Canasil Initial 2020-21 Drill Holes Extend the La Esperanza Mineralized Envelope Along Strike and to Depth

VANCOUVER, British Columbia, March 17, 2021 (GLOBE NEWSWIRE) -- Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil”, the “Company”) provides an update on the 2020-21 drill program at the La Esperanza silver-gold project in Durango and Zacatecas States, Mexico. Drill holes ES-20-22, ES-21-23 and ES-21-24 on the southeast extension of the La Esperanza vein have been completed to downhole depths of 171 m, 406 m and 422 m respectively, and drill hole ES-21-25 on the northwest extension is currently in progress. The first three drill holes have all intersected the La Esperanza vein as projected, with the intercept points shown on the long sections below.

The objective of the initial 2020-2021 drill holes on the southeast side of the mineralized envelope was to extend the vein zone on a blind step-out along strike in ES-20-22, and step-outs to depth in ES-21-23 and ES-21-24. ES-20-22 cut the La Esperanza vein and extended the mineralized envelope by 100 metres (m) to the southeast on a blind section which had not been tested to date. ES-21-23 extended the mineralized envelope by 50 m to depth, and ES-21-24 cut the La Esperanza vein with a further 50 m extension to depth, increasing the overall depth extent by 100 m. All three drill holes also cut bands of alteration confirming a strong mineralizing environment associated with the La Esperanza vein. Assay results for these drill holes will be announced when they are received and reviewed.

The vein intercepts in these drill holes confirmed that the La Esperanza vein can be located along strike and to depth as projected. The drill defined mineralized envelope, below the 150-metre strike length surface outcrop of the vein, has now been extended from 425 m to 525 m along strike (+23.5%). The southeast depth extent has increased from 250 m to 350 m (+40%), resulting in an overall increase of the mineralized envelope by 73%. The results from these drill holes are encouraging for continued drilling to further expand the known mineralized envelope of the La Esperanza vein.

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. 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 Colorada 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.