Canex Metals Provides Update ON Gibson Drill Program and Discovers New Mineralized Zone
CANEX METALS INC.
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 18-8 OCTOBER 18, 2018
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 METALS PROVIDES UPDATE ON GIBSON DRILL PROGRAM AND DISCOVERS
NEW MINERALIZED ZONE
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to provide an update on
the ongoing drilling program at the Company’s Gibson Project located in central British Columbia.
A ten hole, 1000 metre drill program is currently underway at Gibson and the Company has completed
six holes to date and the drill is working on the seventh. Two trenches have also been excavated
during the current program.
The first 2 holes of the program targeted the main Gibson Zone and successfully intersected multiple
quartz-sulfide veins hosted within larger zones of alteration and stockwork mineralization. Trenching
immediately east of the Gibson Zone has discovered a new zone of sulfide bearing quartz veining in an
area that has not been trenched or drilled previously. Holes 3 and 4 tested this new discovery and
intersected multiple quartz-sulfide veins and silicified zones 0.5 to 2.5 metres wide surrounded by
larger zones of alteration. Sulfides observed within the new zone include pyrite, sphalerite, galena,
with minor chalcopyrite and arsenopyrite, and are consistent with sulfides found in the Gibson Zone.
Limited historic drilling of the Gibson Zone by Noranda Exploration Company in 1991 returned 4.26
metres grading 6.77 g/t gold and 1828 g/t silver from sulfide bearing quartz veins and the zone remains
open in all directions. Known mineralized zones at Gibson are located within a strong soil anomaly 850
metres long by 500 metres wide, providing a large area for the discovery of additional veins.
The drill core is currently being logged and sampled. Once the core samples are processed they will
be sent for assay with results expected in 8 to 10 weeks.
The Gibson Prospect
The Gibson prospect is 887 hectares in size and located in central British Columbia, approximately 95
kilometres northwest of Fort St. James. The area is accessible via a network of all-weather logging
roads. Gibson contains epithermal to mesothermal gold-silver mineralization hosted in highly altered
sedimentary and volcanic rocks adjacent to the Hogem Batholith. The zone was discovered and
explored by Noranda Exploration Company from 1989 to 1991. Noranda drilled 9 holes with 8 of the 9
holes intersecting significant gold and silver mineralization. The best drill intercept returned 4.26
metres grading 6.77 g/t gold and 1828 g/t silver. Prior to the 2017 trenching program by CANEX no
follow up trenching or drilling has been conducted at Gibson since the highly successful Noranda
program.
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October 18, 2018
The Noranda drill results are reported in BC Assessment report 21762 for Noranda Exploration
Company by Stewart and Walker (1991). This drilling was done prior to NI 43-101 and should be
considered historic in nature. The results have not been verified by CANEX and should not be relied
upon.
About CANEX Metals Inc.
CANEX Metals is a Canadian based exploration company focused on acquiring and advancing high
grade gold and silver deposits in stable mining jurisdictions. Company Management has a proven
track record of exploration success, with key personnel being involved in discoveries in Mexico,
Newfoundland, and British Columbia. CANEX has optioned five British Columbia exploration projects
from Altius Resources Inc. and Altius is a significant shareholder of the Company. 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
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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 differ
materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.