Canasil Outlines Potential for Significant High-Grade Mineralized System at the Nora Silver-Gold Project in Durango State, Mexico
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NEWS RELEASE TSX-V: CLZ
January 14, 2021 www.canasil.com
Canasil Outlines Potential for Significant High-Grade Mineralized System
at the Nora Silver-Gold Project in Durango State, Mexico
Vancouver, January 14, 20 21 - Canasil Resources Inc. (TSX-V: CLZ , DB Frankfurt: 3CC, “Canasil” or the
“Company”) announces results from a review of the recently completed drill program and prior geochemical soil
sampling at the Nora silver-gold project in north-central Durango State, Mexico . The high-grade gold and silver
values returned from the drill program, particularly drill holes NRC -20-04 and NRC-20-06, are extremely
encouraging and exceed expectations from a first drill program at the Nora project. The results from the six drill
holes completed along 500 metres of the 3 -kilometre traced strike of the Candy vein represent a significant
discovery and warrant a larger Phase 2 follow up drill program. In addition the review of over 1,200 surface soil
samples in the central zone of the project c overing an area of 3 Km by 2Km highlight multipl e coincident
geochemical anomalies, both for silver , gold, copper, zinc and lead, as well as pathfinder minerals including
arsenic, antimony, bismuth, cadmium, molybdenum and mercury. These results point to a strong mineralizing
environment with multiple exploration targets and the potential for hosting a significant high -grade and
disseminated silver-gold-copper-zinc-lead mineralized system.
Drill hole NRC-20-06 returned the highest gold and silver values from the six drill holes on the Candy vein, and
included the following three intercepts with consistently very high gold and silver values within a core interval of
16.65 metres separated by 9.50 m and 3.71 m respectively (reported on December 09, 2020):
1.65 metres (m), true width (TW) 1.49 m, with 11.86 g/t Au and 378 g/t Ag for 1,238 g/t AgEq *, including
1.00 m (TW 0.91 m) with 2,033 g/t Ag Eq and 0.50 m (TW 0.45 m ) with 3,671 g/t Ag Eq – (Candy vein)
2.65 m (TW 2.40 m) averaging 4.78 g/t Au and 351 g/t Ag for 698 g/t AgEq*, including 1.15 m (1.04 m TW)
with 1,101 g/t AgEq* and 0.50 m (TW 0.45 m) with 1,692 g/t AgEq* - (Candy hanging wall vein)
0.29 m (TW 0.26 m) carrying 26.1 g/t gold and 284 g/t silver for 2,176 g/t AgEq* - (Candy footwall vein)
Systematic grid soil sampling, including over 1,200 soil samples taken at 50-metre intervals along 2-Km east-west
grid lines with 100 -metre north-south spacing over a 3 -Km extent covering the central zone of the project area ,
returned widespread silver, g old, copper, zinc and lead geochemical anomalies coincident with pathfinder
mineral anomalies. Of particular note is the generally elevated gold geochemical signature over the entire project
area, and the large area s of silver geochem ical anomalies observed throughout the project area . The gold and
silver anomalies are particularly strong over the 3 -Km strike extent of the Candy vein on the western side of the
project area, a s well as surrounding and south of the Nora vein to the north -east of the project area. A
particularly strong silver and gold anomaly extends for 1.5 Km southwest from the location of the above high
grade drill intercepts on the Candy vein. The following targets are identified as high priority targets for future
exploration, as shown on the silver and gold geochem ical anomaly maps below and full set of geochem ical maps
posted on the Company’s website at Overview | Canasil Resources Inc.
1. Candy vein high -grade silver-gold zone, along strike to the nort h and south, and between and below
drill holes NRC-20-01 to NRC-20-06.
2. 1.5 Km Candy vein southwest silver and gold anomaly with potential for high -grade vein style
mineralization as well as disseminated bulk tonnage mineralization.
3. Candy vein north-south silver-gold anomaly with over 3 Km strike extent for high-grade vein style and
disseminated silver-gold mineralization.
4. Large multiple silver -gold anomalies located to the east of the project area extending up to and
surrounding the Nora vein over an area of 2 km by 1.5 Km.
5. Breccia targets such as Cerro Los Torunos located in the southwest of the project area for bulk tonnage
disseminated silver-gold mineralization.
Canasil Resources Inc.
News Release, January 14, 2021 page 2/4
The very high grade intercepts from the Candy vein and multiple widespread geochemical soil anomalies
including silver, gold, copper, zinc , lead and pathfinder minerals highlight the potential of the N ora project
for hosting both high-grade gold and silver vein style mineralization, as well as wider mineralized zones with
potential for disseminated mineralization. These results warrant further systematic exploration and a larger
Phase 2 drill program to follow up on the high-grade zones identified by the initial discovery drill program.
Drill holes NRN-20-07 and NRN-20-08 on the Nora vein did not return significant silver-gold assay values and
the structure is interpreted as a high level outcrop and remains a priority target.
*Silver Equivalent calculated based on metal prices below and assuming equivalent recoveries for all metals
Au US$ 1,935/Oz, Ag US$ 26.70/Oz, Cu US$2.95/lb, Pb US$ 0.86/lb, Zn US$ 1.09/lb; Pb & Zn less than 1% not included
About Nora Silver-Gold-Copper-Zinc-Lead Project, Durango State, Mexico:
The Nora project is located approximately 200 km north -west of the City 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, sulfosalt 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 3 km. Samples of vein outcrop and mineral dumps from the Candy v ein 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 9.0 metres. Surface samples from this vein
returned anomalous s ilver 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 3 km by 2 km 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 addi tional concealed mineral systems . Other major deposits in the region include
SSR Mining’s La Pitarrilla deposit located 50 km east of the Nora project.
The technical information herein has been reviewed and approved by Robert Brown (P. Eng.), a Qualified Person
as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil.
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 profess ionals 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 subsidiar y 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, January 14, 2021 page 3/4
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 lookin g statement will come to pass and investors should not
place undue reliance upon forward-looking statements.
Canasil Resources Inc.
News Release, January 14, 2021 page 4/4
Canasil Nora Silver-Gold Project, Durango. Mexico
SILVER Soil Geochemical Anomalies Map
Canasil Nora Silver-Gold Project, Durango. Mexico
GOLD Soil Geochemical Anomalies Map