Canasil Increases Non-Brokered Private Placement to $650,000 To Include $150,000 Flow-Through Funding for B.C. Projects

Suite 1760 – 750 West Pender Street

Vancouver, BC V6C 2T8

Canada

Tel: 604-708 3788

Fax: 604-708 3728

Email: [email protected]

NEWS RELEASE TSX-V: CLZ

October 22, 2021 www.canasil.com

Canasil Increases Non-Brokered Private Placement to $650,000

To Include $150,000 Flow-Through Funding for B.C. Projects

Vancouver, October 22 2021 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC , “Canasil” or the

“Company”) announces an increase to the non-brokered private placement (the “Placement”)

announced on Octob er 1 9, 2021 , from $500,000 to $ 650,000. In addition to th e 4,000,000 units (the

Units”) at a price of $0.125 per Unit for a total of $500,000, the placement will include up to 1,000,000

flow-through shares at $0.15 per flow-through share for a total of $150,000. The $500,000 portion will

be used to fund drill programs on the Company’s silver -gold projects in Durango and Zacatecas States,

Mexico, and the $150,000 flow -through portion will be used to fu nd exploration programs on the

Company’s copper-gold projects in British Columbia, Canada . A finder’s fee may be paid with respect to

all or part of this Placement. The terms of the Placement are subject to accepta nce by the TSX Venture

Exchange.

The 4,000,000 U nits will consist of one common share of the Company and one half of one non-

transferable share purchase warrant. Each whole warrant (a “Warrant”) will be exercisable to purchase

one additional common share of the Company at a price of $0. 20 during the first year, increasing to

$0.25 in year two following the closing of the offering.

The proceeds of the Placement will be used to fund continued drill programs on the Company’s silver-

gold exploration projects in Durango and Zacatecas States, Mexico, the copper-gold projects in British

Columbia, Canada, and for working capital.

About Canasil:

Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver -gold-

copper-lead-zinc exploration 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.

Canasil Resources Inc.

News Release, Oct. 22, 2021 page 2/2

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the

securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the

United States of America. The securities have not been and will not be registered under the United States Securities Act of 1 933

(the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or

benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state

securities laws, or an exemption from such registration requirements is available.