CANEX Metals Inc. announced the results from 7 reverse circulation drill holes from the Excelsior Zone at the Gold Range Project located in northern Arizona. Six of the 7 drill holes have returned multiple gold mineralized intercepts and continue to expand the potential of the Gold Range project. Assay results for drill holes GR22-79 to 85, all from the Excelsior zone, have been received and are presented here.

Hole GR22-79 was oriented away from the mineralized zone and did not intersect significant mineralization. These Excelsior holes were focused on defining and extending results from hole GR21-57 which contains the longest continuous zone of mineralization encountered on the Gold Range property to date, intersecting 1.0 g/t gold over 59.45 metres starting from surface including 1.4 g/t gold over 32 metres. Hole GR22-82 was mineralized from the start of the hole to 48.78 metres depth returning 1.0 g/t gold over 48.8 metres, including a high-grade zone that returned 9.7 g/t gold over 1.52 metres.

Hole GR22- 83 was drilled from the same pad as hole 82 but at a steeper angle and intersected 4 mineralized zones within the upper 79.3 metres of the hole containing a cumulative mineralized length of 57.9 metres. Results from GR22-83 are highlighted by 0.9 g/t gold over 44.21 metres from 35.06 metres depth, including a high-grade zone of 2.7 g/t gold over 10.67 metres. Hole GR22-84 intersected 3 mineralized zones including 1.0 g/t gold over 10.67 metres from surface and 0.9 g/t gold over 7.62 metres from 73.17 metres depth.

Hole GR22-85 intersected 4 mineralized zones within the upper 73.17 metres of the hole with a cumulative mineralized length of 21.34 metres, highlighted by 2.4 g/t gold over 9.15 metres from 13.72 metres depth. Holes 82 and 84 both intersected a second deeper zone of mineralization on the southeast side of the system that could represent a new subparallel mineralized zone within the larger 500 metre-wide prospective corridor defined by gold in soil anomalies and intermittent exposure of gold bearing quartz veins and veinlets. This new subparallel zone remains to be traced toward surface and along strike, and the larger corridor needs to be systematically tested for similar zones of mineralization to the southeast.