Canex Drill Results Continue to Expand New Oxide GOLD Discovery IN Northern Arizona
CANEX METALS INC .
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 22-4 MARCH 21, 2022
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 DRILL RESULTS CONTINUE TO EXPAND
NEW OXIDE GOLD DISCOVERY IN NORTHERN ARIZONA
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce
assay results for 8 reverse circulation drill holes from the Company’s new oxide gold discovery
at the Gold Range Project, Arizona.
Highlights
- Hole GR21-63 near the far northeast end of the Excelsior zone intersected 0.5 g/t gold
over 22.87 metres starting at 25.91 metres depth, including 0.6 g/t gold over 16.77
metres .
- Hole GR21-64 near the northeast side of Excelsior intersected 1.1 g/t gold over 10.67
metres starting at 30.49 metres depth.
- Drill results to date demonstrates good continuity of gold mineralization at Excelsior
along 250 metres of strike length , with surface work indicating the strike length could
be 500 to 1000 metres.
- Recent soil and rock sampling and surface mapping demonstrate Excelsior is on the edge
of a 1000 metre long by up to 500 metre wide zone that contains multiple parallel
exploration targets. This large target zone remains open along strike under shallow basin
cover to the northeast.
- Assay results for 28 drill holes from multiple targets on the property are pending.
Assay results for holes GR21-61 to 68, all from the Excelsior zone, have been received and are
presented here. A drill hole location map is shown on Figure 1, cross section I - I’ showing drill
hole GR21-63 is shown on Figure 2. These holes are relatively shallow holes that test the main
mineralized zone identified at Excelsior but do not test subparallel mineralized targets that have
recently been identified to the east through soil and rock sampling and surface mapping shown
of Figure 3 (previously released, see March 9, 2022 news release).
Holes GR21-61 to 64 all tested the northeast part of the Excelsior zone. Hole GR21-61
encountered 0.6 g/t gold over 10.67 metres from 71.65 metres depth. Hole GR21-63
encountered 0.5 g/t gold over 22.87 metres including 0.6 g/t gold over 16.77 metres and is
shown on section I - I’. Section I – I’ shows a shallow dipping mineralized zone with a broad
anomalous halo that has a favorable geometry to potentially host near-surface open-pitable
oxide gold resources. Hole GR21-64 encountered 1.1 g/t gold over 10.67 metres , and hole
GR21-62 which was the northeastern most test of the zone, encountered anomalous gold from
27.44 to 44.21 metres downhole including 4.57 metres grading 0.3 g/t gold. Concurrent with
drilling, surface exploration work has identified a 90 metre wide gold in soil anomaly located 65
metres east of hole GR21-62, indicating a second parallel mineralized zone, or a step or shift
eastward of the Excelsior zone.
Holes GR21-65 to 68 tested the western side and southern edge of the Excelsior zone and all
holes returned anomalous gold or narrow intervals of mineralization and bound the system on
the west side. Hole GR21-57 which returned 1.0 g/t gold over 59.45 metres (previously
released see December 16, 2021 news release) is located roughly 70 metres east of most of
these holes, indicating the main mineralized zone could be shifted to the east in the southern
area. Multiple drill holes have been completed to trace the mineralization in hole GR21-57 to the
south with results pending.
Dr. Shane Ebert, President of the Company stated, “We are very pleased to see the core of the
mineralized zone at Excelsior showing good continuity and a favorable open pit geometry with
room for expansion. The northern portion of Excelsior appears to have grades in line with
average heap leach grades in Western USA of around 0.5 g/t gold, whereas the central and
southern parts of the system have significantly higher grades, around 1 to 2 g/t gold. Continued
successful drill results are building our understanding of the geometry and controls of this new
gold discovery, and recent surface work indicates potential for significant expansion along strike
and the presence of multiple parallel mineralized zones, which could open up significant near
surface tonnage potential. We look forward to receiving additional drill hole results from
Eldorado, Malco, and Central-Lillian zones, to identify additional bulk tonnage targets, and move
the project toward resource definition.”
Highlights from reverse circulation drill holes GR21-61 to 68.
Drill Hole From (m) To (m) Width (m)* Au g/t
GR21-61 71.65 82.32 10.67 0.6
including 71.65 76.22 4.57 1.1
GR21-62 38.11 42.68 4.57 0.3
GR21-63 25.91 48.78 22.87 0.5
including 25.91 42.68 16.77 0.6
GR21-64 21.34 24.39 3.05 0.5
GR21-64 30.49 41.16 10.67 1.1
including 35.06 36.59 1.53 3.5
GR21-66 70.12 71.65 1.53 0.2
GR21-67 80.79 82.32 1.53 0.3
*Drill hole intercepts, true widths have not been determined. Grades have not been capped in the averaging.
Drilling Summary
The current reverse circulation drilling program is now complete at Gold Range. A total of 48
holes were drilled for 5382 metres (17,657 feet) which exceeded the planned program total of
5000 metres. Results for 20 holes have been received and released, an additional 28 holes are
in the process of being analyzed and will be released in batches as they are complete. Several
holes have been sent to a second assay facility to expedite assay turn-around times.
Of the results that are pending, 10 holes tested the Eldorado zone looking to expand and better
understand the initial discovery of bulk tonnage mineralization at the zone. Twelve step-out
holes were drilled around GR21-57 located on the southern end of the Excelsior zone and which
recently intersected 1.0 g/t gold over 59.45 metres starting from surface (previously released,
see December 16, 2021 news release). There is now sufficient drilling in the southern Excelsior
zone to determine if mineralization continues and widens to the south. Two holes have been
completed on new exploration targets at the Central and Lillian zones, and the Malco zone has
also been tested with 4 holes over about 300 metres of strike length.
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 I – I’ through the northeast Excelsior area. See Figure 1 for
section location.
Figure 3. Soil anomaly and rock sample map for the Gold Range Property.
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. Surface soil
and rock sampling procedures and analytical techniques are defined in the Company’s March
9, 2022 news release.
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 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) the Company’s largest shareholder.
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
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.