of 102 g/t silver and 0.55% zinc, and 7.45 metres of 50 g/t silver and 12% zinc, and SA-07-03 with 10 metres of 71 g/t silver, 3.48% zinc and 1.26% lead, as well as wider zones of lower grade zinc-silver mineralization (Canasil news release dated 18 July 2007). A ZTEM airborne geophysical survey  outlined a large complex response area covering 2.5 km by 3.5 km, where detailed surface sampling led to the discovery of a high grade vein in outcrop, carrying 2,150 g/t silver, 5.39% copper, and 1.89% zinc over 0.90 metres (Canasil news release dated 18 October 2011) . Results indicate a large silver-copper-zinc-lead system is present, associated with skarn, hydrothermal breccias, sulphide rich veins and quartz porphyry dykes. Follow up drilling around the rhyolite dome returned further mineralized intercepts including SA-14-15 returning 7.89 metres of 166 g/t silver, 1.2% copper, 1.2% zinc and 0.60% lead including 2.30 metres with 393 g/t silver, 3.6% copper, 2.8% zinc and 0.40% lead (Canasil news release dated 17 March 2014). Further drilling would be aimed at investigating this potentially large mineralized system and zones adjacent to the above drill intercepts.

Nora Silver-Gold-Copper-Zinc-Lead, Durango, Mexico:

The Nora project is located approximately 200 km north-west of the City of Durango, with good access and infrastructure. There are two principal epithermal vein outcrops at the Nora project, the Candy and Nora veins. There is evidence of historical mining activity on the Candy vein, which can be traced for approximately 750 metres on surface, with the structure visible with discontinuous outcrops for over 3 km along strike.  Samples of vein outcrop and mineral dumps from the candy vein returned significant gold, silver, copper, zinc and lead values. The highest grade sample of outcropping vein returned 1.00 metre with 1.98 g/t gold, 514 g/t silver, 1.03% copper, 3.28% zinc and 4.45% lead, and the highest grab sample collected from “waste” piles returned 1.34 g/t gold, 293 g/t silver, 0.47% copper, 0.38% zinc and 9.27% lead. The second Nora vein is found 600 metres northeast of the Candy vein and can be traced for 230 metres along strike with widths of over 9.0 metres. Surface samples from this vein contained trace sulphides.

In a 2009 surface sampling program, 1,000 soil samples were collected along a grid covering the area surrounding the Candy and Nora veins and projected extensions over an area of 3 km by 2 km. The results showed elevated silver, base metal (copper, lead and zinc) and pathfinder (molybdenum and arsenic) values over a large area.  The combination of the vein outcrops with large areas of anomalous silver and base metal values in soil samples may indicate a larger buried mineral system at depth. Initial drilling would be focused on testing the veins below high-grade vein outcrops at a depth of 100 metres to 200 metres below surface.

Vizcaino Silver-Gold, Durango, Mexico

The Vizcaino project is located 130 km north of the City of Durango, 38 km southeast of Silver Standard’s La Pitarrilla silver deposit and 40 km north of the Argonaut Gold El Castillo and San Agustin gold-silver mines. The project area has very good access and infrastructure. The Pamplona vein outcrops with a SE-NW strike over a distance of over 2 km and varies in width from 1.1 m to 12.0 metres. The vein structure is composed of fine grained chalcedonic quartz, hosted by rhyolites, with typical textures observed in the higher levels of epithermal systems.

Surface sampling and mapping of the vein outcrops and surrounding area returned anomalous gold values between 32 ppb and 141 ppb in 20 samples taken from vein outcrops in hills at the higher elevations (2,300 metres to 2,350 metres) on the SE end of the Pamplona vein over a strike distance of 1,000 m. Sampling at the NW end, where the vein outcrops in fields at a lower elevation (2,250 m), returned consistently higher anomalous gold values between 161 ppb to 667 ppb in 9 samples over a strike distance of approximately 400 metres. These results suggest increasing gold values with depth, consistent with the textures observed in the vein outcrops characteristic of the higher elevations of an epithermal system. The potential strike length and thickness of the vein indicated by surface outcrops suggests the possibility of a significant mineralized vein, which could be tested with drill holes at a depth of 150 metres to 250 metres from surface to confirm the possibility of increasing grades with depth.

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.

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

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.