Drillling Has Commenced at the GOLD Range Project, Arizona

CANEX METALS INC.

SUITE 815, 808-4

TH

AVENUE S.W., CALGARY, ALBERTA, T2P 3E8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 21-5 JANUARY 28, 2021

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

DRILLLING HAS COMMENCED AT THE GOLD RANGE PROJECT, ARIZONA

Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce that drilling

has commenced at the Company ’s Gold Range Project in Northern Arizona. The Drill prog ram will

consist of a minimum of 6,000 ft (1829 metres) and will test multiple targets that have been identified.

The first 2 hol es of the 2021 program have been completed and the drill is working on the third hole.

Drilling is currently focused on the Eldorado Zone where up to 15 hole s are planned to confirm and

expand the Company’s previously announced bulk tonnage oxide discovery (see press release dated

November 2, 2020). The Eldorado Zone discovery was highlighted by hole GR20-9 which intersected

27.4 metres grading 0.9 g/t gold starting at surface.

The Eldorado Zone and the recently optioned Excelsior Mine have similar characteristics and structural

controls and are interpreted to be part of the same large mineralizing system that has been tr aced

through mapping and sampling over a strike length of 3 kilometers. Bulk tonnage target widths for this

zone based on drilling and surface mapping range from 24 to 80 metres. The current drill program will

focus on testing the Eldorado Target and the zone of historic underground and more recent open pit

mining at Excelsior . Twelve to 15 holes are planned for the Excelsior Mine and a few holes are

planned test the zone along strike between Eldorado and Excelsior.

The Excelsior Mine has seen near surface historic production on multiple levels and more recent

exploitation from small open pits centered along a high -grade zone 0.5 to 2 metres wide and

surrounded by a halo of sheeted quartz and quartz carbonate veins that form a 20 to 50 metre wide

zone with bulk tonnage potential . Sampling by CANEX (see press release dated January 13 2021)

from various locations along the main Excelsior Vein returned gold values up to 45.4 g/t over 0.5

metres, 13.3 g/t over 0.4 metres, 6.6 g/t over 1 metre, and 3.8 g/t over 1 metre. Chip samples from the

halo surrounding the main vein have returned strong gold mineralization including 1.9 g/t over 1 metre,

1.7 g/t over 1 metre, 0.7 g/t over 1 metre, and 0.5 g/t over 1.5 metres. A 0.3 metre chip sample across

an 8 metre wide strongly altered and quartz veined post-metamorphic granite dike located in the

hangingwall of the Excelsior Vein returned 20.9 g/t gold.

The Company recently completed a $1.7 million private placement and is well funded fo r 2021

exploration activities.

For further info rmation on the upcoming drill program please see our corporate presentation on the

Companies website at www.canexmetals.ca.

Page 2 – January 28, 2021

Figure 1. Map showing the Gold Range Property, the Excelsior Mine Property under option, and

the main areas of focus for the upcoming January 2021 drill program.

About the Gold Range Property

The Gold Range Property is located in Northern Arizona with in an underexplored belt conta ining

historic load and placer gold production. CANEX has identified widespread gold mineralization within a

3 kilometre by 5 kilometre area including two gold-in-soil anomalies that are up to a kilometre in scale.

Page 3 – January 28, 2021

Figure 2. Left, c ross section A -A’ illustrating the recently discovered bulk tonnage gold target

identified in holes GR20- 8 and 9. Right drill hole location map showing the location of cross

section A-A’.

Drilling in A ugust and September 2020 identified near surface bulk tonnage gold potential at the

Eldorado Zone with Hole GR20-9 returning 0.9 g/t gold over 27.3 metres including 5.9 g/t gold over

1.5 metres. Hole GR20-8 drilled from the same pad as GR20-9 returned 0.5 g/t gold over 24.4 metres

starting from surface. Hole GR20-13, drilled 150 metres west of GR20 -9, returned 0.6 g/t gold over

21.3 metres. The new discovery correlates wit h a strong gold in soil anomaly and sheeted quartz

veinlets and stockworks within metamorphic rocks. The immediate target area at El dorado containing

exposed mineralization and strong gold in soi ls is 250 metres l ong by 24 to 80 metres thick , with

mapping, gold in soils, and surface rock sampling suggesting the zone could extend for over a

kilometer along strike.

Photographs from the Gold Range Project. Left, view looking east showing the new bulk

tonnage target zone at Eldorado. Right, outcrop at top of mineralized ri dge containing quartz

veined granodiorite gneiss where chip samples returned 2.7 g/t gold over 4 metres.

Page 4 – January 28, 2021

The C ompany re mains focused on confirming and expanding the new disc overy through continued

exploration and drilling. Please visit our website at www.canexmetals.ca for additionnel information.

Dr. Shane Ebert P.G eo., is the Qualified Pers on for CANEX Metals and has approved the technical

disclosure contained in this news release.

“Shane Ebert”

Shane Ebert

President/Director

Neither the TSX Venture E xchange nor its regulation s ervices 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 forwar d-looking information that represents management of CANEX

Metals Inc. internal projections, expectations or beli efs concerning, among other things , future operating results and various component s

thereof or the ec onomic performance of CANEX. The projection s, estimates and bel iefs contained in such f orward-looking statem ents

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 res ults expressed or implied by such f orward-looking statements.

These risks and uncertainties include, amon g other thi ngs, those described in CANEX’s filings with the Canadian s ecurities authorities.

Accordingly, holders of CANE X shares and potent ial investors are cautioned t hat events or cir cumstances could cause r esults to differ

materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.