Canasil intersects 1.85 meters of 5.49 GT Gold and 432 GT Silver, including 8.83 GT Gold and 706 GT Silver over 0.60 meters at the Nora Project, Durango, Mexico

Vancouver – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, ‘Canasil’ or the ‘Company’) Announces Results from Three Holes NRC-21-13 to NRC-21-15 Completed in November/Dec 2021 on the Candy Vein at the Nora Silver-Gold Project in north-central Durango State, Mexico.

Core hole NRC-21-13 targeted the Candy vein structure approximately 60 meters (‘m’) down dip below NRC-21-09 and holes NRC-21-14 and NRC-21-15 tested a new step-out Intercept 60m north along strike of drill holes NRC-21-06 and NRC-21-09. All three drill holes intersected broad altered zones hosting the main Candy vein structure and a separate footwall vein, all of which returned gold and silver values ​​consistent with previous drill holes.

Intercepts in core hole NRC-21-13 confirm the continuity of high gold and silver grades at depth in the Candy vein structure, and NRC-21-14 and NRC-21-15 confirm the strike extension of the Norden vein structure. The Candy vein structure remains open in both directions along strike and at depth for further drill testing and the low base metal values ​​in these drill intersections indicate that drilling to date is still ongoing at the higher levels of the system.

President and CEO of Canasil, Bahman Yamini, commented, “Results from the second 2021 drill program on the Candy vein at Nora are consistent with previous drill holes with high gold and silver grades from multiple mineralized bands within a broad altered structure. The Candy vein structure remains open for extension along strike and at depth, and with additional strong, widespread geochemical anomalies remaining to be tested throughout the Nora project area, this indicates the potential for a significant gold-silver mineralized system there.’

To date, the Candy vein structure has been tested with six core drill holes in 2020, NRC-20-01 to NRC-20-06, and seven drill holes in 2021, NRC-21-09 to NRC-21-15, all have intersected the vein structure, which returned gold and silver mineralization over a strike distance of 500m of the potential 3km strike and to a depth of 250m below surface. These diamond drill holes have confirmed very high gold and silver values ​​within the central 175 meter long mineralized plate that extends to a depth of 250 meters. No historic drilling has been completed at the Nora Project and the 2020 and 2021 drill programs are the first ever drill programs within the project area. The consistently high gold and silver grades, along with relatively low base metal values, confirm the upper levels of a strong gold-silver mineralized system that is open to significant extension along strike and at depth.

The NovemberDecember 2021 The drill program consisted of three core holes, NRC-21-13 through NRC-21-15, totaling 892m, targeting below NRC-20-06 and NRC-21-09 and on a new step-out trend to the north along strike from these drill holes as shown below in the long section of the Candy vein.

The drilling program was conducted 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 Durango, Mexicoand sent to ALS Laboratories in Zacatecas, Mexicoto prepare and then on to ALS Global in Vancouver for gold and silver analysis 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 after digestion of a 0.50 gram sample in aqua regia . Silver and copper exceedances are assayed by aqua regia digestion followed by ICP-AES or AAS completion and gold and silver exceedances by gravimetric finishes (Au-GRA21 and Ag-GRA-21). The company’s QA/QC program includes inserting certified analytical standards and blanks into batches of samples and then carefully monitoring the results to ensure analytical quality.

About Nora Silver-Gold-Copper-Zinc-Lead Projectstate of durango, Mexico

The Nora Project is located approximately 200 km northwest of the city of Durango and has good access and infrastructure. The geological setting is a Tertiary volcanic flow dome complex. Gold-silver mineralization is hosted in two structurally controlled epithermal veins, Candy and Nora. Mineralization is typical of many mines in the region, with gold and silver associated with galena, sulfosalt minerals and smaller pyrite, sphalerite and chalcopyrite. There is evidence of some historic mining activity on the Candy vein exposed in discontinuous outcrop over 900 metres. The fault structure that hosts the Candy vein has been traced for over 3 km. Sampling of vein outcrops and mineral dumps from the Candy vein returned significant gold, silver, copper, zinc and lead values. The second vein, Nora, is located 600 meters northeast of the Candy vein and can be traced for 230 meters with widths in excess of 9.0 metres. Surface sampling from this vein returned anomalous silver values ​​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 intersections with high gold, silver and copper values ​​from the Candy vein.

Historical systematic soil sampling over an area of ​​3 km x 2 km covering the Candy and Nora veins and the planned extensions have shown elevated values ​​for silver, base metals (copper, lead and zinc) and pathfinders (antimony and arsenic). The combination of the vein outcrops with large areas of anomalous silver and base metal values ​​in soil samples may indicate additional buried mineral systems. Other large deposits in the region are SSR mining The La Pitarrilla deposit is located 50 km east of the Nora project.

About Canasil

Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects located in Durango and Zacatecas states. Mexicoand 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 advancement. The Company is actively engaged in the exploration of its mineral properties and has an operating subsidiary in Durango, Mexicowith full-time geological and support staff for its operations in Mexico.

Contact:

Bahman Yamini

Tel: (604) 709-0109

Web: www.canasil.com

This press release contains certain statements that may be deemed “forward-looking statements.” All statements in this press release, other than statements of historical fact, are forward-looking statements, including statements relating to future mineral production, reserve potential, exploration drilling, mining activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although the Company believes that 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 projected in the forward-looking statements. Factors that could cause actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, changes in commodity prices, exploration successes, the continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company’s filings with Canadian securities regulators for disclosure of these and other risk factors. There can be no certainty that forward-looking statements will materialize, and investors should not place undue reliance on forward-looking statements.