Canasil Outlines Potential for Significant High-Grade Mineralized System at the Nora Silver-Gold Project in Durango State, Mexico

VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- 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 covering an area of 3 Km by 2Km highlight multiple 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, gold, 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 areas of silver geochemical 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, as 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 geochemical anomaly maps below and full set of geochemical maps posted on the Company’s website at Overview | Canasil Resources Inc.