Vancouver, July 21 2020 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that the non-brokered private placement (the “Placement”) of up to 5,000,000 units (the Units”) at a price of $0.20 per Unit for total gross proceeds of up to $1,000,000 to fund drill programs on the Company’s silver-gold projects in Mexico is oversubscribed. The Placement is increased to 6,250,000 units at $0.20 for gross proceeds of $1,250,000. All other terms are unchanged. A finder’s fee may be paid with respect to all or part of this Placement. The terms of the Placement are subject to acceptance by the TSX Venture Exchange. The proceeds of the Placement will be used to fund expanded drill programs on the Company’s silver-gold exploration projects in Mexico.