Canex Receives Exploration Permit FOR Louise Copper-GOLD Porphyry Outlines a Fully Funded Exploration Plan
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: 24-11 DECEMBER 10, 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: http://www.canexmetals.ca
CANEX RECEIVES EXPLORATION PERMIT FOR LOUISE COPPER-GOLD PORPHYRY
OUTLINES A FULLY FUNDED EXPLORATION PLAN
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce it
has received an exploration permit to conduct geophysical surveying at the Louise COPPER-
GOLD Porphyry project in British Columbia and outlines a plan and timeline to advance the
project.
Highlights:
• The exploration permit allows for 56 -line kilometres of ground based induced
polarization geophysical surveying.
• The geophysical survey is fully funded, a contractor has been selected, and the survey
can commence as soon as snow levels in the project area allow.
• A deep looking induced polarization survey method will be utilized covering an area up
to 1000 metres deep by 6 to 7 kilometres along strike and is intended to evaluate the
exploration potential in untested areas below and lateral to the known Louise copper -
gold resource.
• Local F irst Nation groups have expressed support and interest in working
collaboratively with CANEX in conducting early -stage exploration activities at the
project.
Dr. Shane Ebert President of the Company stated, “ During 2024 the CANEX team has been
able to acquire the Louise Project, advance the technical understanding, come up with a cost
effect low risk exploration plan, convey that plan to First Nation stakeholders and obtain their
support to move forward, and then permit and fund that exploration plan. Our next steps at
Louise are to complete a ground based induced polarization survey in spring 2025 once snow
conditions allow, and then evaluate potential next steps including drill targeting . We are
excited at the prospect of being the first exploration Company to conduct a district scale ,
modern, deep-looking induced polarization survey in this highly prospective copper -gold
district.”
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December 10, 2024
CANEX has received a Notice of Work exploration permit from the Ministry of Energy, Mines
and Low Carbon Innovation allowing up to 56- line kilometres of induced polarization
geophysical surveying at Louise. A geophysical contractor has been selected and the survey
is scheduled to be conducted in the Spring of 2025 or as soon as snow conditions allow
access over the project area. Dialogue with local First Nation groups has been positive with all
groups expressing support and interest in working collaboratively with CANEX in conducting
early-stage exploration activities at Louise. A Communication and Engagement Agreement
has been entered into with one of the groups, and a letter of support received from another.
CANEX has committed to keeping First Nation stakeholders informed and directly involved in
exploration activities.
In November of this year CANEX completed a flow through and hard dollar oversubscribed
financing and the flow through component will be used primarily to fund the proposed
geophysical survey at Louise. This financing was done at a premium to current market price
and with no warrant, demonstrating strong commitment from participants and highlighting the
quality of the Company’s projects.
Overview of the Louise Cu-Au Porphyry
The Louise copper-gold porphyry is road accessible, located close to infrastructure, and has
been explored to shallow depths by multiple exploration groups since the 1960’s . The
property hosts a copper-gold deposit that has been drill defined over an area 1000 meters long
by 400 meters wide and to approximately 300 meters depth. The high-quality historic data set
for Louise provides an excellent basis for understanding the known zone of mineralization and
has been instrumental in planning low -cost meaningful exploration that could lead to a new
discovery.
Table 1. Louise Project Historic Drill hole highlights
Hole From (m) To (m) Interval (m)1 CuEq (%)2 Cu (%) Au (g/t) Mo (%) Ag (g/t)
LL04-03 49.5 253.5 204.0 0.57 0.37 0.35 0.012 1.2
including 53.5 211.5 158.0 0.64 0.41 0.40 0.014 1.3
LL05-04 103.0 295.1 192.1 0.43 0.27 0.26 0.011 1.0
LL05-05 140.8 311.3 170.5 0.41 0.25 0.25 0.011 0.9
LL04-02 147.0 297.0 150.0 0.56 0.34 0.34 0.018 1.1
including 188.9 293.0 104.1 0.67 0.42 0.41 0.019 1.4
LL06-10 208.8 289.0 80.2 0.60 0.40 0.41 0.005 1.5
LL05-02 221.6 300.3 78.7 0.78 0.45 0.44 0.037 1.2
1 Interval refers to drill hole intercept, true thickness is not known.
2 CuEq (copper equivalent) is provided for illustrative purposes only and is calculated using metals prices (USD)
of $3.75/lb Cu, $2000/oz Au, $18/lb Mo, and $22/oz Ag using recovery assumptions of 85% for Cu, 55% for Au,
80% for Mo, and 44% for Ag.
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December 10, 2024
Historic drilling highlights are summarized in Table 1 and demonstrate strong grades within the
porphyry system. A drill location map with copper and gold grades displayed along drill holes
is shown in Figure 1. A cross section through the deposit oriented roughly east-west is shown
in Figure 2. The data show a continuously mineralized zone that extends from surface to
around 300 metres depth. The mineralized zone consists of volcanic and sedimentary rock
hosted mineralization along with mineralized intrusive dikes , with alteration and mineralogy
characteristic of the upper parts of a porphyry system . A central controlling porphyry intrusion
has not been identified and remains a key exploration target. A flat dipping fault has historically
been interpreted to truncate mineralization at depth and identifying the faulted roots of the
deposit is also a priority exploration objective.
Figure 1. Louise Project drill hole location map showing copper and gold grades along drill hole
traces.
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December 10, 2024
Figure 2. North -south cross section through the Louise deposit showing copper and gold
values down hole and the outline of the mineralized zone.
As the next step in evaluating the potential of the district CANEX has designed a deep looking
induced polarization (IP) survey that can potential ly look up to 1000 metres deep and that
extends across a 6 to 7 kilometre strike length. Figure 2 shows a schematic cross section
superimposed on section A-A' illustrating the very large untested area below and lateral to the
historic Cu-Au resource that will be covered by the planned IP survey. This relatively low cost
survey has potential to image the as yet undiscovered main body of the Louise porphyry
system, exposing CANEX shareholders to very si gnificant new discovery upside at minimal
expense.
Figure 3. Schematic district scale east -west cross section looking north showing section A -A
(see Figure 1 for location of A -A’) relative to the designed coverage of the proposed and
permitted induced polarization geophysical survey.
Page 5
December 10, 2024
Over the winter months CANEX will focus its exploration efforts on new oxide gold discoveries the
Company has made at its Gold Range Project in Arizona. A summary of key exploration
advancements achieved at Gold Range during 2024 will be presented shortly along with near term
plans to advance the project.
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 also
advancing the Louise Copper -Gold Porphyry deposit in British Columbia. Louise contains a
large historic copper-gold resource that has seen very little deep or lateral exploration, offering
investors copper and gold discovery potential. 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 perform ance 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 potent ial 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.