CANEX Metals Inc. announced the results from 11 reverse circulation drill holes from the Gold Range Project located in northern Arizona and the receipt of an amended exploration permit for the project. Assay results for drill holes GR22-86 to 96, from the Excelsior, Central, Lillian, and Malco zones, have been received and are presented here. A single hole, GR22-91, was drilled at the Central Zone during the January to March 2022 drilling program resulting in a new drill discovery.

Hole GR22-91 intersected 2 mineralized intervals returning 0.7 g/t gold over 9.15 metres from 15.24 metres depth and 0.6 g/t gold over 18.29 metres from 47.26 metres depth including 1.1 g/t gold over 7.62 metres. Hole GR22-91 intersected a cumulative mineralized interval of 27.44 metres grading 0.6 g/t gold and demonstrates the potential for Central to host significant zones of gold mineralization. Hole GR22-92 was drilled 490 metres to the northwest and also intersected mineralization returning 1.0 g/t gold over 4.57 metres.

Follow up drilling has been conducted at the Central Zone as part of the current drill program. Holes GR22-86 to 90 were drilled at Excelsior and focused on extending and defining the southern part of the mineralized zone which has now been defined over a 500 metre strike length and remains open. Hole GR22-86 intersected 4 mineralized zones for a cumulative total of 36.58 metres of mineralization between 0 and 79.27 metres depth, the largest zone being 18.29 metres grading 0.5 g/tgold from 60.98 metres.

Hole GR22-87 intersected 3 mineralized zones including 1.2 g/t gold over 7.62 metres from 6.1 metres depth. Hole GR22-90 intersected 1.2 g/t gold over 12.19 metres from 33.54 metres depth. Hole GR22-93 to 96 tested the Malco Zone, with hole GR22-93 returning 0.7 g/t gold over 4.57 metres from 22.87 metres depth and hole GR22-96 returning 0.4 g/t gold over 7.62 metres.

Two follow up drill holes have tested the east side of Malco during the current drilling program, focusing on an area where recent sampling has produced strong gold in soil and gold in rock results.