Canasil Review of Candy Vein Drill Results With Up To 8,445 g/t AgEq* x Metres True Width x Grade Suggests High Potential at the Nora Silver and Gold Project, Durango, Mexico
Suite 1760 – 750 West Pender Street
Vancouver, BC
Canada V6C 2T8
Tel: 604-708 3788
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NEWS RELEASE TSX-V: CLZ
March 09, 2022 www.canasil.com
Canasil Review of Candy Vein Drill Results With Up To 8,445 g/t AgEq* x Metres True Width x Grade
Suggests High Potential at the Nora Silver and Gold Project, Durango, Mexico
Vancouver, Mar. 09, 202 2 - Canasil Resources Inc. (TSX-V: CLZ , DB Frankfurt: 3CC, “Canasil” or the
“Company”) announces a review of the results from the 2020-21 drill programs completed on the Candy vein
at the Nora silver -gold project in north -central Durango State, Mexico. A total of 3,296 metres (“m”) was
completed in 13 core drill holes and tested the Candy vein structure over a strike distance of 500 m and to a
vertical depth of 250 m below surface. All 13 drill holes cut the mineralized vein structure, returning
particularly wide high-grade gold (“Au”) and silver (“Ag”) intercepts within the central 200-metre zone tested.
The highest true width (“TW”) x grade value, cut in core drill hole NRC-21-11, was 11.29 m TW with 5.31 g/t
gold (‘Au”) and 336 g/t silver (“Ag”) for 748 g/t silver equivalent (“AgEq) *, giving a TW x grade value of
8,445 g/t AgEq* x m. The highest grade was cut in core drill hole NRC-21-09 with 1.53 m TW returning 20.59
g/t Au and 1,290 g/t Ag for 2,886 g/t AgEq*, giving a TW x m value of 4,416 g/t AgEq* x m. Most drill holes
cut multiple mineralized intercepts with a total of 26 intercepts in all 13 drill holes, and 18 intercepts in the 7
drill holes in the central 200-metre zone. The weighted average TW of all 26 intercepts was 2.06 m with 4.25
g/t Au and 356 g/t Ag for 696 g/t AgEq and TW x grade value of 1,434 g/t AgEq* x m. For the 18 intercepts
in the central zone the weighted average TW was 2.65 m with 4.48 g/t Au and 381 g/t Ag for 734 g/t AgEq*
and TW x grade value of 1,945 g/t AgEq* x m. The table below includes selected results from the 7 drill holes
within the 200-metre central zone returning True Width x Grade values of over 1,000 g/t AgEq* x m.
Nora Silver-Gold Project, Durango State, Mexico – Selected Candy Vein Drill Results
Vein/Str. From To Width TW Gold Silver Copper Lead Zinc AgEq* TW x AgEq*
M M M M g/t g/t % % % g/t g/t x m
Core Drill Hole NRC-20-04
CANDY VEIN 139.52 143.25 3.73 3.05 3.71 489 0.53 0.14 0.16 838 2,556
Core Drill Hole NRC-20-06
CANDY HW 132.85 135.50 2.65 2.40 4.78 351 0.01 0.14 0.34 721 1,730
CANDY VEIN 145.00 146.65 1.65 1.49 11.86 378 0.01 0.05 0.16 1,297 1,933
Core Drill Hole NRC-21-09
CANDY HW 180.97 184.60 3.63 3.29 6.44 884 0.03 0.10 0.22 1,383 4,550
CANDY VEIN 194.90 196.60 1.70 1.53 20.59 1,290 0.04 0.12 0.29 2,886 4,416
CANDY FW 210.00 213.00 3.00 2.71 2.76 250 0.01 0.05 0.11 464 1,257
Core Drill Hole NRC-21-10
CANDY HW 182.10 188.00 5.90 5.33 1.14 157 0.02 0.05 0.11 245 1,306
Core Drill Hole NRC-21-11
CANDY HW 131.82 139.00 7.18 6.72 2.05 344 0.05 0.44 0.85 503 3,380
Core Drill Hole NRC-21-12
CANDY STR. 209.50 222.00 12.50 11.29 5.31 336 0.02 0.06 0.17 748 8,445
Incl. CANDY HW 209.50 211.00 1.50 1.35 9.00 487 0.03 0.06 0.12 1,185 1,600
And CANDY VEIN 212.00 214.00 2.00 1.81 9.54 729 0.04 0.13 0.36 1,468 2,657
And CANDY FW 220.00 222.00 2.00 1.81 9.43 666 0.04 0.07 0.11 1,397 2,529
Core Drill hole NRC-21-13
CANDY VEIN 295.20 299.00 3.80 3.46 2.96 241 0.15 0.02 0.21 489 1,692
*Silver Equivalent calculated based on metal prices below and assuming equivalent recoveries for all metals
Au US$ 1,850/Oz, Ag US$ 23.87/Oz, Cu US$4.40/lb, Pb US$ 1.07/lb, Zn US$ 1.63/lb; Pb & Zn less than 1% not included
Canasil Resources Inc.
News Release, Mar. 09, 2022 page 2/5
These results suggest that the Candy vein structure hosts consistently high -grade gold and silver
mineralization over appreciable widths, which is open along strike and to depth for expansion. The widths
and grades seen within the Candy vein structure form a strong base for delineating high value gold and silver
mineralization. As a reference for interpreting these results, a width x grade value of 400 g/t to 500 g/t AgEq
x metres (e.g. 2.0 m TW with an average grade of 200 g/t to 250 g/t AgEq) is generally considered economically
viable at current silver prices for underground mining in th e Nora project region in Mexico . Readers are
cautioned that the Nora project is at the exploration stage, and while the results to date are very encouraging
there is not sufficient information to date to indicate a mineable deposit.
To date, the Candy vein structure has been tested over a strike distance of 500 m of the potential 3-kilometre
strike, and only to a depth of 2 50 m below surface. The 2020 and 2021 drill programs are the first ever drill
programs within the project area. The consistently high gold and silver grades , together with the relatively
low base metal values, confirm the upper levels of a strong gold -silver mineralized system within the Candy
structure which is open for significant expansion along strike and to depth. The long section below shows the
drill intercepts for all 13 holes completed to date on the Candy vein structure, outlining the overall 500-metre
mineralized zone delineated to date and the higher grade 200-metre central zone. A table with the detailed
results from all the drill holes is also included below and can be viewed on the Company’s website at
www.canasil.com .
In addition to the Candy vein structure systematic grid soil sampling over a 2-Km east-west and 3-Km north-
south area covering the central zone of the project returned widespread silver, gold, copper, zinc and lead
geochemical anomalies coincident with pathfinder mine ral anomalies. The gold and silver anomalies are
particularly strong over the 3-Km strike extent of the Candy vein structure on the western side of the project
area, as well as to the southwest and east of the Candy vein structure. A strong silver and gold anomaly also
extends for 1.5 Km southwest from the location of the above high grade drill intercepts on the Candy vein
and a breccia target has been identified to the south with potential for hosting bulk tonnage disseminated
silver-gold mineralization. The priority targets for future exploration outlined on the silver and gold
geochemical anomaly maps and a full set of geochemical elements maps are posted on the Company’s
website at www.canasil.com.
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 vein 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 silver va lues associated with trace sulphides, with a
geochemical signature typical of the higher levels of epithermal vein systems in the region . The 2020 and
2021 drill programs are the first drill programs at the Nora project and have consistently returned encouraging
intercepts with high gold, silver and copper values from the Candy vein.
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 (antimon y
and arsenic) values. The combination of the vein outcrops with large areas of anomalous silver and base metal
values in soil samples may indicate additional concealed mineral systems. Other major deposits in the region
include SSR Mining’s La Pitarrilla deposit located 50 km east of the Nora project.
Canasil Resources Inc.
News Release, Mar. 09, 2022 page 3/5
The Nora project drill programs were 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 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, a nd for silver, copper, lead, zinc and trace elements by ICP analysis following
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 professionals with a track record of identifying and advancing successful mineral
exploration projects through to discovery and furt her 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) 708-3788
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.
This news release includes certain statements that may be deemed to be “forward -looking statements”. All statements
in this rele ase, 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 expres sed 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 c ause 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 busine ss 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, Mar. 09, 2022 page 4/5
Canasil Nora Silver-Gold Project, Durango, Mexico
Candy Vein Long Section - 2020 and 2021 Drill Intercepts
Canasil Resources Inc.
News Release, Mar. 09, 2022 page 5/5
Canasil Nora Silver-Gold Project, Durango, Mexico
Candy Vein Long 2020 and 2021 Drill Intercepts – NRC-20-01 to NRC-21-15