Canex Receives Exploration Permit Amendment FOR GOLD Range and Surface Exploration Program to Commence Shortly
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: 24-2 MARCH 12, 2024
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: https://www.canexmetals.ca
CANEX RECEIVES EXPLORATION PERMIT AMENDMENT FOR GOLD RANGE
AND SURFACE EXPLORATION PROGRAM TO COMMENCE SHORTLY
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) and its 100% owned
Arizona subsidiary CANEXCO Inc . are pleased to announce th at an exploration permit
amendment has been accepted for the Gold Range Project, Arizona, and a surface exploration
program will commence in March.
Highlights
- An amended exploration permit has been accepted for the Gold Range Project allowing
additional drill pads at the new WestGold discovery.
- A s urface exploration program at Gold Range will commence shortly focus ing on
refining drill targets at the new WestGold discovery and advancing additional areas for
future drill testing.
- Mine buildings and other assets at the recently acquired Excelsior Mine will be
inventoried and assessed.
Dr. Shane Ebert , President of the Company stated, “ The Company applied for a permit
amendment to allow additional drill pads around our new WestGold discovery, and that
amendment has been accepted subject to posting an additional bond amount which is
underway. We have been impressed with the speed and efficiency that the Bureau of Land
Management in Kingman has shown in processing our permit amendment s for the Gold
Range Project. We have a field team scheduled to be on site at Gold Range in mid- March to
conduct surface work focusing on refining targets for future drill testing and assessing recently
acquired buildings and assets at the Excelsior Mine.”
Gold Range Permit Amendment and March Surface Program
In January 2024, the Company filed an exploration permit amendment for the Gold Range
project to allow for new drill pads at the WestGold area to further expand upon a new gold
discovery announced on May 8, 2023, where hole GR23-120 intersected 35 metres grading
0.7 g/t g old, including 7.6 metres grading 2.5 g/t gold. The permit amendment has been
accepted by the Bureau of Land Management (BLM) subject to an increase in the reclamation
bond amount of $6, 060 (USD). In total the Gold Range exploration permit (Notice of Wor k)
allows for the construction of an additional 34 drill pads located mainly along the 4- kilometre
strike length of the known mineralized trend.
In March 2024, the Company will undertake a surface sampling and mapping program
designed to fill in surface sampling and mapping gaps within and surrounding the WestGold
area to aid in future drill planning. The Company sees potential to significantly expand the
area of known gold mineralization at the Eldorado zone and further work will be conducted at
that zone. Additional target areas on the property will also be advanced and evaluated as
future drill targets.
The Company is planning to conduct shortwave infrared and near-infrared spectroscopy
studies on samples from across the main deposits and along the entire 4-kilometre
mineralized trend to identify alteration minerals and look for alteration patterns that might
provide useful exploration vectors. CANEX personnel will also inve ntory and document the
condition of recently acquired mine buildings and other assets at the Excelsior Mine.
Figure 1. Gold Range Property map showing drill holes and exploration targets.
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 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, and 2.2 g/t gold over 24.4 metres.
About CANEX Metals
CANEX Metals (TSX.V:CANX ) is a Canadian junior exploration company focused on
advancing it’s 100% owned Gold Range Project in Northern Arizona. With several near
surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the
Gold Range Project is a compelling early stage opportunity for investors. 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: https://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 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 secur ities 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.