Canasil’s 2019 Sampling Returns High Grade Silver-Gold-Copper-Zinc-Lead Results at the Nora Projects in Durango State, Mexico

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NEWS RELEASE TSX-V: CLZ

September 26, 2019 www.canasil.com

Canasil’s 2019 Sampling Returns High Grade Silver-Gold-Copper-Zinc-Lead Results

at the Nora Projects in Durango State, Mexico

Vancouver, September 26, 2019 - Canasil Resources Inc. ( TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the

“Company”) is pleased to report high-grade silver-gold-copper-zinc-lead assays from outcrops along the

Candy vein at the Nora project in Durango State, Mexico. The work was completed in August 2019 and

includes 21 samples taken from outcrops of the vein, 31 samples from adjacent country rocks and 12

samples from waste piles (“dumps”), all collected over a distance of 918 metres. The objective of this work

was to confirm the high-grade mineralization in the Candy vein and to identify possible locations for

subsequent drilling. The Candy vein, an epithermal gold-silver target, has not been previously drilled. There

has been limited, historical mining of the Candy vein, and small mineralized waste dumps are present.

The high gold, silver, copper, lead and zinc grades from the Candy vein over a significant strike length, and

from mineralized dumps, are very encouraging. Average grade of 21 samples from the Candy vein is 1.69

g/t gold (Au), 140 g/t silver (Ag), 0.40% copper (Cu), 1.59% lead (Pb), and 0.57% zinc (Zn) over 0.68

metres. The highest silver grade was in sample #14278 with 3.72 g/t Au, 605 g/t Ag, 0.97% Cu, 1.17% Pb

and 0.40% Zn over 1.0 metre. The highest gold value was in sample #14311 with 12.55 g/t Au, 12.2 g/t Ag,

1.02% Cu, 2.67% Pb and 0.68% Zn over 0.40 metres . The average grade of the 12 dump samples is 1.40 g/t

Au, 86 g/t Ag, 1.06% Cu, 3.37% Pb, and 1.64% Zn . Details of the results from selected higher-grade

samples, some of which include partially oxidized material, are included in the table below for reference.

Canasil President and CEO, Bahman Yamini, commented: “The high silver and gold grades, as well as

copper, lead and zinc values, observed in surface outcrops from the Candy vein, and from associated mineral

dumps, over a strike length of over 900 metres suggest the potential for a strong high grade epithermal vein

with excellent targets for drill testing.”

Nora Project, Durango State, Mexico – Candy Vein Surface Samples, August 2019

Sample Easting Northing Elevation Width Sample Gold Silver Copper Lead Zinc

Number Metres Type g/t g/t % % %

14278 451609 2822331 2017.12 1 Vein 3.72 605 0.97 1.17 0.40

14280 451615 2822338 2018.52 1.4 Rock 0.892 392 0.06 0.19 0.05

14281 451614 2822339 2018.70 1 Vein 2.98 540 0.85 4.00 3.55

14286 451621 2822385 2014.26 0.3 Vein 1.35 28.5 0.07 0.45 0.19

14287 451623 2822395 1972.83 0.6 Vein 2.18 316 0.57 2.44 0.17

14288 451629 2822403 1984.14 0.8 Vein 3.03 585 2.80 5.24 1.83

14290 451639 2822398 1997.50 D Dump 2.42 203 0.87 8.05 2.10

14291 451636 2822404 1998.69 D Dump 2.23 158 0.66 3.15 0.58

14292 451635 2822413 1997.18 D Dump 1.50 84.5 0.41 3.32 0.63

14293 451631 2822419 1998.43 D Dump 1.72 215 0.38 2.94 0.71

14294 451624 2822428 1999.51 D Dump 1.90 40.6 0.26 2.98 0.88

14296 451645 2822420 2013.84 D Dump 2.47 80.7 0.58 5.22 0.81

14297 451634 2822444 2009.87 D Dump 2.89 193 2.64 7.19 9.76

14299 451626 2822578 2006.46 0.6 Vein 6.55 10.4 0.06 0.28 0.05

14311 451608 2822812 2009.71 0.4 Vein 12.55 12.2 1.02 2.67 0.68

Canasil Resources Inc.

News Release, September 26, 2019 page 2/2

About Nora Silver-Gold-Copper-Zinc-Lead, Durango State, Mexico:

The Nora project is located approximately 200 km north-west of the City of Durango, with good access and

infrastructure. There are two principal epithermal vein outcrops at the Nora project, the Candy and Nora

veins. There is evidence of historical mining activity on the Candy vein, which can be traced for over 900

metres on surface, with the structure exposed in discontinuous outcrops for over a distance of 3 km.

Samples of vein outcrop and mineral dumps from the Candy vein returned significant gold, silver, copper,

zinc and lead values. The Nora vein 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

values and contained trace sulphides and a geochemical signature typical of the higher levels of an

epithermal vein system.

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 additional concealed mineral systems.

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.

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.

For further information please contact:

Bahman Yamini

President and C.E.O.

Canasil Resources Inc.

Tel: (604) 709-0109

www.canasil.com

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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 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.