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Highlights
- Canasil Resources advances drill permitting for the Vizcaino Gold-Silver Project.
- The company prepares a 2,450 metre multi-phase drilling programme.
- Vizcaino project remains untested by drilling despite extensive surface mineralisation.
- Salamandra project undergoes technical review ahead of new drill permits.
- Exploration leadership strengthened with the appointment of a new Mexico Exploration Manager.
Canasil Resources Inc. (TSX-V:CLZ) (DB Frankfurt: 3CC) is progressing exploration activities across its Mexico-based projects, with near-term drilling planned at the Vizcaino Gold-Silver Project and ongoing evaluation work at Salamandra. The company is moving through permitting stages while preparing for multi-phase drilling programmes, positioning 2026 as an active year for field operations.
Permit Progress at Vizcaino
Canasil is currently advancing the drill permit application for its Vizcaino Gold-Silver Project in Durango State. The company expects approval by the end of Q1 2026 or early Q2 2026. Preparations for drilling are already in place, with the programme fully funded and contractor quotes under review.
The planned Phase 1 drill campaign will include six HQ core holes totalling 1,050 metres, scheduled to begin in Q2 2026 following permit approval. The permit is also structured to allow for follow-on drilling, including step-out holes along strike and at depth, supporting future exploration flexibility.
Multi-Phase Drilling Strategy
Following Phase 1, Canasil has outlined a Phase 2 programme consisting of eight additional HQ core holes for 1,450 metres. Combined, the two phases will total 14 drill holes covering 2,450 metres.
Drilling is designed across seven sections targeting vertical depths of approximately 150 to 200 metres. The programme aims to test the continuity and depth potential of the epithermal vein system identified at the surface.
Strategic Location and Geological Setting
The Vizcaino project is located approximately 127 kilometres north of Durango city, within a region known for established gold and silver mining operations. The project lies near producing and past-producing assets, including the San Agustin and El Castillo mining complex.
Geologically, Vizcaino sits at the intersection of two major mineral trends: a northwest-southeast silver trend extending through Durango and Zacatecas, and a west-east gold trend crossing Durango State. This positioning places the project within a recognised mineralised corridor.
Surface Results Indicate Depth Potential
The Vizcaino project hosts an epithermal vein traced over a strike length of approximately 3 kilometres, with outcrop widths ranging from 1 metre to 12 metres. Surface sampling has returned anomalous gold values, with higher readings recorded at lower elevations.
Samples from higher elevations returned values between 32 ppb and 141 ppb, while lower elevation samples ranged from 161 ppb to 667 ppb. These results suggest the current surface exposure represents the upper levels of the system, with potential for increasing grades at depth.
Outcrops display banded epithermal textures, indicating characteristics typical of higher-level epithermal systems. The project has not been drill tested previously.
Salamandra Project Review Underway
The Salamandra silver-copper-zinc project, also located in Durango, has seen extensive historical exploration, including airborne and ground geophysics, surface sampling, and nearly 18,000 metres of diamond drilling across 35 holes.
Previous drill results include intersections such as 7.89 metres grading 166 g/t silver, alongside 1.2% zinc, 1,2% copper, and 1.26% lead mineralisation. The company is currently conducting a comprehensive technical review and plans to apply for new drill permits in Q1 2026.
Salamandra is situated around 35 kilometres from Durango city and lies within a mineralised trend associated with other deposits and historical mining operations in the region.
Exploration Leadership Appointment
To support its Mexico exploration activities, Canasil has appointed Fabian Espinoza as Exploration Manager. He brings over 18 years of experience across Mexico, the United States, and South America.
His background includes roles with multiple mining companies, where he managed exploration strategy, programme design, and field implementation. He is currently overseeing the development and execution of Canasil’s exploration plans in Mexico.
Outlook for 2026
Canasil is progressing permit approvals, contractor selection, and technical evaluations across its projects. With drilling programmes planned at Vizcaino and permit applications expected for Salamandra, the company is preparing for expanded field activity during 2026.
Shares of CLZ last traded at CAD 0.05 on March 24, 2026.
