CANEX Metals Inc. announced surface soil results from summer 2022 exploration and the purchase of a lode mining claim covering a past producing gold mine at the Gold Range Project, Arizona. Assay results have been received for 170 surface soil samples taken during summer 2022 exploration at the Gold Range Property. These samples returned gold values ranging from below detection (<5 parts per billion (ppb)) to 606 ppb, averaging 54 ppb, and along with previous data help define a strong new gold in soil target on the west side of the property herein called the GoldWest target.

The GoldWest target is defined by gold in soil values ranging from 122 to 612 parts per billion. The zone is 400 metres long and over 125 metres wide and remains open along strike. The GoldWest target stands out as the strongest gold in soil zone on the Gold Range Property to date and has never been drill tested.

CANEX has purchased a 100% interest in a lode mining claim located adjacent to the GoldWest target from an unrelated third party for total consideration of US$20,000. This claim is surrounded by CANEX held ground and has road access in addition to known zones of high-grade gold mineralization. This purchased claim was a small-scale gold producer that operated from around 1901 to 1911, with multiple workings and about 335 metres (1100 feet) of underground developments.

Total gold production remains undocumented. Multiple workings on the claim occur along or near the contact of a moderately metamorphosed granodiorite intrusion (granodiorite gneiss) and a mixed gneiss and schist meta-sedimentary rock package. The GoldWest soil anomaly parallels the granodiorite gneiss and mixed gneiss-schist contact, occurring on the east side within the granodiorite gneiss.

The granodiorite gneiss and meta-sedimentary rock contact is interpreted to be an important control on mineralization, with the granodiorite gneiss unit being a favorable host for gold mineralization. CANEX is preparing to commence a field program focused on fully delineating the GoldWest soil anomaly and mapping and sampling the recently purchased claim in preparation for permitting and drill testing of the new target area. Near Term Catalysts: CANEX is working on the following near-term activities which will be updated to investors once finalized: Results from 18 reverse circulation drill holes at Gold Range are pending.

A field program focused on defining and understanding the GoldWest target with further soil sampling, rock sampling, and geologic mapping will commence shortly. With an amended exploration permit now in hand, final preparations for another drill program at Gold Range will be completed after all pending drill results have been received, compiled, and released. This drill program is likely to commence in First Quarter 2023.