Canex Amends Option Agreement to Acquire 100% Ownership of the Excelsior MINE Property at the GOLD Range Project Arizona
CANEX METALS INC.
SUITE 1620, 734 - 7TH AVENUE S.W., CALGARY, ALBERTA, T2P 3P8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 23-9 SEPTEMBER 5, 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 AMENDS OPTION AGREEMENT TO ACQUIRE 100% OWNERSHIP OF THE
EXCELSIOR MINE PROPERTY AT THE GOLD RANGE PROJECT ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) and its 100% owned Arizona
subsidiary CANEXCO Inc. are pleased to announce that the terms of the Excelsior Mine Property
option agreement (previously announced see June 3, 2021, News Release) have been amended. The
Excelsior Mine Property consists of 11 lode mining claims and 2 patented mining claims covering 3
past producing historic gold mines, located within the Company’s larger Gold Range Project in Arizona.
Over the past 2 years CANEX has drilled 72 holes into the main Excelsior deposit, defining a
moderately dipping gold mineralized zone up to 400 metres long by 20 to 60 metres wide, that has
been traced at least 100 metres down dip.
Terms of the Amendment
CANEX and the underlying property Vendors have agreed to remove all requirements to complete the
Stage 2 and Stage 3 earn in obligations of the original agreement in exchange for a one-time share
and cash payment. Under the amended option agreement CANEX will earn a 100% interest in the
Excelsior Mine Property in exchange for issuing 8 ,694,170 CANEX Shares and paying US$120,000 in
cash. The Vendors will retain a 1.5% net smelter royalty as outlined in the original agreement.
This transaction, plus CANEX shares already owned b y the Vendors, gives them 9.9% ownership of
the issued shares of the Company. The transaction is subject to final TXS-V approval.
Dr. Shane Ebert President of the Company stated, “CANEX is very pleased to welcome the Vendors as
major shareholders of the Company , and their show of confidence in the future of the Company and
the district is greatly appreciated. This amended 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. The Company is now better
able to advance the Project as market conditions allow and direct exploration efforts across the entire
property package.”
Figure 1. Gold Range Property map showing the Excelsior Mine Property which
includes 11 lode mining claims and 2 patented claims purchased 100% by CANEX.
Terms of the Original Option
The original option agreement allowed CANEX to earn into the Excelsior Mine Property (“the Property”)
from the private Vendors over 3 stages. CANEX had completed Stage 1 of the original option and was
well underway to completing Stage 2. During stage 1 CANEX earned 25% interest in the Property by
issuing 750,000 shares of CANEX and spending US$500,000 on exploration. During stage 2 CANEX
could earn 51% interest in the Property by issuing 1 million shares of CANEX (issued), spending
US$2,000,000 on exploration including a resource estimate, and paying a bonus payment equivalent to
1% of the gold price on recoverable gold equivalent ounces defined in the measured and indicated
resource categories. The deadline for Completing Stages 1 and 2 was May 2024.
During stage 3 CANEX c ould earn a 90% interest in the Property by issuing 1,000, 000 shares and
spending US$2,000,000 million on exploration and development including an economic study. To
complete the stage 3 earn in CANEX was required to make another bonus payment to the Vendors
equivalent to 1.5% of the gold price on recoverable gold equivalent ounces defined in the proven and
probable reserve categories. Stage 3 had a 2 year earn in period. Once CANEX ha d earned a 90%
interest in the Pr operty the Vendors c ould elect to maintain their 10% ownership by contributing their
10% share to exploration and development or give up 100% ownership to CANEX and revert to a 1.5%
NSR.
About Gold Range
The Gold Range project is a new bulk -tonnage ox ide-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, mappi ng, 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 results 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 with a new gold
discovery at the Gold Range Project in Northern Arizona , and high grade silver and gold
mineralization at the Gibson property in British Columbia . CANEX is l ed by an experi enced
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, inclu ding 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 forwa rd-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 circums tances could cause results to differ
materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.