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Canasil Receives Assays for 962 Metre Drill Program at the Brenda Gold-Copper Project in British Columbia, Canada


October 23, 2013

Vancouver, Oct. 23, 2013 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that the Company has received assay results for the recently completed deep diamond drill hole at the Brenda gold-copper project in the Kemess-Toodoggone camp in north-central British Columbia, Canada. Drill hole BR-13-01 was completed as planned to a depth of 962 metres to test the down-hole extension of the previous drill holes BR-07-04 and BR-07-05, which returned mineralized intercepts with increasing grades down to a depth of 562 metres. BR-13-01 was only sampled and assayed below 500 metres as it twinned the previous drill hole BR-07-04. The best intercept in BR-13-01 returned 0.376 g/t gold and 0.0735% copper over 68 metres from 504 metres to 572 metres. This was significantly lower than from the equivalent section of BR-07-04 between 504 metres and 562 metres. The deeper intercepts of BR-13-01 below 572 metres returned relatively low copper and gold values, as listed in the table below, with 2007 drill intercepts included for reference:

Brenda Gold-Copper Project – Diamond Drill Programs 2013 & 2007
No.: Intercept Interval – Metres
From           To
Gold Eqv.
2013 Diamond Drill Hole BR-13-01 – intercepts below 500 metres
1 Zone D1 504.00 572.00 68.00 0.376 0.0735 0.502
2 Zone D2 602.00 630.00 28.00 0.035 0.0163 0.063
3 Zone D3 720.00 766.00 46.00 0.046 0.0306 0.098
4 Zone D4 832.00 896.00 64.00 0.034 0.0525 0.124
5 Zone D5 930.00 942.00 12.00 0.015 0.0442 0.091
* Gold Equivalent based on $1,315 per oz. Gold,  $3.27/lb Copper, assuming 100% recoveries
2007 Diamond Drill Hole BR-07-04
1 Zone 1 90.12 260.00 169.88 0.466 0.088 0.697
  Includes 200.00 260.00 60.00 0.592 0.111 0.884
2 Zone 2 312.00 378.00 66.00 0.310 0.038 0.410
3 Zone 3 420.08 460.00 39.92 0.418 0.080 0.628
4 Zone 4 504.00 561.96 57.96 0.707 0.119 1.020
  Includes 508.00 546.00 38.00 0.867 0.141 1.238
2007 Diamond Dril Hole BR-07-05
1 Zone 1 110.00 188.03 78.03 0.610 0.104 0.884
2 Zone 2 336.11 376.00 39.89 0.625 0.062 0.788
3 Zone 3 459.52 483.90 24.38 0.670 0.114 0.970
4 Zone 4 488.89 499.39 10.50 0.570 0.101 0.836
* Gold Equivalent based on $650 per oz. Gold,  $2.50/lb Copper, assuming 100% recoveries

Drill hole BR-13-01 intersected barren post mineral monzonite sills from 580 metres to 962 metres with sections of weakly mineralized altered volcanics. The mineralized intercepts and post mineral intrusions observed in drilling to date reflect the characteristic signature observed in large porphyry systems. Further review will be required to determine the structural setting based on the prior data and current information from BR-13-01. Geophysics and mapping to date has traced the porphyry system at the Brenda project over 1,000 metre strike and deeper penetrating geophysical surveys are needed to define prospective mineralized zones.

The diamond drill program was implemented under the direction of Gary Nordin, P. Geo. British Columbia, and Director of Canasil. Drill core from the program was processed and is stored at the project site. Core samples from half of the drill core were cut by diamond saw in 2-metre intervals and sent to ALS Chemex Laboratories in North Vancouver, B.C., for preparation and assay analysis for gold and silver by fire assay with an atomic absorption finish (“FA-AA”) on a 30 gram split, and for a 28 element package of major and trace elements by ICP Analysis. Gary Nordin, P. Geo. British Columbia, is the designated Qualified Person for this project in accordance with National Instrument 43-101.

About the Brenda project:

The Brenda gold-copper project covers 4,450 hectares, located in north-central British Columbia, Canada, 25 km northwest of the past producing Kemess South Mine. Cumulative exploration expenditures of over $3,900,000 to date include satellite surveys, airborne and ground geophysics, extensive geological mapping and sampling and over 11,000 metres of diamond drilling in 64 drill holes. These programs indicate the potential for a deep-seated porphyry gold-copper system, similar to the nearby Kemess Underground (North Kemess) deposit advancing through feasibility by AuRico Gold Corp. with indicated resources of 3 million ounces gold and 1 billion pounds copper (185 million tonnes with an average grade of 0.48 g/t Au and 0.25% Cu).

Drilling to date has intersected broad gold-copper mineralized zones to a depth of 572 metres, with  an average grade of 0.48 g/t gold and 0.079% copper for 5 intercepts above a depth of 450 metres over a combined intercept length of 393.72 metres, and average grade of 0.68 g/t gold and 0.116% copper for 3 intercepts below 450 metres over a combined intercept length of 92.84 metres. The mineralized system averages approximately 300 to 400 metres in width, and has been traced along a strike length of 400 metres by drilling, with a potential strike length in excess of 1,000 metres indicated by the chargeability anomalies observed in a 3-Dimensional Induced Polarisation geophysical survey.

About Canasil:
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.

For further information please contact:

Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 708-3788

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

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