Canex Intersects 27.4 Metres of 1.1 G/T GOLD IN New Drill Discovery
CANEX METALS INC.
SUITE 815, 808-4
TH
AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 23-1 JANUARY 23, 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 27.4 METRES OF 1.1 G/T GOLD
IN NEW DRILL DISCOVERY AT THE GOLD RANGE PROJECT, ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce
the results from 11 reverse circulation drill holes from the Gold Range Project, Arizona, and
the commencement of a surface exploration program.
Highlights
- The Company’s first drill test of the Shaft Target in the northern part of the Gold Range
property has resulted in the discovery of a new and potentially significant zone of
gold mineralization with hole GR22- 110 returning 1.1 g/t gold over 27.44 metres
including 1.7 g/t gold over 15.24 metres
- This discovery is located 1.5 kilometres northeast of the Central Zone and 2.4
kilometres north of the Excelsior Z one and appears to be part of a new gold trend that
is partially covered by stream-wash gravels
- 17 claims have recently been staked to secure additional ground adjacent to the new
discovery
- Drilling at the southern end of the Excelsior Zone has extended the width of
mineralization by 75 metres and the zone remains open
- Field crews have been dispatched to the project to further define the Shaft and
WestGold Targets in preparation for drill testing
Assay results from drill holes GR22-104 to 114 have been received and are presented here.
These include holes from the Central and Excelsior Zones, as well as maiden drill tests of the
Adit, Tin Cabin, and Shaft Zones in the northern part of the claim block. A drill hole location
map is shown on Figure 1 , a cross section through the new discovery at the Shaft Zone is
shown on Figure 2, and a cross section through the expanded portion of the Excelsior Z one is
shown on Figure 3. Significant gold intersections are shown in the table below.
Figure 1. Gold Range Property drill hole location map showing the Excelsior to
Eldorado trend, the Central and Lillian Zones , the new WestGold target and discovery
hole GR22-110 at the Shaft Target.
Shaft Target – New Discovery
A new drill hole discovery has been made at the Shaft Target where hole GR22- 110 has
intersected 1.1 g/t gold over 27.4 metres from 33.54 metres downhole, including 1.7 g/t over
15.24 metres.
This discovery is located 1.5 kilometres northeast of the Central Zone and 2.4 kilometres north
of the Excelsior Zone and appears to be part of a new gold zone with a northeast trend and
near vertical dip. The Shaft Target is best exposed by a historic shaft containing a strongly
deformed northeast trending shear zone and quartz vein system that is covered by stream -
wash gravels to the southwest. A zone of historic placer mining occurred along the trend, 200
metres southwest of the discovery hole, suggesting continuity and size potential for the target.
Seventeen claims have been staked to cover the area surrounding the target and field crews
are currently on site conducting additional surface exploration.
Figure 2. S E-NW cross section through the Shaft Target showing drill hole GR22 -110
and historic workings.
Results from Excelsior, Central, Adit and Tin Cabin
Holes G R22-104 to 106 tested the Central Zone, holes GR22- 107 and 108 tested the Adit
Zone, hole GR22- 109 tested the Tin Cabin Zone, and holes GR22- 111 to 114 tested the
southeast side of the Excelsior Zone.
Section B -B’ below shows holes GR22- 112 and 114 from the southern end of the Excelsior
Zone. Holes 112 and 114 have extended the width of the Excelsior Zone by 75 metres to the
east, and mineralization remains open in that direction. In the southern area the Excelsior
zone is 25 to 50 metres thick, 150 metres wide and open, and has been traced for 400 metres
along a northeast trending strike and remains open in both directions along strike. The bulk
tonnage oxide gold target is showing a favorable open pit geometry with mineralization starting
at surface and having a flat to moderate west dip.
Figure 3. Northwest -southeast cross section through the southernmost part of the
Excelsior Zone showing drill holes GR22-112 and 114.
The next phase of drill testing at Excelsior will include tracing the zone along strike and testing
for additional parallel mineralized zones within a 500- metre-wide corridor containing
anomalous gold-in-soils and known mineralized quartz veins at surface.
Holes GR22-104 to 106 tested the Central Zone with hole GR22- 104 returning 0.4 g/t gold
over 6.1 m etres and hole GR22- 106 intersected 3 mineralized zones ranging from 4.57 to
15.21 metres thick. Holes GR22- 107 and 108 tested the Adit Zone and did not intersect
significant mineralization.
Highlights from reverse circulation drill holes GR22-104 to 114.
Drill Hole
From
(m) To (m) Width (m)* Au g/t
GR22-104 160.02 166.12 6.1 0.4
including 160.02 161.54 1.52 1.4
GR22-106 36.59 42.68 6.09 0.2
GR22-106 82.32 86.89 4.57 0.3
GR22-106 114.33 129.54 15.21 0.1
GR22-107 0 3.05 3.05 0.6
GR22-110 33.54 60.98 EOH 27.44 1.1
including 36.59 51.83 15.24 1.7
including 48.78 50.3 1.52 7.6
GR22-112 0 41.15 41.15 0.2
GR22-113 13.72 16.76 3.04 0.3
GR22-114 12.19 24.38 12.19 0.3
*Drill hole intercepts , true widths have not been determined. Grades have not been capped in the averages. EOH = end of
hole.
Near Term Plans – Gold Range
The Company anticipates a busy year at Gold Range following up recent discoveries and new
target areas in addition to defining and expanding established zones of gold mineralization.
Field crews are currently on site defining and expanding multiple gold targets in preparation for
drill testing. These targets include the new Shaft discovery and the large WestGold Target,
with fieldwork including grid soil sampling, rock chip sampling, and detailed surface mapping.
The Company is working to expedite fieldwork and assay results so drill targeting and permit
amendments can be completed as expeditiously as possible.
CANEX is fully financed to complete the next round of drilling at Gold Range, and planning is
underway to resume reverse circulation drilling at the project. The timing and magnitude of the
next round of drilling will be announced once finalized. The Company i s fully permitted to
resume drilling along strike at Excelsior and test the larger potential of the 3.2 kilometre long
by 0.5 kilometre-wide Excelsior-Malco-Eldorado trend.
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 1000g
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 dupli cates 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 i s being
defined through surface sampling, mapping, and reverse circulation drilling. The main
exploration target defined by surface work is 3200 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 led 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, 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 perfor mance 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.