Canex Intersects 15.2 Metres of 1.0 G/T GOLD and 6.1 Metres of 4.1 G/T GOLD and Confirms New Parallel Mineralized
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: 23-8 JULY 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 INTERSECTS 15.2 METRES OF 1.0 G/T GOLD AND 6.1 METRES OF 4.1 G/T
GOLD AND CONFIRMS NEW PARALLEL MINERALIZED TARGET AT GOLD RANGE,
ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce
results from 19 reverse circulation drill holes from multiple targets across the Gold Range
Project, Arizona. This drilling has intersected strong gold mineralization within the Excelsior
Zone and demonstrates a new area with good gold potential at East Excelsior, locat ed
immediately east of Excelsior.
Highlights
- Hole GR23 -131 at the Excelsior Zone intersected 4.1 g/t gold over 6.10 metres
including a high-grade vein returning 13.3 g/t gold over 1.53 metres
- Hole GR23 -136 at the Excelsior zone intersected 1.0 g/t gold over 15.24 metres
including 2.4 g/t gold over 4.57 metres
- 5 holes tested a 200- metre strike length at the East Excelsior Target with all 5 holes
returning gold mineralization, confirming the exploration potential of the system
- The East Excelsior Target contains multiple parallel mineralized structures within a
zone up to 75 metres wide
- The East Excelsior Target is fully permitted for further drill testing, a permit amendment
is underway to allow further drill testing and definition of the new WestGold discovery
Assay results from drill holes GR23-119 and GR23- 121 to 138 have been received and are
presented here. These drill holes tested the Shaft Target, the East Excelsior Target, and
Excelsior. A property drill hole location map is shown in Figure 1, a drill hole map for Excelsior
and East Excelsior is shown in Figure 2, and cross section s through the new East Excelsior
Target are shown in Figure s 3 and 4. Significant gold intersections are shown in the Table
below.
Figure 1. Gold Range Property drill hole location map showing the Excelsior to
WestGold trend, the Central and Lillian Zones, Shaft, and drill hole locations included in
this release.
Hole GR23 -131 tested a gap in the central part of the Excelsior zone and returned a high-
grade gold intercept of 4.1 g/t gold over 6.1 metres including 13.3 g/t gold over 1.53
metres. The drill encountered a historic underground working immediately below this high -
grade zone where no recovery was obtained over 3 metres. Hole GR23-136 was located 100
metres northeast of hole GR23- 131 and returned 1.0 g/t gold over 15.24 metres including a
higher-grade inter cept returning 2.4 g/t gold over 4.57 metres. Holes GR23- 131 to 137
successfully added and extended mineralization within the main Excelsior zone. Holes GR23-
129, 130, and 138 tested the northeast and northwest extensions of the zone and did not
encounter significant mineralization.
Figure 2. Drill hole location map, Excelsior zone and East Excelsior Target.
Holes GR23-122 to 128 tested parallel mineralized trends at the East Excelsior Target with 5
of the 7 test holes encountering gold mineralization. One of the zones at East Excelsior was
tested along a 200-metre strike length by holes GR123 to 127, with all 5 holes returning gold
mineralization and confirming the exploration potential of the target which remains open
along strike. Results from this initial test include hole GR23- 124 which returned 1. 1 g/t gold
over 4.58 metres, and hole GR23- 127 which returned 0.4 g/t gold over 9.1 5 metres and
another 2.3 g/t gold over 3.05 metres.
At East Excelsior t he corridor of mineralization is interpreted to contain multiple steep west
dipping structures, which on Figure 4 occur within a 75 metre wide zone. There is very limited
surface exposure over the area and additional drilling will be required to better un derstand the
orientation, widths, grade, and continuity of the zone.
Figure 3. Cross section A – A’ through the East Excelsior Target showing drill holes
GR123 to 125.
Figure 4. Cross section B – B’ through the East Excelsior Target showing drill holes
GR127 and 128.
Highlights from reverse circulation drill holes GR23-119 and GR23-121 to 138.
Drill Hole From (m) To (m) Width (m)* Au g/t
GR23-123 59.44 67.06 7.62 0.3
including 59.44 60.96 1.52 1.2
GR23-123 82.3 91.44 EOH 9.14 0.2
GR23-124 85.34 89.92 4.58 1.1
including 85.34 86.87 1.53 2.9
GR23-125 28.96 32.00 3.04 0.3
GR23-126 35.05 44.20 9.141 0.3
including 38.10 39.62 1.52 1.2
GR23-126 62.48 67.06 4.58 0.2
GR23-126 134.11 135.64 1.53 0.3
GR23-127 7.62 16.76 9.14 0.2
GR23-127 28.96 32.00 3.04 0.2
GR23-127 53.34 67.06 13.721 0.3
including 54.86 64.01 9.15 0.4
GR23-127 79.25 82.30 3.05 2.3
GR23-129 42.67 44.20 1.53 0.6
GR23-130 35.05 36.58 1.53 0.4
GR23-130 76.20 79.25 EOH 3.05 0.7
including 77.72 79.25 EOH 1.52 1.3
GR23-131 30.48 36.58 6.102 4.1
including 32.00 33.53 1.53 13.3
GR23-132 48.77 50.29 1.52 1.7
GR23-133 30.48 42.67 12.19 0.7
including 33.53 36.58 3.05 2.3
GR23-133 68.58 76.2 EOH 7.62 0.2
GR23-134 33.53 42.67 9.14 0.4
GR23-135 41.15 57.91 16.76 0.5
including 51.82 56.39 4.57 1.3
GR23-136 22.86 38.10 15.24 1.0
including 25.91 30.48 4.57 2.4
GR23-137 44.20 57.91 13.71 0.4
GR23-138 85.34 86.87 1.53 0.2
*Drill hole intercepts, true widths have not been determined. Grades have not been capped in the averages.
1 Composite includes 1 unmineralized interval. 2 immediately below this interval drill hit 3m of historic workings with no sample
recovered. EOH = end of hole.
Two holes testing the Shaft Target in the northeast part of the claim block (holes GR23- 119
and 121) did not encounter significant gold mineralization.
Next Steps
Results for all 24 holes from the winter 2023 drill program at Gold Range have now been
received and released. A permit amendment is underway to allow further drill testing and
definition of the new WestGold discovery where the Company has identified a new zone of flat
dipping gold mineralization that returned 0.7 g/t gold over 35 metres at a target that could
extend over an area hundreds of metres by hundreds of metres (previously released, see May
8, 2023 news release).
Recently acquired LiDar imagery, drill and surface sample assays, and field mapping data are
being analysed and interpreted to further advance the ongoing targeting efforts at Gold Range.
Additional field programs will be announced once finalized.
Quality Control
Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot
(1.52m) intervals during drilling and were picked up from site and analyzed by Skyline
Assayers and Laboratories in Tucson Arizona ( which is ISO/IEC 17025 accredited). A 2 80g
pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption
finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay
method with a gravimetric finish (method FA -02 50g). The Company included certified
reference standards, blanks, and duplicates in every sample batch and then checked to
ensure proper quality assurance and quality control prior to releasing the data.
About Gold Range
The Gold Range project is a new bulk -tonnage oxide- 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, mapping, 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 Nort hern Arizona, and high grade silver and gold
mineralization at the Gibson property in British Columbia. 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
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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 diff er
materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.