Canex Samples 19.4 G/T GOLD over 3 Metres at GOLD Range
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: 24-4 JULY 3, 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 SAMPLES 19.4 G/T GOLD OVER 3 METRES AT GOLD RANGE
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce surface
sampling results from the Gold Range Project in Arizona.
Gold Range Surface Exploration
CANEX successfully completed a surface exploration program at the Gold Range Project in Arizona in
March, collecting 151 surface rock and soil samples from across the property with detailed mapping
completed at the growing WestGold target . New areas of minerali zation were identified during the
program and the WestGold zone was significantly expanded.
Highlights
• Three (3) new mineralized zones have been identified across CANEX’s Gold Range property,
assays from all three zones have returned high-grade gold mineralization.
• Surface chip sampling in the eastern part of the Gold Range property returned 19.4 g/t gold
over 3 metres in a zone that has never been drill tested.
• A new zone of high- grade mineralization was identified 300 metres north of the Excelsior
deposit, in the east-central part of the property, returning 11.2 g/t gold from a grab sample.
• A new zone of quartz veining and gold mineralization was discovered in the west-central part of
the Gold Range property with a grab sample from a poorly exposed area returning 5.05 g/t
gold.
• Grab samples of quartz veins in the WestGold area have returned grades up to 6.67 g/t gold
and mineralized halos surrounding larger quartz veins have returned 0.97 g/t over 2 metres
and 0.66 g/t gold over 3 metres in chip samples, confirming the presence of bulk tonnage
targets at the zone.
• Mapping has expanded the exploration target at Wes tGold to an area 800 metres by 400
metres and WestGold is now the largest exploration target on the Gold Range property. The
zone is fully permitted, and drill testing can commence as markets strengthen.
The March field program has successfully identified multiple new areas of gold mineralization on the
Gold Range property that warrant additional exploration and evaluation. In the e astern part of the
property a sericite altered pegmatite dike with quartz veins returned 19.4 g/t gold over 3 meters in chip
sampling. This zone remains open for expansion and has never been drill tested. The pegmatite dike
hosting this mineralization has been traced for hundreds of metres and additional field work will be
planned to define the strike length of this high-grade zone.
North of the Excelsior deposit a new zone of discontinuous quartz veining was identified with a grab
sample returning 11.2 g/t gold. A new area of quartz veining was also found in the west-central part of
the claim block with a grab sample from the poorly exposed zone returning 5.05 g/t gold. The
Company anticipates that additional low -cost field work at Gold Range has excellent potential to
identify new bulk tonnage and high-grade drill targets.
Surface mapping at the WestGold zone has both increased the understanding of the target and
significantly expanded the size of the target with near surface mineralization infer red to occur over an
area 800 metres by 400 metres . WestGold mineralization is centered along a flat dipping high grade
quartz vein structure surrounded by a larger mineralized halo that is being evaluated for its bulk
tonnage potential. Grab sampling of quartz veins in the WestGold area during the March program
returned grades to 6.67 g/t gold and chip sampling of the mineralized halos returned grades up to 0.97
g/t gold over 2 metres and 0.66 g/t gold over 3 meters, with all mineralized areas open for expansion.
The 2023 drill discovery at WestGold where hole GR23- 120 returned 0.7 g/t gold over 35 metres
(previously announced see CANEX News Release dated May 8, 2023) indicates the bulk tonnage
target at WestGold could be around 35 metres thick. Previous sampling at the WestGold zone shows
the main flat dipping quartz vein can have very high grades locally , with previous programs returning
chip samples grading 23.5 g/t gold over 1 metre, 28.7 g/t gold over 0.6 metres, and 57.5 g/t gold over
0.4 metres.
Figure 1. Gold Range Property map showing March 2024 sample highlights and previous drill
hole results.
The Company successfully amended its Gold Range exploration permit in March of this year (see
CANEX News Release dated March 12, 2024) to allow drill testing of the WestGold Target. WestGold
is now the Company’s highest priority exploration target on the Gold Range property and is ready for
drill testing as markets strengthen.
Quality Control
Rock samples from Gold Range were taken by Company personnel and analysed by Skyline Assayers
and Laboratories in Tucson, Arizona ( which is ISO/IEC 17025 accredited). Rock samples were
prepared using a 1000g pulp and assayed by a 50g fire assay with an atomic absorption finish (method
FA-01-50g) and 24 element ICP with a multi acid digestion (method TE -4). Standards and duplicates
were included in the analytical results and checked to ensure quality control. Twenty -eight rock
samples were analyzed in total during the March program and returned gold results ranging from below
detection (<0.005 g/t) to 19.4 g/t, averaging 1.7 g/t.
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 thr ee 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 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.