Canasil Reports 5.9 g/t Gold and 404 g/t Silver (832 g/t AgEq*) over 0.57 m at La Esperanza Silver-Gold 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
April 13, 2021 www.canasil.com
Canasil Reports 5.9 g/t Gold and 404 g/t Silver (832 g/t AgEq*) over 0.57 m
at La Esperanza Silver-Gold Project in Durango and Zacatecas States, Mexico
Vancouver, April 13, 2021 - Canasil Resources Inc. ( TSX-V: CLZ , DB Frankfurt: 3CC, “Canasil” , the
“Company”) reports results from the first t hree drill holes of the 202 0-21 drill program targeting the
southeast extension of the La Esperanza vein at the La Esperanza silver -gold project in Durango and
Zacatecas States, Mexico. All three drill holes returned wide altered and mineralized intercepts with narrow
higher grade bands marking the main La Esperanza vein, as shown in the table and long section below.
Drill hole ES-21-23 cut the La Esperanza vein structure at a downhole depth of 339.60 metres (“m”) with a
11.63 m, True Width “TW” 10.74 m, structure carrying 0.34 g/t gold ( “Au”), 32 g/t silver (“Ag”), 0.23% lead
(“Pb”) and 0.19% zinc (“Zn”), including a central high grade core of 0.57 m, TW 0.53 m, of 5.90 g/t Au, 404
g/t Ag, 0.99% Pb and 0.22% Zn (832 g/t silver equivalent “AgEq”*).
Drill hole ES-21-24 cut the La Esperanza vein structure at a downhole depth of 370.19 m with a 5.45 m, TW
4.92 m, structure carrying 0.29 g/t Au, 35 g/t Ag, 0.87% Pb and 1.25% Zn, including a high grade band of
0.42 m, TW 0.38 m, of 1.51 g/t Au, 206 g/t Ag, 8.83% Pb and 10.25% Zn (796 g/t AgEq*).
Drill hole ES-20-22 drilled on a blind step -out higher up in the system , return ed multiple altered and
mineralized intervals . The La E speranza vein was cut at a downhole depth of 92.45 m with a 6.55 m
intercept, TW 6.05 m, of 64 g/t Ag, 0.13% lead (Pb) and 0.12% zinc (Zn), including a central high grade core
of 0.97 m, TW 0.90 m, of 426 g/t Ag, 0.70% Pb and 0.42% Zn (426 g/t AgEq*).
The multiple altered and mineralized intercepts in all three drill holes confirm a strong mineralizing
environment, and are encouraging indicators for continued drilling. The 2021 drill program is predicated on
extending mineralization both to the southeast and northwest of the known La Esperanza vein mineralized
envelope, which is being successfully accomplished. The La Esperanza vein is exposed on surface for 200 m,
and has now been extended by drilling under volcanic cover for an additional 325 m for a total strike of 525
m, and is traceable by geophysics for over five (5) kilometers along a NW-SE trend, as shown in Fig. 2 below.
The Company is planning a comprehensive geochemical sampling and gro und geophysics program to
evaluate the 5 km strike extent. Drilling to date has defined the La Esperanza vein to a depth of 350 m, and
management is using as a model the neighbouring La Colorada Mine of Pan American Silver Corp. (“PAAS”),
located 35 km southeast of La Esperanza, where epithermal vein mineralization is noted down to 1,000 m
below surface underlain by skarn mineralization to a depth of over 1,800 m. Both projects share a similar
geologic setting with the epithermal veins hosted in higher volcanic sequences underlain by sedimentary
formations (Ref.: PAAS La Colorada Technical Reports and news releases).
Bahman Yamini, President and CEO of Canasil commented: “The results from the initial drill holes on the
southeast extension of the La Esperanza vein along strike and to depth confirm that the vein structure can
be located as projected in a previously blind zone, and represent a sign ificant increase to the overall
mineralized envelope as previously reported. While the wide altered and mineralized zones and the strong
epithermal vein textures observed in all three drill holes are encouraging, the higher grade intercepts are
narrower than those previously seen from the La Esperanza vein. Such variations in width and grade are not
uncommon in large epithermal vein systems. The La Esperanza project is located in a prolific sector of the
Mexican silver belt known for large high grade silver mines and deposits. Continued exploration d rilling is
warranted to expand the system and its potential.”
Canasil Resources Inc.
News Release, April 13, 2021 page 2/5
La Esperanza Silver-Gold Project, Durango & Zacatecas States, Mexico – 2020-21 Drill Results
ES20-22, ES-21-23, ES-21-24
Vein/Structure From To Width TrueWidth Gold Silver Copper Lead Zinc Ag. Eq.*
Metres Metres Metres Metres g/t g/t % % % g/t
ES-20-22
La Esperanza Vein 92.45 99.00 6.55 6.05 0.00 64 0.00 0.13 0.12 64
Includes 96.40 97.37 0.97 0.90 0.01 426 0.02 0.70 0.42 426
ES-21-23
La Esperanza Vein 339.60 351.23 11.63 10.74 0.34 32 0.04 0.23 0.19 57
Includes 342.67 344.00 1.33 1.23 2.55 177 0.12 0.52 0.43 362
Includes 342.67 343.24 0.57 0.53 5.90 404 0.24 0.99 0.22 832
And 350.72 351.23 0.51 0.47 0.91 116 0.02 0.73 0.47 182
ES-21-24
La Esperanza Vein 370.19 375.64 5.45 4.92 0.29 35 0.08 0.87 1.25 91
Includes 372.67 372.87 0.20 0.18 1.19 69 0.01 0.20 0.16 155
And 375.22 375.64 0.42 0.38 1.51 206 0.05 8.83 10.25 796
*Silver Equivalent for reference, calculated based on metal prices below and assuming equivalent recoveries for all metals
Au:Ag ratio 72.5, Cu US$2.95/lb, Pb US$ 0.86/lb, Zn US$ 1.09/lb – Cu, Pb & Zn <1% Not Included
About La Esperanza
The La Esperanza silver -gold-zinc-lead project covers 14,916 hectares, located 100 km SSE of the city of
Durango in southern Durango and northern Zacatecas States , Mexico. 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 Peñoles, the La C olorada mine of Pan American Silver and La
Parrilla and Del Toro mines of First Majestic Silver, Fresnillo PLC’s Fresnillo mine, and Fresnillo -MAG Silver
joint venture’s Juanicipio mine.
A series of silver -zinc-lead epithermal veins are observed over a no rthwest-southeast striking zone
extending over approximately 15 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, located in the southeast of the project area, is a banded and cockade white to grey quartz
breccia epithermal vein with silver, gold, zinc and lead mineralization associated with argentiferous galena,
silver sulf osalt minerals and sphalerite. Drilling to d ate on this vein has outlined a mineralized envelope
over a strike distance of 525 m and to a depth of 350 m, defined by mineralized intercepts over appreciable
widths with high silver-gold-zinc-lead grades, that is open in both directions to the northwest and southeast
along strike and to depth. Alteration of the volcanic host rocks extending along strike from the La Esperanza
vein outcrop, the spatial association with a discrete broad magnetic anomaly (possibly an igneous intrusion
at depth), as well as local drainage patterns has outlined a target extending for over 5 kilometres in this
area. Further details are listed under the La Esperanza project profile on the Company’s website
www.canasil.com, and have been previously reported in the company’s news releases.
Canasil Resources Inc.
News Release, April 13, 2021 page 3/5
The drill program is implemented by the Company’s exploration team in Mexico under the direction of Eng.
Erme Enriquez (CPG). All core samples are logged and prepared at the Company’s core storage facility in
Durango, Mexico, and sent to ALS Laboratories i n 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 foll owing digestion of
0.50 gram sample in aqua regia. Over limit silver and copper are assayed using an aqua regia digestion,
followed by ICP -AES or AAS finish, and over limit gold and silver assayed by gravimetric finish (Au -GRA21
and Ag-GRA-21). The Company's QA/QC program includes inserting certified analytical standards and blanks
into the sample batches, and the subsequent diligent monitoring of results for quality analytical assurance.
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
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.
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. F actors 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 economi c, 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, April 13, 2021 page 4/5
Fig. 1: La Esperanza Vein Long Section With 2020-21 Drill Hole Locations
Canasil Resources Inc.
News Release, April 13, 2021 page 5/5
Fig. 2: La Esperanza Vein Potential Strike Extent – Satellite Image and ZTEM/MAG Interpretation