Canex Advances Drill Data Compilation at the Louise Cu-Au Porphyry
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: 24-6 SEPTEMBER 24, 2024
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 ADVANCES DRILL DATA COMPILATION AT THE LOUISE CU-AU PORPHYRY
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to present drill data
compilation results from the Louise Cu-Au Porphyry project in British Columbia.
Highlights:
• Historic drilling has identified a mineralized zone that is 1000 metres long by 400 metres wide
and currently extends to a depth of approximately 300 metres.
• Strong copper and gold grades occur in the system highlighted by hole LL04- 03 which returned
an interval of 158 metres grading 0.41% copper and 0.40 g/t gold starting at 53.5 metres
downhole.
• Past work largely focused in and around the original surface discovery area and only extends
to about 300 metres deep, with some drill holes ending in mineralization.
• Data suggests potential for a copper and gold target below the existing resource.
• To better understand the district scale potential of this porphyry system , CANEX is proposing a
deep looking induced polarization (IP) survey that can potentially look up to 1000 metres
deep and extend that survey across 6 to 7 kilometres of strike length (See Figure 4).
Louise is located approximately 35 kilometres west of Smithers and has excellent road access with
significant logging road infrastructure through the area. Historic drilling has defined a near surface
mineralized zone 1000 metres long by up to 400 metres wide, extending to about 300 metres depth.
Strong copper and gold grades occur in the system highlighted by hole LL04- 03 which returned an
interval of 158 metres grading 0.41% copper and 0.40 g/t gold starting at 53.5 metres downhole.
A drill location map with copper and gold grades displayed along drill holes is shown in Figure 1. Cross
sections through the deposit in roughly north- south and east-west orientations are shown in Figures 2
and 3. The data show a strong and continuously mineralized zone that extends from surface to around
300 metre s depth. The mineralized zone consists of volcanic and sedimentary rock hosted
mineralization along with mineralized intrusive dikes. A central controlling porphyry intrusion has not
been identified and remains a key exploration target at Louise. A flat dipping fault truncates
mineralization at depth in multiple holes and a better understanding of the structural setting will be
important for district scale targeting.
Figure 1. Louise Project drill hole location map showing copper and gold grades along drill hole
traces.
The high-quality historic data for Louise provides an excellent basis for understanding the known zone
of mineralization and planning low-cost meaningful exploration that could lead to a new discovery. Drill
data review has strengthened the Company’s thesis that there is excellent discovery potential laterally
and vertically surrounding the known copper-gold zone.
Figure 2. North -south cross section through the Louise deposit showing copper and gold
values down hole and the outline of the mineralized zone.
Figure 3. Roughly east-west oriented cross section through the Louise deposit showing copper
and gold values down hole and the outline of the mineralized zone.
Past work has been largely focused in and around the original surface discovery area and only extends
to about 300 metres deep. To better understand the district scale potential of this porphyry system
CANEX proposes a deep looking induced polarization (IP) survey that can potential look up to 1000
metres deep and extend that survey across 6 to 7 kilometres of strike length. Figure 4 shows a cross
section through the district showing the extent of the proposed IP survey relative to the area of known
mineralization in section B-B’. Completing a district scale IP survey is considered a critical next step in
evaluating the discovery potential of the Louise project.
Figure 4. District scale east-west cross section looking north showing section B-B (see Figure 2
for location of B -B’) relative to the designed coverage of a proposed induced polarization
geophysical survey.
Given the modest costs for a survey of this type and the high value a new copper -gold discovery might
create, we see this as an excellent risk-reward proposition for CANEX shareholders. The Company is
currently planning the next stage of exploration at Louise.
Quality Control
The historic drill hole data for the Louise project has been assembled from multiple sources including
assessment reports, Technical Reports issued to former project operators, and from a former project
manager. Drill logs and assay certificates have been obtained for most, but not all , of the historic
drilling. Historic sampling and quality control measures have been reviewed and found to be consistent
with acceptable industry standards. CANEX considers the assembled Louise drill hole data base to be
complete and accurate and suitable for exploration targeting purposes.
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 also advancing the Louise Copper -Gold Porphyry
deposit in British Columbia. Louise contains a large historic copper -gold resource that has seen very
little deep or lateral exploration, offering investors copper and gold discovery potential. 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 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.