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    3CC   CA13723D1006

CANASIL RESOURCES INC.

(3CC)
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Canasil Resources Inc. : Canasil Completes Planned 962 Metres Drill Program at the Brenda Gold-Copper Project in British Columbia, Canada

09/19/2013 | 09:15pm EDT
Canasil Completes Planned 962 Metres Drill Program at the Brenda Gold-Copper Project in British Columbia, Canada

Vancouver, Sept. 19, 2013 - Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the "Company") announces that the Company has completed the planned diamond drill program, previously announced on August 27, 2013, at the Brenda gold-copper project in the Kemess-Toodoggone camp in north-central British Columbia, Canada. One deep diamond drill hole, BR-13-01, was completed as planned to a depth of 962 metres to test the down-hole extension of the previous drill holes BR-07-04 and BR-07-05, which returned mineralized intercepts with increasing grades down to a depth of 562 metres. BR-13-01 twinned the previous drill hole BR-07-04, and samples from a depth of 500 metres to 962 metres have been delivered to ALS Chemex Laboratories in North Vancouver for analysis. Assay results and results from the technical review of the drill hole are expected within four to six weeks.

The deepest mineralized intercept in drill hole BR-07-04 returned 58.0 metres with 0.707 g/t gold and 0.119% copper from 504 metres to 562 metres. The objective of drill hole BR-13-01 was to test for the possibility of continued mineralization with potentially higher grades at depth, similar to the deep targets successfully tested and discovered at the Kemess Underground (North Kemess) deposit by Northgate Minerals Corp. and AuRico Gold Corp. The Kemess Underground deposit is located approximately 20 kilometres southeast of the Brenda project, and the higher grade mineralized core occurs at depths of 750 metres to 1,250 metres.

About the Brenda project:

The Brenda gold-copper project covers 4,450 hectares, and is located in north-central British Columbia, Canada, 25 km northwest of the past producing Kemess South Mine. Cumulative exploration expenditures of over $3,500,000 to date include satellite surveys, airborne and ground geophysics, extensive geological mapping and sampling and over 10,000 metres of diamond drilling in 63 drill holes. These programs have confirmed the potential for a deep-seated porphyry gold-copper system at the Brenda project, similar to the nearby Kemess Underground (North Kemess) deposit advancing through feasibility by AuRico Gold Corp. with indicated resources of 3 million ounces gold and 1 billion pounds copper (185 million tonnes with an average grade of 0.48 g/t Au and 0.25% Cu).

At Brenda, the two deepest previously drilled holes (BR-07-04 and BR-07-05) intersected broad gold-copper mineralized zones with increasing grades to a depth of 560 metres. Mineralization is open to depth and drilling to date has not intersected intrusive formations which are presumed to be the core of the mineralized system. In these drill holes, the average grade of 5 intercepts above a depth of 450 metres was 0.48 g/t gold and 0.079% copper over a combined intercept length of 393.72 metres. The average grade of 3 intercepts below 450 metres was 0.68 g/t gold and 0.116% copper over a combined intercept length of 92.84 metres.

These results compare favourably with the average grades of the Kemess Underground deposit, even though the projected mineralized intrusive zone at depth has not been reached. A significant number of drill core samples returned assays of over 1.0 g/t gold and 0.15% copper. The mineralized system averages 300 to 400 metres in width, and has been traced along a strike length of 400 metres by drilling, with a potential strike length in excess of 1,000 metres indicated by the chargeability anomalies observed in the 3-Dimensional Induced Polarisation geophysical survey.

The increasing gold and copper grades at depth and the strength of the highly altered mineralization observed in the drill core, in conjunction with the strong anomalies observed in the geophysical survey, are highly encouraging and indicate the potential for a large deep-seated gold-copper porphyry system.

About Canasil:

Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa 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. The Company is actively engaged in the exploration of its mineral properties.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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Net income 2020 -2,06 M -1,69 M -1,69 M
Net cash 2020 0,89 M 0,73 M 0,73 M
P/E ratio 2020 -5,50x
Yield 2020 -
Capitalization 11,7 M 9,63 M 9,64 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 6
Free-Float 93,1%
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Bahman Yamini President, Chief Executive Officer & Director
Kerry Melbourne Spong Chief Financial Officer & Vice President-Finance
Arthur Charles Freeze Independent Director
Michael D. McInnis Independent Director
Alvin William Jackson Independent Director
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