Canex Announces High Grade GOLD Results from Initial Sampling
CANEX METALS INC.
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 19-6 JULY 10, 2019
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 ANNOUNCES HIGH GRADE GOLD RESULTS FROM INITIAL SAMPLING
AT THE GOLD RANGE PROPERTY, ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce results
from 8 rocks samples and 6 soil samples from the Gold Range property, Arizona.
The samples were taken by CANEX personnel in May of this year during an initial property exam and
focused on 2 zones, the new Discovery Zone, where a prospector recently discovered a quartz vein
containing abundant visible gold, and a second zone containing historic adits and workings termed the
Adit Zone.
Three rock samples were taken from the Adit Zone where a strong zone of quartz veining up to 30
metres wide has been traced for 250 metres along a northwest direction, with an alignment of historic
workings and quartz vein outcrops traced for 1000 metres. A grab sample from the waste dump of the
lower most adit returned 31.2 g/t gold. This adit exposes a 1 to 2 metre wide quartz vein containing
trace amounts of galena and chalcopyrite. A second grab sample was taken from a 5 metre wide
quartz vein exposed at the upper mos t adit and returned 25.4 g/t gold. This upper adit is located 60
metres to the northwest of the lower adit . Visible gold has been identified in several samples from
these zones. A third grab sample of brecciated iron stained vein quartz material located 140 metres to
the northwest returned 0.08 g/t gold.
At the Discovery Zone, a small hand pi t 3 metres by 2 metres by 1.5 metres deep has been dug by
prospectors and all gold bearing material has been removed. Existing exposure is limited and CANEX
personnel were not able to observe or sample gold in outcrop . The geometr y, orientation, and
continuity of the zone remains unknown. CANEX personnel did observe gold in quartz vein fragments
from the dump pile, and gold was also panned from these materials. CAN EX collected 4 rock samples
from the Discovery Zone. Three 0.8 metre chip samples were taken from different levels of weathered
bedrock on the vertical wall of the hand pit. The deepest chip sampled contained quartz veinlets and
pegmatite and returned 1. 59 g/t gold. A second sample located 0.4 metres above the first contained
0.29 g/t gold, and the sample closest to surface contained 0.17 g/t gold. A grab sample from the zone
also returned 0.37 g/t gold. This zone is scheduled for trenching so the gold bearing structure can be
exposed and properly evaluated.
A line of 8 soil samples spaced roughly 10 metres apart was taken over the Discovery Zone. The soils
returned gold values ranging from 15 to 838 parts per billion (ppb), with values of 838 and 202 ppb gold
correlating very closely with the new discovery and surrounding area . The very high gold anomalies
obtained from the test line confirms soil sampling should be very effective for delineating and tracing
these zones.
Page 2
July 10, 2019
Additional Fieldwork Conducted
CANEX personnel have just returned from a nine -day field program at Gold Range which focused on
defining and sampling the high grade Adit Zone and extending it along strike. Fieldwork has defined a
1000 metre long linear trend of historic workings and exposed quartz veins along the z one. Additional
staking has been conducted to cover the structure and its projection along strike. Surface and
underground exposures at the core of the Adit Zone were mapped and chip sampled, with gold
identified in several samples. Reconnaissance prospecting, mapping, and sampling was conducted in
outlying areas. Photographs of the Adit Zone and quartz vein samples showing visible gold are
available here: Adit Zone Photos. Forty-seven new chip and grab samples were collected during the
program and have been submitted for assay. In addition, 63 soils were collected around the Discovery
Zone to help trace the trend of t he mostly covered zone and identify additional gold bearing targets in
preparation for trenching. The new geologic data is being compiled and used to support exploration
permitting which is in progress.
CANEX is currently waiting for assay results for a total of 78 additional rock samples and 107 soil
samples. The next batch of assay results are expected within a few weeks.
About the Gold Range Property
The Gold Range Property occurs in Northern Arizona within a larger district that has seen historic l ode
and placer gold production but limited modern lode gold exploration. Earlier this year a prospector
using a hand-held metal detector discovered a quartz vein containing abundant visible gold concealed
under shallow soil cover on the property. CANEX has an option to earn a 100% interest in the property
by making staged cash payments over 4 years totaling US$90,000 and completing exploration
expenditures of US$80,000. The Vendor will retain a 2% net smelter royalty, half of which can be
bought back by CA NEX for US$500,000, and the remaining half can be bought back for an additional
US$1,000,000.
Please visit our website at www.canexmetals.ca for additionnel information.
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
Neither the TSX Venture E xchange nor its regulation services provider (as that term is defined in the polici es 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 c omponents
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.