Vancouver, May 18, 2021 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces closing of a non-brokered private placement (the “Placement”) of 7,900,000 units (the Units”) at a price of $0.10 per Unit for total gross proceeds $790,000, effective May 17, 2021. The Placement was initially announced for $500,000 and subsequently increased to $750,000 through news releases on April 27 and May 11, 2021. The closing of the Placement is subject to final acceptance by the TSX Venture Exchange. The securities issuable in connection with the 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 $5,700 is payable on part of the proceeds of the Placement. The proceeds will be used to fund continued drill programs on the Company’s silver-gold exploration projects in Durango and Zacatecas States, Mexico, and for working capital.