Canex Doubles the Size of the GOLD IN Soil Anomaly at the Central Zone GOLD Range Project
CANEX METALS INC.
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 20-13 APRIL 27, 2020
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 DOUBLES THE SIZE OF THE GOLD IN SOIL ANOMALY
AT THE CENTRAL ZONE GOLD RANGE PROJECT
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce results for
303 soil samples and one rock sample taken from the Central Zone at the Gold Range Property, Arizona.
Surface samples have successfully expanded the existing soil anomaly and another outcrop containing
high grade gold has been discovered.
Highlights from the Sampling Program
• Gold-in-soil results have expanded the Central Zone soil anomaly to 730 metr es long by
250 metres wide and the anomaly remains open to the north.
• Outcrop sampling within the gold -in-soil anomaly has returned 19.35 g/t gold over 0.4
metres.
Sampling Results
In February and March 2020, 738 reconnaissance soil samples and 30 rock samples were taken over
parts of the Central and Pit Zone areas on the Gold Range property . In the Central Zone e xisting soil
lines were extended to the east and west and new lines were added to the north and south to expand
upon a previously identified anomaly. Results for 303 soil samples and one rock sample from the Central
Zone are reported here . Results for samples taken around the Pit Zone will be released once
interpretation and compilation are complete.
Gold in soil results ranged from below detection (<2 parts per billion (ppb)) to 550 ppb, averaging 18 ppb.
Multiple zones 100 to 200 metres across containing anomalous gold-in-soils (>20 ppb gold) have been
identified. The known Central Zone gold-in-soil anomaly has been significantly expanded from 330 long
and 90 to 150 metres wide to 730 metres long with the zone remaining open to the north. The width of
the anomaly varies but is around 250 metres wide near its centre. The gold-in-soil anomaly is interpreted
to define multiple northwest trending mineralized structures associated with altered felsic intrusive and
granite pegmatite dikes and associated quartz veining. A map showing soil and rock sample locations
from the Central Zone is available here.
Mapping within the Central Zone soil anomaly identified a poorly exposed outcrop within a creek bed
containing quartz veining and fine visible gold. A chip sample across the exposure returned 19.35 g/t
gold over 0.4 metres. This area contains patchy outcrop and thin cover and future trenching should be
a rapid and cost-effective way to help evaluate the orientation and extent of mineralization.
Page 2 – April 27, 2020
Dr. Shane Ebert, President of the Company stated, “Fieldwork conducted at Gold Range in the first
quarter of 2020 continues to deliver strong results, with key targets being advanced and expanded. Soil
sampling has proven to be very effective in identifying large gold exploration target areas. Once travel
restrictions are lifted and exploration can resume the Company looks forward to continuing surface work
programs at Gold Range and work toward finalizing our first round of drill targets.”
Exploration Update
Results from 435 soil samples and 29 rock samples taken around the Pit Zone area will be released once
they are compiled and interpreted. The Company continues to monitor travel and work restrictions in
Arizona and will plan to return to Gold Range to continue work when it is safe to do so. The Company
has numerous surface targets to further map and sample and additional trenching is planned prior to
finalizing drill targets.
Quality Control
The soil samples reported here were taken by a contract geological services company with all samples
delivered to ALS USA Inc. in Elko, Nevada (which is ISO/IEC 17025 accredited). For each sample
approximately 0.5 kg of ma terial was sampled from 10 to 25 centimeters depth along pre -determined
sample grids. Seven hundred and sixty-seven samples were delivered to ALS including 738 soil samples,
14 standards and 15 duplicates. Gold was assayed using a 30g fire assay (method Au -ICP21) with an
ICP-AES finish.
The rock sample reported here was taken by CANEX personnel and was analyzed by ALS USA Inc. in
Reno (which is ISO/IEC 17025 accredited). The sample was crushed with a 1kg pulp prepared and a
50g fire assay performed with an ACP-AES finish (code Au-ICP22). All samples with gold greater than
10 g/t are re-analyzed using a 50g fire assay and a gravimetric finish (code Au -GRA22). Thirty-three
elements were analyzed using a four-acid digestion and ICP-AES (code ME-ICP61).
About the Gold Range Property
The Gold Range Property is located in Northern Arizona within an area that has seen historic lode and
placer gold production but limited systematic modern lode gold exploration. Fieldwork by the Company
has identified numerous gold exploration targets on the property with grab samples from o utcropping
quartz veins returning multiple values in the 20 to 40 g/t gold range, and chip sampling returning values
of 31.7 g/t gold over 1 metre, 24.3 g/t gold over 1.5 metres, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1
metre, and 8.47 g/t gold over 5.6 metres. 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 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 present factual information contained here in, 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.