Vancouver, August 4, 2020 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces closing of a non-brokered private placement (the “Placement”) of 7,827,500 units (the “Units”) at a price of $0.20 per Unit for total gross proceeds of $1,565,500. The Placement was initially announced for $1,000,000 on July 17, 2020, and subsequently increased to $1,500,000 through announcements on July 21 and July 22, 2020. The closing of the Placement is subject to final acceptance by the TSX Venture Exchange. The securities issuable in connection with the private placement are subject to a hold period expiring four months and one day after the date of issuance. A finder’s fee of 6% for $21,900 is payable on part of the proceeds of the Placement.