Canex Acquires 100% Ownership of the Excelsior MINE Property Highlights 2023 Exploration and Westgold Discovery
CANEX METALS INC.
SUITE 1620, 734 - 7
TH
AVENUE S.W., CALGARY, ALBERTA, T2P 3P8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 23-10 NOVEMBER 29, 2023
Trading Symbol: TSX Venture-CANX
For Further Information Contact: Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca
CANEX ACQUIRES 100% OWNERSHIP OF THE EXCELSIOR MINE PROPERTY
HIGHLIGHTS 2023 EXPLORATION AND WESTGOLD DISCOVERY
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) and its 100% owned Arizona
subsidiary CANEXCO Inc . are pleased to announce the completion of the Excelsior Mine Property
purchase and provide a summary of 2023 Exploration at the Gold Range Project, Arizona.
Excelsior Mine Property Purchase Terms
The Company has completed the purchase of a 100% interest in the Excelsior Mine Proper ty from the
Vendors by issuing 8,694,170 CANEX shares and paying US$120,000 in cash. The Vendors retained
a 1.5% net smelter royalty, with CANEX retaining a right of first refusal on the sale of the royalty. This
transaction, plus CANEX shares already owned by the Vendors, gives them just under 9.9% ownership
of the issued shares of the Company. The shares issued will be subject to a hold period of four months
plus one day or until March 28, 2024. The US$120,000 cash payment has been funded through the
sale of marketable securities that were held by CANEX while preserving cash on the company’s
balance sheet.
The Excelsior Mine Property consists of 2 patented mining claims (private land ownership) and 11 lode
mining claims on Federal land and sits within the Company’s larger Gold Range Project . With the
patented mining claims, in addition to mineral rights, the Company also acquires significant surface
infrastructure including two warehouse buildings, a house, and a water well. This existing
infrastructure will be highly valuable in helping to facilitate low-cost exploration at the project.
Dr. Shane Ebert President of the Company stated, “CANEX is very pleased to welcome the Vendors as
major shareholders of the Company . This purchase agreement and the elimination of the original
option agreement is a key step in moving the highly prospective Gold Range Project forward, as it
removes various deadlines and eliminates up to C $3.5 million in potential expenditures and payments
over the next 3.5 years while minimizing dilution for investors . CANEX is now well-positioned to
advance the consolidated Project as market conditions allow and direct exploration efforts across the
entire property package.”
Figure 1. Photograph of the Excelsior patent claim purchased by CANEX showing warehouses
and mine buildings included with the property.
2023 Exploration Summary
During 2023 the Company collected 387 soil and 95 rock samples, staked 17 new mining claims, and
drilled 24 reverse circulation holes for 3150.9 metres of drilling. Surface mapping and sampling in
2023 expanded known gold anomalies and identified new drill targets , with the work culminating in a
new drill discovery at WestGold which is showing potential to host a sizable zone of near surfac e bulk
tonnage gold mineralization over an area at least 400 by 300 metres. Hole GR23-120 at WestGold
returned 0.7 g/t gold over 35 metres including 1.9 g/t gold over 10.67 metres (previously released see
May 8, 2023 news release) in an area that had never been drilled prior to CANEX’s 2023 program. The
identification and drill testing of the WestGold mineralization has extended the known strike length of
the main mineralized trend on the Gold Range property to 4 kilometres.
Drilling in 2023 continued to confirm the size and strong grades at the Excelsior Zone, returning
intervals such as 4.1 g/t gold over 6.10 metres in hole GR -23-131, and 1.0 g/t gold over 15.24 metres
in hole GR23-136. Drilling at the East Excelsior Target confirmed a prospective z one up to 75 metres
and at least 200 metres along strike (and open) that is prospective for gold mineralization. First pass
drilling in the area intersected 1.1 g/t gold over 4.6 metres and 2.3 g/t gold over 3.1 metres (previously
released see July 5, 2023 News Release).
In January 2023 the Company announced a new drill discovery at the Shaft Target with hole GR22-110
returning 1.1 g/t gold over 27.44 metres (previously released see Jan 23, 2023 News Release).
Plans for 2024
With the spending requirements and timelines in the original Excelsior Agreement removed, CANEX is
well-positioned to advance the Gold Range project as market conditions allow. With a low corporate
burn rate and the ability to conduct low -cost surface exploration, the Company has sufficient working
capital to operate for calendar year 2024 and beyond and conduct measured low -cost surface
exploration programs at Gold Range without the need for financing. The Company’s near and mid
term objectives will include low-cost advancement of surface targets in preparation for drill testing to be
conducted once market conditions allow.
Figure 2. Gold Range Property map showing the Excelsior Mine Property which
includes 11 lode mining claims and 2 patented claims purchased 100% by CANEX.
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 4000 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 resul ts 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 focused on
advancing it’s 100% owned Gold Range Project in Northern Arizona. With several near
surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the
Gold Range Project is a compelling early stage opportunity for investors. 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.
Dr. Shane Ebert P.Geo. , is the Qualified Person for CANEX Metals and has approved the
technical disclosure contained in this news release.
“Shane Ebert”
Shane Ebert
President/Director
For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca
Neither the TSX Venture E xchange nor its regulation services provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 perform ance 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 potent ial 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.