Drilling to Commence at GOLD Range Three New High Priority Exploration Targets to Be Tested
CANEX METALS INC .
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 23-2 MARCH 6, 2023
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
DRILLING TO COMMENCE AT GOLD RANGE
THREE NEW HIGH PRIORITY EXPLORATION TARGETS TO BE TESTED
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce that
exploration drilling at the Gold Range Project, Arizona, will commence this week focusing on
new exploration targets with excellent discovery potential. New surface exploration results
supporting these targets is also presented.
Highlights
- Reverse circulation drilling will resume at Gold Range this week, focusing on testing
3 new target areas, WestGold, zones parallel to Excelsior, and the new Shaft discovery
- The WestGold Soil anomaly has been extended and covers an area 425 metres by 150
metres and contains the strongest gold in soil anomaly identified to date on the
Gold Range Property . This is significant as soil geochemistry has been an effective tool
for finding gold mineralization across the property
- Assay results from January mapping and sampling have been received and confirm both
high grade veins and lower grade bulk tonnage style halos at the WestGold Target,
with samples returning up to 57.5 g/t gold over 0.4 metres and 1.44 g/t gold over 4
metres
- A permit amendment has been received allowing the Company to drill the new
WestGold target and 4 holes are planned as an initial test of the zone
- New mineralized vein zones have been mapped parallel to Excelsior and have returned
grades up to 21.5 g/t gold over 0.5 metres. At least 3 of these zones have been defined
and traced for up to 600 metres along strike , significantly increasing the size potential
of the Excelsior area
Dr. Shane Ebert, President of the Company Stated, “Surface exploration work completed to
December 2022 and more recently in January 2023 has successfully defined multiple new
mineralized target areas providing CANEX with an excellent line up of drill targets. We are very
excited to start our drilling program at the WestGold Target which has returned high grade gold
in surface rock samples and contains a 425 metre long by up to 150 metre wide gold in soil
anomaly with the strongest gold in soil values defined on the Gold Range Project to date. We
are also excited to drill test the 500 metre wide mineralized corridor adjacent to Excelsior where
recent field work has defined multiple mineralized quartz vein and stockwork zones running
parallel to Excelsior. This area has good potential to materially expand mineralization in the
Excelsior area, and potentially along much of the 3.2 kilometre strike length of the zone which
is largely covered”.
Drill Program
A focused reverse circulation drill program will commence this week and consist of a minimum
of 15 holes testing the WestGold Target, the recently recognized parallel zones east of
Excelsior, and the new Shaft Discovery.
A permit amendment announced by the Company on September 6, 2022, allows for an
additional 40 drill pads to be constructed on the project and is sufficient to allow for all of the
planned step out and infill drilling on the Excelsior and Shaft Zones. A further amendment was
subsequently submitted and has been recently approved allowing the Company to drill test the
WestGold Target.
Figure 1. Gold Range Property map showing drill holes, main exploration targets, and
highlighting the March 2023 priority drill targets.
The WestGold Target
The WestGold Target contains the largest and highest grade gold in soil anomaly defined on
the Gold Range Project to date and has never been drill tested. CANEX is initially planning 4
holes into the target from 2 drill pads to test the potential of the zone. A plan map showing soil
and rock results from WestGold and a cross section showing a proposed drill hole are shown in
Figures 2 and 3.
Figure 2. WestGold Target on the Gold Range Property showing soil and rock results.
Assay results from rock sampling at WestGold have returned strong gold grades and define both
high grade veins and lower grade bulk tonnage style targets. Chip samples of exposed quartz
veins have returned 57.5 g/t gold over 0.4 metres (sample 577730), 28.7 g/t gold over 0.6
metres (1820441), and 6.0 g/t gold over 0.7 metres (sample 1820442). Chip samples of wall
rocks adjacent to larger veins have returned 1.4 g/t gold over 4 metres (sample 37800), and
0.2 g/t gold over 6 metres (samples 577727 to 577729).
Figure 3 shows a cross section through WestGold with a planned hole from Pad A to be drilled
toward the southeast. The planned hole is designed to test a zone of known high grade gold
veins exposed in a series of workings near the top of the hill (Target 1), then intercept a gently
west dipping granite-pegmatite intrusive (Target 2) before testing the main gold in soil anomaly
near the bottom of the hole (Target 3). Conceptually the proposed hole from Pad A is targeting
a combined thickness of 175 metres of potential mineralization in 3 zones.
Figure 3. WestGold Target Cross Section with proposed drill hole from Pad A. Section
Location is shown on Figure 2.
Excelsior Zone
The Excelsior Zone occurs within a larger mineralized corridor at Gold Range that extends for
3.2 kilometres along strike and is up to 500 metres wide (see Figure 1). Within this corridor
the Company has defined multiple parallel mineralized structures that have never been drill
tested. Figure 4 shows the mineralized quartz veins and quartz stockwork zones that occur
east of the main Excelsior Zone and run parallel to it . The planned drill program will test these
parallel structures, and with success, has potential to materially expand the size potential of the
Excelsior area and the larger corridor along strike.
Surface chip sampling of exposed quartz veins east of Excelsior confirm the parallel targets are
mineralized, returning values such as 21.5 g/t gold over 0.5 metres (sample 1820450), 6.7 g/t
gold over 1 metre (sample 1820459), 4.3 g/t gold over 1.7 metres (sample 1820460) and 8.1
g/t gold over 0.6 metres (sample 576696).
Figure 4. Excelsior Zone and parallel vein targets to the east, showing soil and rock
results and planned drill pad locations.
Shaft Target – New Discovery
A new drill hole discovery has been made in the northeast part of the claim block at the Shaft
Target where hole GR22-110 intersected 1.1 g/t gold over 27.4 metres from 33.54 metres
downhole, including 1.7 g/t over 15.24 metres (previously released January 23, 2023 news
release). The zone occurs in a mostly covered area and additional drilling is planned to test the
zone at depth and along strike.
Lidar Survey
A lidar and airphoto survey covering the Gold Range Property has been initiated and will be
carried out in the next couple of weeks. This high quality and detailed topographic and photo
dataset will be very useful for ongoing exploration, permitting and compliance, and future
resource studies.
Quality Control
Soil and rock samples were taken by Company personnel and analysed by Skyline Assayers
and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited) and by ALS USA Inc
(which is ISO/IEC 17025 accredited). Soil samples were screened to minus 80 mesh and
analysed for gold by fire assay with an atomic absorption finish (method FA-01 or Au-ACP21).
Rock samples were prepared using a 1000g pulp and assayed by a 30 or 50g fire assay with
an atomic absorption finish (method FA-01-50g or Au-ICP21). Standards and blanks were
included with select surface sample batches.
About Gold Range
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored
metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a
highly prospective district scale structure where mineralization is being defined through surface
sampling, mapping, and reverse circulation drilling. The main exploration target defined by
surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration
targets identified. The target zone remains open along strike under basin cover. Drilling by
CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1
metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold
discovery at the Gold Range Project in Northern Arizona, and high grade silver and gold
mineralization at the Gibson property in British Columbia. 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) a large shareholder of the
Company.
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
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
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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
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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.