CANEX Metals Inc. announced the results from 7 reverse circulation drill holes and observations from recent surface work at the Gold Range Project, Arizona. Reverse Circulation Drill Results Assay results for 7 reverse circulation holes are presented here, with significant gold intersections shown in the Table below. Two holes were drilled on the east side of the Excelsior zone testing for parallel zones of gold mineralization.

Hole GR22-97 successfully encountered a new gold zone to the east of Excelsior, returning 1.4 g/t gold over 6.09 metres including 4.6 g/t gold over 1.52 metres. This intercept is interpreted to line up with a zone of mapped surface mineralization defining a new parallel gold trend to Excelsior. With an amended surface exploration permit now in hand, the Company can fully explore this target and test for additional parallel zones of mineralization within a larger target corridor that exceeds 500 metres in width.

Holes GR22-98 and GR22-99 did not encounter significant mineralization. Holes GR22-101, 102 and 103 were drilled at the Eldorado Zone. Hole GR22-101 has expanded the known mineralized zone up to 75 metres to the northwest, intersecting 3 zones of mineralization grading 0.2 g/t gold over 18.3 metres, 0.3 g/t gold over 4.57 metres, and 0.4 g/t gold over 10.64 metres.

The Eldorado zone is showing potential for a near-surface zone of oxide gold mineralization that is at least 175 meters wide, by 250 metres long, by 50 metres meters thick and the extent of mineralization has not been fully delineated. Assay results for 11 drill holes from the summer drill program will be released once they are complete and have been interpreted and compiled. Of these holes 4 tested new targets in the central and northern part of the claim block in areas not drilled previously.