Canasil Drills 3.18 Metres of 850 g/t Silver Equivalent* (Ag Eq) Including 1.28 metres of 1,938 Ag Eq at the La Esperanza Project in Durango and Zacatecas States, Mexico
Suite 1760 – 750 West Pender Street
Vancouver, BC
Canada V6C 2T8
Tel: 604-708 3788
Fax: 604-708 3728
Email: [email protected]
NEWS RELEASE TSX-V: CLZ
May 02, 2017 www.canasil.com
Canasil Drills 3.18 Metres of 850 g/t Silver Equivalent* (Ag Eq) Including 1.28 metres of 1,938 Ag Eq
at the La Esperanza Project in Durango and Zacatecas States, Mexico
Vancouver, May 02, 2017 - Canasil Resources Inc. ( TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil”) announces
assay results for drill holes ES-17-18 and ES-17-19 of the 2016-17 core drilling program at the La Esperanza
silver-zinc-lead project in Durango and Zacatecas States, Mexico. Both drill holes intersected wide
mineralized intervals with multiple silver-zinc-lead intercepts, with appreciable gold values in ES-17-19,
reporting high-grade intervals from the La Esperanza vein. These holes now complete the current drill
program, which was expanded to eight drill holes for a total of 2,452 metres (m). All drill holes successfully
intersected the La Esperanza vein indicating a strong mineralized system which remains open in both
directions to the southeast and northwest along strike and to depth. Of particular note are the high gold
grades observed for the first time together with high silver grades in drill hole ES-17-19.
ES-17-18 intersected multiple mineralized bands over an interval of 7.82 m (true width (“TW”) 6.77 m)
returning an average of 141 grammes per tonne silver equivalent* (g/t Ag Eq). This interval included higher-
grade intervals of 2.16 m (TW 1.87 m) of 357 g/t Ag Eq , which included 0.67 m (TW 0.58 m) of 479 g/t Ag
Eq – detailed assays are listed in the table below. ES-17-18 is a 50-metre step-out to the northwest and at
the same vertical depth of drill hole ES-12-03 and appears to be located in the higher levels of the vein
system.
Drill hole ES-17-19 intercepted three vein intervals through an overall mineralized structure extending over
12.97 m (TW 11.23 m) from 296.44 to 308.62 metres. These included a hanging wall (HW) vein intercept,
the Main vein and a footwall (FW) vein with details listed in the table below. The overall intercept returned
12.97 m (11.23 m TW) of 382 g/t Ag Eq , with the HW vein returning 2.39 m (TW 2.07 m) of 406 g/t Ag Eq .
The central Main vein returned 3.18 m (TW 2.75 m) of 850 g/t Ag Eq , including 1.28 m (TW 1.11 m) of
1,938 g/t Ag Eq . The FW vein returned 1.74 m (TW 1.51 m) of 406 g/t Ag Eq . ES-17-19 intercepted the La
Esperanza vein 50 metres below ES-12-03 and ES-17-18, approximately 300 m below surface. The intercept
appears to be still relatively high in the vein system and the high silver grades, and in particular the high
gold grades, are encouraging and support further drilling along strike and to depth in the northwestern
zone of the La Esperanza vein.
La Esperanza 2016-17 Drill Program
Hole ES-17-18
Interval - Metres Width – Metres Gold Silver Zinc Lead Copper *Silver Eq
From To Interval True Au g/t Ag g/t Zn % Pb % Cu % *Ag Eq g/t
257.49 265.31 7.82 6.77 0.04 79 0.68 0.53 0.01 141
Including 257.49 259.65 2.16 1.87 0.03 231 1.19 1.38 0.03 357
Including 258.98 259.65 0.67 0.58 0.04 358 0.070 1.85 0.03 479
Hole ES-17-19
296.44 309.41 12.97 11.23 0.74 219 0.90 0.43 0.05 382
HW Vein 296.44 298.83 2.39 2.07 0.04 261 2.09 0.92 0.15 406
Main Vein 298.33 302.01 3.18 2.75 2.76 552 1.16 0.63 0.08 850
Including 300.73 302.01 1.28 1.11 6.39 1,281 2.23 1.25 0.18 1,938
FW Vein 306.88 308.62 1.74 1.51 0.39 256 1.68 0.74 0.02 406
*Silver equivalents calculated assuming 100% recoveries (for Ag Eq calculation only – may not reflect actual recoveries)
and Ag US$17/oz, Au US$1,250/oz, Cu US$2.50/lb, Zn US$1.30/lb, and Pb US$1.00/lb
Canasil Resources Inc.
News Release, May 02, 2017 page 2/4
The drill program was implemented by the Company’s exploration team under the direction of Eng. Erme
Enriquez (CPG), Director of Exploration and Development of Minera Canasil S.A. de C.V., the Company’s
wholly owned Mexican subsidiary. All core samples are logged at the Company’s core storage facility in
Durango, Mexico. Samples are cut by diamond saw, with half being sent for assay and half secured for
reference. Samples are sent to the ALS Laboratories in Zacatecas, Mexico for preparation and then on to
ALS Global in Vancouver for gold and silver analyses by fire assay with an atomic absorption finish (“FA-AA”)
on a 30 gram split, and for silver, copper, lead, zinc and trace elements by ICP analysis following digestion of
0.50 gram sample in aqua regia.
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.
About La Esperanza
The La Esperanza silver-lead-zinc project covers 14,916 hectares, located 100 km SSE of the city of Durango
in southern Durango and northern Zacatecas States. The project is 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, hosting a number of prominent silver mines such as the San Martin-Sabinas mines of
Grupo Mexico and Penoles, the La Colorada mine of Pan American Silver and La Parrilla and Del Toro mines
of First Majestic Silver and Fresnillo PLC’s Fresnillo mine.
A series of silver-zinc-lead epithermal veins are observed over a northwest-southeast striking zone
extending over approximately 20 kilometres hosted in the Lower Volcanic Group. Mineralization occurs in
low to intermediate sulphidation veins, primarily striking northwest and dipping southwest. The main La
Esperanza vein is a banded and cockade white to grey quartz breccia epithermal vein with silver, lead and
zinc mineralization associated with argentiferous galena, silver sulfosalt minerals and sphalerite. Prior to
the current 2016-17 drill program drilling on this vein was focused along an approximate strike length of
250 metres and to a relatively shallow depth of approximately 250 metres and returned consistent high-
grade silver-zinc-lead intercepts from the main La Esperanza vein and an associated Hanging Wall vein at
the upper levels. The average true width of intercepts from 8 drill holes on the main La Esperanza vein was
4.21 metres returning 330 g/t silver, 0.93% zinc and 1.57% lead. The average true width of drill intercepts
from 5 drill holes which intersected the Hanging Wall vein was 1.53 metres returning 324 g/t silver, 1.37%
zinc and 1.80% lead (details listed under the La Esperanza project profile on the Company’s website
www.canasil.com, and previously reported in the news release dated November 6, 2006).
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 & CEO
Canasil Resources Inc.
Tel: 604-709 0109
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.
Canasil Resources Inc.
News Release, May 02, 2017 Page 3/4
This 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 Resources Inc.
News Release, May 02, 2017 page 4/4
La Esperanza Project, Durango & Zacatecas, Mexico: La Esperanza Vein Drill Plan and Long Section