Exploration and Expansion Drilling is Underway
CANEX METALS INC .
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 21-17 SEPTEMBER 14, 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
EXPLORATION AND EXPANSION DRILLING IS UNDERWAY AT THE GOLD RANGE
PROJECT, ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce that
a reverse circulation drill program is underway at the Gold Range Project, Arizona. Three holes
have been completed at the Excelsior Zone and a fourth is in progress. The Company plans to
drill up to 50 holes during the current drilling program.
Dr. Shane Ebert, President of the Company stated, “We are very pleased to have started our
third drill program at Gold Range and are excited to follow up our recent bulk tonnage
discoveries and work to expand the zones and further test the underexplored mineralized trend
that hosts mineralization. With continued success this program could provide a solid foundation
for a larger resource definition program”.
Drill Program
The current reverse circulation drill program will consist of up to 50 drill holes and a minimum of
3000 metres of drilling. The program will initially focus on expanding high grade near surface
mineralization identified at the Excelsior Zone before expanding outward along the 3 kilometre
long mineralized trend linking the historical Excelsior, Malco, and Eldorado Mines. The Excelsior
Zone was first drill tested by the Company in February of this year and returned very strong
grades such as 1.6 g/t gold over 35.1 metres including 2.2 g/t gold over 24.4 metres (previously
released see June 14, 2021 news release). The program will also look to expand mineralization
at the Eldorado and Malco zones and test multiple areas along the known trend. A few holes
are planned to test larger targets in the central and northern part of the claim block. The drill
program is expected to run into late October with assay results released in several batches as
they become available.
The main exploration targets at Gold Range are near surface bulk tonnage gold zones hosted
in metamorphic rocks and cretaceous intrusive dikes. Mineralization contains disseminated
stockwork style quartz veinlets surrounding high grade gold veins. Free gold has been observed
within high grade veins and within stockwork veinlets. Eight bottle roll samples from across the
system achieved final cyanide soluble gold recoveries ranging from 94 to 99%, averaging 97%
(previously released see September 8, 2021 news release). These exceptional cyanide soluble
recoveries confirm the project as a valid heap leach type target. Numerous heap leach style
mining operations are currently active in the Western United States and Northern Mexico, and
these deposit types are sought after by mining companies as they are low cost to build and can
be operated highly profitably at very low average gold grades.
Figure 1. Simplified target and drill hole location map, Gold Range Project.
Figure 2. Left, drill rig set up on the Excelsior Zone. Right, close up of track mounted drill rig
drilling hole GR21-50.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing
its Gold Range Project in Northern Arizona. Led by an experienced management team, which
has made three notable porphyry and bulk tonnage discoveries in North America, CANEX has
identified and tested several targets which host the potential for bulk tonnage oxide gold
mineralization at its Gold Range Project. Recent drilling has identified near surface bulk tonnage
gold potential along a recently identified trend extending from the Eldorado to Excelsior Zones.
Hole GR21-37 from Excelsior returned 1.6 g/t gold over 35.1 metres including 8.2 g/t gold
over 4.6 metres . These new discoveries occur along a 3 kilometre long highly prospective
mineralized trend that has seen limited modern exploration.
The Company remains focused on testing and advancing key exploration targets on the Gold
Range Property through continued exploration and drilling.
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.