Canex Samples High Grade GOLD IN Chip Samples from the Pit Zone at the GOLD Range Property Arizona
CANEX METALS INC.
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 20-4 FEBRUARY 4, 2020
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 HIGH GRADE GOLD IN CHIP SAMPLES FROM THE PIT ZONE
AT THE GOLD RANGE PROPERTY ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce results for
55 rock samples and 9 reconnaissance soil samples taken at the Pit Zone in December 2019 at the
Gold Range Property, Arizona.
Highlights from the Pit Zone Sampling
• Thirteen vein samples returned gold values ranging from 7.1 to 31.7 g/t gold over widths
ranging from 0.25 to 1.5 metres.
• Numerous high-grade gold veins have been identified at the Pit Zone over an area 200
metres by up to 40 metres wide situated with a larger geophysical anomaly at least 450
metres long by 130 metres wide.
• Multiple stacked flat lying veins at the Pit Zon e demonstrate good potential to build high
grade tonnage.
• A 60 metre wide gold in soil anomaly has been identified 70 metres north of the Pit Zone,
indicating the mineralized zone continues in that direction.
Rock Samples
A total of 55 rock samples (52 chips and 3 grabs) were taken at the Pit Zone and surrounding area
during the December sampling program with the objective of obtaining representative samples from
mineralized quartz veins, evaluating the gold content in wall rocks adjacent to veins, and w here
possible identifying the limits of the mineralized zone. Gold results from all 55 samples , including
unmineralized wall rock, range from 0.01 to 31.76 g/t, averaging 4.37 g/t. In total 69 chip and grab
samples have now been taken form the Pit Zone returning an average of 8 g/t gold.
The Pit Zone exposes numerous well mineralized quartz veins ranging from 0.25 to 1.5 metres in width
and containing gold values ranging from 4.09 to 31.76 g/t gold. At least 6 flat lying stacked mineralized
quartz veins are exposed in the pit across a vertical distance of about 25 metres. The flat veins appear
to be exploiting a flat lying metamorphic fabric at the nose of a large fold structure. The axial plan e of
the fold contains a steeply dipping mineralized feeder structure associated with an altered and
mineralized intrusive dike that is best exposed at the north end of the pit. The presence of multiple
stacked flat veins adjacent to a steeper feeder structures provides a great setting for targeting
significant tonnages of high- grade mineralization. Chip sampling indicates that some wall rocks
adjacent to veins contain 0.4 to 2 g/t gold, whereas some wall rocks between veins are not significantly
mineralized.
Page 2 – February 4, 2020
Highlights of December 2019 sampling at the Pit Zone
Sample Location Type* Au g/t
Metallic Screen
Au g/t Ag g/t
547127 North of Pit Zone 0.25 m Chip 27.53 69.6
547190 to 547209 N Pit Wall
12.6 m Comp.
Chip 1.90 0.9
Including 547206 N Pit Wall 0.6 m Chip 9.10 8.25 3.2
Including 547209 N Pit Wall 1.5 m Chip 7.34 2.2
547213 N Pit Wall Comp. Grab 9.27 1.6
547214 N Central Pit Wall 1.1 m Chip 17.20 15.17 5.2
547215 N Central Pit Wall 0.5 m Chip 6.33 5.6
547216 N Central Pit Wall 0.5 m Chip 17.33 26.4
547220 Central Pit 1 m Chip 25.67 31.76 10.9
547222 Central Pit 0.6 m Chip 6.30 0.4
547223 Central Pit 0.6 m Chip 9.67 2.0
547225 Central Pit 0.8 m Chip 10.20 3.3
547227 Central Pit 0.9 m Chip 4.09 3.0
547228 Central Pit 0.7 m Chip 24.53 25.90 11.5
547231 South Pit 1 m Chip 7.13 4.0
547232 South Pit Comp. Grab 17.47 2.5
547248 Central Pit Grab 8.54 8.57 20.2
*All grab and chip samples reported here were taken by CANEX personnel with all chip samples taken perpendicular to the
strike of the structures sampled. Grab samples are selective in nature and are not necessarily representative of mineralization
on the property.
The mineralized veins at the main pit are exposed over an area 200 metres long by 40 metres wide,
with the main zone of stacked flat veins exposed over an area 100 metres by 40 metres . The
mineralized zone remains open to the north where a prominent magnetic low suggests the zone could
extend at least 450 metres.
A map showing the location of rock and soil samples taken at the Pit Zone along with photographs of
pit zone samples and mineralization are available here.
Soil Samples
A reconnaissance soil line was run 70 to 90 metres north of the Pit Zone to help evaluate the potential
to extend the zone to the north within an area that is mostly covered. Nine soil samples were taken
along a line contouring topography and trending roughly east-west. All nine samples returned elevated
gold values ranging from 19 to 404 ppb gold, averaging 115 ppb Au. The soil line encountered a 60
meter wide zone of highly anomalous gold ranging from 71 to 404 ppb which could represent a
continuation of the Pit Zone mineralization to the north. Previously released airborne magnetic data
show a prominent magnetic low over the Pit Zone mineralization and extending to the north, further
supporting the possible continuation of mineralization in the zone.
Exploration Update
Forty-one rock samples and 15 soil samples taken in December from the north and central parts of the
Gold Range property are being compiled and interpreted and will be released shortly. Results from
follow up high resolution drone magnetic surveying over two key target areas , including the Pit Zone,
are also expected shortly.
Page 3 – February 4, 2020
In the next few days a field team will start a large soil sampling program at the Gold Range property
focused on expanding the gold in soil anomalies at the Pit and Central Zones and covering select
target areas within the claim block. A program of geologic mapping, sampling, and prospecting over
several target areas will commence next week. The Company has filed an appended exploration
permit application with the Bureau of Land Management to allow for an expanded trenching and drilling
program to include several new targets recently identified on the property. Once the amended permit
has been received a second trenching program is anticipated.
Quality Control
The soil and rock samples reported in this release were taken by CANEX representatives and shipped
to American Assay Laboratories in Reno, Nevada ( which is ISO/IEC 17025 accredited) for analyses.
Gold was assayed using a 30g fire assay (method FA-PB30-ICP) with all gold samples greater than 10
g/t redone using a 30g fire ass ay method with a gravimetric finish (method GRAVAu30). Duplicates,
blanks, and certified standards are analyzed with every sample batch and then checked to ensure
proper quality assurance and quality control. Select samples were analyzed using a metallic screen
procedure where the entire sample is crushed and 1 kilogram of material is pulverized and screened at
150 mesh. The oversized and undersized fractions are analyzed by fire assay with a gravimetric finish
and weighed and the total gold concentration in the sample is calculated. The metallic screen
procedure can help provide reliable results in samples containing coarse gold.
About the Gold Range Property
The Gold Range Property is located in Northern Arizona within an area that has seen historic lode and
placer gold production but limited systematic modern lode gold exploration. Fieldwork by the Company
has identified numerous gold exploration targets on the property with grab samples from outcropping
quartz veins returning multiple values in the 20 to 40 g/t gold range, and chip sampling returning values
of 31.7 g/t Au over 1 metre, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1 metre, and 8.47 g/t gold over
5.6 metres. 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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“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
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necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results in future
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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.