Canex Announces Surface Exploration Results from the Combined GOLD Basin and GOLD Range Project, Arizona Confirms Additional Large Exploration Targets FOR Drill Permitting
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: 26-15 JUNE 17, 2026
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: h ttp://www.canexmetals.ca
CANEX ANNOUNCES SURFACE EXPLORATION RESULTS FROM THE COMBINED
GOLD BASIN AND GOLD RANGE PROJECT, ARIZONA
CONFIRMS ADDITIONAL LARGE EXPLORATION TARGETS FOR DRILL PERMITTING
Calgary, Alberta - CANEX Metals I nc. (“CANEX” or the “Company”) is pleased to announce
surface exploration results fr om a recent due diligence surface exploration program designed
to verify historic work, identif y new exploration targets, and support exploration permitting
efforts currently in progress.
During the program 98 surface chip samples and 135 soil samples were collected focusing on
large undrilled exploration ta rgets located between the Cyclopi c deposit and the WestGold
target.
Highlights:
Rock and soil sampling results confirm multiple large mineralized targets that have
never been drill tested
Chip sampling at Ring Bear returned 2.54 g/t gold over 13 metres including 6.46 g/t
gold over 2 metres . The Ring Bear target has been traced over an area 300 by 450
metres
Chip sampling at Golden Chalice returned 14.83 g/t gold over 1 metre, 6.46 g/t gold
over 1.3 metres, and 1.53 g/t gold over 10 metres. Mineralization at Golden Chalice
has been traced over a strike length of 500 metres within a 400 by 700 metre gold-in-
soil anomaly
Chip sampling at West Chalice returned 12.15 g/t gold over 2.7 metres. The West
Chalice target has been identified over a 300 by 500 metre area
These newly identified targets sit within an 8 kilometre long trend of oxide gold zones
containing favorable gold grades
Drill permitting is being advanced and exploration planning is underway
The 2026 surface exploration program has confirmed 3 large expl oration targets located
between the Cyclopic deposit and the WestGold target. These are Ring Bear, Golden Chalice,
and West Chalice, and all 3 will be included in a drill permit application that CANEX is currently
preparing. None of these targets have been drill tested previo usly. CANEX is preparing an
exploration permit application f or the Cyclopic, Golden Chalice , West Chalice and other areas
on the western part of the claim block (Gold Basin claims). Th e eastern part of the district,
including WestGold, is currently permitted for drill testing.
Figure 1. Soil compilation map show exploration target zones be tween WestGold –
Eldorado and Cyclopic.
Dr. Shane Ebert President and CEO of the Company stated, “Our t eam spent 7 days in the
field in April and was rapidly able to utilize regional scale s tructural and geologic targeting
knowledge developed b y CANEX over the pas t 6 years and apply it to the recently acquired
Gold Basin claims. Surface ma pping and sampling combined with a large existing sample
database have confirmed multiple large zones with strong explor ation potential in areas never
historically drill tested. Both the Ring Bear and Golden Chali ce targets have returned strong
chip samples results showing po tential for bulk tonnage mineral ization surrounding high grade
gold veins. These results high light the tremendous untested ex ploration potential on the
property, and our team is excited to get back on the ground and continue to unlock the full
potential of the district. CANEX will announce exploration plans once we have better clarity on
permitting timelines.”
Field Program
During the April surface program 98 chip samples were collected , largely from the area
between the Cyclopic deposit and the WestGold target. These sam ples returned gold grades
ranging from 14.83 g/t gold to below detection (<0.005 g/t), av eraging 1.23 g/t. Mapping
combined with sampling has reinforced that large scale minerali zed targets with bulk tonnage
potential exist in the large ar ea between Cyclopic and WestGold . The area contains
widespread historic workings and has not been drill tested prev iously. Multiple drill pads are
being contemplated at Ring Bear, Golden Chalice, and West Chali c e , i n a n e w e x p l o r a t i o n
permit that is in progress.
Table 1. Summary of select chip sample results.
Sample Zone Length (m) Gold g/t Silver g/t
389878 & 79 West Chalice 2.7 12.15 18.87
389893 to 99 Ring Bear 13.0 2.54 3.03
389899 Ring Bear 2.0 6.46 8.8
389851 to 53 Ring Bear 2.8 1.14 2.75
389855 & 56 Ring Bear 3.8 0.56 16.04
389881 Golden Chalice 1.0 14.83 14.20
389888 Golden Chalice 1.3 6.46 25.7
1115751 to 54 Golden Chalice 4.2 0.80 2.97
1115789 to 92 Golden Chalice 10.0 1.53 4.48
1115791 Golden Chalice 1.0 4.90 1.40
1115769 Fry 0.2 13.17 1.6
Mapping suggests Eldorado, WestGold , Golden Chalice, Ring Bear, and Cyclopic share
numerous common features and are part of a larger district scal e flat dipping structure, or
stacked structures, that have important high grade steeply dipp ing feeder structures, and
contain bulk tonnage targets best developed in suitable brittle host rocks. Bulk tonnage
targets typically consist of a l arger high grade quartz vein, o r a series of veins, surrounded by
wider halos of lower grade veinlets. Gold is observed in multi ple quartz veins across the
targets, especially in veins containing traces of galena and chalcopyrite.
Chip sampling at Rin g Bear has returned 2.54 g/t gold over 13 metres , with the sequence
containing a high value of 6.46 g/t gold and a low of 0.31 g/t gold. Limited exposures located
125 metres southwest returned 1.14 g/t gold over 2.8 metres, wi th altered and veined rocks in
the immediate hangingwall returning 0.56 g/t gold over 3.8 metr es highlighting the presence of
a mineralized halo. The area samp led contains both flat and st eep dipping mineralized quartz
veins and a target zone with bulk tonnage potential has been tr aced on surface over a 300 by
450 metre area.
Chip sampling at West Chalice re turned a high grade interval of 12.15 g/t gold over 2.7
metres across a quartz vein and zone with quartz stringers that has li mited exposure. The
West Chalice target has been identified over a 300 by 500 metre area.
Mineralization at Golden Chalice has been traced over a strike length of 500 metres within a
400 by 700 metre gold-in-soil anomaly. High grade quartz veins occur at the zo ne including
14.83 g/t gold over 1 metre , along with a mineralized halo returning 1.53 g/t gold over 10
metres that remains open.
Figure 2. Rock samples taken in 2026 focusing on exploration ta rgets between
WestGold and Cyclopic. Select assay results from chip sampling are highlighted.
Near Term Plans for Gold Basin / Gold Range
The Company remains focused on assembling and compiling data se ts for the Gold Basin
property, including surface samp ling, drilling, and geophysical data. Various initiatives around
the property package are being advanced, and a Notice of Work e xploration permit application
is being assembled for submission to the Bureau of Land Managem ent. The exploration
permit will focus on expansion a nd infill along select parts of the Cyclopic and Stealth-Red
Cloud trends, allow for mechanical exposure of key zones for ge ological evaluation and
detailed sampling, and enable dri ll testing of multiple new exp loration targets including Ring
Bear, Golden Chalice, and West Chalice.
There is a strong need for incr eased geologic understanding of the deposits and zones across
the Gold Basin property and there are multiple areas where surf ace sampling of rocks and
soils need to be expanded. The Company anticipates permitting and data compilation can be
completed over the next couple of months leading to aggressive exploration programs,
including drilling sometime in the fall.
Figure 3. Photographs from the Ring Bear target. Top left: com plex zone of flat and
steep bearing quartz veins and veinlets returned 2.54 g/t gold over 13 metres. Top right:
multiple flat dipping quartz veins with abundant veins and vein lets in the surrounding
wallrock. Bottom photos: flat dipping mineralized quartz vein surrounded by a larger
mineralized halo. Zone returned 1.14 g/t gold over 2.8 metres near the vein, and 0.56 g/t
gold over 3.8 metres in the hangingwall.
Figure 4. Photographs from the Golden Chalice target. Left: h istoric working following
a flat dipping high grade struct ure. Right: Quartz vein with m inor cubic galena and
chalcopyrite and traces of gold from the flat structure.
Quality Control
During the field program 98 rock samples were taken by Company personnel and returned
gold values ranging from below detection (<5 parts per billion) to 14.83 g/t, aver aging 1.23 g/t
gold. A total of 135 soil samples were taken returning gold va lues ranging from below
detection (<5 parts per billi on) to 169 parts per billion. Company personnel shipped the
samples to Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025
accredited) for analyses. Rock samples were crushed to 75% pas sing -10 mesh with a split
pulverized to -150 mesh (method SP- 1). Each sample was analyzed by a 30g fire assay with
an atomic absorption finish (me thod FA-01) and 49 element ICP w ith an aqua regia (method
TE-3). Soil samples were sieved to -80 mesh and assayed by 30 gram fire assay with an
atomic absorption finish (met hod FA-01). Rock samples included 15 lab duplicate analyses
and 5 certified reference standards, and soil samples included 16 lab duplicates and 6 certified
reference stands, and all performed well.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company and is now the 100%
owner of Gold Basin Resources Corporation. CANEX is advancing the contiguous Gold Range
and Gold Basin properties in Mohav e County, Arizona. The combin ed properties contain
numerous drill defined gold deposit ranging up to 1.7 kilometre s in length and have seen over
900 historic and current drill holes.
CANEX is also advancing the Louise Copper-Gold Porphyry Project in British Columbia.
Louise contains a large historic copper-gold resource with dril l ready targets below and lateral
to historic mineralization, 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.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metal s 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 Exchange 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 pr esent factual information conta ined herein, the matters set forth in this news release, includ ing words such as
“expects”, “projects”, “plans”, “anticipates” and similar expre ssions, are forward-looking information that represents managem ent of CANEX
Metals Inc. internal projecti ons, expectations or beliefs conce rning, 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 stateme nts
necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial result s in future
periods to differ materially from any projections of future per formance or results expressed or implied by such forward-lookin g statements.
These risks and uncertainties inc lude, among other things, thos e described in CANEX’s filings with the Canadian securities aut horities, the
possibility that legal proceedings may be instituted against CA NEX, Gold Basin, and/or others, and risks inherent in the minin g industry.
Accordingly, holders of CANEX s hares and potential investors ar e cautioned that events or circu mstances could cause results to differ
materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.