Canex Drills the Longest Continuous Zone of GOLD Mineralization at GOLD Range to Date Intersecting 1.0 G/T GOLD over 59.5 Meters Including 1.4 G/T GOLD over 32 Metres
CANEX METALS INC .
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 21-18 DECEMBER 16, 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
CANEX DRILLS THE LONGEST CONTINUOUS ZONE OF GOLD MINERALIZATION AT
GOLD RANGE TO DATE INTERSECTING 1.0 G/T GOLD OVER 59.5 METERS
INCLUDING 1.4 G/T GOLD OVER 32 METRES
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce
assay results for 4 drill holes from the Company’s ongoing reverse circulation drilling program
designed to expand oxide gold mineralization at the Gold Range Project, Arizona.
Highlights
- Hole GR21-57 was a 50 metre step out to the southwest on the Excelsior zone and
returned the longest continuous zone of mineralization encountered on the Gold
Range property to date, intersecting 1.0 g/t gold over 59.45 metres starting from surface
including 1.4 g/t gold over 32 metres . The zone remains open for expansion.
- Hole GR21-59 from the central part of the historic Excelsior Mine returned 1.8 g/t gold
over 19.8 metres , including 4.1 g/t gold over 7.6 metres, and drilling in this area has
extended mineralization 75 metres down dip where it remains open.
- Hole GR21-58 from the central part of the Excelsior zone returned 0.4 g/t gold over 33.5
metres.
- To date 30 holes of a planned 50 hole program are complete , and drilling is expected
to extend through January, 2022.
- Steady drill results are expected to be released through Q1 of 2022.
To date 30 reverse circulation drill holes have been completed at Gold Range as part of an
ongoing program expected to extend through January. Currently twenty holes have been
completed at the Excelsior zone and 10 have been completed at Eldorado. Drilling between the
Excelsior and Eldorado zones and the testing of additional exploration targets is scheduled for
January.
The Excelsior zone has now been tested over a strike length of 350 metres, over widths of 100
metres, and to depths exceeding 100 metres. Assay results for holes GR21-54, and GR21-57
to 59, all from the Excelsior zone, have been received and are presented here. A drill hole
location map is shown on Figure 1, cross section D-D’ with holes GR21- 54 and 57 is shown on
Figure 2 and cross section G – G’ with holes GR21-58 and 59 is shown on Figure 3.
Hole GR21-57 is a 50 metre step out on the southwest side of the Excelsior zone. The hole
intersected 1.0 g/t gold over 59.45 metres starting from surface and represents the longest
continuous zone of gold mineralization encountered on the property to date with near continuous
mineralization from the start to the end of the hole. Hole GR21-57 encountered significant
mineralization withing the footwall of the Excelsior Vein and opens up a wide zone of near
surface mineralization potentially extending further northeast (see Figure 2). This 59.45 metre
interval includes nine isolated 1.52 metre wide samples containing only anomalous gold. If these
9 samples are excluded from the interval the zone returns 1.3 g/t gold over 45.7 metres. Hole
GR21-57 also returned high grade intervals including 3.7 g/t gold over 6.1 metres and 9.5 g/t
gold over 1.52 metres. This sizeable mineralized zone remains open for expansion to the east
and to depth. Hole GR21-54 tested the northwest side of section D-D’ and returned anomalous
gold with narrow mineralized intercepts, potentially bounding mineralization in this direction.
Holes GR21-58 and GR21-59 tested the central part of the Excelsior zone and successfully
extended mineralization over 75 metres down dip where the zone remains open. Hole GR21-
59 returned high grades of 1.8 g/t gold over 19.82 metres , including 4.1 g/t gold over 7.63
metres. Hole GR21-58 returned a broad interval grading 0.4 g/t gold over 33.54 metres and
suggests the mineralized zone might widen with depth in the central Excelsior area (see Figure
3).
Dr. Shane Ebert, President of the Company stated, “The long intercepts encountered in holes
GR21-57 and 58 are starting to highlight the size potential of the bulk tonnage target at Excelsior
with the zone showing excellent expansion potential along the northeast trend of mineralization.
In addition to the broad envelopes of material with grades around 0.5 to 2 g/t gold, it is very
encouraging that we consistently see higher grades within the core of the system, as grade can
certainly be a key driver of value in these heap leach targets”.
Highlights from reverse circulation drill holes GR21-54, and 57 to 59.
Drill Hole From (m) To (m) Width (m) * Au g/t
GR21-54 47.26 48.78 1.52 0.9
GR21-57** 0 59.45 59.45 1.0
including 0 7.62 7.62 2.1
including 27.44 59.45 32.01 1.4
including 27.44 28.96 1.52 9.5
including 41.16 47.26 6.1 3.7
GR21-58 50.3 83.84 33.54 0.4
including 51.83 53.35 1.52 3.2
GR21-59 38.11 57.93 19.82 1.8
including 39.63 47.26 7.63 4.1
*Drill hole intercepts, true widths have not been determined. Grades have not been capped in the averaging. **Includes isolated
weakly anomalous intervals with maximum widths of 1.52 metres.
Drilling Summary
Thirty holes have been completed during the ongoing drill program at Gold Range for a total of 3014
metres drilled (9890 feet). The drill program is anticipated to consist of around 50 holes and 5000 metres
of drilling and could be complete around the end of January.
Finalized results for 4 holes have been received and released. Addition results will be released in
batches over the next months as they are received and interpreted. The current drill program is designed
to test the expansion potential and continuity of the Excelsior, Eldorado, and Malco zones, and test
additional exploration targets on the property.
Figure 1. Drill hole location map for the Gold Range Property with inset showing detailed
drill holes and cross section locations for the Excelsior zone.
Figure 2. Cross section D – D’ through the Excelsior Mine. See Figure 1 for section
location.
Figure 3. Cross section G – G’ through the Excelsior Mine. See Figure 1 for section
location.
Quality Control
Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot
(1.52m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers
and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). A 1000g pulp was
prepared and gold was assayed using a 50g fire assay with an atomic absorption finish (method
FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay method with a
gravimetric finish (method FA-02 50g). Twenty-four additional elements were analyzed using a
multi acid digestion and inductively coupled plasma (method TE-4). The Company included
certified reference standards, blanks, and duplicates in every sample batch and then checked
to ensure proper quality assurance and quality control prior to releasing the data.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing
its Gold Range Project in Northern Arizona. 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) the Company’s largest shareholder. CANEX
has identified several bulk tonnage oxide gold targets at its Gold Range Project. Recent drilling
has identified near surface bulk tonnage gold zones along a 3 km long highly prospective trend
that has seen limited modern exploration. The Company’s current focus is on step out drilling
along strike and to depth to demonstrate the scale of the project.
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
Neither the TSX Venture Exchange 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.