CANEX Metals Inc. ('CANEX' or the 'Company') is pleased to announce that exploration drilling at the Gold Range Project, Arizona, will commence this week focusing on new exploration targets with excellent discovery potential.
New surface exploration results supporting these targets is also presented.
Highlights
Reverse circulation drilling will resume at Gold Range this week, focusing on testing 3 new target areas, WestGold, zones parallel to Excelsior, and the new Shaft discovery
The WestGold Soil anomaly has been extended and covers an area 425 metres by 150 metres and contains the strongest gold in soil anomaly identified to date on the Gold Range Property. This is significant as soil geochemistry has been an effective tool for finding gold mineralization across the property
Assay results from January mapping and sampling have been received and confirm both high grade veins and lower grade bulk tonnage style halos at the WestGold Target, with samples returning up to 57.5 g/t gold over 0.4 metres and 1.44 g/t gold over 4 metres
A permit amendment has been received allowing the Company to drill the new WestGold target and 4 holes are planned as an initial test of the zone
New mineralized vein zones have been mapped parallel to Excelsior and have returned grades up to 21.5 g/t gold over 0.5 metres. At least 3 of these zones have been defined and traced for up to 600 metres along strike, significantly increasing the size potential of the Excelsior area
Dr. Shane Ebert, President of the Company Stated, 'Surface exploration work completed to December 2022 and more recently in January 2023 has successfully defined multiple new mineralized target areas providing CANEX with an excellent line up of drill targets. We are very excited to start our drilling program at the WestGold Target which has returned high grade gold in surface rock samples and contains a 425 metre long by up to 150 metre wide gold in soil anomaly with the strongest gold in soil values defined on the Gold Range Project to date. We are also excited to drill test the 500 metre wide mineralized corridor adjacent to Excelsior where recent field work has defined multiple mineralized quartz vein and stockwork zones running parallel to Excelsior. This area has good potential to materially expand mineralization in the Excelsior area, and potentially along much of the 3.2 kilometre strike length of the zone which is largely covered'.
Drill Program
A focused reverse circulation drill program will commence this week and consist of a minimum of 15 holes testing the WestGold Target, the recently recognized parallel zones east of Excelsior, and the new Shaft Discovery.
A permit amendment announced by the Company on September 6, 2022, allows for an additional 40 drill pads to be constructed on the project and is sufficient to allow for all of the planned step out and infill drilling on the Excelsior and Shaft Zones. A further amendment was subsequently submitted and has been recently approved allowing the Company to drill test the WestGold Target.
About Gold Range
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high grade silver and gold mineralization at the Gibson property in British Columbia. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS) a large shareholder of the Company.
Contact:
Shane Ebert
Tel: 1.250.964.2699
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as 'expects', 'projects', 'plans', 'anticipates' and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
CANEX METALS INC. 