CALGARY, AB / ACCESSWIRE / June 7, 2021 / CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce that assay results have been received for 5 additional drill holes of the Company’s 2021 reverse circulation drilling program at the Gold Range project in Arizona.

Strong points

• Drill holes GR21-31 and 32 tested the historic sector of the Malco mine and represent a 1.2 kilometer exit of the Eldorado Zone along the same district-wide mineralized structure and highlights the size potential of the mineralized structure.
• Wide mineralized intervals were encountered in the holes, including 0.3 g / t gold over 62.5 meters in hole GR21-31, including 0.7 g / t gold over 16.8 meters, with the hole ending in mineralization.
• The zone returned higher grade interceptions of 1.4 g / t gold over 7.6 meters, 0.9 g / t gold over 10.7 meters, and 4.9 g / t gold over 1.5 meters.

Dr Shane Ebert, President of the Company, said: “We are very encouraged to have reached large areas of gold mineralization with great extension, reinforcing our structural interpretation of a gold oxide mineralized target now supported by 1.2 km drill hole assays in The results of the 2021 drill campaign really open up the size potential of the Gold Range property with several open targets for expansion over a large area. receive the results of an additional 16 holes that tested the historic Excelsior area, an area that is further laterally to the east and has seen considerable underground and surface mining, but no modern exploration ”.

Results from reverse circulation drill holes GR21-28 to 32 of the Company’s 2021 drill program at the Gold Range project have been received and are summarized in the table below. These holes were drilled in the Eldorado zone and along the projected direction of oxidized gold mineralization up to 1.2 kilometers to the east.

Holes GR21-31 and 32 tested the historic sector of the Malco mine located halfway between the Eldorado and Excelsior zones. GR21-31 intersected hole 62.5 meters grading 0.3 g / t 74.7 meter gold to the end of the hole at 137.2 meters, mineralization remaining open at depth. The hole also intersected higher grade zones, including 0.7 g / t gold over 16.8 meters and 1.4 g / t gold over 7.6 meters. Hole GR21-32 intersected 0.9 g / t gold over 10.7 meters at a depth of 42.7 meters, including 4.9 g / t gold over 1.5 meters. The mineralized zone in holes GR21-31 and 32 appears to widen considerably with depth and the holes are interpreted to have touched a steeply dipping mineralized structure that conceptually sits above a zone of flat dipping mineralization. analogous to Eldorado.

Hole GR21-30 was located 400 meters southeast of the Eldorado area and was drilled from existing stream runoff to minimize surface disturbance. The hole encountered anomalous gold 0 to 13.7 meters deep, returning 0.2 g / t gold over 13.7 meters before encountering the structure of the contact zone and striking waste rock in the wall. The hole successfully demonstrates that mineralization continues in the hanging wall of the contact zone structure. Future test holes will be set back to the north to allow a wider test of the potential wall hanging target.

Holes GR21-28 and 29 come from the Eldorado zone and were both drilled from the same platform, encountering mineralization as summarized in the table below.

Highlights of the GR21-28 to 32 reverse circulation drilling

* Drill hole interceptions, true widths not determined for most holes. The actual width of hole GR21-31 is estimated at approximately 50% of the drill intersection and the actual width of hole GR21-32 is estimated at approximately 82% of the drill intersection. The scores were not capped in the calculation of the average.

January-February gold drilling program

In early 2021, the Company successfully completed 34 reverse circulation drill holes along 2.5 kilometers strike length along the southern portion of the Gold Range property. A total of 2,357.6 meters were drilled in holes ranging from 38 to 137 meters deep. Fifteen holes were drilled in the Eldorado area to test and expand the Company’s previously announced bulk tonnage oxide discovery, 5 holes tested various targets in the southern part of the property and 14 holes tested the area of ​​the property. Excelsior mine.

Results from an additional 16 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 fabric sample bags at 5 foot (1.52 m) intervals during drilling and were collected at the site and analyzed by Skyline Assayers and Laboratories in Tucson. , Arizona (which is ISO / IEC 17025 accredited). A 1000g paste was prepared and the gold was assayed using a 50g fire assay with atomic absorption finish (method FA-01-50g). Gold samples greater than 5 g / t are redone using a 50g fire assay method with gravimetric finish (FA-02 50g method). Twenty-four additional elements were analyzed using multi-acid digestion and inductively coupled plasma (TE-4 method). The company included certified reference standards, blanks and duplicates in each batch of samples 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 that harbor the potential for bulk tonnage oxide gold mineralization at its Gold project. Tidy. Recent drilling has identified near surface bulk tonnage gold potential in the Eldorado zone with the return of hole GR21-25 1.3 g / t gold over 21.3 meters including 5.1 g / t gold over 4.5 meters. The new finding correlates with a strong gold anomaly in the soil and quartz sheet veins and stockworks within metamorphic rocks. The recent addition of the Excelsior Mine property has added an additional 2 kilometers of direction along a very promising 3 kilometer long mineralized corridor that stretches from the Company’s Eldorado discovery to the historic Excelsior mine. The Excelsior mine has seen historic underground and open pit mining along an area 200 meters long and open along the strike. Gold mineralization is centered along the high grade, low dip Excelsior vein, which is surrounded by a halo of lamellar quartz and quartz carbonate veins 20 to 50 meters in width.

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 press release.

“Shane Ebert”,
Shane Ebert
Director President

With the exception of historical and current factual information contained herein, the matters set forth in this press release, including words such as “expects”, “projects”, “plans”, “anticipates” and Similar expressions, are forward-looking information that represents CANEX Metals Inc.’s management projections, expectations or internal beliefs regarding, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in these forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results for future periods to differ materially from any projection of performance or future results expressed or implied by these forward-looking statements. These risks and uncertainties include, among others, those described in documents filed by CANEX with Canadian securities regulators. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those anticipated. CANEX assumes no responsibility for updating these forward-looking statements.

For more information, contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
The Web: http://www.canexmetals.ca