Canex Intersects 1.6 G/T GOLD over 35.1 Metres Including 8.2 G/T GOLD over 4.6 Metres at the Excelsior MINE
CANEX METALS INC .
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 21-12 JUNE 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
CANEX INTERSECTS 1.6 G/T GOLD OVER 35.1 METRES
INCLUDING 8.2 G/T GOLD OVER 4.6 METRES
AT THE EXCELSIOR MINE, GOLD RANGE PROJECT, ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce
assay results have been received for 7 additional drill holes from the Company’s 2021 reverse
circulation drilling program at the Gold Range Project, Arizona.
Highlights
- Hole GR21-37 from the historic Excelsior Mine returned 1.6 g/t gold over 35.1 metres
starting from surface, including 2.2 g/t gold over 24.4 metres . This is the best hole
drilled on the property to date and is considered high grade for a bulk tonnage target.
- Hole GR21-37 returned high grade intercepts of 4.4 g/t gold over 10.7 metres , including
8.2 g/t gold over 4.6 metres .
- Hole GR21-36 returned 1.1 g/t gold over 19.8 metres, including 6.9 g/t gold over 1.5
metres.
- Hole GR21-38 returned 1.2 g/t gold over 18.3 metres within a larger interval grading 0.8
g/t gold over 27.4 metres.
- The mineralization intersected at Excelsior is 1 kilometre from the historic Malco Mine
and 2.7 kilometres from the initially drill tested Eldorado, with all three areas occurring
along a district scale mineralized structure that remains open for expansion .
Dr. Shane Ebert, President of the Company stated, “We are delighted to see the initial drill
results from the Excelsior zone return very strong gold grades with the zone remaining open in
all directions. These grades and widths highlight the potential of the Gold Range property and
the success our team is having targeting and defining zones of near surface, oxidized, bulk
tonnage style gold mineralization. Drilling to date has confirmed a 3 kilometre long mineralized
target zone extending from the Eldorado to the Excelsior areas, and this target is gold bearing
in every place we have drill tested it so far, suggesting sizable gold resource potential. We are
currently planning additional surface exploration work on the recently acquired Excelsior Mine
Property to further refine drill targets along the mineralized trend with a goal of resuming drill
testing as soon as a drill is available”.
Results for reverse circulation drill holes GR21-33 to 39 from the Company’s 2021 drilling
program at the Gold Range project have been received and are presented here. A map showing
drill hole locations is shown on Figure 1. Holes GR21-33 and 34 were drilled 250 metres south
of the Excelsior zone, and holes GR21-35 to 39 tested the Excelsior area along a single cross
section as shown on Figure 2.
Hole GR21-37 returned mineralization from surface to 35.06 metres depth averaging 1.6 g/t
gold over 35.1 metres including a higher-grade zone containing 8.2 g/t gold over 4.6 metres .
This mineralized zone is consistent with observations and sampling conducted within a small
open pit above hole GR21-37, where stockwork quartz and quartz-carbonate veining occurs
along with high grade veins and mineralized intrusive dikes. Holes GR21-35 and 36 were drilled
from the same pad as GR21-37 and also intersected significant mineralized intervals, including
0.5 g/t gold over 9.1 metres in hole GR21-35, and 1.1 g/t gold over 19.8 metres in hole GR21-
35.
Holes GR21-38 and 39 were both drilled from the same pad located 50 metres back from holes
GR21-35, 36, and 37. Both holes ended in mineralization and stopped short of the main
Excelsior Vein. These holes will be deepened or re-drilled in future programs. Holes GR21-38
and 39 intersected large zones of anomalous gold with hole GR21-28 returning 1.2 g/t gold
over 18.3 metres .
These first holes into the Excelsior zone demonstrate good continuity of mineralization and show
strong grades within a 30 to 40 metre wide mineralized zone that has a moderate dipping
geometry favorable for an open pit target. Hole GR21-37 demonstrates a considerable high
grade component to the system, and supports systematic drill testing of the target down dip and
along strike.
Holes GR21-33 and 34 tested a blind target in a covered area coinciding with the Contact Zone
structure and the occurrence of quartz boulders at surface. Hole GR21-33 intersected 0.3 g/t
gold over 7.6 meters starting at 3.1 metres depth and 0.4 g/t gold over 4.6 metres starting at
15.2 metres depth before encountering the Contact Zone structure and hitting mostly barren
rocks in the footwall. Hole GR21-33 continues to confirm the association of the Contact Zone
structure with district scale gold mineralization, and future tests in this area will step back to the
west and test a larger area in the hanging wall of the fault.
Highlights from reverse circulation drill holes GR21-33 to 39
Drill Hole From (m) To (m) Width (m) * Au g/t
GR21-33 3.05 10.67 7.6 0.3
GR21-33 15.24 19.81 4.6 0.4
GR21-34 6.10 7.62 1.5 0.8
GR21-35 16.76 39.62 22.9 0.3
including 30.48 39.62 9.1 0.5
GR21-36 15.24 35.05 19.8 1.1
including 15.24 21.34 6.1 2.8
including 15.24 16.76 1.5 6.9
GR21-37 0.00 35.06 35.1 1.6
GR21-37 10.67 35.06 24.4 2.2
including 19.81 30.48 10.7 4.4
including 19.81 24.38 4.6 8.2
including 21.34 22.86 1.5 14.1
GR21-38 33.53 60.96 EOH 27.4 0.8
including 42.67 60.96 18.3 1.2
GR21-39 0.00 1.52 1.5 3.6
GR21-39 10.67 18.29 7.6 0.7
GR21-39 53.34 54.86 1.5 0.5
*Drill hole intercepts, true widths have not been determined for most holes. Grades have not been capped in the averaging.
Figure 1. Gold Range Property showing drill holes in this release and the location of cross
section E – E’ at the historic Excelsior Mine.
Figure 2. Cross section E – E’ through the Excelsior Mine.
January-February Gold Range Drill Program
In early 2021 the Company successfully completed 34 reverse circulation drill holes across 2.5
kilometres of strike length along the southern portion of the Gold Range Property. In total 2357.6
metres were drilled in holes ranging from 38 to 137 metres deep. Fifteen holes were drilled at
the Eldorado Zone to test and expand the Company’s previously announced bulk tonnage oxide
discovery, 5 holes tested various targets across the southern part of the property and 14 holes
tested the Excelsior Mine area.
To date 25 holes from the 2021 drill program have been received and released and results for
an additional 9 drill holes are pending and will be released as they are received, compiled, and
interpreted.
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.
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 at the Eldorado Zone with Hole GR21-25 returning 1.3 g/t gold over 21.3 metres
including 5.1 g/t gold over 4.5 metres . The new discovery correlates with a strong gold in soil
anomaly and sheeted quartz veinlets and stockworks within metamorphic rocks. The recent
addition of the Excelsior Mine Property has added an additional 2 kilometres of strike along a 3
kilometre long highly prospective mineralized trend that extends from the Company’s Eldorado
discovery to the historic Excelsior Mine. The Excelsior Mine has seen historic underground and
open pit mining along a zone 200 metres long and open along strike. Gold mineralization is
centered along the shallow dipping high grade Excelsior Vein which is surrounded by a halo of
sheeted quartz and quartz carbonate veins 20 to 50 metres wide.
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
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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.